Send money to France at a great rate in 3 easy steps

There are more than 2 million French people living outside France. And there are more than 5 million foreigners living in France. It results in a huge need to send money abroad. Transferring money to France is not easy but there is a simple method to do it.

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How to send money to France at a great rate in 3 easy steps?

  1. Analyse the exchange rate evolution (or get exchange rate notifications)
  2. Compare the best options to send money to France
  3. Make your transfer in a few minutes using the solution you chose

Here are the details.

1st step: analyse the exchange rate evolution before transferring money to France

Analysing the exchange rate is important because there are times when you can earn money and others when you can lose some. Sometimes it can make a huge difference depending on the percentage of recent exchange rates evolution. It’s efficient to look for an exchange rate notifications service because you won’t have to watch the exchange rates every 5 minutes during the day. It’s the first step.

2nd step: compare the best options to remit money to France

The second step is to simply make a comparison before using any service. Services sending money to France are numerous and apply very different exchange rates. There are more than 120 operators remitting money to France and they apply different fees. Banks are the most expensive. Brokers are efficient for big amounts but some of them are not. Online money transfer operators are good but they change their rates every hour. As a result we need to compare each time we want to make a transfer so that we get the best exchange rate for Euros.

So, first we need to watch the exchange rates and when there is a good opportunity we need to compare the best exchange rate providers.

3rd step: make your transfer to France

Once you did the first 2 steps there is only one thing missing. Choosing the option you prefer. Some of them allow to make online payments via credit/debit cards and others allow only bank wires. As a result the easiest way to send money to France is to compare the payment options and choose the solution you prefer. Then you just need to tell who is the beneficiary and make a payment.

Each time you need to send money to France it is wise to watch the exchange rate or get exchange rate notifications so that you do the transfer at the right time. Then you should compare the best solutions because none is the best all the time and their rates change every hour. Finally you do easily a transfer using a solution.

So many people need to send money abroad

Nowadays, more and more people send money abroad. Whether they are students studying abroad, expatriates working abroad or migrants living outside their home country.

How many people send money abroad ?

Today, according to the world bank, more than 250 million people live outside their homeland. Most, if not all, send money abroad either regularly or once from time to time or once when facing an urgent situation.

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It seems that some countries are more concerned than others. India, Mexico and Russia were the 3 biggest emigration countries of the world in 2013. These 3 countries combined 38 million people living outside their homeland in 2013.

How do people generally send money abroad ?

Based on the different sources on this topic, it still seems that today, to send money abroad, 90% of the total amount sent is sent from cash to cash. This represents a total amount of 540 billion dollars for the year 2015. People usually refer to dinosaurs on the market such as Western Union or MoneyGram. The later usually take minimum 30 € for each 300 € sent !

The good news is that the 10% remaining is sent by via online solutions which are far cheaper. Plus, the online market is going to triple in the next 10 years. To send money abroad, people will be able to use simple and  parent solutions. This will enable them to save a lot of time and money on each of their money transfers.

Quick tips and tricks to send money abroad

In order to make sure you maximize the amount of money the receiver receives when you send money abroad, your ought to go through the 2 following steps:

  • First, check the exchange rate evolution for the currencies concerned by your transfer. You can save between 1 & 5% of the amount transferred by doing so ! Moneytis can provide you another free & very interesting tool
  • Second, make sure you compare all the solutions available before sending your money. This must be done each time you want to trigger a transfer as the best solution can change every day!