Belle Posted January 27, 2009 Share Posted January 27, 2009 Not sure if this in the right place, but I will send and see what happens, friends of ours have sold their French house and are now returning to the Uk, they are under the impression, that they will have to pay 3% on the money sent back to England, the French house is the only one they own, is this right please or are they getting false info. Thanks alot. Link to comment Share on other sites More sharing options...
Mr Coeur de Lion Posted January 27, 2009 Share Posted January 27, 2009 Never heard that one before. Who would get the 3% anyway?I've just sent some money from Australia to the UK (taking advantage of the rate), and the only fees incurred will be small fixed fees from the banks. Link to comment Share on other sites More sharing options...
Francouis Posted January 28, 2009 Share Posted January 28, 2009 [quote user="LyndaandRichard"]Never heard that one before. Who would get the 3% anyway?I've just sent some money from Australia to the UK (taking advantage of the rate), and the only fees incurred will be small fixed fees from the banks.[/quote]As far as I'm aware the only fee that you will have to pay are the exchange rate fees for transfering the currency back to GBP Link to comment Share on other sites More sharing options...
Maricopa Posted January 28, 2009 Share Posted January 28, 2009 [quote user="Belle"] friends of ours have sold their French house and are now returning to the Uk, they are under the impression, that they will have to pay 3% on the money sent back to England, the French house is the only one they own, [/quote]The only thing that I can think of is there is (was?) sometimes (perhaps?) a requirement to appoint an agent to cover any future capital gains tax bill. The cost of this is possibly a fixed percentage. This may even be old information, but it is worth investigating further. Link to comment Share on other sites More sharing options...
Mr Coeur de Lion Posted January 28, 2009 Share Posted January 28, 2009 [quote user="Francouis"][quote user="LyndaandRichard"]Never heard that one before. Who would get the 3% anyway?I've just sent some money from Australia to the UK (taking advantage of the rate), and the only fees incurred will be small fixed fees from the banks.[/quote]As far as I'm aware the only fee that you will have to pay are the exchange rate fees for transfering the currency back to GBP[/quote]My Aussie bank wants $20 just for sending the money. It has to go via another bank in Aus and they'll want their cut as well before shooting it across to the UK. No doubt my uk bank will want a slice of the action too.And these banks have the cheek to plead poverty.As a side note, our French bank decided to charge me €18 to cash a cheque that was in euros from a Uk bank. Greedy b*******ds. Link to comment Share on other sites More sharing options...
ausibattler Posted January 28, 2009 Share Posted January 28, 2009 I have raised the cost of fund transfers from France to overseas banks previously.Having sold a property in France we asked CA to transfer a largish sum to our Australian bank. Apart from a lousy exchange rate we also incurred a 3% charge for the intra bank transfer. CA indicated this was "normal and lower than most French Banks".It was not advised prior to the transfer, and like most issues in France, unless you ask a specific question you get no advice.Practices within the Euro Zone may be different. Link to comment Share on other sites More sharing options...
Philouis Posted January 29, 2009 Share Posted January 29, 2009 The money from the sale of my house was deposited in the Credit Agricole. The bank transfered it in separate amounts of Euros 49500 with full exchange rate, less 3Euros50 fr each transaction.and the pounds were then deposited with my bank in the UK. No trouble at all and all arranged over the telephone, Link to comment Share on other sites More sharing options...
Belle Posted January 29, 2009 Author Share Posted January 29, 2009 Thank you for all your replys. Link to comment Share on other sites More sharing options...
andyh4 Posted January 29, 2009 Share Posted January 29, 2009 [quote user="Philouis"]The money from the sale of my house was deposited in the Credit Agricole. The bank transfered it in separate amounts of Euros 49500 with full exchange rate, less 3Euros50 fr each transaction.and the pounds were then deposited with my bank in the UK. No trouble at all and all arranged over the telephone,[/quote] Naughty naughty CAstrictly speaking that makes them accomplice to a potential money laudering scheme. Link to comment Share on other sites More sharing options...
