banking question from a newbie!!
Sep 27th 2009 | 5:09 am
#1
Thread Starter
Just Joined
Joined: Sep 2009
Posts: 3
banking question from a newbie!!
hello all!!
i've just moved to france for a year to work, i've only been here a few days but i need some help already!! i know that i need to set up a french bank account to have my wages, but as i'm not going to see any of my wages for a month or so, i need to transfer a substantial amount of money from a british bank account in order to be able to put down a deposit and pay rent on a house - i'm currently in a very cheap hotel and living out of my bags as i barely have room to unpack! i think i need about £1500 pounds to be moved from my account in the uk (natwest) to my new french bank account when i set it up. can anyone recommend a bank that will allow this transfer easily? i know ill probably have to pay a fee on it, but any fee will be worth being able to find somewhere to live...
thank you!
i've just moved to france for a year to work, i've only been here a few days but i need some help already!! i know that i need to set up a french bank account to have my wages, but as i'm not going to see any of my wages for a month or so, i need to transfer a substantial amount of money from a british bank account in order to be able to put down a deposit and pay rent on a house - i'm currently in a very cheap hotel and living out of my bags as i barely have room to unpack! i think i need about £1500 pounds to be moved from my account in the uk (natwest) to my new french bank account when i set it up. can anyone recommend a bank that will allow this transfer easily? i know ill probably have to pay a fee on it, but any fee will be worth being able to find somewhere to live...
thank you!
Sep 27th 2009 | 5:18 am
#2
Joined: Mar 2007
Posts: 10,549
Re: banking question from a newbie!!
hello all!!
i've just moved to france for a year to work, i've only been here a few days but i need some help already!! i know that i need to set up a french bank account to have my wages, but as i'm not going to see any of my wages for a month or so, i need to transfer a substantial amount of money from a british bank account in order to be able to put down a deposit and pay rent on a house - i'm currently in a very cheap hotel and living out of my bags as i barely have room to unpack! i think i need about £1500 pounds to be moved from my account in the uk (natwest) to my new french bank account when i set it up. can anyone recommend a bank that will allow this transfer easily? i know ill probably have to pay a fee on it, but any fee will be worth being able to find somewhere to live...
thank you!
i've just moved to france for a year to work, i've only been here a few days but i need some help already!! i know that i need to set up a french bank account to have my wages, but as i'm not going to see any of my wages for a month or so, i need to transfer a substantial amount of money from a british bank account in order to be able to put down a deposit and pay rent on a house - i'm currently in a very cheap hotel and living out of my bags as i barely have room to unpack! i think i need about £1500 pounds to be moved from my account in the uk (natwest) to my new french bank account when i set it up. can anyone recommend a bank that will allow this transfer easily? i know ill probably have to pay a fee on it, but any fee will be worth being able to find somewhere to live...
thank you!
There are eight main banks in France, as follows:
Crédit Agricole(CA)
BNP Paribas
Société Générale
Caisse d‘Epargne (CE)
Banque Populaire (BP)
Credit Mutuel
La Banque Postal
LCL
Since 2003 LCL (formerly Crédit Lyonnais) has been owned by Crédit Agricole, although it continues to operate a separate branch network.
Likewise, in 2009 Caisse d’Epargne and the Banque Populaire merged their activities (now called 'Groupe BPCE'), although they are continuing to operate their retail branch networks as separate entities.
Credit Mutual has a national subsiduary bank called CIC (Crédit Industriel et Commercial) that operates a separate branch network.
International buyers may also be familiar with Crédit Foncier the specialist mortgage arm of Caisse d'Epargne. Crédit Foncier has a branch office in London.
BNP Paribas are also owners of Abbey France, a former subsiduary of Abbey National, now subsumed under their mortgage subsiduary BNP Paribas International Buyers.
It may surprise you to learn that the largest bank by number of customers and branch network is the French post office, who call their bank 'La Banque Postale'.
Not only is its branch network larger than all the others put together, but it has generally offered the cheapest rates, and until January 2009 it had exclusive rights (along with Caisse d’Epargne) to a popular and attractive savings scheme called Livret A. La Poste is also open on a Saturday morning, which is not always the case with the other banks.
On the downside, the amount you can withdraw from La Poste without prior notice is generally lower than other banks, their international money transfer system lags behind other banks, and transfers within the EU are more expensive than other banks. The level of customer service within some of the older and busier post offices can also be poor.
