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Crédit Coopératif International Transfers & Exchange Rates
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Published On:
November, 23 2022
Edited On:
March, 21 2023

Crédit Coopératif International Transfers & Exchange Rates

Crédit Coopératif, a 125-year-old cooperative bank with Banque Populaire status, is one of the parent companies of BPCE. It owns 1% of the company's stock and is owned entirely by its clients and cooperative shareholders.

In exchange for a control function, BPCE represents Crédit Coopératif before the government and assures its solvency and liquidity. Only Casden BP and Crédit Coopératif are national banks among BPCE's parent entities. They are also the only ones to have joined the Banque Populaire Group, the terms of which were established through the signing of a protocol.

About Crédit Coopératif

Crédit Coopératif became a member of the banking group ‘Groupe Banque Populaire' in 2003, with an agreement guaranteeing its management independence, identity, and brand. This arrangement has been transferred to ‘BPCE' (Groupe Banque Populaire and Groupe Caisse d'Epargne merged): BPCE is Crédit Coopératif's central body, as authorized by the French "Monetary and Financial Code."

Crédit Coopératif and its components are expected to keep their name, trade name, brand, and identity, as well as their management autonomy, engagement freedom, and internal operational and financial norms.

Crédit Coopératif has opted to join a decentralized cooperative group similar to itself, where it has decision-making autonomy and is committed to cooperative principles in the exercise of its rights and responsibilities as a parent company.

Crédit Coopératif Exchange Rates and Fees

Crédit Coopératif has the same currency rates and fees as Groupe Banque Populaire after joining the latter.

Exchange Rate

As of 08 June 2021, the GBP to EUR rate at Groupe Banque Populaire is €1.113, and the EUR to GBP rate is £0.825, with no minimum transfer amount. 4.2 percent is the foreign currency margin rate. Its rates are changed every day from Monday to Friday, so checking them before sending money is always a good idea.

With a minimum transfer value of £100, broker rates are €1.153 for GBP to EUR and £0.855 for EUR to GBP. In both exchange rates, the foreign exchange margin rate is 0.7 percent. It is strongly recommended that you look at the rates that brokers have to offer.

Thus, a transaction exchange rate margin of roughly 4.2 percent – or 4,200 EUR – would apply to a typical offshore currency transfer of 100,000 euros (EUR) utilizing Banque Populaire services. Using a specialist broker, such as Currencies Direct, the exchange rate margin would be 0.7 percent, or only 700 EUR in total, representing a significant savings over the bank service.

Transfer Fees

Sending funds to or from your Banque Populaire account in euro, UK pounds, or US dollars requires a margin rate of 4.2 percent, which is significantly more than most currency broker rates (typically 0.7 to 1.0 percent).

Banque Populaire international money transfers may take longer to arrive than private currency exchange providers, and you must have an existing Banque Populaire account to use their services. When sending money abroad into another currency, Banque Populaire may impose a flat rate commission fee, while bank transfer commission rates vary depending on the amount being sent. Over a value of 5000 euro, private brokers offer commission-free currency transfers.

If you use Banque Populaire's service, your funds will arrive at the destination bank in 5 to 7 days unless you pay a fee. Private foreign exchange companies normally finish the transaction the same day or the next day.

Additional Costs

If the services requested by the customer are more numerous or complex than those normally supplied by the bank, Banque Populaire retains the right to charge additional fees.

How Do Crédit Coopératif Transfer Fees Compare to Using a Money Transfer Provider?

You want the process to be as straightforward as possible when transferring money internationally, and you don't want to pay any more fees than necessary. Making an international bank transfer through Crédit Coopératif may appear to be the most convenient option, but it is also the most expensive, with high fees and inflated exchange rates. It's international money transfers to or from France incur higher transaction fees due to Crédit Coopératif's operational costs.

Crédit Coopératif itself seeks out alternatives to deliver faster, cheaper and more efficient international bank transfers. It offers SWIFT Transfers, SEPA Credit Transfers, SEPA Instant Transfers, and SEPA Direct Debits. SWIFT transfers costs only £20 per transfer, while SEPA transfers are normally the same price as a local domestic bank transfer, which means they are usually free.

