There are of course lots of ways you can exchange your hard earned cash for euros on your holidays but what about if you have a holiday home or live here? Since the advent of the European Union you would have thought that transferring sterling to France and moving money around would be so much easier – right? Sounds great in theory but in practice …..

Originally, I opened a euro account with my UK bank, thinking this was going to solve the problem. Although I get a very good exchange rate, it still costs me £20 to transfer the euros to my French bank account. This may be a good solution for large transfers but for regular amounts it’s very expensive. I have now found a solution to my problem (details below) and the whole process now only costs me 80 centimes! The instructions shown only work for those who have a sterling bank account with an address in the UK. The account Name in France must match the account name in the UK (see later). If you don’t have a UK address, you can still open an account but it will work slightly differently – contact me if you want. Read my instructions before using the link at the bottom:

1. Register online. Ensure the account currency is EUROS (this is very important). Country of residence is entered as the UK. The details of your name must match exactly the name of your bank account(s). This is because money laundering regulations will not allow moneybookers to receive money from a 3rd party.

2. Once your account is open, log in and select “My Account� tab. Here you can set up your french bank account and get this verified ready to transfer your euros. You can also, get yourself verified to increase your limits etc. Just follow the various instructions.

3. Now select the “Upload Fundsâ€? tab and select the Bank Transfer option. This will give you details of the bank account, sort code and your reference number. IMPORTANT – You must include your reference number on the transfer, otherwise it will get lost.

4. Now set up a payment transfer from your UK account to the bank account details given in number 3. above. Be careful to ensure that you do not send more than your limit allows. The transfer normally takes about 3-5 working days. When the money arrives you will be sent an email confirmation. The sterling will be automatically converted to euros and be added to your account.

6. Now log into your account and select the “Withdraw� tab. Select the French bank account (you set up earlier) and enter the amount. It will show you the maximum amount you can withdraw taking into account the 80 centime charge. Follow the instructions.

That’s it, your money will arrive in a few days and all for less than a euro!

Here is the link: moneybookers