UK pensions and transferring money abroad: the rules

Moving money when relocating to France involves a number of regulated and practical considerations – including exchange rates, banking access, and potential tax implications. While this guide provides an overview, it is important to seek appropriate professional advice and plan ahead to avoid unnecessary costs and ensure a smooth transition.

See also chapter 10 on banking in France for more information.

Transferring money via your UK bank

If you are moving to France, you can transfer funds directly from a UK bank account, but the process differs from a domestic payment and requires some planning. International transfers typically involve fees and less favourable exchange rates than specialist providers.

When buying property in France, most payments are made by bank transfer to the notaire’s client account. Your notaire will provide an IBAN (International Bank Account Number) and BIC (Bank Identifier Code, sometimes called a SWIFT code), which your UK bank uses to send funds via an international transfer, usually over the SWIFT network.

International transfers generally take between two and five working days. French notaires usually require cleared funds several days before completion, so delays in transfer can hold up the purchase.

Exchange rate movements are a key consideration, particularly for property transactions. There is often a gap of several weeks or months between signing the preliminary contract (compromis de vente) and completion. If sterling weakens against the euro during that period, the overall cost in pounds can increase.

Some buyers use foreign exchange specialists, which may offer more competitive rates than banks and tools such as forward contracts to lock in an exchange rate in advance.

Banks may request additional documentation due to anti-money laundering requirements, including proof of the transaction and the source of funds. Large transfers can trigger compliance checks, so informing your bank ahead of time is advisable.

Beyond property purchases, you may need to transfer funds for a range of reasons, such as buying a car, carrying out renovation work, paying household bills or supporting family members. Moving money itself is not taxable in France, but maintaining clear records – particularly for large transfers – is important.

A word of warning: cards, cash machines and contactless payments

If you use a UK debit or credit card in France for cash withdrawals or everyday payments, be aware that banks often apply unfavourable exchange rates, typically adding a foreign exchange margin of around 2–3% on top of the market rate. Fixed fees per transaction may also apply, and daily withdrawal limits will depend on your bank.

For regular spending or larger amounts, alternative solutions such as euro accounts or specialist payment providers may be more cost-effective.