Transferring funds from UK to France

[Washy]

I have just had a terrible time transferring money from my bank account in the UK with Royal Bank of Scotland to our post office account here.

This is something that we have done many times in the last three years, no problems, although it seems antiquated that we have to send a letter each time.

This time I knew I needed money in March for the electricity connection, and now loads of work to the car to get our french plates, so in January I sent a letter asking for a transfer.

It usually takes 2 weeks, so after 2 weeks I rang the bank, no sign of the letter....I had not sent it registered.  So I sent another letter and a copy of the previous letter, increasing the amount as I knew about other forthcoming bills.  This was sent at the beginning of Feb.

No sign of it for ages, rang the bank and they said they had no idea where it was as the mail is intercepted and does not come to the branch at all, my letter would have gone direct to the International Department.  RBS could not even get in touch with their International department or Royworld Express who handle the transfers.  I could no contact them either as they do not have a number for the public?????

Next, on Sunday 27th Fen I notice the money has gone from my uk account, I used telephone banking.  By Monday 8th March there was still no sign of it in my account, meanwhile I received a letter from RBS saying the money had been sent to Paris, wrong, all the information I sent was for the money to go to Montpellier.

Nightmare. I rang RBS again they lodged a complaint with their International section but we have to wait a further 5 working days for a reply????? RBS branch cannot contact Royworld, and neither am I able to????

The letter from RBS did not have the date of my letter so I did not know whether it was the first or second letter, and they could not tell me.  I was distraught, and I am trying to explain to them that it is a criminal offence to go overdrawn.

I started this procedure in January - today, March 8th the money finally arrived but I still have no idea which letter they used?

In this day and age why cannot international transfers be made by internet banking or by fax???? It is infinitely more risky to send a letter with all bank details and loose it as we did.

Does anyone know a better method, or any bank that will do this by internet or fax, please?

[Val_2]

Next time you are in France why not just write an english cheque out to yourself and pay straight into the account in France. I've done this for years, saved myself an absolute fortune and the money is usually in the account next day although not really valid for a week. I have never and will never trust anything to do with banks that I cannot personally do,especially the internet with all these hackers about and no proof of anything either,plus why pay some fat cat pushing buttons an absolute fortune out of your hard earned cash to transfer it and take their time too.

[Boiling a frog]

Bank of Scotland telephone banking is just a simple phone call to transfer money

[BJSLIV]

write an english cheque out to yourself and pay straight into the account in France. I've done this for years, saved myself an absolute fortune

I had always understood  this to be one of the most expensive ways to transfer money, high charges at both ends, and a mediocre exchange rate.

 

[Baz]

Val, an interesting way off transferring money, but what kind of exchange rate do you get, as French bank rates are often not very good. Also, what are both the UK and French bank charges for clearing your cheques? From my previous experience of  charges from both the UK and French banks when I was charged over £30 for a small amount of money being transfered, I will not use Bank to Bank transfers. I find it far more cheaper, faster, good exchange rates and safer to use money brokers such as Currencies4less. http://www.currencies4less.com/ and you can speak directly to them should any problems occur.

With regard to your comments about internet banking, I cannot remember how I did without it. I use it daily in the UK and very occasionally in France, to deal with all my Banking needs including Card accounts, paying bills, saving accounts etc. I do not think I have used a cheque more than 3 times in the last year. With the  Bank security systems in place  and security on  my computer, I have no fear of Hackers and unless one discloses PIN numbers and passwords certainly the UK banks will protect you. By using Internet Banking you know that your instructions are dealt with immediately that  working day.

Baz

 

[Hagar]

Doing it via the Internet.

I bank with HSBC in the UK and through them opened an account with CCF in Toulouse . This sits alongside a CA britline account that we have had for a few years. - I operate it entirely through the internet - get very nice letters from my account manager which I don't reply to.

Charges to date have been absolutely minimal - same day transfers from HSBC UK account to CCF Euro account incur no charges, nor do domestic transfers from CCF to the CA britline account. 

We have never been charged for using the CA issued carte bancaire anywhere in france. Indeed, unlike some others, I haven't really noticed any abnormal charges with either CA or CCF.

Only downside of the system is you don't get to shop around for better exchange rates, but unless you are talking about serious amounts of money then no charges and traceability through the internet is great.

One other advantage - If I do the transfers myself - which I do - I know they haven't been sent to the wrong place.!

rgds

Hagar

[a.foreman]

interesting about the charges  HSBC charge me about £24 to transfer money (any amount ) to CEF

 Am I being ripped  off by my bank

Any one else with HSBC and CCF  are you charged or not  ?

will now look in to this

[Andyphilpott]

Beats me why anyone would use a clearing bank for these transfers - I used to work for one and even then with staff discount it was more economical and, sadly, more efficient to use the brokers like Currencies Direct. Indeed to this day I have yet to find a clearing bank service which I cannot get elsewhere for less cost.

I suppose there are 2 reasons for using these banks

Inertia (which is what they depend on)

or

Masochism

As regards costs of transfers, there was a charge of around £25 from Currencies Direct and a smaller amount by Credit Ag to receive the funds.

