First, you have to decide which bank you wish to join. Depending on your status you can open a bank account either with a Neobank (an online-only bank), or a traditional bank, which have physical locations while also offering online banking.
Why would I need a French bank account ?
Is it mandatory to have a French bank account in France ?
No, not necessarily. Depending on your origin, having an account, say, in Europe, could be enough to make online payments and receive a salary. If you however are an overseas citizen, it’s probably easier to open a French account. As a student it also can be easier to open an account, as universities usually offer fast-track options in collaboration with French banks.
If you wish to buy property or take out a loan with a French bank, you must have a French bank account.
Can I have a French bank account without a French address?
Technically it’s possible, but we don’t recommend it, as most French banks will require you to provide a utility bill no older than 3 months from your place of residence, or have an “Attestation d’Hébergement”, a document from the person hosting you, proving that you have a residence and are living in France.
If you do not have a French address, you might want to explore opening an account with a Neobank.
Can a non-resident have a bank account in France ?
Depending on your origin, both residents and non-residents originating from the EEA (European Economic Area) have the right to open a bank account with any bank in France.
People from countries outside the EU do not have the automatic right to a bank account and opening one is more difficult. Some banks allow it, some do not.
What type of account should you open ?
Current account (compte courant)
It’s likely you’re looking to create this kind of account. This is your day to day account used for payments with a debit card, receiving your salary or withdrawing money at an ATM. As in many countries, this kind of account doesn’t bring annual interest.
If you’re a student, most banks have preferred options for your situation.
Savings account
Opening a savings account in France, is the same process as a compte courant, but for different purposes. If you have some money on the side and want to get some interest on your savings, you can explore:
General savings account (livret)
In France, we call this a livret. It’s a savings account regulated by the state and that will bring you around 2% interest a year. You have several options : livret A, livret Développement Durable, … They bring the same interest per year, the main difference is the capped amount you can pay in.
Here are some characteristics :
- Capped amount: livret A = €22 900, Livret DD = €12 000
- Easy to add into or withdraw from it, it’s not blocked.
- Gross annual 2% interest.
Long-term savings account
These accounts will have different characteristics :
- No capped amount
- Blocked withdrawal for a fixed period of time or for specific use (like buying property) + penalties to pay if you withdraw before the term.
- Interest fluctuates with the market.
Among these accounts you’ll find: assurance-vie (withdrawal blocked for 8 years), compte épargne logement (can only be used to buy a house/apartment).
Debit or credit card in France ?
In France, the vast majority of banks will offer a debit card with your account, meaning you’ll pay for things yourself and the bank will not loan you the money.
Credit cards, with which you are debited every month or in instalments, exist in France, but are quite rare.
Little tip: everybody calls the debit card a “carte de crédit” in France, even though it’s not a credit card.
Can I transfer my foreign current account to France?
If your bank in your home country also has a branch in France, there may be some possibilities to transfer your current account to France and thus, not go through the whole process.
How do I open my account ?
Can I do the process online ?
Yes if you’re a resident. We suggest making an appointment. Urban Index can help you with that, just get in touch with us.
How much does it cost ?
Opening costs
For every bank, you’ll have to go through a process that is not cheap, expect to pay around €50 to open your account.
Annual charges
All banks apply annual fees to maintain your bank account. They largely vary depending on the type of account, type of card (gold, business, black) that you’ll have and the associated options (like international transfers that are expensive…). Bear in mind that like everything, you get what you pay for in terms of service.
The range is from €2/year for Boursorama to €100/year for Crédit Coopératif, but for some banks it can be higher.
Withdrawing money at the ATM is free.
Agio
Every time your bank account goes in the red, make everything you can to bring it back in the green. Indeed, in France, having a red balance means that the bank “loans” you money. And they apply a f***ing high interest rate on that loan. It could be up to 4%.
If you want to prevent that, you can choose an option when you cannot have a deficit like the one offered with Neobanks, but most banks do offer them.
How old do you have to be to open a bank account in France ?
At least 18 if you open it for yourself. Some options exist for your kids under 18. These are capped accounts, linked to your own.
What are the necessary documents ?
- Residence permit (if you’re not from EU)
- Valid passport
- Utility bill (proof of address)
- Proof of income or copy of the work contract
As a student
- Student card or proof of enrolment
- ID card
- Residence permit (if you’re not from EU)
Opening a bank account as a citizen of the EEA
As an EEA citizen opening an account is quite straightforward. You can either do it online via the website of the bank, or easier, go in person.
EEA – The European Economic Area:
Good to know: if your documents are not in French, it is highly likely you need to provide a notarized translation.
Opening a bank account as a non-EEA citizen
Most of the above information applies, however as a non-EEA citizen, there may be higher fees, especially for our American friends. I have heard that it can be tricky to get approved by a French bank due to laws in the US, where banks want to have more visibility within the European banks, so some banks decline these potential customers altogether.
For non-EEA citizens it may be easier to join a Neobank, or book an appointment in person with an international bank in France to discuss the options. Some French banks also accept overseas customers, however this works on a case-by-case basis, and we would recommend contacting the bank directly.
And then ?
If everything is in order, you should receive your documents and bank cards within the next 14 days (depending on the bank).
The documents you get :
- A RIB : bank detail.
- A card
- A chéquier
