Last updated on: October 03, 2024 | By: @rprasanth_kumar
Are you planning to relocate to France or recently arrived in the country?. Opening a bank account is one of the basic things to do after reaching the country. This article covers the basic steps required for opening a bank account in France. A more comprehensive guide about French bank accounts, savings, investments, etc will be published soon.
Did you know? Wise (formerly transferwise) is not a bank. For more details, Is WISE A Bank Account?
Purpose of a bank account in France
- Banking Services: French banks offer a wide range of services, including online banking, wire transfers, savings accounts, loans, and investment options.
- Comfort: Having a local bank account that provides a French IBAN simplifies everyday transactions like paying bills, receiving salaries, and shopping.
- Low Cost: A French account and its credit/debit card will have zero or lower charges compared to a Forex or international card.
- Establishing Residency: Many administrative procedures in France, such as renting an apartment, insurance, visa renewal, CAF, social security, etc might need a French bank account RIB (one page document with IBAN, account holder details, etc) and account statements.
Did you know? French bank statements are mandatory for student visa renewals. Forex account statements will not be accepted.
Where to open a bank account?
France has a wide range of banks, including traditional offline ones, online banks, and international banks with branches in the country. Here are some of the options:
- Traditional Banks: BNP Paribas, Bank Populaire, Société Générale, and Crédit Agricole.
- Online Banks: Bourso Banque, Hello Bank, Fortuneo, Revolut, and N26.
For opening an account with traditional banks, take an appointment with the local branch in your area. Most banks accept walk-ins too.
Students can open “compte bancaire étudiante” which are either free or have very low charges. For, example BNP Paribas offers an 80€ account opening bonus and 3 years free on the “Esprit Libre” offer. I had the same account for almost 3 years (2015-2018) and then transferred the account to Hello Bank. So, I haven’t paid any account maintenance and other banking charges since arriving in France in 2015.
You can also use my referral codes to open an online bank account and receive account-opening bonuses of up to 180€. I have been using these online banks since 2018 and have not paid any banking charges. The only constraint is that you need a French IBAN to open an online French bank account and then do an initial transfer to activate the account. For this purpose, you can use IBANs from your offline bank accounts like BNP, Société Générale, etc.
- Bourso, formerly Boursorama (Referral code: PRRA2704). For account opening, Bourso requires a French IBAN for verification but it does not accept the IBANs from CCF (formerly HSBC), Revolut, N26, Wise, and Orange Bank.
- Hello Bank (DM your email ID for the referral link)
- Fortuneo (Referral code: 13455533)
- Revolut (Referral link) from UK / Lithuania.
- N26 (Referral link) from Germany.
Revolut and N26 are not French banks but they provide French IBANs. Personally, I would suggest using these as secondary bank accounts. You can read more about the bank accounts that I use in the article My Personal Investment Portfolio Update No.2 – Oct 2023
Note: French online banks such as Bourso, Hello & Fortuneo do not have an English language customer support.
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Documents Required
The following documents are usually required when opening a bank account in France,
- Copy of RIB from an existing French bank account. Required only for French online banks like Hello, Bourso, Fortuneo, etc.
- Copy of a valid Passport or National Identity Card.
- Copy of a valid visa or resident permit.
- Copy of Proof of Address in France (rental Agreement or rental receipts and utility bills). These bills and receipts must be less than 3 months old.
- Copy of Proof of Income (Pay slips, Employment Contract, or Tax Return), if you are opening premium bank accounts. It is not required for basic and student accounts.
- Students: Copy of your college scolarité or student ID card. It is mandatory to open a student account.
- An email ID and a valid French mobile number.
How to open a bank account?
You can open a bank account in France at any time. Having a local bank account as soon as possible can streamline various aspects of your daily life and help you integrate more smoothly into France.
The process of opening a bank account in France usually involves the following steps:
- Choose a Bank based on your preferences and requirements. Select a type of account (single or joint) that you wish to open.
- Visit a local branch in person or apply online via the website depending on the bank.
