Société Générale or SocGen is the third largest bank in France and the sixth-largest in Europe by total assets. The bank was established in the 19th century and is internationally known for its commercial and retail banking services.
SocGen has over 138,000 employees and operates in over 62 countries, serving more than 29 million customers. This page provides a comprehensive review of this bank’s international transfers.
Here’s an overview of Société Générale’s costs:
The bank's international transfers fall under Single Euro Payments Area (SEPA) transfers and other international transfers. Its fees range from €0.80 to €38, depending on the type of transfer.
With a Societe Generale account, you'd have to pay an account-keeping fee of €24 per year. If an account becomes dormant for 12 months, the bank also charges €30 annually. Also, the receiving bank could impose bank charges that SocGen doesn't cover.
The typical exchange rate margin can be as high as 4.5% from the mid-market rate.
At approximately €38 per non-SEPA transfer for less than a €500 amount, plus a 4 to 5% exchange rate margin and a subscription fee for maintaining an account with them, SocGen has a costlier option in sending money internationally compared to most money transfer providers.
Most providers charge small if not zero transfer fees, plus their exchange rate margins are minimal. For instance, the online peer-to-peer currency exchange marketplace CurrencyFair has an average markup from the mid-market of less than 1%. And the fee it charges per transaction is only €3 (or its currency equivalent), regardless of the amount.
And, of course, most providers also don't require a subscription fee for simply maintaining an account with them. All the revenue that providers earn usually comes from just transactional costs.
Here are just some of the advantages and disadvantages of using Société Générale international transfers:
You can begin the account opening process by completing an online form or scheduling an appointment at one of SocGen's branches. Once your account is activated, head over to the customer area of the bank's app and initiate the transfer.
The following are the documents required to open an account with SocGen:
Valid ID (e.g., national identity card, passport, or residence permit)
Proof of address that is not more than six months old (e.g., EDF, France Télécom)
Proof of income (e.g., payslips less than three months old, tax notice)
These documents are necessary whether you're opening an account online or at one of the bank's premises.
Transferring money with SocGen is pretty straightforward. Here are the steps:
Step 1: From the customer's area of the banking app, click "Make a Transfer."
Step 2: Choose "International Transfers."
Step 3: Fill in the requested fields (e.g., sender account, currency, amount, etc.).
Step 4: Review the details of the transaction and then click "Confirm."
Step 5: Validate the transaction with Security Pass, and once done, the transaction is recorded.
It should be noted that Non-SEPA transfer's availability is subject to the customer and the beneficiary country's eligibility for the service. International transfers with SocGen require a subscription to Remote Banking, with the Security Pass service activated as well.
Also, transferring funds online is recommended rather than through one of the bank's branches to avoid paying a significantly higher cost. There is an extra €5 is imposed on standard transfers, while international transfers have an additional €33 for less than €500 transactions.
The following are SocGen's phone numbers:
Remote Advisers: +33 (1) 76 77 3933 (Monday to Friday from 8 a.m. to 10 p.m. and Saturday from 8 a.m. to 7 p.m.)
Technical Assistance: +33 (1) 42 14 58 58 (Monday to Saturday, 8 a.m. to 7 p.m.)
SocGen's chatbot system (SoBot) is an easy way to navigate FAQs, and it's available on the bank's mobile app and website. SoBot can also assist in checking transactions, expenses, balances, etc.
Another alternative to get support is to chat with an Advisor. From the mobile app, there is a secure chat option. The messaging service ensures security and confidentiality wherein neither the bank nor its Advisor asks for personal data. All the communication is limited within the customer area of the app.
Yes, and there are two options to do it: SEPA transfers and international transfers. You also have the option to set transfers as permanent or occasional. However, to start sending money, you must first have an account with the bank.
Societe Generale is an excellent choice for customers who want to send money from France to other countries and vice versa. Its money transfers aim to provide safe and secure transactions through ancillary services like funds tracking, transfer follow-up, and Security Pass. However, despite the apparent benefits, SocGen remains a costly way to send money internationally. This is because of the number of its non-transfer-related fees and the costs attached to a single transfer.