The euro (EUR) has been the official currency of France since 1999, when it replaced the French franc (FRF). One euro is divided into 100 cents. While the euro was officially adopted by France in 1999, circulation of euro-denominated banknotes and coins began in 2002. The euro is the second most traded currency in the forex market.
Carrying out a fund transfer to a French bank account requires that you have the bank’s SWIFT code. The table below lists SWIFT codes of some prominent banks in France.
|Societe Generale SFH||Paris||GSFHFRPPXXX|
Chloe got an opportunity to work in the United States, and she was excited to move to a new country. Only, she was sure she wanted to return to France in the future so she decided not to sell the house she had recently purchased. This meant she would have to keep making repayments toward her existing home loan. Upon getting to the U.S., she decided to compare the services of a leading bank with some of the top money transfer companies. The table below shows you the results of her comparison.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||$1 = EUR 0.7809||$1 = EUR 0.8037|
|Amount received for $3,000||EUR 2,322.18||EUR 2,411.10|
|Transfer time||2 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 87.92|
While using the services of the money transfer company turned out to be quicker and more cost effective, Chloe benefited in other ways too. The company she chose let her schedule her transfers so she did not have remember making her repayments each month. In addition, it also let het lock in exchange rates for up to six months.
Transferring money to France quickly is possible if you turn to a company that has offices or agent networks in the country. Some of your options include MoneyGram, Western Union, and Ria.
|MONEYGRAM IN FRANCE|
|Paris Tabac De La Reynie, 26 Rue De La Reynie Paris||ICEF 9 Rue Berger, Metro RER Chatelet-les Halles Paris|
|Marseille Tabac A La Civette Ballard 3 Crs Jean Ballard 3 Crs Jean Ballard Marseille||Bonne Telecom 66 Boulevard Des Dames Marseille|
|WESTERN UNION IN FRANCE|
|Paris L Hay Services 41 B Rue Paul Hockart L Hay Les Roses, Val De Marne, Paris||La Banque Postale 9 Place De L Hotel De Ville, Paris|
|Marseille GSM and Service 13 B Rue D Aix Marseille||Multimedia Phone 135 Rue Belle De Mai Marseille|
Take precautions to safeguard yourself against petty crime such as bag snatching and pickpocketing as well as vehicle break-ins. Most crimes are reported from tourist areas, public transportation, bus and train stations, as well as department stores. Criminals operate on foot as well as on motorcycles. Thieves working in groups are not uncommon.
If using a bag, carry it across your body instead of on your shoulder. Do not leave your belongings in a parked vehicle. When possible, use secure parking areas. The south of France is prone to a surge in crimes during summers, because of an increased number of travelers. Remain watchful when handling credit cards and cash in public and at ATMs.
The information you need to provide when transferring money to France depends on the desired transfer method.
France is a member of the eurozone and has no currency controls or regulations in place. Banque de France (the central bank of France) is responsible for overseeing the country’s financial systems, and the European Central Bank (ECB) sets the region’s single monetary policy. The Authorité de Contrôle Prudentiel et de Résolution (ACPR) watches over the country’s insurance and banking sectors.
All the transfer regulations that France imposed in the 1970s were done away with in 1989. You may carry out a Foreign Direct Investments (FDI) in France without requiring government approval. If you purchase shares in French firms that are publicly traded, you will need to pay a 0.2% tax. Transfers of over EUR 10,000 to and from France are reported to the relevant authorities in France and the European Union.
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