Transfer money from my UK bank to France bank?

Banking & Financial
81

Add to that a LEP which is also tax free and (I think) is currently 4% interest and you can have up to 6 tax free accounts per couple. That’s what we have. You can exceed the maximum allowed by accrued interest without losing the tax free status.

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82

of course, not everyone is eligible to open an account LEP… :wink:

Frankly, anyone with too much money… just send it all to me and I promise to look after it… :+1: :+1: :+1: :rofl: :rofl:

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83

When we came over, we placed the proceeds of our UK house sale with CA, that were in excess of the protection limits. Why? I thought, and still think, those limits are largely theoretical. In the hopefully highly unlikely scenario where a major bank like CA got into genuine difficulties, the ECB, Banque de France and of course the French Government would presumably act as lenders of last resort. This is obviously to avoid wider contagion and panic, and it can be reasonably assumed that those organisations would undoubtedly go to all possible lengths to avoid any losses, irrespective of savers investment amounts. Although in the US, not EU, exactly this scenario recently arose and absolutely no depositor lost money, including those with savings way above the official protection limits. For what it’s worth, CA is one of only 29 banks in the world that are deemed ‘Systemically Important Financial Institutions’, aka “Too Big To Fail.”

But ultimately it comes down to what you’re comfortable with, and your personal appetite for risk…I was, and remain comfortable with depositing sizeable sums at CA.

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84

If you have 6 LEP’s ? that’s not allowed one each for every adult. Unless they’ve changed things.

85

I think you’ve misread. The suggestion was that a couple could each have a Livret A, an LDD and a LEP, giving six tax-free accounts in total.

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86

Thanks, maybe I did. Speed reading and quick on the trigger.
Sorry if I got things mixed @hairbear

87

See also Northern Rock and RBS/Lloyds in the UK in 2008.

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88

Re LEPs etc. if they are in a single name and that person dies the accounts are frozen until such time as the succession has been completed by very slow notaires.

Many of you will know of my situation. My wife and I each had an LEP and hers, containing about € 8,500 which I was hoping to use to pay for her gravestone, just over € 4,000, is still frozen due to the intransigence of her children.

89

They can’t be held jointly.

90

I know that’s my point, but that wasn’t explained when we got them, we were told that they were in one name only in order to get 2 lots of interest and tax relief. We could each sign to take money out of each other’s, but what he failed to mention was that if one of us died their LEP was immediately frozen.

91

Hats off to CA - I went to London for the weekend but forgot to take my UK crdeit card so was using my CA bank card for ubers and the like. Looking at my statement this morning, they are giving me a rate of 1.2075.

Never used the card overseas before, so not sure if a comission charge is yet to be applied…

92

I have been using Currencies Direct almost every month for several years now and not once have they given me cause for alarm.
The transfers are usually completed within a few hours and notifications are prompt.

93

So slow! Wise (and I suspect Revolut) 6-8 seconds.

94

Well to be fair to Currencies Direct that is a typical time frame from when I instruct Barclays to send the funds and when it is received by my French bank. For all I know the transfer by CD is also within seconds.
More importantly, seconds/hours aside, the service is always efficient and has never caused me any grief.

95

With Wise part of the process takes me to my HSBC account where I confirm the payment. One click takes me back to the Wise app. The text message from the Banque Populaire telling me that the money has arrived in my account arrives before I’m back at the Wise app. It’s instantaneous.

96

I too use TorFX this firm have been my go to for transfers in currency from Australia to Isle of Man and UK. I always talk by mobile phone and prompt emails. Any concerns I’ve had are explained and step by step transfer queries.

I have not used other international transfers - Revolut has been OK for holiday monies in different currencies but would not use them for large sums.

97

Any idea how long TorFX hold the agreed rate for when you’re transferring money to them?

98

Again, 24 hours.

99

Yes, when you commit - lock in your transfer- that’s the exchange rate that is agreed. Give them a ring- they are helpful and explain your queries. My assigned agent lives in Cornwall and is very helpful with anything I have concerns about. I can call him to check that the transaction is on its way and accurate.

100

Thanks.

I would love to use TorFX but I’ve had this conversation before on the SF site and I still don’t understand how people wishing to transfer funds from their French account to, say, the UK via TorFX can be confident their French bank will get the money to TorFX within 24 hours.

Here’s what my bank the Société Générale has to say on the subject. Are they seriously that much slower than other major French banks? I’ve inquired among my friends here and none of them think their banks are any quicker.
Also, we all to have go to the counter for amounts of any size (more than €6k or so).

Quel est le délai de réception d’un virement SEPA classique sur le compte destinataire ?

Voici les délais de réception des virements SEPA classiques, pour tout ordre émis du lundi au vendredi, avant 18h (hors jours fériés) :

  • Lorsque le compte bénéficiaire est un compte SG, il est crédité le jour même de l’exécution du virement
  • Lorsque le compte bénéficiaire est tenu dans une autre banque, les fonds sont remis à la banque du bénéficiaire au plus tard le jour ouvré suivant. La banque du bénéficiaire est tenue de créditer immédiatement le compte bénéficiaire.

Les virements SEPA classiques saisis après 18h, ou les samedi, dimanche et jours fériés, sont traités le 1er jour ouvré suivant.