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When someone moves abroad from France, and his company pays him in euros into any french bank account, which bank would give the best conversion rate to local currency? How does one find out this information?

Is this the only way to access the salary in local currency or is there a method people use that I do not know about? The move is only for 3-4 years.
 

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If you're on a French payroll (i.e. paying French cotisations) you're normally paid in euros and they generally insist on depositing the money directly into a local bank account. To get paid in any other currency, you most likely need to be getting paid from that country into an account in that country (though you'll still be liable for French income taxes due to actually working in France).

For "only" 3 to 4 years, you will definitely need to have a local bank account (in local currency - which IS the euro) in order to pay most bills, particularly utilities and your rent.
Cheers,
Bev
 

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When someone moves abroad from France, and his company pays him in euros into any french bank account, which bank would give the best conversion rate to local currency? How does one find out this information?

Is this the only way to access the salary in local currency or is there a method people use that I do not know about? The move is only for 3-4 years.
if you are talking about changing from euro to another currency you are mad to even consider using a bank...any bank

someone like currencyfair.com perhaps
 

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Typically you would open a bank account in the country where you are posted, then arrange for currency transfers as you need them. I would definitely avoid bank to bank transfers as the rates and fees can be substantial. But as lebesset says, once you have your local bank account set up is it easy to open an account at CurrencyFair or other currency transfer service and arrange transfers as you need them. If you need to pay for things before you have set up a bank account, check out the fees and costs of using a credit card abroad.
 

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I must remember not to try to answer posts until I've had a strong cup of coffee. I see I misread your original question. But I also see you have gotten a couple of good replies, too.

I'm ignoring the whole issue of how and if you'll pay the necessary payroll taxes wherever it is you are working. That's for your employer to worry about, I guess.

But generally, you want to transfer money in quantity as infrequently as possible - both to avoid excessive transfer fees and to get the best deal possible on the exchange rate. What many folks here recommend is the use of an FX (foreign currency exchange) company. That way you get a very good rate of exchange (which includes the FX company's fees) and very often a fee-free transfer from your home-country bank to your local bank in the country where you are resident.
Cheers,
Bev
 

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Discussion Starter #6
Thanks for the replies, I think 'currency transfer services' is what I should be googling for.

Bev, I am not concerned about taxes *yet*.
 

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Discussion Starter #7 (Edited)
if you are talking about changing from euro to another currency you are mad to even consider using a bank...any bank

someone like currencyfair.com perhaps
Do you have an idea how currencyfair makes money?

EDIT: I probed around and have a vague idea.
 

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Do you have an idea how currencyfair makes money?

EDIT: I probed around and have a vague idea.
well they haven't made much yet but the volume is building which is what they need as the start up support runs out

basically they make a small transaction charge and trade in the interbank market which gives them a turn
 
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