So, how do you replenish the coffers? And how do you do it while minimizing the fees and commissions, and while getting a decent exchange rate?
For this article, I’m assuming you have funds in the US that you want to move to France. There are a few good ways to do it, and a lot of bad ones. You should review the ideas I list below, and then check out all the comments that are bound to pop up as people chime in (or set me straight).
There are lots of options—from PayPal to toting gold coins in your carryon (just kidding!)—but in every case you want to ask two questions: 1) What are the fees for the service; and 2) How good is the exchange rate? The answers can have a huge impact on what you get for your money.
Disclaimer: We’re not sponsored by any of the services/companies mentioned here, and we’re also not financial gurus. The information provided is checked to the best of our abilities, but it’s provided “as is.”
First off, make sure you have a French account to transfer funds to! If you’re looking to open your own account at a French bank, be forewarned: the IRS has made reporting of American accounts so burdensome, that many French banks don’t want to bother with it! (Maybe we should do an article on opening a bank account!)
But let’s day you already have that French account, or else you are transferring money to someone else’s account. To start the process, you need to have the banking information for the account you are transferring to—otherwise known as the relevé d’identité bancaire (or RIB). This will include the bank codes, the account holder’s name, and, especially the IBAN (the International Bank Account Number – a system used throughout Europe, but not domestically in the US).