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Moving your money along with you when you come to France or when you leave can be a hassle. Bank transfers are an option but it can be hard to know associated costs.
Within Europe
In 2014, the European Union has adopted a harmonized transfer system called SEPA, which stands for Single Euro Payments Area. With a SEPA transfer, send and receive euros from and to any account based in a EU member-state or partner countries (Switzerland, Norway, Iceland and Liechtenstein).
To carry out a SEPA transfer, you will need your account’s IBAN (International Banking Account Number) and BIC (Bank Identifier Code). When you have a bank account in Europe, you can find these details on your Bank Identity Statement.
SEPA wire transfers are processed within one business day (from emission to reception of the transfer order by the receiving bank).
Beyond Europe
Sending money from France
Beyond the borders of the European Union, wire transfers rely on the SWIFT system (Society for Worldwide Interbank Financial Telecommunication). With SWIFT transfers, the processing time and cost is dependent on your bank and home country. Depending on the destination, the funds may also pass through different banks before reaching the beneficiary’s account.
You should contact your bank to make a request for an international transfer. You will have to provide information about the transaction, like the identity and contact details of the beneficiary, motive of the transaction, etc.
Several types of fees apply to SWIFT transfers:
- Issuing fees: which often correspond to a percentage of the transfer.
- Reception fees: they are generally fixed and depend on the destination country.
- Exchange fees: the bank converts Euros into foreign currencies with an additional commission, which usually corresponds to a percentage of the transfer’s value.
Fees of the main traditional banks
On average, the cost of an international transfer is between 20 and 70 euros, depending on the amount transferred. According to a World Bank study, the average cost of an international transfer between individuals is 6.3% of its amount.
These fees vary quite regularly from bank to bank, so it is difficult to give you an accurate and representative comparison of what is being done. However, here are some interesting comparisons between the major French banks concerning international transfers outside the SEPA zone. And for an amount > 500€ :
| Provider | Bank charges (if transfer processed in agency) | Bank charges (if transfer processed online) | Exchange rates | Specificity |
|---|---|---|---|---|
| BNP Paribas | Issuance fees 0.06% (mini 9,5€) Additional seizure fee 0,04 % min. (mini 9,5€) + Foreign exchange commission 1‰ (mini 15€ – max 65€) |
3€ to BNP Paribas branch, 15€ otherwise | Commercial margin applied | Shared costs with the beneficiary |
| Société Générale | 0,10% of the amount (min. 26,00€, max. 70,00€) | 13,00€ | Commercial margin applied | Shared costs with the beneficiary (+ 20€ otherwise) |
| Caisse d’Epargne | Proportional commission 0,10% (Mini 23,00€) Exchange commission 0,05% (Mini 10,00€) |
Proportional commission 0,10% (Mini 23,00€) Exchange commission 0,05% (Mini 10,00€) |
Commercial margin applied | Shared costs with the beneficiary (+ 25€ otherwise) |
| Crédit Agricole | Proportional commission 0,10 % (Mini 22,00€) Foreign exchange commission 0,05% (Mini 20,00€) |
Proportional commission 0,10 % (Mini 22,00€) Foreign exchange commission 0,05% (Mini 20,00€) |
Commercial margin applied | Shared costs with the beneficiary (+ 21€ otherwise) |
If applicable, additional charges may be added to the above conditions (shipping and transmission costs (SWIFT), foreign banks…)
Fees of major online banks
| Provider | Issuance of a transfer |
|---|---|
| N26 (using TransferWise technology) | 0.3 to 0.5% of the transfer amount (depending on the country and currency involved, with no minimum amount) |
| Revolut | 1 transfer / month free, then 0.5% of the amount |
| Monabanq | 0.1% of the amount issued (minimum 20 €) + Foreign exchange commission of 0,1% of the amount (minimum 15€) |
| Boursorama Banque | 0.1% of the amount issued (minimum 20 €) + 1% exchange margin on transfer |
| ING Direct | 20 € of issuing costs + 20 € exchange commission (other fees may be added: payment service provider of the other party, etc.) |
| Hello Bank | 15 € (3 € if it is to a BNP Paribas subsidiary abroad) + Additional commissions (free of charge for the beneficiary: 20,5 € etc.) |
| BforBank | 25 € + Foreign exchange commissions (0,06% of the amount, minimum 17€) |
| Fortuneo Banque | 0.1% of the amount issued (minimum 23 €) + 0.1% exchange commission, minimum 15€ + 1% exchange margin on transfer |
In some cases, additional fees are required (additional fees such as exchange fees and margin, etc.)