I still use them for any large amounts but use Moneybookers if it is only 2 or 3 k. With Moneybooks there is a tiny charge for remitting the funds - about £3 I recall, and no charges at all by Credit Ag. I understand that CA are not permitted to charge for the transaction due to some arcane banking law, the details of which I do not know but the effect of which I am grateful for!

Andy

[Cat]

Reading this thread prompted me to do a little research, as I too need to make the occasional money transfer to France, and am not willing to pay extortionate international bank-to-bank transfer fees.

Found an interesting article giving a few comparative rates...

http://www.moneyextra.com/features/2004/f070904_general_09.html

I was particularly interested in the Lloyds TSB economy international moneymover at a flat fee of £5.50, does anyone have any first-hand experience of using this?

[Hagar]

[quote]interesting about the charges HSBC charge me about £24 to transfer money (any amount ) to CEF Am I being ripped off by my bank Any one else with HSBC and CCF are you charged or not ? will n...[/quote]

Andy,

There is only zero charge if done via the internet. I believe that there is still a charge if done using more traditional methods. Don't know what that is 'cos I have never done it.

rgds

Hagar

 

[a.foreman]

[quote]Andy, There is only zero charge if done via the internet. I believe that there is still a charge if done using more traditional methods. Don't know what that is 'cos I have never done it. rgds Haga...[/quote]

Many Thanks Hager

This could save me a lot of dosh

I do love this forum

[Hagar]

AndY P said -

"I suppose there are 2 reasons for using these banks Inertia (which is what they depend on) or Masochism".

I am no fan of British Clearing banks having had many problems with them over a number of years. In fact I keep my contact with them to the absolute minimum.

I use the services described above (i.e HSBC to CCF to CA all via internet) not because I am indolent or seeking pain but because it works.

I can sit in my office in south wales today and initiate a transfer of funds from my HSBC account in South Wales via CCF in Toulouse to CA in Calvados. Get on a plane tonight and fly to our house in Languedoc - get up in the morning and draw those funds from the CA cashpoint in our small village.

Not only that - I do not incur a single charge from any of the banking insitutions involved.

Yes I guess the brokers can beat HSBC's internal exchange rate - but not by much - i reckon by no more than 1%. And they cannot provide that level of service or control.

The original poster asked "Does anyone know a better method, or any bank that will do this by internet or fax, please?"

This works.

rgds

Hagar 

 

[Redcap]

[quote]AndY P said - "I suppose there are 2 reasons for using these banks Inertia (which is what they depend on) or Masochism". I am no fan of British Clearing banks having had many problems with them ov...[/quote]

Hello All!

For small amounts why not just draw it out from the hole in the wall, up to £300 per day?  Not bad exchange rate too.  we have been here over 5 months now, we do have a CA Britline acc, which needs topping up, but HIFX are a waste of time (now that I have finished transferring large amounts), my UK bank charges too much, so we now pay for everything using UK switch(Maestro) and draw out money to top up CA acc for standing orders etc.

I agree it's not ideal, I will really have to look into this.  I like the idead of the HSBC - CCu transfer, as I do all my banking via internet, have done since it all started.

Regards,

Bob

[Ron Avery]

We were recommended by our UK HSBC branch to set up a CCF account.  As they are part of the HSBC group, charges were supposed to be are low or free for transfers, only problem is I have only seen one CCF branch and that was in Calais.  Also are their charges and  bank cards expensive.? 

Hagar said that ... transfer of funds from my HSBC account in South Wales via CCF in Toulouse to CA in Calvados. Get on a plane tonight and fly to our house in Languedoc - get up in the morning and draw those funds from the CA cashpoint in our small village"

Are you sure that transfers from HSBC to CCF to CA are overnight?  HSBC to CCF would be an instant transfer as they are part of the same group, but CCF to CA overnight??? 

If this is the case,  you cannot even do this in the UK.  With internet banking,  it takes 3 days for a inter bank transfer in the UK. eg HSBC to Lloyd's, Nat West etc

[BJSLIV]

Transfers within France done electronically can go through on the same day. If I transfer from INGdirect am it is with SocGen PM. Transfer INGdirect PM with SocGen next morning.

In UK: Electronic Transfer from Nationwide AM , with Nationwide PM (3 Days Later!)

The French system is reflects electronic reality, the UK system still operates to the timetable of the paper system it replaced.

 

[Hagar]

Ron,

You are right there is no gaurantee from CCF that the funds will be in CA overnight - what they actually say is 3 working days. However  in practice they always are. Transferred 3k euros on the 8th and it was showing in CA the same day.

UK banks can do it, even before the internet they could do it via telex and latterly SWIFT they just don't appear very willing to do it for individuals. I know that if I transfer money to my wife's a/c with Natwest it takes 3 days - If I complain to HSBC they say it's Natwest.

Think the banks make quite a bit of money out of the Float (i.e. The time between debiting one account and crediting another).