Crédit Agricole will be more widely known by most readers. It operates on a mutual basis with 41 regional banks in which CA is the major shareholder.
A map of the regional structure of Crédit Agricole is available by visiting the website of Credit Agricole .
Whilst these regional banks are ultimately part of the same group, Crédit Agricole is not a national branch network in the same manner as the other banks.
Although you will be able to use, withdraw and pay in at a Crédit Agricole ATM machine and branches throughout the country at no extra charge, there are slight differences in charging policies between the regions.
Crédit Agricole(CA)
BNP Paribas
Société Générale
Caisse d‘Epargne (CE)
Banque Populaire (BP)
Credit Mutuel
La Banque Postal
LCL
Since 2003 LCL (formerly Crédit Lyonnais) has been owned by Crédit Agricole, although it continues to operate a separate branch network.
Likewise, in 2009 Caisse d’Epargne and the Banque Populaire merged their activities (now called 'Groupe BPCE'), although they are continuing to operate their retail branch networks as separate entities.
Credit Mutual has a national subsiduary bank called CIC (Crédit Industriel et Commercial) that operates a separate branch network.
International buyers may also be familiar with Crédit Foncier the specialist mortgage arm of Caisse d'Epargne. Crédit Foncier has a branch office in London.
BNP Paribas are also owners of Abbey France, a former subsiduary of Abbey National, now subsumed under their mortgage subsiduary BNP Paribas International Buyers.
It may surprise you to learn that the largest bank by number of customers and branch network is the French post office, who call their bank 'La Banque Postale'.
Not only is its branch network larger than all the others put together, but it has generally offered the cheapest rates, and until January 2009 it had exclusive rights (along with Caisse d’Epargne) to a popular and attractive savings scheme called Livret A. La Poste is also open on a Saturday morning, which is not always the case with the other banks.
On the downside, the amount you can withdraw from La Poste without prior notice is generally lower than other banks, their international money transfer system lags behind other banks, and transfers within the EU are more expensive than other banks. The level of customer service within some of the older and busier post offices can also be poor.
Crédit Agricole will be more widely known by most readers. It operates on a mutual basis with 41 regional banks in which CA is the major shareholder.
A map of the regional structure of Crédit Agricole is available by visiting the website of Credit Agricole .
Whilst these regional banks are ultimately part of the same group, Crédit Agricole is not a national branch network in the same manner as the other banks.
Although you will be able to use, withdraw and pay in at a Crédit Agricole ATM machine and branches throughout the country at no extra charge, there are slight differences in charging policies between the regions.
Last edited by Ka Ora!; Sep 27th 2009 at 5:23 am.
Sep 27th 2009 | 10:53 pm
#3
New ember - smoulderin'
Joined: Aug 2009
Posts: 143
From: I'll tell ya . . . . . . when I get there
Re: banking question from a newbie!!
There is an easy 'fee free' way to transfer money.
This is best set up in advance, but if you are now in France it may require help from home , assuming you have a trustworthy helper at home.
Set up a joint 'Flexaccount' with Nationwide Bldg Soc. in the names of yourself and your 'helper'. (Getting signatures on documents now could be the tricky part)
Assuming you overcome that part, you simply pump money in at the UK end and pull it out through a hole in the wall in France (subject to usual daily limits).
Nationwide make neither cash withdrawal charges nor levy any foreign transaction loading (usually hidden in the exchange rate), unlike any other bank, as far as I am aware.
This is best set up in advance, but if you are now in France it may require help from home , assuming you have a trustworthy helper at home.
Set up a joint 'Flexaccount' with Nationwide Bldg Soc. in the names of yourself and your 'helper'. (Getting signatures on documents now could be the tricky part)
Assuming you overcome that part, you simply pump money in at the UK end and pull it out through a hole in the wall in France (subject to usual daily limits).
Nationwide make neither cash withdrawal charges nor levy any foreign transaction loading (usually hidden in the exchange rate), unlike any other bank, as far as I am aware.
Sep 28th 2009 | 12:50 am
#4
Forum Regular
Joined: Mar 2009
Posts: 263
From: Bouches du Rhone (13)
Re: banking question from a newbie!!
There is an easy 'fee free' way to transfer money.
This is best set up in advance, but if you are now in France it may require help from home , assuming you have a trustworthy helper at home.
