How to Get the Best Rate with Dynamic Money Transfers to France

How to Get the Best Rate with Dynamic Money Transfers to FranceBonjour! You’re here because you’re making money transfers to France, and we want to help. Whether you’re sending money to family, buying property, running a business or moving overseas, there are a plethora of reasons as to why you need to transfer money to France. There are a lot of considerations to take into account. These include rates, fees, and all the different providers you could use to make the transfer, that’s where this guide comes in.

For a quick comparison table of exchange rates and fees, click here.

What will this guide cover?

  • Personal transfer – sending money to family or friends in France
  • Business transfer
  • Buying or selling a property in France
  • Studying Overseas
  • General costs of sending money to France
  • Your options to send money to France
  • Information you’ll need for the transfer
  • General information

Personal transfer from Singapore to France

There are a couple of ways you can set up a personal transfer from Singapore to France, we’ve outlined a couple here:

You can use your bank:

Banks will generally not offer a competitve exchange rate and can charge fees you won’t find elsewhere. Having said that, they are a convenient option. Most Singaporean banks will support the Euro (EUR) for sending money to France.

You can use money transfer companies:

These companies will offer you a better exchange rate and lower fees. Here are some providers that transfer money from Singapore to France:

Our recommendation is OFX due to great value on transfers between SGD and EUR.

Business transfer from Singapore to France

If your business is transferring money between Singapore and France, there are two critical things you must consider when finding the best option:

  1. The exchange rate margin: This is the difference between the wholesale exchange rate that you’d find on google or XE and the rate you actually get for the transfer.
  2. Additional business products they offer such as forward exchange contracts, foreign currency accounts and limit orders.

You can use any of the money transfer companies listed above to make business transfers. We like HiFX for business. Their exchange rates and zero fee structure will allow you to maximise your overseas receipts or payments. They also offer Foreign Currency Accounts; helpful if you would like to hold the funds a foreign currency and exchange them at a favourable time.

Buying or selling property in France

Buying or selling property is stressful at the best of times, especially if you’re trying to do it internationally. You might be trying to buy property in France, or sell it and transfer the money back to Singapore. Either way, we’d recommend finding a money transfer provider that has a global presence so that you can have some support on either end of your transfer.

Our choice would be TorFX for property settlement transfers, as you are assigned a local account manager who will have a strong global support network to guide you when needed.

Studying overseas

Tuition is expensive, even more so if you’re studying overseas. If you are studying overseas, there are number of reasons for transferring money to yourself. It might be to pay tuition fees, or it might be to pay rent or to pay for study materials such as books. As a result, the size of you transfers could differ.

As much as we would like them to, tuition fees aren’t getting any cheaper. Annual payments to universities or other education providers, along with all other expenses, can really add up, particularly abroad. As these payments can be large, you need to know the best method of payment before moving your funds.

  • For larger payments, the most important factor to keep in mind is the exchange rate.
  • For smaller payments, you should keep an eye on the transfer fees as these can really impact how much your transfer costs you proportionately.

There are many methods of transferring funds abroad, but we would HiFX as they are great for saving on those hefty costs when paying for thing such as bills.

General costs for sending money to France

It can be difficult to accurately estimate excatly how much it will cost to make your international transfer to France. There are a lot of factors that contribute to the cost. These include, the exchange rate, the way you choose to make the transfer and they way it is received. The most common fees are as follows:

  1. A transfer fee
  2. Exchange rate margin: the different you will pay between the wholesale exchange rate on xe.com and the rate you will actually get
  3. Bank fees: The fees that you bank will charge for sending the money to the correct account overseas.
  4. Receiving bank fees: The fees the receiving bank will charge you for converting into the correct currency.

Your options to send money to France

When it come to maing the transfer, regardless of the reasoning, there are a number of different methods you can use;

Via your bank

This is a very convenient method. You already have an account established and your bank can easily make the transfer overseas for you. The transfer will usually be completed in 3-5 business days. Having said this, generally banks will have uncompetitive exchange rates which isn’t ideal if you’re sending a large amount of money abroad. Check with your bank and research the fees and exchange rates based on the amount you plan to send over.

Paypal

Paypal is a convenient and highly popular way of transferring money abroad. It’s also by far the quickest with transfers sometimes being completed within minutes. It is great for smaller amounts under $1000SGD, as while the exchange rate is equal to those of banks, the fees are slightly less. It’s particularly handy if you are paying from your own Paypal account directly into another Paypal account.

A money transfer company

Our preference for international transfers is utilising a money transfer company. While they require a little more work, such as setting up and verifying an account, their rates and fees are substantially more competitive. In general, these companies are your best option when transferring larger amounts of money. For example, anything between $1000 – $1,000,000SGD. Different companies will have various minimum and maximum transfer amounts set, and the transfer itself will usually take around a business day longer than banks or Paypal.

You will need to create an account with the company before sending the money – you can do this online:

  • Register your details on the website. You will need I.D handy for this.
  • Account needs to then be approved, and you’ll receive your login details.
  • Enter the bank details of where you are sending the money, that is, the ‘Beneficiary’ or ‘Recipient’
  • You will get a quote based on the fees and exchange rate for sending the money.
  • Once you’re happy with the quote provided to you, you can confirm the transfers and fund it from your local account.

Information you’ll need for the transfer

You’ll need the details of the bank account you are sending the money to i.e. the Beneficiary or Recipient details. These details will be:

  • Account name of your Recipient
  • Their address
  • Their SWIFT code

SWIFT codes

Swift codes for the biggest banks in France:

BNP Paribas : BNPAFRPPXXX

Credit Agricole Group : BSUIFRPPXXX

Société générale : SOGEFRPPXXX

BPCE : BPCEFRPPXXX

General Information

Every method of transfer has it’s pros and cons. Paypal and Western Union don’t offer competitive rates, but their speed of transfer is faster than anyone else’s. Sometimes transfers with Paypal can be completed in minutes. Banks are the most convenient as you don’t have to set up an additional account, but again don’t offer competitive rates. The most cost effective will be using a money transfer company, they will have the best rates and lower fees. They will take two to three bsuiness days for the transfers to be complete.

It’s important to check the details of your chosen method, as all will have their own restrictions, fees and charges. Banks and Paypal will not have a minimum amount you can transfer, but most money transfer companies will so check before you register and send.

Case Study

Frank and Martha have a daughter Haley. Haley and her husband moved from Singapore to France last year for his job. Frank and Martha were very proud of them for making the move, however were nervous about being so far away if they needed help.

When Haley and her husband bought property in France, Frank and Martha wanted to help contribute to the payments. Haley wanted her parents to send the money in the most convenient way, as they weren’t very confident using online banking. She suggested they talk to their bank to see if they’d be able to help them out.

Although they didn’t get the best rate on their transfer, their bank was able to process the transfer with no hassle and Haley and her husband received the money within 1-2 business days of her parents paying.

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