Banking
If you are coming to France for work or training, it might be useful or even necessary to open a French bank account (especially if you will be staying for a longer period of time). It will facilitate certain types of financial transactions, such as receiving your salary, stipend, or living allowance and/or paying your bills. Furthermore, if you have a French bank card, you do not have to worry about carrying around large amounts of cash.
Opening a bank account
By law, anyone legally residing in France has the right to a French bank account. That said, banks can refuse to open an account for someone based on internal institutional policies (liberté contractuelle). In France, an individual account is an account that is held by a single person (i.e., the account holder).
They are solely responsible for any payments or payment liability associated with the account. Only the account holder can carry out the following transactions:
- deposit and/or withdraw funds
- use the payment methods associated with the account
Before choosing a bank, you can compare the prices and services at different banking institutions in France for free via an official government website, run by the French Financial Consultancy Committee (Comité Consultatif du Secteur Financier).
Regardless of the bank you choose, you will need to furnish the same set of materials to open an account:
- Valid proof of identity, such as a national ID card, passport, EU residence permit, or another type of residence permit
- Recent proof of residence in France, such as a rental contract; tax notice; rent receipt; water, electricity, or telephone bill; or accommodation certificate accompanied by a photocopy of your host’s ID card
- A signature card: the bank will keep a record of the account holder’s signature on file
- An initial minimum deposit
- Citizens of foreign countries also need to provide the tax identification number found on their passport, French tax notice, or tax card
In addition, you will need to sign an agreement in which you consent to the bank’s rules for opening, operating, and closing the account. When the account has been successfully opened, you will be given a bank card (for which you may be charged a monthly fee), a chequebook, and/or access to your account via a mobile application (which may or may not be free).
If you open an account with an online bank, a second form of ID may be required. Furthermore, you may be asked to make an initial deposit from another account that already exists in your name.
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Bank fees
Bank fees vary among banks. They may be applied in the following cases:
- to obtain products and services such as bank cards, account maintenance, and fraud or overdraft insurance
- to cover penalties for payment issues such as overdrafts, late loan payments, and/or bounced checks
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Forms of payment
Via your bank account, you have access to a variety of payment methods:
- Your bank card can be used to pay for items in person or online. It can also be used to withdraw cash.
- Your chequebook can be used to write a check to someone; when they cash it, money is moved from your account to theirs. Checks can be used for everyday purchases and/or to pay individuals directly. They are valid for up to 1 year and 8 days (postal orders are valid for 1 year).
- Your relevé d’identité bancaire/relevé d’identité postal (RIB/RIP) is a document that contains information allowing you to set up direct debit payments, where you authorise an organisation or an individual to debit money from your account. It is common to pay rent or bills via direct debit. It also allows you to make bank transfers, where you can transfer or receive money between accounts. It is common to receive your salary via bank transfer (i.e., direct deposit).
- Cash can be withdrawn from ATMs (using your bank card) or at bank branches.
Closing a bank account
In France, closing a bank account is free of charge. It can be done at any time for any reason. The conditions that must be respected are detailed in the agreement you signed upon opening the account. For example, the closure request may have to be made in a certain way, and/or there may be time constraints for certain steps.
You will need to send a letter indicating your desire to close the account to the bank; it should be accompanied by any means of payment associated with the account (e.g., bank card and/or chequebook).
Please note that, before submitting the closure request, you must ensure that all outstanding payments have been taken care of.
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