Sending money to France
Sending money to France may cost you very different values depending on where you are from. The fees are the same we mention above, but some countries apply taxes on international financial transactions. So, you should get in touch with your bank to get a quotation.
Managing conversion rate
The conversion from euros to your country’s currency is either performed by the issuing or the receiving bank. You can choose either modality. Make sure to compare both option, but keep in mind that a SWIFT transaction can take several days to be processed. In case the receiving bank is responsible for the conversion, the conversion rate will be that of the reception date. Using the issuing bank conversion rate, you will know the exchange rate in advance.
Here are some interesting comparisons between the major French banks concerning international transfers to France from countries outside the SEPA zone. And for an amount > 500€ :
| Provider | Bank charges | Specificity |
|---|---|---|
| BNP Paribas | 3€ to BNP Paribas branch, 15€ otherwise | + 0.05 % of exchange commission (with a minimum per transaction of €15) |
| Société Générale | 22€ | In addition, fees and commissions claimed by the correspondent bank or bank of the transferor |
| Caisse d’Epargne | 12,2€ | + The exchange commission of 0,05 % of the transfer amount (min. 8,15 €) |
| Crédit Agricole | 21€ | + The exchange commission of 0.05% of the transfer amount (min. 20€) |
If applicable, additional charges may be added to the above conditions (shipping and transmission costs (SWIFT), foreign banks…)
Fees of major online banks
| Provider | Receiving a transfer |
|---|---|
| Monabanq | 0.1% of the amount issued (minimum 20€) + Foreign exchange commission of 0,1% of the amount (minimum 15€) |
| Boursorama Banque | 0.1% of the amount issued (minimum 20€) + 1% exchange margin on transfer |
| ING Direct | 10€ (other fees may be added: payment service provider of the other party, etc.) + 20€ if the reception is done in foreign currency. |
| Hello Bank | 19€ + Foreign exchange commissions (0,05% of the amount, minimum 15€) |
| BforBank | 10€ + Foreign exchange commissions (0,06% of the amount, minimum 17€) |
| Fortuneo Banque | 12€ reception fee + 0.1% exchange commission, minimum 15€ + 1% exchange margin on transfer |
In some cases, additional fees are required (additional fees such as exchange fees and margin, etc.)
How long does an international transfer take ?
For an international transfer between two different banking institutions, between the time you give the transfer order to your bank and the time your recipient receives the money in their bank account, you must count on :
- Five business days with currency change.
- Two to three business days for a SEPA transfer in euros.
Maximum amounts
There is no legal maximum amount for international wire transfers. However, every bank has its own limits to limit fraud. These limits can be a daily, monthly or per-transaction limit.
However, banking movements are heavily monitored in France. This is notably the case with TRACFIN, an intelligence service that depends on the Ministry of Economy and Finance. This body fights against fraud, money laundering and terrorist financing.
Related to this topic, if you would like information on opening a bank account, or the difference between a debit and credit card, you can click on these links.
What are the existing alternatives for international money transfers ?
Some specialized providers make it easier and cheaper to send money than with traditional banks. Let’s take the example of Wise, which allows you to send money at the real rate and without hidden fees.
Here is a concrete example, concerning the transfer of 1000 € from France, to the United States (US dollars) :
| Transfer amount | Costs of operation | Amount received for recipient |
|---|---|---|
| 1000€ | 4,66 € | 1100$ (Exchange rate = 1,10520) |
Wise is regulated like a bank, meaning that your money passes through secure channels.
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