Set up a joint 'Flexaccount' with Nationwide Bldg Soc. in the names of yourself and your 'helper'. (Getting signatures on documents now could be the tricky part)
Assuming you overcome that part, you simply pump money in at the UK end and pull it out through a hole in the wall in France (subject to usual daily limits).
Nationwide make neither cash withdrawal charges nor levy any foreign transaction loading (usually hidden in the exchange rate), unlike any other bank, as far as I am aware.
This is best set up in advance, but if you are now in France it may require help from home , assuming you have a trustworthy helper at home.
Set up a joint 'Flexaccount' with Nationwide Bldg Soc. in the names of yourself and your 'helper'. (Getting signatures on documents now could be the tricky part)
Assuming you overcome that part, you simply pump money in at the UK end and pull it out through a hole in the wall in France (subject to usual daily limits).
Nationwide make neither cash withdrawal charges nor levy any foreign transaction loading (usually hidden in the exchange rate), unlike any other bank, as far as I am aware.
Hi, do you know if you need another acount with Nationwide eg. current account? I assume the Flexaccount can be recharged electronically from other banks using the internet?
Sep 28th 2009 | 1:27 am
#5
Forum Regular
Joined: Jul 2007
Posts: 88
Re: banking question from a newbie!!
Doing it that way you'd be lucky to get anywhere near the commercial rate.
Although there have been negative comments about Cred. Ag. in general and Britline in particular, my experience has been fairly positive, so, to begin with, I would direct you there. You can always open another account if you're not satisfied, when you're more established in France
Although there have been negative comments about Cred. Ag. in general and Britline in particular, my experience has been fairly positive, so, to begin with, I would direct you there. You can always open another account if you're not satisfied, when you're more established in France
Sep 28th 2009 | 3:12 am
#6
New ember - smoulderin'
Joined: Aug 2009
Posts: 143
From: I'll tell ya . . . . . . when I get there
Re: banking question from a newbie!!
@ south bound - the Flexaccount IS a current account so operates totally as normal in every way.
Having said that, note comment from Grand Fromage about the commercial rate and check it out. Method above is just a means of avoiding the usual fees levied by banks which can cream off up to 5% of your hard-earned.
Usually commercial rate is applicable for very large transactions, I was talking about getting easy access to the reddies.
Also, in the past, I have been told that card exchange rates are normally undertaken at 'a commercial rate' not the tourist rate, but that is something to be checked out.
Having said that, note comment from Grand Fromage about the commercial rate and check it out. Method above is just a means of avoiding the usual fees levied by banks which can cream off up to 5% of your hard-earned.
Usually commercial rate is applicable for very large transactions, I was talking about getting easy access to the reddies.
Also, in the past, I have been told that card exchange rates are normally undertaken at 'a commercial rate' not the tourist rate, but that is something to be checked out.
Sep 29th 2009 | 10:02 am
#7
BE Enthusiast
Joined: Sep 2007
Posts: 443
From: North Kessock, Ross-shire Scotland and Treignac France
Re: banking question from a newbie!!
You are talking about a charge of about £20 to transfer money using a currency exchange broker.
On £1000 an extra 2p on the rate is £20.
When I used Hargreaves Lansdowne, I paid using my Debit Visa.
I normally use Nationwide and when I have done a calculation to check the exchange rate, it's not far away from the business rate - certainly not as much as a 2p difference.
once you get a Natonwide Current account with a Flex account card, it's quite simple to write yourself a cheque from you normal bank account and pay it into your Nationwide account.
This method is a bit awkward but electronic transfer is charged at £20 a time (that's why you see people carrying bundles of notes from one bank to another)
NB You can only withdraw £300 per 24 hours (not per day) using your Nationwide Card in France.
On £1000 an extra 2p on the rate is £20.
When I used Hargreaves Lansdowne, I paid using my Debit Visa.
I normally use Nationwide and when I have done a calculation to check the exchange rate, it's not far away from the business rate - certainly not as much as a 2p difference.
once you get a Natonwide Current account with a Flex account card, it's quite simple to write yourself a cheque from you normal bank account and pay it into your Nationwide account.
This method is a bit awkward but electronic transfer is charged at £20 a time (that's why you see people carrying bundles of notes from one bank to another)
NB You can only withdraw £300 per 24 hours (not per day) using your Nationwide Card in France.
