How do I open an Account with the Bank of France?

Opening a checking account in a French bank is not a luxury but a necessity! Many regular transactions are tied to it: paying for rented accommodation, utility bills, tax transfers, and much more.

You can find a way out and pay for daily needs through a foreign account, but it is long, expensive, and inconvenient. As a backup account, you can use an online service, such as PayPal. Unfortunately, the functionality of such accounts is quite limited, so if you plan to stay in France for a long time, you definitely need to open a bank account. How to do this as a non-resident? Let’s figure it out.

French banking system – what you need to know?

Rightfully, the French banking system is recognized as one of the most reliable in the world. It is fully controlled by the state.

Employees of any branch carefully check all transactions, paying special attention to financial monitoring – analyzing the legality of operations to counteract money laundering. Non-resident accounts are always scrutinized particularly carefully. Any applicant is meticulously analyzed to ensure they meet all requirements 100%. Opening a bank account for a non-resident in France is a challenging task.

One of the common paradoxes is that a foreigner needs to rent or buy real estate. You cannot rent/buy an apartment without an active bank account. A bank account may not be opened until the non-resident shows a permanent address and proves they regularly pay utility bills: electricity, gas, water, telephone, etc. With the licensed agency GARANT.IN, you can easily solve these issues. We will help not only with paperwork and buying/renting real estate but also with a range of related tasks – getting a driver's license, finding a kindergarten/school, opening an account, and adapting to a new country.

When opening an account in a French bank, it is important to be prepared for some peculiarities. In Europe, the banking sector does not operate as quickly as many are accustomed to:

Money transfers between card and checking accounts in 5 minutes, SMS notifications of fund deposits, and displaying the real balance in the application – these do not work or are heavily restricted here.

You need to pay about 5 euros monthly for the maintenance of a payment card – it all depends on the bank’s tariffs and service package. After opening an account, the card, contract, PIN code, and checkbook are sent to the recipient by postal service, which is quite long. Why? Documents are not always sent in one package.

Bank cards have limits: on the amount of payment per month and on cash withdrawals from ATMs. All this is discussed by the bank employee when opening the account. Once the limit is reached, you cannot pay with the card, even if there are sufficient funds on it. Limits can be increased, but only after agreeing with the bank employee.

To increase the cash withdrawal limit, the bank may require justification for such an operation.

If you have questions for the bank employee, you cannot just call and clarify them. You need to make an appointment and come at the appointed time, which takes 2-3 days.

Despite these unusual difficulties, the French banking system is aimed at maximizing client security.

Payment methods in France

Even if you are temporarily in France (on a long vacation or for medical treatment), you need to know about the existing methods of payment/money transfer in France. Choosing the optimal method will help save time and personal funds:

Bank payment card – about 60% of French people make purchases/payments and transfers using this tool (credit or debit card). About 83% of cards in France are issued by the national system Carte Bancaire (CB). They are widely accepted, and payment systems Visa and Mastercard also work well with the national system. When using a French bank card, do not forget that each user has personal limits on cash and non-cash operations, and remember the commission for many operations.

Payment transfers – not as in demand as card operations but are gaining popularity. Transfers are used for large transactions and regular monthly payments. To make a transfer, you need to know the recipient’s BIC, IBAN, or SWIFT codes for correct fund sending. A commission fee is charged for each transaction. When transferring money to a country within the SEPA zone (Single Euro Payments Area in the EU), the commission is the same as for a domestic payment.

E-wallet – a convenient payment tool actively used by the French for money transfers and paying for goods/services. For a quick transaction, you only need to know the recipient's wallet number without dealing with their full bank details.

Mobile payments – about 39% of users appreciate the convenience of payments via smartphone. Systems like Monese and Revolut, offering accounts and their own bank cards, work for such clients. BNP Paribas or La Banque Postale mobile apps are also often used. Amazon Pay and Apple Pay are used for international payments and ordering goods from abroad.

Payments by check – despite the low demand for this method, banks issue checkbooks to everyone for free. Checks are most often used for large payments – this method helps save on commissions and fees.

Cash – about 58% of the population uses cash for purchases in stores. A limit of 1,000 euros per operation is set for citizens, while for non-residents, this limit is raised to 15,000 euros.

Features of online banking

Online banking is worth a special mention. This product is more geared toward legal entities. French internet banks are quite popular among clients. They offer quality competitive products and attractive package deals. There are several requirements if a non-resident plans to open an account in such a financial institution:

• Live in France and pay local taxes.
• Have a certain income level (prove its legality).
• Have RIB (bank details) of a French bank or an EU banking institution.

