|
|
Post by jardiniere on Feb 4, 2024 10:33:02 GMT 1
Perhaps ask Paypal themselves? That way you'll get a definitive answer. Yes, thanks, that would be good if I could express myself well enough in French. I cope pretty well with my B1/B2 level except on occasions like this. It won't let me communicate in English. |
|
|
|
Post by hexenbeest on Feb 4, 2024 10:51:35 GMT 1
You can contact Paypal UK (the rules will be the same), or use Google Translate, Deepl for the gist and then refine it yourself, keeping it short and sweet.
I have, in the past, written my query in both English and Google translated French, and had a reply in English!
|
|
exile
Member
Massif Central
Posts: 2,693
|
Post by exile on Feb 4, 2024 13:08:37 GMT 1
Get a Wise account. Load it with Euros from your French bank, concert to £ in the app, add your recipient's IBAN and pay them. Easy peasey! Scam central here we go. Sorry ANO but that is rubbish advice. If you pay by credit card or use Paypal, you are protected should the goods not arrive, not work or not be as described and you can get your money back. If you just transfer money to someone you have never met, you lose all of those protections. You might get help from Wise (or whichever account you have transferred from) but in most cases you will be told it was your choice to give the scammer money directly. |
|
|
|
Post by another on Feb 4, 2024 21:50:57 GMT 1
Get a Wise account. Load it with Euros from your French bank, concert to £ in the app, add your recipient's IBAN and pay them. Easy peasey! Scam central here we go. Sorry ANO but that is rubbish advice. Well of course I'm talking about someone you know or trust, I've already warned about using Paypal Friends and Family! |
|
|
|
Post by jardiniere on Feb 5, 2024 11:27:54 GMT 1
I have a WISE account but what's the advantage using that over doing a direct bank transfer from my UK bank account to their UK bank account?
|
|
suein56
Member
Southern Morbihan 56 Brittany
Posts: 7,551
|
Post by suein56 on Feb 5, 2024 12:29:29 GMT 1
I have a WISE account but what's the advantage using that over doing a direct bank transfer from my UK bank account to their UK bank account? None in your case - it would have perhaps helped if you no longer had a UK £ account. If you do pay direct then please do heed the warning about paying someone directly if you have not dealt with them before - £300 is a tidy sum to lose if the company is dubious. |
|
|
|
Post by iolar on Feb 7, 2024 10:48:55 GMT 1
Paypal or as most people call it - Screwyoupal.
Yes you get protection against scammers but only if you do things in 'the proper way' and as someone posted don't use friends and family.
we use Wise and have done for years, changing Sterling for Euros and then into our joint french account.
If you want to know what the difference is between getting royally screwed by banks or the difference between different currency transfer companies check out monito.com.
I get weekly updates from Monito. Mostly I don't bother to look because we always use Wise. Today however I took a look:
Today's mid market exchange rate £1=€1.17.28
For a £50 - Euro with currency exchange companies it varied between €58.62 - €56.04 - Wise charged a fee of £0.42 and a rate of 58.14. 2 other CEC charged a fee of £1.99.
Paypal €53.18 - fee £2.50
HSBC €50.93 - fee £5
Halifax €45.81 - fee £9.50€
RBS €45.78 - fee £10
Barclays €39.52 - fee £15
We will continue to use Wise because of it's business model - it does not have a loan book or do mortgages, any major shock in the UK or worldwide will collapse the grossly over priced property market and collapse all the major mortgage lenders, that's a risk I'm not prepared to take.
As you can see all the UK banks are a complete rip-off.
I have just arranged Angela's NHS pension to be changed into Euros by the NHS pension scheme and paid directly into a out French joint account. As I cannot get precise info from the pension administration it remains to be seen if it's a good deal. if not I shall stop that and have it paid into Wise, like her State pension.
|
|
|
|
Post by omegal on Feb 8, 2024 16:29:01 GMT 1
I am not sure that for small amounts being transferred that one will receive the mid market rate. I know from the past with a friend once in the exchange money markets to get the mid market exchange rate you are talking hundreds of thousands of pounds. Two weeks ago we transferred some funds and we got several clicks below the mid market rate. Do wise really offer mid market rates on small amounts?
|
|
|
|
Post by iolar on Feb 9, 2024 11:19:28 GMT 1
I am not sure that for small amounts being transferred that one will receive the mid market rate. I know from the past with a friend once in the exchange money markets to get the mid market exchange rate you are talking hundreds of thousands of pounds. Two weeks ago we transferred some funds and we got several clicks below the mid market rate. Do wise really offer mid market rates on small amounts? That's not what I wrote - I quoted the mid market rate so that you can check how close to that your currency transfer is made. Again - you will not have got a rate 'below' the interbank rate but 'above'. The question is how close or not to that rate your Sterling was exchanged. So did you use a bank or a currency transfer company? If you used a bank then you paid through the nose. If banks weren't so greedy - these CTCs would never have been created. If you do international business then companies like Wise are a no brainer. Anyone who uses a US$/Yen/Euro/Swiss Franc etc. will thank you if they can send their own currency to pay you with. They don't get screwed by their or any other bank or the outrageous Paypal. You can then choose whether to keep that currency in your 'wallet' or change it into any currency of your choosing. Making the right call over a year can make a real difference in your overall pre-tax profit margin. |
|
Aardvark
Non-gamer
Living in soggy 22 and still wondering what's going on.
Posts: 2,172
|
Post by Aardvark on Feb 9, 2024 11:56:24 GMT 1
I have been using Wise (ex Transferwise) for many years and always recommend it to others.
I have only recently noticed the "wallet" idea. Is this more like a bank account that has a different status in the eyes of the French tax people? I ask because I simply can't cope with any more complicated stuff when doing the annual online tax forms. It might be useful for me to hold a little in limbo awaiting transfer to my French account.
|
|
|
|
Post by omegal on Feb 9, 2024 17:14:28 GMT 1
I am not sure that for small amounts being transferred that one will receive the mid market rate. I know from the past with a friend once in the exchange money markets to get the mid market exchange rate you are talking hundreds of thousands of pounds. Two weeks ago we transferred some funds and we got several clicks below the mid market rate. Do wise really offer mid market rates on small amounts? That's not what I wrote - I quoted the mid market rate so that you can check how close to that your currency transfer is made. Again - you will not have got a rate 'below' the interbank rate but 'above'. The question is how close or not to that rate your Sterling was exchanged. So did you use a bank or a currency transfer company? If you used a bank then you paid through the nose. If banks weren't so greedy - these CTCs would never have been created. If you do international business then companies like Wise are a no brainer. Anyone who uses a US$/Yen/Euro/Swiss Franc etc. will thank you if they can send their own currency to pay you with. They don't get screwed by their or any other bank or the outrageous Paypal. You can then choose whether to keep that currency in your 'wallet' or change it into any currency of your choosing. Making the right call over a year can make a real difference in your overall pre-tax profit margin. iolar, no problems but I read it that you were quoting mid market rates for exchanging money for us public. I have been exchanging money since 1988, so I do realise that one would never use a bank if they wanted to get a better rate. My go to was The Foremost Currency Group, they have since been brought by Currencies Direct but in 1988 you had little choice but to use a bank and I think I am right that it wasn't until around the mid nineties until the currency exchange companies that we know now started doing business with the public. Even in 1994 when we were moving from Provence to the Dordogne in 1994 we had to use our bank to bring finances from the UK to France (in Francs back then). So yes in answer to your question, we did of course use a currency exchange company. As for Wise I think I am right in saying for larger sums, Wise are not the company to use but I hear good things using Wise for lower amount exchanges.
|
|
