When moving to France, opening a bank account is most often a necessary step. It is not really possible to live without it: it is essential to receive money, withdraw it or payer products and services ... Here are some tips to open a bank account in France and choose a bank.
French bank for foreigners
Whether you move to France to study or work, opening a bank account is essential. The steps can take time, but are very useful for those who wish to stay for several months or years on French soil.
Foreigners residing in France must also open a bank account. Many choose to turn to a foreign bank because of lower fees. Indeed, keeping your account open in your country can be a costly and unhelpful decision.
The length of stay in France is decisive for the choice of the offer and the bank. Foreign residents will not move to the same banks or benefits if they have planned to stay more or less than a year on French soil.
Conditions for opening an account in a French bank
Those wishing to open a bank account as foreign nationals will be required to present an official photo ID. It can therefore be a passport. Other documents justifying the identity of the applicant may be requested. This happens especially when the latter can not or must not physically go to an agency (online banks, for example). The person must be of age and must not be banned.
Proof (justifying the address of residence in France) will also be requested. Certain documents justifying his financial situation such as the employment contract or proof of income can also be expected. French banks rarely authorize overdrafts on these bank accounts.
Open a bank account for more than one year
Banks can today be traditional and therefore physical, or fully digitized as is the case of banks online. Their offers are different and must always be compared.
Traditional French banks
For foreign nationals, the simplest is usually to seek the advice of a traditional French bank, especially if it does not meet the criteria expected by online banks. People who want to open a bank account must reside in France, and not just be there for tourism.
The major banks present in France such as Société Générale, BNP Paribas, Crédit Agricole, Crédit Mutuel or HSBC are all banks that can be solicited by foreign nationals. The simple fact of going directly to the agency with an ID card as well as proof of identity and income can be enough to open a bank account.
Banks online
What you need to know about online banks is that they most often require the subscriber to have a bank account from a French bank. This allows them to verify the identity of the holder and protect themselves from fraud. Every person who wants to open a bank account in France must have already been physically to a French bank. If the customer does not have an account, he must first turn to a physical French bank to open a first. He will then be free to apply for an online bank to change it.
Foreigners residing in France to work or continue their studies will therefore be able to turn to French banks online. They are ideal for foreign nationals since they are the cheapest. Most of them offer free offers and accept customers of all nationalities as long as they can justify their domiciliation in France.
Online banks usually have a few conditions, although some are more onerous than others. Most often, the subscriber must be of legal age, reside in France and have the necessary supporting documents (identity, domicile and income). These online banks are: Fortuneo, ING Direct, Monabanq, BforBank, Hello Bank, Axa Banque, Boursorama…
Open a bank account for less than a year
This situation most often concerns students and Erasmus students who come to France for a few months only. These foreign nationals therefore seek a French bank to open an account and save bank fees (avoiding transitions commissions from foreign countries). Indeed, for these students, commissions for payments and withdrawals are so high that they need to open a bank account domiciled in France.
Online banks do not offer a solution adapted to these nationals. Traditional banks remain the best solutions for opening a bank account when the length of stay is less than one year.
Open a bank account in France while living abroad
Foreigners who do not live in France may need to take out a bank account in France. Online banks do not offer this type of offer. Many traditional French banks also refuse to open these accounts. Few solutions remain.
The first is to turn to a traditional bank for foreigners. Some accept customers who do not reside in France. Online, only one allows it and it is HSBC. They can also go to a branch and contact Société Générale or BNP Paribas. The Caisse d'Épargne and Crédit Mutuel can also be approached.
Finally, a last solution is available to foreign residents: it is the N26 bank. It is a German bank that extends to several countries. To subscribe, you must reside in one of the following countries: France, Germany, Ireland, Austria, Spain, Italy, Belgium, Portugal, Finland, Netherlands, Latvia, Luxembourg, Lithuania, Slovenia, Slovakia, Estonia and Greece . If it is a German RIB, the effective banking discrimination law in Europe obliges French institutions to accept it. This alternative can therefore prove to be interesting in many situations.
To conclude
Opening a bank account in France may seem complicated. However, this practice tends to be simplified over the years, especially for foreigners. French banks are obliged to know their customers. They are trying to provide them with simple solutions to open their foreign account.
