Paying money into a French bank account online

[Iancharlton]

I'm looking to open a non-resident's account with a French bank that allows me to deposit money online using an English (Nationwide) debit card.

Monabanq have this facility, but they only accept French residents as clients; 2nd home owners don't qualify.

Does anyone have direct experience of transferring money this way?

Thanks,

Ian

[powerdesal]

I have a CIN (CIC) account and send funds directly, by internet transfer, from my HSBC account here in UAE. I imagine it would work equally from UK, but dont know about the debit card thing.

[Iancharlton]

Hi Steve,

The thing with Internet tranfers is that they mostly just initiate a standard bank transfer. You cop for the usual mediocre transfer times, bad exchange rate spread & higher costs.

If you do it by debit card, it's instant, free & the exchange rate is generally good.

[Pickles]

[quote user="Iancharlton"]I'm looking to open a non-resident's account with a French bank that allows me to deposit money online using an English (Nationwide) debit card.

Monabanq have this facility[/quote]

I have had a look at their site, and I can't find any reference on it to such a facility: could you indicate where you've seen this please? I haven't come across this sort of facility with other French banks. I believe that a few UK banks have arrangements with French affiliates to allow low-cost or free transfers, and the SEPA (Single European Payment Area) developments may improve things soon for transfers of up to 2000€, but it's not much in evidence yet in the UK or France.

Regards

Pickles

[baypond]

[quote user="Iancharlton"]

Hi Steve,

The thing with Internet tranfers is that they mostly just initiate a standard bank transfer. You cop for the usual mediocre transfer times, bad exchange rate spread & higher costs.

If you do it by debit card, it's instant, free & the exchange rate is generally good.

[/quote]

My experience is that FX brokers such as world first HIFX etc offer the best rates, and the transfer times are generally only 2 or 3 days with little or no charges unless your receiving bank imposes them which I think is rare.

[Iancharlton]

[quote user="Pickles"]I have had a look at their site, and I can't find any reference on it to such a facility: could you indicate where you've seen this please?[/quote]

They'll accept an initial deposit by Debit or Credit Card if you apply online for the account.

In the FAQs it specifies that you can make card payments and in the online demo, there's a menu item on the left of the screen "reglement par carte bancaire".

[suein56]

[quote user="Pickles"]

and the SEPA (Single European Payment Area) developments may improve things soon for transfers of up to 2000€, but it's not much in evidence yet in the UK or France.[/quote]

I have used the SEPA payments system on 2 occasions since its introduction in the UK in January 2009. Both times the exchange rate has been good and the time scale better than expected. For example 2 weeks ago I rang my UK Bank at around midday French time and asked for a rate to transfer £xx immediately to France using SEPA; after agreeing the rate the €€s arrived in our French Bank account the following afternoon. I must add the amount involved on both occasions was more than 2000€.

Sue