Sending large money transfers to France: Tax laws to know | finder.com
Laws and documents when sending money to France

Tax guidelines and regulations for large money transfers into France

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Let’s talk taxes on your large transfers to la France.

Helping out a loved one, setting up your étudiant universitaire 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 we all can’t avoid: the laws and legal paperwork that go along with transferring large amounts of money. Before you move your money out of the US, 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 some $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 that 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?

Just as US citizens are required to submit annual tax returns, 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 willfully 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 the US?

Yes. The US government monitors transactions into and out of the country. With more focused attention on money transfers since 9/11, if you fail to report a remittance of $10,000 or more, it will likely be discovered.

By law, banks report all large cash transactions and any amount that raises an eyebrow. Money transfer businesses, which often solely send money between countries, sometimes have reporting thresholds as low as $1,000.
Sending a lot of money out of the country? Know what the IRS expects of you.

How will my loved ones receive my remittance in France?

Your many 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.

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    2 Responses

    1. Default Gravatar
      ReemaMarch 31, 2018

      I was told by one money transfer rep that there is limit of 10k euros that I can send to a recipient in France. Another rep told me that the limit of 10k is to the recipient. Which one is it? I am the limit or the recipient is the limit? I was told it’s 10 k in 6 months… Thank you in advance.

      • finder Customer Care
        JoshuaMarch 31, 2018Staff

        Hi Reema,

        Thanks for getting in touch with finder.

        Generally speaking, the transfer limit applies on the sender. If the sender can send 10K Euros, then it follows that the recipient won’t be able to receive 10K Euros as well.

        Every money transfer service provider has their own terms and conditions. So, it would be a good idea if you directly get in touch with them to get a more personalised answer.

        I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

        Have a wonderful day!

        Cheers,
        Joshua

    US International Money Transfers Offers

    Important Information*
    XE Money Transfer

    Transfer up to $500,000 with no minimums and no fees.

    WorldRemit International Money Transfers

    Use promo code FINDER to send your first transfer with no fee.
    Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

    World First

    No maximum limit, no fees and competitive exchange rates for 100+ currencies.

    TransferWise

    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

    Go to site