Bank Transfer Using a Currency Broker

[deirdre]

Hi

Does anybody know if you can make a Euro to Euro bank transfer from one Credit Agricole to another Credit Agricole (different regions) using CurrencyFair or similar.

I do have a Currency Fair account which I would like to do this from, but have only ever used them for Sterling to Euro transfers.

I have had a look on their website, but cannot find the answer and they are closed today - so cannot telephone.

Also, if it can be done is there a maximum transfer amount? - I would like to send over 20,000 euros.

Any help would be very much appreciated.  

[Rabbie]

Why? Since there is no currency exchange involved why use Currency Fair? CA won't charge you less for transferring your money to CF than they would for transferring to your other CA account.

[deirdre]

Thanks for your reply Rabbi.

I know it seems a bit of an odd thing to do, when it can be done as you suggest.

I was just hoping if CurrencyFair could do it, the transfer would be quicker as they are open 24/7, whereas my bank is closed today and Monday. The  earliest I would be able to arrange the tranfer would be Tuesday.

Also, my French is not great but probably ok setting up a 'Virement' but I would prefer to do it face-to-face rather than on the telephone. So. using CurrencyFair would save me a 20km round trip to the local bank.

 

[Rabbie]

In any case you will have to ask your bank to transfer the money to CF before they can move it on so I don't think you will gain in speed

[suein56]

[quote user="deirdre"]Also, my French is not great but probably ok setting up a 'Virement' but I would prefer to do it face-to-face rather than on the telephone. So. using CurrencyFair would save me a 20km round trip to the local bank. [/quote]

With your Bank you would very likely have to arrange the transfer of a sum that large face to face. Unless you have an existing arrangement in place to do so by phone, and it sounds as though you don't.

The Banks are being squeezed by ever increasing demands for info re large transfers between Banks - even between your own accounts. So-called 'money-laundering' regulations are becoming tighter and tighter - as if a someone hellbent on fraud would do it that way !!

With our bank I can only transfer a maximum of €10K or €15K per day via the Internet; larger amounts have to be done in the Bank. So I usually spread the payments over a couple of days.

Sue

[Chancer]

dead easy to set up and action a virement on line without going into the branch although others have said they needed to.

You could even pay by Kwixo but I dont trust the goons at CA to dream up anything that actually works and is secure.

In any case I would expect any large transfer to dissapear into the so called money laundering black hole in Paris and for your branch to have no record of where your money has gone or to give a 4X.

[suein56]

[quote user="Chancer"]

... dead easy to set up and action a virement on line without going into the branch although others have said they needed to.

[/quote]

Totally agree except for €20K which, these days, usually requires a bit more intervention by the Bank concerned for the reasons I gave above.

Sue

[mint]

Quite right, Sue, you are on the ball as always with money matters[:)]

With my Banque Postale account, I can only do a virement for 1000 euros (I suppose that's daily[+o(]) and only 3000 EACH at a cost of 3,30 euros at a post office [:-))]

I myself have thought of using CF to transfer between banks but then I'd still be limited to 1000 euros on line and most of our money is with Banque Postale [+o(]

How many times have I wished that I accepted the notaire's offer to transfer the funds from our house sale to CF[+o(]

[tinabee]

I am sure you could do it, but you would still be restricted by the limits imposed by CA, which in our region are 2500 per virement up to a limit of 5000 per day (for online virements). Also, if you set up a new payee (i.e. your currencyfair account) this will take 48 hours. So for a transfer of 20,000, you would need 2 days to set up the destination account, then 4 days of 2 tranfers per day to your Currencyfair account. It might be just quicker and easier to go into your bank and ask them to do the full transfer directly.

Also, I am not certain of this, since it is a while since I set up a CurrencyFair account, I would imagine there will be at least some admin to create a Euro deposit account with them. And this is likely to be in Ireland, which might make CA go wobbly (this is a technical/banking term) ;o)

[suein56]

[quote user="tinabee"]... which might make CA go wobbly (this is a technical/banking term) ;o)[/quote]

Love it; possibly even make them have a hissy fit.

Sue [:)]