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New directive for Banking


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We have a bank account with La Poste, and when bills and standing orders are due and we are in France we take money from a local ATM and put the money into our account. This week we had a heating fuel delivery so that involves transferring a quite large sum over. First payment the woman behind the counter, someone we've never seen before demanded that my wife provided ID. OK we thought as she had never seen us before, next day same rigmarole again a bit bizarre as she accepted a British Driving licence. Today we had to go to Vendome our bigger local town, so into La Poste saw a very helpful woman who took the time to explain the new system that is just starting, and was due to money laundering She suggested that as we always take money out of the machine we should get a receipt, keep it and present it with our passport when depositing money into the account. Also, our local tiny PO isn't allowed to take cash deposits any more, they have just been told this, so that will be another nail in the coffin of a small business. I believe that If I was selling drugs or money laundering it would be for more than 300Euros.LOL, So just a warning to other second homeowners be prepared to offer ID.when depositing money into La Poste.
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If you mean you are withdrawing euro from a sterling bank account with a bank card, that seems an expensive way of transferring from a sterling to euro account. You could find you will hit the daily/monthly withdrawal limit on your card.

French residents doing something similar might also find the taxman starting to query where all those cash deposit funds are coming from.

Why don't you use one of the many money transfer services (including transferwise/Monzo/Revolut/Starling accounts) where you should get a much better exchange rate and not pay any other charges?

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No, it's not with my Nationwide Flexi plus account. the exchange rate is as near as dam it to the spot rate end of, and no other charges. Anyway, my comment was nothing to do with exchange rates but the fact that La Poste banking is changing with it's approach to money laundering. French residents are finding already the same rules are applying to them, it applies to anybody who deposits money into La Poste bank, according to a very nice lady in La Poste Vendome.

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