laws-legal-documents-sending-money-to-france

Tax guidelines and regulations for large money transfers into France

Learn what you should know about taxes when sending large sums to France.

Whether you're helping out a loved one, paying your fees for studying abroad or putting down that payment for your Parisian pied-à-terre, getting your large money transfer to France is the easy part.

What comes after is something no one can avoid: the laws and legal paperwork that go along with transferring large amounts of money. Before you move your money out of Australia, get familiar with France's remittance laws and regulations.

How France regulates large remittances

Gift taxes are just one part of France's complicated inheritance laws, which are generally based on your relationship to the beneficiary of your gifts of cash or property. In France, children and spouses are considered equal "protected heirs", which limits how much you can legally give each.

It's possible for your French family to receive one-off gifts of cash tax free. These amounts range from $115,000 to children to about $35,000 to grandchildren and $18,000 to siblings.

Note that inheritance laws may not apply to remittances sent from another country. But given the complexity of these laws, which are deeply entrenched in legal requirements and exclusions, your loved ones will benefit from an expert in French laws when receiving large amounts of cash.

What are the penalties for not filing a large remittance?

French citizens are required to submit a déclaration des revenues each year. If your recipient fails to declare a large remittance on their tax returns, they could be on the hook for stiff financial penalties equal to 5% or more of the remittance amount. If the government determines that they've wilfully ignored the law, tax penalties can soar to a severe 50% or more.

French banks are required to record the source of large transfers and report any suspicious deposits to the government. Encourage your family and friends in France to declare any large remittance on their general tax returns.

Do I have to report large transfers out of Australia?

You won't have to report any amount of money you send to France. If the transfer is above $10,000, or it's classed as "suspicious", your bank or money transfer company automatically reports this to AUSTRAC (Australian Transaction Reports and Analysis Centre). This is the government agency set up to monitor financial transactions and to help prevent money laundering.

Find out more about sending money into Australia

How will my loved ones receive my remittance in France?

Your options for sending money to France include bank-to-bank transfers, cash pickups and transfers to mobile wallets.

If picking up your money in person, your loved ones may need to submit government-issued ID or a transaction confirmation number to prove they're your intended recipient. For electronic transfers, they may not need to submit any information at all.

Confirm with your bank or independent money transfer provider the exact information your friends and family might need to receive your funds.

As with all international money transfers, be wary of potential fraud and only send money to people you know. Using a reputable provider can safeguard you from potential scams.


DISCLAIMER: This article is general advice. It does not consider your own personal circumstances and may not be applicable to you. You should obtain professional advice and consider your own situation before acting on anything contained in our article.


Compare providers for your next large transfer to France

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.622 EUR
6,219
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.622 EUR
6,219
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider. Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.622 EUR
6,219
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 0 1 day AUD 0.00 0.622 EUR
6,219
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 3,000 1 day AUD 0.00 0.622 EUR
6,218
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.62 EUR
6,198
Exclusive: 5 free transfers after your first transfer
Send at least $5 in over 15 different currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.621 EUR
6,210
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.624 EUR
6,211
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.624 EUR
6,215
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Picture: Shutterstock

Leah Fallon

Leah Fallon is a writer and editor for Finder.

Was this content helpful to you? No  Yes

Related Posts

International Money Transfer Offers

Important Information*
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

WorldFirst International Money Transfers

Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

TransferWise International Money Transfers

Make online transfers at the mid-market rate with transparent fees in 45+ currencies.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site