Groupe BCPE International Transfers & Exchange Rates

Groupe BCPE is a cooperative banking institution. It is considered as France's second largest bank founded in 2009 by the merging of Caisse d'Epargne (CNCE) and Banque Populaire. It presently has more than 8,200 branches around the country, servicing more than 35 million customers.

About Groupe BCPE

Groupe BCPE offers a variety of services, including retail banking (checking, personal and business loans, wealth management, retirement and investment vehicles), commercial banking (investment products, asset management, insurance, and financing), and real estate (public and private property development). It is the umbrella organization for the cooperative banking group formed by the networks of Banque Populaire banks and Caisses d'Epargne, as well as other affiliated credit institutions such as Natixis.

BPCE is a cooperative bank with 9 million shareholders. Around 75% of overall revenue is generated in France.

Groupe BCPE Exchange Rates and Fees

Groupe BCPE teamed with Natixis Payments and TransferWise (now Wise) to launch a digital solution for sending money outside the eurozone at Wise's normal low price at the start of 2019. The service is available 24 hours a day, 7 days a week through the banks' app.

Exchange Rate

Wise prides itself in being transparent, and unlike other currency providers, you can see the fees and rates you'll be charged before completing your transaction. In fact, Wise is so fair that someone sending £1,000 will receive the same rates as someone sending a million!

The fact that Wise will convert your money using the mid-market exchange rate is likely the most notable aspect of the service's pricing. Furthermore, Wise will automatically lock the currency rate for a set period of time (24 hours for most countries, 48 hours for others), ensuring that you are not exposed to exchange rate swings after confirming your money transfer.

Groupe BCPE - Wise exchange rates fluctuate all the time, and by the time you receive a quote, they may have changed. For example, the current GBP to EUR exchange rate is 1.1639 EUR (actual interbank rate) and 1.1581 EUR (estimated Wise rate), while the EUR to GBP exchange rate is 0.8592 GBP (real interbank rate) and 0.8572 GBP (estimated Wise rate).

Transfer Fees

Wise fees are affordable and fully transparent. For some country combinations, they impose a commission fee (a percentage of the transfer amount) as well as a fixed fee. The minimum Wise fees vary depending on the currencies you're sending from and to, and some currencies have variable fees based on the overall amount sent.

For example, you'll pay roughly 0.35 percent of the transfer value plus £0.80 in fees when transferring from British pounds to Euros. The pounds will cost roughly 0.5 percent of the transfer amount with a fixed fee of €2 in the reverse Euro to British pound transfer. When transferring Danish kroner to Euros, you'll be charged roughly 0.5 percent of the total transfer amount on the first DKK 50,000 and then 0.3 percent on everything after that.

Additional Costs

In most situations, Wise collects and sends funds through a smart network of local accounts around the world, bypassing the SWIFT network and its costly processes and wait times. As a result, you won't have to pay any costs to the sending or receiving banks, and you won't have to pay any costs to the correspondent banks along the route.

If you pay with a credit card, you'll be charged a fee ranging from 0.3 percent to 2%, depending on the currency you're sending from and the type of credit card you're using. Certain currencies do not charge a debit card fee, but others do charge a fee ranging from 0.15 percent to 2 percent.

Despite the above-mentioned bank account network, Wise sends some currencies via the international SWIFT network, for which most banks charge a fee. If you're sending to one of these currencies, make sure to ask the recipient bank how much incoming SWIFT payments cost.

The Japanese yen, the South African rand, and outbound US dollar transfers are the currencies in question. If you live in the United States, you are advised to avoid receiving payments through the SWIFT network because your bank would most certainly charge you a significant fee to do so. If your money is coming from outside the US, you'll only want to transfer USD to Wise via SWIFT.

How Do Groupe BCPE Transfer Fees Compare to Using a Money Transfer Provider?

Your Wise account is a form of electronic money. It differs from a bank account in the following ways:

• You will not be able to obtain an overdraft or a loan.

• Your account will not earn interest.

• Your login credentials are unique, and you can use it to receive payments. They are simply "addresses" for your electronic money account, not genuine bank accounts.

• Your money is protected and safeguarded, but the Financial Services Compensation Scheme(FSCS) or any protection scheme that you would have with a bank account does not guarantee it.

Groupe BCPE Pros and Cons

When sending or receiving an international wire through your bank, you risk losing money due to a weak exchange rate and paying hidden costs. This is due to the fact that banks continue to employ an antiquated methodology for money conversion. Groupe BPCE suggests that you utilize Wise, which is usually significantly less expensive. With their cutting-edge technology, the following are the pros and cons:

How to Open an Account and Transfer Money With Groupe BCPE

There are two ways to open a Groupe BPCE account: using itsmobile apps or through a physicalbank transaction in any of its branches. Once your account is opened, you can make a transfer through Wise, the company's money transfer partner or Natixis Payments, or any of its branches across the world.

Opening an Account

To open a Groupe BPCEbank account in any of its branch, you will be required to present the following documents, depending on your specific situation:

• Valid proof of identity (such as a passport)

• Proof of address, issued in the past 3 months

• Proof of income, issued in the past 3 months (such as a payslip)

You may be asked to produce additional documents necessary to manage your application.

To open a Groupe BPCEbank account in any of its branch online, you can download its mobile apps or desktop app and follow the procedure in opening an account.

Transferring Money

Money can be transferred through Natixis Payments, the company's international banking arm; Wise, its international money transfer partner; Groupe BPCE's mobile and desktop apps; or its physical branches.

Additional Information

TransferWise (formerly Wise), Natixis Payments, and Groupe BPCE are all dedicated to providing their clients with the best possible service and a fair deal, and this collaboration is a crucial step toward making that a reality. This collaboration complements Groupe BPCE's TEC 2020 strategic plan, which aims to embrace digital innovation and confront the digital revolution head on.

Natixis Payments brings together all of the Groupe BPCE's payment capabilities, with the goal of improving payments every day. With a market share of over 20% in electronic banking and over 7 billion transactions, Natixis Payments is a prominent player in processing for financial institutions, digital payments for consumers, and issuance and acceptance solutions for merchants.

TransferWise, on the other hand, is a new type of financial institution designed for people and enterprises who travel, live, and work worldwide. It's the most equitable and straightforward method of managing your money across borders. It makes managing your money straightforward, easy, and painless with a simple money transfer platform and borderless accounts.

Customer Service Details for Users of Groupe BPCE

Groupe BPCE would-be clients can reach out to customer service via the bank headquarter’s hotline: +33-158404142, the bank's website (http://www.bpce.fr/), press contact (Christophe Gilbert: +33 1 40 39 66 00, presse@bpce.fr), or a branch visit.

If you are unable to access any content or service, please contact the website manager to be provided with an accessible alternative or to obtain the content in another form. You may contact the BPCE communications department at the following email address: contact.communicationbpce@bpce.fr

Summary

Groupe BPCE is France's second-largest banking group. The company serves 36 million customers worldwide, including consumers, professionals, businesses, investors, and local government bodies, through its 100,000 employees. Its two large networks, Banque Populaire and Caisse d'Epargne, as well as Banque Palatine, operate in retail banking and insurance in France. It also has business lines in global asset management, corporate and investment banking, and payments with Natixis.

Wise is the ideal service for those who want to open an account with only one money transfer provider that, on average, offers some of the lowest-cost transfers available. With a global reach, impeccable reputation, and attractive pricing, Wise is the ideal service for those who want to open an account with only one money transfer provider.

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