If the applicant does not meet these criteria, they can apply to a traditional offline bank.

Opening an account in France

To have free access to various services, goods, and payments, you need not only to open an account in a local bank but also to know the recipient’s details RIB and IBAN:

RIB – the most comprehensive account information, includes the recipient’s data: name, account number, bank identifier code, etc.

IBAN – the full account number of the recipient. Often, the numerical code includes not only the account number but also the recipient’s business identifier or tax number. The letter code in the details indicates the recipient's country code. IBAN is used for both domestic and international payments.

Regardless of the applicant's citizenship, the financial institution will require the following documents to open an account:

• Identity document – passport, visa, or residence permit.
• Proof of residence at a specific address – for example, utility bills for the past months.

It is easier for residents to provide the requested documents, but they also undergo thorough checks.

How to open an account for a non-resident

For non-residents, there are many restrictions, and not all banks are friendly to them. More options can be offered by international services:

• Accounts are opened for non-residents if you plan to live in France for more than 90 days.
• A deposit account may have a limit.

In general, opening an account for a non-resident in a French bank is quite difficult. Financial institutions are reluctant to open accounts for such applicants due to the risks of the client taking out a loan and leaving the country. To become a client, you need to provide the following documents:

• Identity document – national or international passport.
• Place of registration in France.
• Visa, contract, or reason for being in the country.
• Work history.
• Proof of the legality of the source of funds.

How to open an account for an individual

To open an account, you need to make an appointment with a bank manager. Banks usually operate from 9:00 AM to 5:00 PM on weekdays with a lunch break.

Individuals must present the following documents:

• Identity document – resident’s passport, international passport, or another document.
• Place of registration – as proof, you can attach a lease agreement, utility bills, a letter from the landlord.
• Proof of status – residence permit card, visa, temporary protection certificate.

In some banks, an additional interview is conducted with the applicant, where the nature of the account is clarified, how and for what it will be used, and what amounts are expected to be credited.

How to open an account for a legal entity

To open an account for a legal entity, you need to provide:

• Documents of all founders and shareholders, as well as authorized signatories.
• Proof of the applicants' status.
• Company registration location.
• Documents confirming the company’s financial activity – tax reports, company balances.
• Credit history of the legal entity, extracts from other banks.
• Registration documents.
• Charter.
• License if necessary.

How to open an account online

To open an account online, go to the bank's website and create a Personal Account. Attach scanned copies of documents similar to those for an individual to the application. Additionally, you need to provide a phone number, email address, and residential address.

Some banks may require a photo of the applicant with the identity document open in hand. Notification of account opening or refusal will be sent by email. Most often, you need to additionally visit the bank to sign the contract and receive the card.

If the applicant has been denied by banks three times in a row, they are allowed to use the legally established “right to an account.” Banque de France independently selects a banking institution responsible for opening a checking account for the non-resident applicant. The right to open an account can be used if the non-resident lives in France (even temporarily) or in one of the EU countries.

To initiate the process, the client must submit notarized documents to Banque de France, including:

• Documents confirming refusals from several banks to open a checking account.
• Notarized statement of no account in a French bank.
• Identity document (with photo).
• Proof of residence in France.

The right to open an account is enshrined in Article L 312-1 of the Monetary and Financial Code of France.

Which bank to choose in France

The French banking system is decentralized with various regional representatives attracting many clients. Currently, the sector is led by four major representatives:

• BNP Paribas.
• Societe Generale.
• CIC.
• La Banque Postale.

Smaller but also well-known banks include Crédit Agricole, HSBC France, N26, Hello bank, Revolut. More than 300 licensed institutions operate in the banking sector, offering a wide range of financial products and services. As an EU member, France uses the euro for various transactions, deposits, and transfers.

When choosing a bank, it is worth giving preference to proven players in the financial sector. This is an ideal choice for:

• New residents who already have a permanent place of registration or will receive it soon.
• Those who want to use proven financial products – deposits, overdrafts, credit or debit payment cards, transfers, etc.
• HSBC is well-suited for those who are not yet proficient in French, as many services are available in English.

Closing a bank account in France

If the applicant has a Personal Account on the bank’s website, they can send a request through the system.

Another option is to come to the bank branch and write a statement to close the account. The bank employee will check the applicant's documents and clarify what to do with the remaining balance: transfer it to another bank or cash it out at the counter. The applicant checks the details and confirms consent with a signature. The account will be closed in a few days.

If you need help opening a bank account in France or solving any issue related to immigration, starting a business, renting, obtaining a driver's license, or handling real estate, contact the migration company GARANT IN. We will help you in a short time.