Pickles Posted January 29, 2009 Share Posted January 29, 2009 [quote user="andyh4"][quote user="Philouis"]The money from the sale of my house was deposited in the Credit Agricole. The bank transfered it in separate amounts of Euros 49500 with full exchange rate, less 3Euros50 fr each transaction.and the pounds were then deposited with my bank in the UK. No trouble at all and all arranged over the telephone,[/quote]Naughty naughty CA. Strictly speaking that makes them accomplice to a potential money laudering scheme.[/quote]I don't think that that is necessarily so: the amount, although just under the level at which the system used for the transfer changes and the fees charged jump up, is still rather higher than the level at which it would be notified to the UK and French tax authorities. If, as seems likely, CA is aware of the source of the money, then there is an auditable transaction record and they are doing nothing wrong. Any transaction could potentially be a money-laundering transaction ....RegardsPickles Link to comment Share on other sites More sharing options...
andyh4 Posted January 29, 2009 Share Posted January 29, 2009 You are of course right Pickles, but one of the reasons that the 3% charge kicks in at 50k is because this will automatically kick off an investigation into the trnasaction and an in depth investigation into the source of funds. By circumventing this you (or rather CA) are obliquely avoiding an automatic investigation and if spotted (you are right they have to notify at a much lower level) they could hav e their knuckles wrappedFull marks for customer service though! Link to comment Share on other sites More sharing options...
Belle Posted January 29, 2009 Author Share Posted January 29, 2009 Sorry I'm confused now, are you all saying that there would be a charge of 3% the amount being sent to the uk would be in the region of 300.000 Euros. Link to comment Share on other sites More sharing options...
Pickles Posted January 29, 2009 Share Posted January 29, 2009 [quote user="andyh4"]You are of course right Pickles, but one of the reasons that the 3% charge kicks in at 50k is because this will automatically kick off an investigation into the trnasaction and an in depth investigation into the source of funds.[/quote]I'm beginning to think that there are 2 things going on here: I've just had a quick look at SocGen's tariffs for transfers. Up to 50K€ they charge 3.05€ for a "european" transfer. Beyond this then it looks like they add another 10.70€. For an "international" transfer they quoted 0.09 % of the amount transferred, with a minimum of 13.75 €. To this they then add exchange commission and Swift fees, but this still doesn't amount to a lot.I'm now wondering whether the OP's acquaintance's situation may actually be to do with what Maricopa wrote: I understand that if you sell a property in France - eg a second home - and are effectively leaving the country and repatriating the money then you are required to employ an agency which, for the princely sum of 1%, will calculate any capital gains tax due. Now, I must admit that I was under the impression that this would NOT apply to someone whose property in France was in fact their principal residence. So it may be that the OP's acquaintance's Notaire has got the wrong end of the stick OR the acquaintance has not been making tax returns in France or otherwise establishing France as his/her main residence OR the property is actually at least in part subject to capital gains tax by virtue of being used in part for business purposes - eg Gites. Obviously, the other reason may simply be that if you are leaving the country you just have to employ the agency even though the property you have sold was your principal residence (and hence the capital gains tax is zero). However, I don't see how the costs get up to 3% unless there is something I'm missing - I hadn't come across the idea of having to pay a fee for an investigation to prove you're not laundering money until Andy mentioned it.RegardsPickles Link to comment Share on other sites More sharing options...
woody234 Posted January 29, 2009 Share Posted January 29, 2009 philouis did you get a good exchange rate when you sent money CA to UK, or does anyone know what the exchange rate is from CA to lloydstsb Link to comment Share on other sites More sharing options...
suein56 Posted January 29, 2009 Share Posted January 29, 2009 [quote user="woody234"] ... or does anyone know what the exchange rate is from CA to lloydstsb [/quote]No; but these are as good an indication of what you might get as any.Sue Link to comment Share on other sites More sharing options...
woody234 Posted January 29, 2009 Share Posted January 29, 2009 thankyou sue but does CA work to a standard rate or do they make up an exchange rate depending on what mood they are in Link to comment Share on other sites More sharing options...
Philouis Posted February 2, 2009 Share Posted February 2, 2009 I managed to get 1.07. The next day it went to 1.14. Was I clever, or just very lucky? Link to comment Share on other sites More sharing options...
woody234 Posted February 3, 2009 Share Posted February 3, 2009 thats good but wat if i want to exchange euro to pound, i bet i dont get 1 pound to 1. 07 euro, i bet i get 1.2 euro to 1 pound, i dont like the exchange people, they have to have there cut dont they Link to comment Share on other sites More sharing options...
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