As to the charges i haven't really compared them with CA - all I can say is I have never seen any transaction charges nor any surprise/unexpected charges.

rgds

Hagar

[Hagar]

Just a pointer for anybody looking at the HSBC CCF route - make sure that when they open an account for you with CCF that they register you for the Keypass service (it's free) . You will need this to make domestic transfers in France.

details at https://client.ccf.fr/mescomptes/ under Un virement urgent ?

rgds

Hagar

[Robbie34]

I'm a little confused about the ability to transfer funds from an English HSBC account to a French subsidiary.

I'm considering opening an account with HSBC in France as I bank with them in the UK.  Here's a reply I had from France after I asked them if I could transfer funds from my English account to a French account.

"A french account is completely different from your UK account. It's not the
same country and not the same bank because we are subsidiary.
I don't know the internet services proposed by HSBC for the UK clients.
Then, I think the best way for you, is to ask directly your HSBC branch
about their own service.
 
With our website, we cannot make some transferts between two different
countries.
 
Please contact me if you need further information.
 
Best regards,
 
Claire FOURAN
CCSO DMPP
 

[Hagar]

[quote]I'm a little confused about the ability to transfer funds from an English HSBC account to a French subsidiary. I'm considering opening an account with HSBC in France as I bank with them in the UK. H...[/quote]

I think the trick is to get HSBC in the UK to do it on your behalf. As I have said before they seem to be limited to main branches of CCF in France. HSBC in the UK gave me a long list of branches and asked me to choose one.

I guess like many big organisations it often depends who you ask.

rgds

Hagar 

p.s. - If you use online banking with HSBC log on to your accounts page - click on your main current account and you will see the option (top left) for international transfers.

[Hagar]

[quote]I'm a little confused about the ability to transfer funds from an English HSBC account to a French subsidiary. I'm considering opening an account with HSBC in France as I bank with them in the UK. H...[/quote]

With our website, we cannot make some transferts between two different
countries.
 
Please contact me if you need further information.
 
Best regards,
 
Claire FOURAN
CCSO DMPP

Just out of curiosity I logged on to CCF to check this . They do offer international transfers as well - i.e transfer from France to the UK -  two clicks and enter the amount !. Think this lady needs to get updated on the services her own bank offers.

rgds

Hagar

 

[Robbie34]

My Accounts page does not show International Transactions on the left.  I have not opened an account in France, following the reply from Claire Fouran, so perhaps your account shows that because you have a French account.

I'm off to my holiday home for three months on 5th April and I need to transfer some money.  I've opened a Nationwide account as they do not make transaction charges for withdrawing money from French ATMs.  Do you think the timescale would allow me to open a French account?

[Hagar]

"My Accounts page does not show International Transactions on the left.  I have not opened an account in France, following the reply from Claire Fouran, so perhaps your account shows that because you have a French account."

Now that you say that I don't remember seeing it before they opened the CCF account.

You could just about manage it but you would have to be quick - From memory it took about 4 weeks all in all. Taking into account french bureacracy I would not rely on it.

rgds

Hagar

[Washy]

Hi Hagar,

I have read with interest (sorry about the banking pun!) all your comments and note that you can tranfers money using the internet. This was something RBS told me was 'impossible, and no other UK bank offers this service' - clearly trying not to loose my custom.

If, now as a French resident, I try to open a UK HSBC account and move my pension and other standing orders without a personal visit to the UK, I think I will run into difficulties. I have decided to wind things down quicker in the UK and depend more on my french bank (La Poste).

Incidentally the row continues with RBS who (Jan - Mid March now...!) cannot tell me which of my letters actioned the transfer, so I do not know to this day whether I still have a letter floating about the universe.  Or whether this letter is going to suddenly appear and zap out £2000???  So I need to write another letter cancelling that action.  So much paperwork in this electronic age...Yuk. 

[Val_2]

This morning I have received this letter ALL IN PERFECT ENGLISH LANGUAGE from the main C.Agricole for this dept and it reads as follows:

Monsieur,

Since the 1st of July 2004 a new policy on British personal cheques credits has been applied at CA du (dept). Whenever paid into your account with us, these cheques will be sent for collection to the drawer's bank.

This proceedure refers to cheques credits for amounts over £300 or €445.

This items will not be credited any longer into your account until receipt of the proceeds from the British Bank or building society arrives. These collection delays may take upto THREE WEEKS.

As an alternative we recommend you ask your British banker to issue an international money transfer, also called SWIFT payment.

In order to proceed, we suggest you provide your bank or building society with your IBAN (International Bank Account Number) and BIC (Bank International Code).

This will proove to be the most effective and the least expensive way to send money across.

Should you feel the need to contact etc...........

Now what I wish to know is why this has happened after years of british people paying in personal cheques here, perhaps the bouncing cheque brigade all live in France now!! and why has it taken eight months to send a letter to a long-standing customer.

Has anyone else received this letter here in dept 29 or elsewhere?

[Lizzie15]

It took 5 weeks for a UK cheque I wrote to myself to be credited to my account!