If you're not familiar with financial terminology, you might be asking what SWIFT and SEPA transfers are. SWIFT allows international money transfers, however SEPA payments can only be made inside the SEPA area. Despite their differences, both SWIFT and SEPA have the same goal: to provide consumers and businesses with seamless, secure, and reliable money transfers, as well as to improve the integrity of the increasingly dynamic payment system.

Crédit Coopératif Pros and Cons

International money transfers with Crédit Coopératif have advantages and disadvantages, and it's a question of convenience vs. additionalexpenses in this case.

Pros

Convenience - If you have a Crédit Coopératif account and don't want to put in a lot of work only to make a money transfer, you can use SWIFT or SEPA transfers, which you can accomplish from the comfort of your own home or office
Online transfers - Ma Banque Mobile du Crédit Coopératif, the company's mobile app, allows account holders to make transfers and payments more quickly.

Cons

Higher cost - When it comes to money transfers, bank rates are typically higher than those offered by money transfer companies, which typically charge lower exchange rates and costs. This is due to the fact that when you utilize a bank, you are also paying for all of the bank's operating expenses. Banks have higher operating and maintenance costs, which they pass on to their clients.
Longer transfer time – When compared to money transfer companies, money transfers through banks can take longer. This is due to the fact that the funds are routed through other banks.

Thus, it is preferable to send money using a money transfer provider if you want to save money while sending money abroad. An international bank transfer, on the other hand, may be the best alternative for you if money isn't an issue and you want convenience.

How to Open an Account and Transfer Money With Crédit Coopératif

Crédit Coopératif delivers its products and services through both direct and indirect channels, namely: through a branch or online banking.

You can make a transfer through a branch or via SWIFT and SEPA transfers once your account is open.

Opening an Account

To open an account, you can visit the English site of Credit Cooperatif athttp://www.credit-cooperatif.coop/menu-bas/english-presentation/ or contact them directly at 01 47 24 85 00.

Transferring Money

Money can be transferred using SWIFT and SEPA transfers, the Crédit Coopératif Ma Banque Mobile app, or their physical branches.

Additional Information

Credit Cooperatif is a full-fledged bank that offers a wide range of banking services and products (however, it focuses mainly on the savings and loans). Investment banking is also available, as well as banking cards.

The objective of the bank is to provide services to the social and solidarity economy. It develops activities in co-production with its consumers, following the logic of cooperative responding to members' demands. It develops and maintains funding solutions for medical and social organizations, social tourism, and innovative organizations, among other things. The bank formed financial guarantee cooperatives for SMEs and SMIs in collaboration with their federations and unions to make loans more accessible to them.

Crédit coopératif is a member of the French deposit guarantee scheme. This deposit guarantee system covers all deposit accounts made by natural persons and legal entities, up to a maximum of 100,000 EUR per bank and per depositor. Crédit coopératif is a member of and contributes to the Fonds de Garantie des Dépôts et de Résolution (FGDR).

Customer Service Details for Users of Crédit Coopératif

Non-Crédit Coopératif customers can contact the bank's customer service by filling out an online form at www.credit-cooperatif.coop , calling +33 1 47 24 85 00, or visiting a branch.

Can I Use Crédit Coopératif for International Bank Transfers?

Yes. International money transfers to international banks can be made in any of the Bank’s branch or through SWIFT and SEPA transfers.

Summary

Money is a means, not an end, at Crédit Coopératif. Its goal is not to set pricing that allow the Bank to maximize profits, but to deploy the human, information technology, and real estate resources required to ensure quality services, as well as the cooperative's growth and financial stability. Crédit Coopératif can innovate to meet your future requirements, support public-interest initiatives, and conduct research in the social economy.

Crédit coopératif's products and services are provided at its branches and through its internet banking system. The Crédit Coopératifs Ma Banque Mobile app, Visa Classic Agir card as well as SWIFT and SEPA money transfers, have proven to be the most convenient and efficient methods in modern banking.

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April Summers
April Summers
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.

Answers to key questions about Crédit Coopératif

The following are some of the most commonly asked questions about Crédit Coopératif’s banking services:

Can I open a Crédit Coopératif account in any country?
Does Crédit Coopératif have an app?
Are there transfer limits?
How long do transfers take with Crédit Coopératif?
What customer support options are available?
Can I use a Crédit Coopératif debit card when traveling abroad?
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