Crédit Mutuel International Transfers & Exchange Rates

They consistently win awards from World Finance, Global Finance, and The Banker regarding their services and system. Today, they continue to serve over 34 million customer-base worldwide while providing top-notch services to the regional areas of France.

About Crédit Mutuel

Crédit Mutuel started in 1846 solely as an “Association for Bread” made for assisting rural workers, becoming the first one made to help rural setup. Throughout the 19th century, it had been dedicated to providing financial assistance based on savings, loans, and mutual guarantees for its clients. During the 1900s, “Crédit Mutuel” became their official name as they started specializing in remote banking services. As a result, in the 2000s, they started adapting telephone and electronic payments. In recent years, they merged with Banco Popular, Citibank, and Desjardins Group for international expansion.

Crédit Mutuel Exchange Rates and Fees

Crédit Mutuel offers international banking services since it started merging with other international banks. However, there has been a lack of public disclosure about these details online.

Exchange Rate

Unfortunately, Crédit Mutuel does not publicly disclose its exchange rates online. A client interested in partaking in international money transfers needs to consult with any of their branches in order to receive calculations regarding the exchange rate.

Transfer Fees

Unfortunately, Crédit Mutuel does not provide any public information about their international transfer fees. However, according to TransferSupermarket, a website that tracks varied rates for different banks, an international transfer fee for a transfer in Crédit Mutuel may include a 4% margin rate on top of consulting the given exchange rate at the time of transaction. This information must be consulted with any branch of Crédit Mutuel in order to confirm and see a more accurate price breakdown for their intended international transaction.

TransferSupermarket updates the exchange rates of banks every weekday to reflect an up-to-date transfer fee.

How Do Crédit Mutuel’s Transfer Fees Compare to Using a Money Transfer Provider?

In order to prevent confusion, this section will not use the transfer fees from the TransferSupermarket as stated in the “Transfer fees” section. This is to encourage the client to check in with any branch of Crédit Mutuel before calculating an expected breakdown for an international bank transfer.

For the sake of comparison for a time that a client gets a hold of Crédit Mutuel’s transfer fees’ terms and conditions, it can be compared with the widely used money transfer providers in France. Some of these providers are Wise, Remitly, and WorldRemit.

Wise considers four factors in calculating their transfer fees. It considers (1) total amount sent, (2) transfer method, (3) current exchange rates, and (4) currency conversion. The fees a client plans to send heavily adjust with the total amount. The larger the money planned to be sent, the larger the fee. It compounds with the transfer method, having faster methods needing more funds.

The current exchange rates and currency conversion also play a role in the breakdown of fees, but the Wise website provides no further information about how it is derived. For example, a 1000 EUR sent to a Dollar account will incur a 9.09 EUR fee for a fast transfer method, but a 10000 EUR sent to a Dollar account will incur a 41.78 EUR fee. The WorldRemit money transfer considers the same factors into their fee breakdown, but their website provides no figures for an estimation.

Remitly poses no limit to the total amount that one can send, and their rates do not adjust to the total amount either. Their fees are relatively cheaper than Wise, having only 7.99 EUR for any amount of transaction from France to Japan. Their website does not show the possibility of sending from France to the United States.

Crédit Mutuel Pros and Cons

While there may be a limit in the amount of information regarding Crédit Mutuel’s international fees and exchange rates, it provides excellent services once a client grabs the opportunity to bank with them.

Crédit Mutuel better accommodates client’s concerns through physical banking. Their services and products allow ease of living and day-to-day banking needs to anyone living in France.

Crédit Mutuel Bank Swift Codes

How to Open an Account and Transfer Money With the Crédit Mutuel

A potential client can make an appointment with an advisor online or by telephone to open an account. There are no remote options to accomplish an account opening. Once an appointment has been set, the client must bring a current and valid ID document (identity card or passport), and a proof of domicile dated from less than 3 months (electricity/ gas bill, receipt for rent, landline telephone bill) in order to accomplish the account opening.

For joint accounts, the joint account holders must both be present in the appointment with their documents to successfully create an account.

For minors, they must be accompanied by their legal guardian because their consent is required to open an account. The documents must also be with both the minor and the legal guardian at the time of the appointment.

SEPA money transfers can be done through the website or the Crédit Mutuel app. It can take up to 3 days before the recipient account receives the total money sent. International transfers can also be done through the bank’s website.

Opening an Account

In order to open a Crédit Mutuel account, any interested person must first make an appointment to the nearest Crédit Mutuel branch through their online form or their telephone number. Unfortunately, there are no remote options in opening a Crédit Mutuel account.

Documents, such as current and valid ID document (identity card or passport), and a proof of domicile dated from less than 3 months (electricity/ gas bill, receipt for rent, landline telephone bill) in order to accomplish the account opening, must be present during the appointment to successfully open an account.

For clients interested in joint accounts, both must be present with their documents to successfully create an account. It also applies to minors interested in creating a Crédit Mutuel account that both them and their legal guardian must be present during the appointment with their documents.

Transferring Money

Local SEPA transfers can be done through the website and through their app once a client already has at least one account in Crédit Mutuel. These transfers may take up to 3 days to arrive in their recipient account.

International money transfers can also be done through the website, but prior consultation with an advisor might be required to check in with some options. These options are not disclosed on their website. Consultation with an advisor or branch regarding their transfer fees is encouraged because there is no online information regarding the breakdown of these fees.

Additional Information

Crédit Mutuel offers more products beyond day-to-day banking. For example, they offer stock market accounts that promote a client’s participation in portfolio management based on their risk tolerance, intended monthly contribution, and market of interest. Different types of insurance are also offered for a vehicle, home, or health purposes.

The website also offers housing plans for clients who plan to purchase real estate depending on what they plan to buy. 5-year term accounts can also be availed to increase money capital with the bank.

Crédit Mutuel has a savings simulation found on their website to help clients calculate the amount of savings they must build in order to realize their financial goals. They also advise their products at the bottom of the simulation that can best help them to accomplish their set goal.

Customer Service Details for Users of the Crédit Mutuel

The customer service details of the Crédit Mutuel are divided by the topic of inquiry. There are different emails and different telephone numbers for each inquiry. If a client is unsure with their inquiry, they can opt to fill out an online inquiry form found on their website. A virtual assistant can also accommodate general concerns through chat accessible 24 hours a day, 7 days a week.

Summary

Crédit Mutuel provides a customer-centered approach in banking. These can be seen through their recommended guidance by consulting with their clients’ advisors. If a client avails the services of Crédit Mutuel, they will experience the ease of access to their money and ease of transactions once their account has been made. Other financial interests, such as insurance, loans, housing plans, and investments can be explored with Crédit Mutuel. While their website discloses only surface information regarding some of their products, their vast allotment of resources for customer service provides security to any client who chooses to bank with them.

If a specific topic of inquiry must be made, a client can view the website’s “contact us” page for the specific email or number designated for their issue. If a concern covers a wide range of topics, a filled-out online form can be submitted to the bank for further communication. A virtual assistant, which is accessible through chat, is also made available 24 hours a day and 7 days a week for general inquiries.

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