Opening a bank account in France is fairly straightforward, but it’s impossible to do this before you arrive in the country. In this guide, we’ll walk you through everything you need to know to open a bank account in France, ensuring that you can manage your finances effectively while enjoying all that France has to offer.
Why You Need a French Bank Account
Having a French bank account is essential for various reasons. It enables you to receive your salary, pay your rent, set up a mobile phone plan, and handle bills (such as electricity, telephone, and rent) and subscriptions (like transportation and internet services). Additionally, it allows you to deposit any wages you receive and makes it easier to get reimbursed for healthcare expenses.
A French payment card also lets you pay for most things, reducing the need to carry large amounts of cash. For more tips on going cashless in France, check out our blog: https://gogofrance.com/en/blog/going-cashless-in-france-best-methods-tips/
Who Can Open a Bank Account in France
Anyone residing in France can open a bank account, including residents, non-residents, international students, and expatriates. Getting a bank account is a right recognised by French authorities and any foreign student can open an account at any bank in France.
To benefit from the right to a bank account, you must:
- reside in France, regardless of nationality, or be French and reside abroad, or be a foreign national and legally reside in a Member State of the European Union other than France;
- have no individual account opened in your own name;
- have been refused the opening of an account by a bank.
What You Need to Open a Bank Account in France
To open a bank account in France, you’ll need to provide several documents. While requirements may vary slightly between banks, the following are generally required:
- Proof of Identity: You will need to present a valid passport or national identity card. Non-EU residents might also need to provide a visa or residence permit.
- Proof of Address: This can be a utility bill, rental agreement, or a certificate of accommodation (attestation d’hébergement) from your landlord. Some banks may accept a letter from your school or university confirming your residence.
- Proof of Status: For students, this is typically a letter of enrollment from your educational institution. Employees will need to provide proof of employment, such as a work contract or a letter from your employer.
- Initial Deposit: Some banks require an initial deposit to open the account. The amount varies but is generally between €10 and €150.
Choosing the Right Bank
France has a wide range of banks, from large national institutions like BNP Paribas, Société Générale, and Crédit Agricole to smaller regional banks and online options. When choosing a bank, consider the following:
- Bank Fees: French banks typically charge monthly fees for account maintenance, debit cards, and other services. Compare these fees to find the best option for your needs.
- Branch Location: If you prefer in-person banking, choose a bank with branches near your home or school. For those who are tech-savvy, online banks such as N26 or Revolut or Wise might be more convenient, often offering lower fees and English-language support.
- English-Speaking Services: If your French isn’t fluent yet, an English-speaking bank or branch can be a significant advantage. Some banks have specialized services for expatriates and international students.
To make the comparison easier, you can use the bank comparison tool provided by Que Choisir, a French consumer organization. Their bank comparator tool allows you to compare fees, services, and conditions across various banks, helping you find the best deal based on your specific needs.
Open a Bank Account in France with Wise
Wise, formerly Transferwise, helps individuals and organizations around the world manage their money irrespective of physical borders. It offers easy money transfer, the ability to hold money in various currencies, and allows you to spend money abroad through one simple-to-use debit card.
With a multi-currency account from Wise, you’ll be able to get up and running straight away in France. Not only will you be able to hold euros within your Wise account and use their debit card to pay for things while in France, but you can also use Wise to easily transfer funds for rent, tuition fees, or living expenses from your home currency into euros. You’ll even receive a European IBAN and BIC, which are often required for many transactions and paperwork in France.
You can apply for an account here: https://wise.prf.hn/l/eYm1G1
Opening a bank account in France is a vital step towards establishing your life in the country. With the right preparation and understanding of the process, it can be done quickly and efficiently.
Want to learn some useful phrases at the bank? Be sure to check out our blog: https://gogofrance.com/en/blog/8-useful-phrases-at-the-bank-in-french/
