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MONEY

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

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.

Published: 19 October 2018 13:12 CEST
Readers' tips: What is the best way of transferring money between France and your home country?
Photo: Money Transfer/Depositphotos

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 MORE: Second-home owners: Which French bank is best for non-residents?

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LIVING IN FRANCE

Why you might get a letter about French benefits

France is introducing stricter residency requirements for certain benefits, including those that foreigners in France can qualify for, and has begun sending letters out to recipients.

Published: 30 April 2024 14:07 CEST
Why you might get a letter about French benefits

In April, the French government passed a decree that will tighten up residency requirements for different types of benefits, including the old-age top-up benefit.

Previously, the rule for most benefits was residency in France for at least six months of the previous year to qualify, though some required eight months and others, like the RSA (a top-up for people with little to no income) requires nine months’ residency per year.

However, the government announced in 2023 its intention to increase the period to nine months for several different programmes – which was put into decree in April – in an effort to combat social security fraud, as well as to standardise the system.

The changes, which will go into effect at the start of 2025, do not affect access to healthcare – foreigners can still access French public healthcare as long as they have been resident here for a minimum of three months. 

Similarly, the rules for accessing chômage (unemployment benefits) have not changed yet. Currently, you must have worked for at least six months out of the last 24 months to be eligible, as well as meeting other criteria including how you left your previous job.

This may change in the future, however, with the French government poised to reform the unemployment system again.

READ MORE: How France plans cuts to its generous unemployment system

Which benefits are affected?

The old-age benefit – or the ASPA – will apply the new nine month requirement. Previously, people needed to be in France for at least six months out of the year to qualify.

If you receive this benefit already, you will probably get a letter in the mail in the near future informing you of the change – this is a form letter and does not necessarily mean that your benefits will change.

If you are already a recipient – and you live in France for at least nine months out of the year – then you do not need to worry about your access to the ASPA changing.

If you want to access this benefit, it is available to certain foreigners, even though it is intended to help elderly (over 65) French citizens with low state pensions.

It is only available to foreigners who have been living legally in France for at least 10 years, and starting in 2025 you will need to spend nine out of 12 months a year in France. You can find more information at THIS French government website.

Otherwise, prestations familiales, or family benefits will be affected by the new nine month residency rule. These are available to foreigners with valid residency cards, as long as their children also live in France.

This includes the family allowance (given out by CAF), which is available for families on low incomes with more than two children, as well as the ‘Prime à la Naissance’, which is a means-tested one-off allowance paid in the seventh month of pregnancy to effectively help with the start-up costs of becoming a parent, will also be affected by the new nine month residency rule. 

READ MORE: France’s family benefit system explained

If you receive these benefits already, then you will likely receive a letter explaining the changes shortly.

And finally – the RSA, which is the top-up benefit for people with little to no income, was already held to the nine month standard, so there will be no residency-related changes.

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