The reasons for people sending money to France are as varied as the country’s stunning landscape – from paying for a wedding in a Loire Valley chateaux to covering a mortgage on your bucolic bolthole in the Dordogne or chic Parisian apartment. Or perhaps the allure of living the French lifestyle is too strong to resist and you need to fund your relaxing retirement there – 416 Brits retire to France each month and their money needs to move with them.
Before you can spend your days strolling through the local market sampling the fresh produce on a Saturday morning, watching the world go by from a pavement café, you will need your money to reach France quickly and securely.
How to send money to France
You can exchange pounds for euros and send your money across the channel to France through your high-street bank – but it is unlikely you will get the best value for your money or access to expert currency market knowledge. Banks typically offer higher transfer fees, less competitive exchange rates and a limited range of money-saving transfer tools compared to using a currency specialist like Lumon.
We will assign you a dedicated account manager who will work with you to understand your requirements and explain the different options that can be tailored to meet your needs. This personal approach results in a bespoke strategy that will help you secure optimal exchange rates for every payment you make to France.
What details do I need to send money to France?
Once you are confident that you are sending your money to France using the best possible service, you will need to know what details are required to make an international payment.
Making a wire transfer to France is a simple process. To do it quickly and securely, either to your bank account in France or someone else’s, you will need to have the following information to hand:
- Beneficiary’s name
- Beneficiary’s bank name
- Beneficiary bank’s SWIFT code: also known as a BIC number, this is used to identify their bank, similar to a sort code in the UK. It is made up of a combination of letters and numbers but always has the country code identified in the 5th and 6th digits, which for France is FR.
- Beneficiary’s International Bank Account Number (IBAN) – this must start with the country code (FR) and will comprise 34 alphanumeric characters in total. Our IBAN validator will also auto populate the SWIFT code, bank name and bank address.
- The reason for transfer
Where can I find the necessary French bank details?
If you are sending money to your account in France, your RIB (bank identity document) will provide all the necessary details, as will most bank statements – such as the account number and IBAN.
If you’re transferring money to France to purchase a property, your solicitor will provide the necessary bank details. Confirm the validity of this information with the solicitor before making your payment.
How long does it take to transfer funds to France?
Lumon typically makes payments to France via a SEPA (Single Euro Payments Area)credit transfer. This is one of the fastest and most secure methods of sending money to European countries.
Transfers to France typically arrive on the next day, provided it’s made before 15:45 BST. If you need your payment to arrive the same day, we will need to send your payment via SWIFT, which could potentially lead to charges being deducted by the receiving bank.
Once your payment is made you will receive a payment confirmation which will show the amount sent, the recipient’s bank details and the value date – the date the money should clear in their account.
Are there any fees to send money to France?
There are no hidden fees when you purchase your euros and make your transfer to France with Lumon. Be aware that the recipient’s bank in France may charge a fee to receive the funds – although this is unlikely.
Will I get a competitive exchange rate?
Lumon offers competitive exchange rates, meaning our clients can make savings compared to using traditional financial services such as banks. As the chart below shows, the savings against the banks can be as much as 4% which on a transfer of £50,000 can mean you may end up with €2,277 more than if you used a traditional bank.
This chart is intended to represent the range of euro outcomes a consumer may achieve on a £50,000 transfer of pounds to euros, inclusive of fees and charges.
Comparison data for the high-street banks utilises pricing data provided under licence from FXC Intelligence (www.fxcintel.com), a specialist benchmarking tool, for transactions in November 2023.
The Lumon rate is calculated by identifying the average margin across 73 spot GBP to EUR transactions with a value in the range of £25,000-£50,000 performed by Lumon Pay Limited and associated Group Companies (Lumon Risk Management Limited, Lumon FX Europe Limited) for personal customers during November 2023. The margin is calculated using the mid-market rate, obtained from www.exchangerates.org.uk on the day the transaction was performed.
How Lumon can help
As an international payments specialist, our experienced team has supported thousands of clients to make quick, secure and cost-effective transfers to France – a comprehensive service that has helped us achieve a 4.8-star Trustpilot rating.
You can create an online account with Lumon in just a few minutes. Once activated, simply add your beneficiary details and you’re ready to make international payments to France whenever you like, as often as you like. It is quick and simple, and provides you with access to Lumon’s competitive GBP to EUR exchange rate.
We augment this speed, convenience and value by implementing robust anti-fraud measures into the payment process. For example, we embed two-factor authentication (2FA) into your online account access and international payments.
We protect your funds in accordance with relevant rules and regulations – a rigorous process that’s overseen by regulators like the FCA in the UK. This commitment to safeguarding your finances ensures that you can conduct your international transactions safely and with complete confidence.
