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Readers' tips: What is the best way of transferring money between France and your home country?

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Readers' tips: What is the best way of transferring money between France and your home country?
Photo: Money Transfer/Depositphotos
13:12 CEST+02:00
Each week The Local asks its readers to share their tips about various aspects of living in France. This week we asked their opinion on the best way of sending and receiving money between France and their home countries.

So what’s the international money transfer service most of The Local France’s readers prefer?

TransferWise seems to be the most popular option. The online service, developed by Skype’s first employee (Estonian Taavet Hinrikus) is a UK-based money transfer service that supports 300 currency routes across the world.

These include euros to US, Australian, Hong Kong, Canadian and Singapore dollars, UK pounds sterling, Indian rupees and many more (Here’s the full list).

For South Africans in France sending or receiving money to and from the Rainbow Nation, the service options are slightly different

What do our readers have to say about TransferWise?

Reader Richard Clarke praises the service for its “excellent rates, low fees and speed”. “I cannot fault their service”, he adds.

According to Christopher Tyle, Transferwise is “the only company” that would allow him to transfer money from his US account to his French account.

“I mostly transfer small amounts and it has worked really well for me.

“My bank in the US, which I won't mention, wouldn't do wire transfers for me because "I had to go into a branch and fill out a form" and even if they had, the charge was something like $35 (absolutely ludicrous).

“With Paypal, for instance, I could transfer money to other people - but not to myself. As far as I'm concerned, Transferwise filled a huge void for people in my position.”

Another reader under the Twitter handle MrsMacFeegle, wrote to us to say “now use TransferWise - excellent for GBP/euros. Have not had need for any other currency transfers. Service is quick, relatively inexpensive, upfront on costs and transfer rates and simple to register with. Way ahead of others we've used or tried.”

 

They did however point out that the transfer service isn’t 100 percent free: “There will be a margin built into the exchange rate. No one offers currency exchange for nothing. TransferWise, in my experience, normally mirror the market rate and then show their fee for the transfer.”

Are there any other international money transfer options foreigners in France like?

The Local France’s reader Don Lang speaks highly of Revolut, a UK-based digital bank that includes a pre-paid debit card, currency exchange, cryptocurrency exchange and peer-to-peer payments.

“No commissions, transfers with no margin (at bank rate) and instant payments. Very impressive,” Don concludes.

It’s a sentiment shared by Twitter user Shane Anderson, who speaks highly of the Revolut app: “We use it every week and the best thing is; it’s free! Fast, free, great rates and all done on an app!”

Other international money transfer services between France and the rest of the world that have been praised by our readers include currencies4u.com and Smart Currency.

READ ALSO: Which bank offers the best accounts for foreigners in France?

 

 
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