- Complete the necessary application forms and agreements provided by the bank. These forms typically include personal information, contact details, account preferences, fees, terms and conditions.
- Submit the required documents depending on the type of account.
- Some banks require an initial deposit to activate the account. It can vary depending on the type of account.
- Once your application is processed and approved, you’ll receive an email or SMS confirmation of your new bank account along with any relevant documents, such as a debit card, cheque, and RIB (account details).
- The overall process can take anywhere from 1 to 4 weeks. Applications submitted in person are usually (one week) treated a lot faster than online bank accounts.
Frequently Asked Questions (FAQ)
Q1: Can a foreigner open a bank account in France?
- Yes, A foreigner can open a bank in France if the person can submit the required documents. The list of documents is mentioned above.
Q2: Which bank is best for foreigners in France?
- CA Britline provides bilingual banking services.
- Nowadays, Most French banks with local branches have employees who can speak English.
- Non-french banks like Revolut and N26 have their websites and mobile applications in English.
- Unfortunately, American citizens have very few banking options in France due to the strict FATCA rules. So, they must contact their local banks and find one that accepts them.
Q3: How much money do I need to open a French bank account?
- An initial deposit is not required for most basic bank accounts.
- However, most online banks such as Bourso and Fortuneo need an initial deposit of 100€ to 300€.
Q4: What is the right to bank account in France?
- According to French law “droit au compte”, any person (individual or professional) who does not have a bank account is entitled to open one in France.
- As soon as the application is complete, the Banque de France will designate a bank within 24 hours that will be required to open the account.
Q5: Can I open a bank account in France without an address?
- A French postal address is mandatory to open a bank account in France.
- However, non-residents who own a property or business might be able to open an account.
Q6: Is it hard to get a French bank account?
- Opening a bank account in France is a simple process as long as you submit the required documents including a local address.
- If you do not live in France and are interested in opening an account remotely, then most banks might refuse it.
Q7: What documents do I need to open a bank account in France?
- The three most common documents required are identity proof (passport or national ID card), proof of French address, and proof of residence status (a valid visa or resident permit).
- The complete list has been explained earlier in the article.
Q8: Which is the cheapest bank in France?
- As explained earlier in the article, online banks are either free or have very low charges.
- A few examples are Bourso, Fortuneo, Hello Bank, and Revolut.
Q9: Do I need a French bank account to buy a house in France?
- No, you do not need a French bank account to purchase a property in France.
- However, you will need one to maintain the property including paying the utility bills, property taxes, etc.
Q10: Is Revolut a French bank?
- According to Revolut Bank’s website, Revolut Bank UAB is a bank incorporated and licensed in the Republic of Lithuania with company number 304580906 and authorization code LB002119 and whose registered office is at Konstitucijos Ave. 21B, 08130 Vilnius, the Republic of Lithuania.
- It is licensed and regulated by the Bank of Lithuania and the European Central Bank as a credit institution.
- You can find the license on the Bank of Lithuania website here and their incorporation and company documents on the Lithuanian Register of Legal Entities website here.
- Revolut Bank UAB has established a branch in France, with company number 917 420 077, and whose registered office is at (Servcorp) 10 Avenue Kléber 75116 Paris (“French Branch”).
Sources & References
- Comptes bancaires www.service-public.fr
- Refusal to open a bank account: rights www.service-public.fr
- Changing banks: What is bank mobility? www.service-public.fr
- Relevé d’identité bancaire (RIB) lafinancepourtous.com
Support This Blog!
If you’ve found my articles helpful and you want to say thanks, a cup of coffee or two is very much appreciated!. Please help keep it going!
DISCLAIMER
This post might contains affiliate links. If you click and make a purchase or open an account, I may earn a commission—at no extra cost to you. It helps in running this website.
Any finance-related information shared is not professional legal, tax, or investment advice. The information provided is of an educational and general nature and is not investment advice within the meaning of Articles L. 321-1 and D. 321-1 of the French Monetary and Financial Code. Investment carries risks of loss and past performance does not guarantee future performance. Please consult a financial advisor for any professional advice.