Inside

We are French chartered accountants with 15 years experience in helping English-speaking people with advice on investing and/or living in France. All our staff speak English. We have offices in Les Gets, Saint Pierre en Faucigny, Morzine and Chamonix. Find out more...

French registered, English-speaking independent finance company specialising in equity release, re-mortgaging, leasebacks and SCIs with zero redemption fee and interest rates from 2.9%. Find out more...

Siddalls

Protect your assets in an insecure market. Regulated, qualified advisers in France and the UK provide seamless, independent advice on both fiscal systems to help with the financial aspects of living in France. For expert support contact Simon Eveleigh Find out more...

French Alps Local Reference INFOrmation

Share |

Print |

Banking & Opening a Bank Account in France

Information on opening a French bank account (what documents to provide), the debit card and setting up debit orders. Information includes a sample of how to write a French check and an explanation of the RIB and TIP. Also: banking jargon guide.

Note: Many banks in France have regional English-language websites with English-speaking staff, and services and facilities in English at certain branches. For local English-speaking banks see the listings in The AngloFILE, AngloINFO's local directory of English-speaking businesses..

For explanations of French banking terms see: French Banking Terminology

Major French Retail Banks

The major French banks are:

AXA Banque (Internet banking)
Banque Accord (Internet banking)
Banque Populaire (some regional websites are in English)
- Banque Populaire de la Côte d'Azur International Branch (all English-speaking)
Barclays France (website in English)
BNP Paribas
Caisse d'Epargne
CIC
Credit Agricole Crédit Agricole runs a service for UK residents relocating to France, Britline
Credit Lyonnais
Credit Mutuel
Credit du Nord
HSBC France
ING Direct (Internet banking)
La Banque Postale
Société Générale

Opening a French Bank Account

A foreigner who is (or is going to be) resident in France for more than three months may open a French bank account (compte bancaire). A foreigner who is not (nor is planning to be) resident in France may open a non-resident's account (compte non-résident).

The compte non-résident

Not all banks have provision for a non-resident's account, and others impose restrictions on who may open an account, based on their place of residence (it is generally easier for EU-residents than those in non-EU countries) the minimum opening balance and other factors. Some banks have facilities for an account to be opened from outside France.

Documents required to open an account may vary but generally include proof of residential address (a recent utility bill) and proof of identity.

A French resident's bank account

A foreigner moving to France may open a bank account. Most banks have a variety of account types, with day-to-day banking usually being handled through a current account (compte à vue, also called a compte de dépôt à vue or a compte chèque).

These documents are needed to open an account:

EU citizens: Proof of identity (a valid passport or ID card)
Non-EU citizens: Proof of residence (Carte de séjour)
Proof of a French address: a utility bill, rental agreement or property deeds
Proof of earnings or status: Contract of employment/proof of earnings/proof of status (example: a student card)
Reference: from other banks where accounts are held (usually only required for loans and overdrafts)
In some cases, a birth certificate

Opening an account can be done in a day and methods of making payments (cash cards and cheque books) will usually arrive within a week to ten days of the account being opened.

Accounts may be held in joint names.

Note that an account held by two parties will have the words "et" or "ou" between the names. In the case of an account held in the names M et Mme Xyz, both account holders must sign a cheque, while in the case of an account in the name M ou Mme Xyz, either account holder may sign.

French banks will charge for certain items, for example in some a fee is payable to have an account, there's a fee to have a card (and second card), there may be a charge for the Internet banking facility and for transactions in certain banks.

Using a French Bank Account

Depending on the type of account chosen a cheque book, and payment and cash withdrawal card (the carte bleue - or "blue card") will be issued.

Reading and writing numbers in France

When writing or reading French numbers, it is important to know the placement of points and commas.

A point marks the thousands, while a comma separates the cents: one thousand Euro is written €1.000,00 (mille euros)
A comma marks the fractions in a percentage: fifty-two point six percent is written 52,6% (cinquante deux virgule six pourcent)

Card Payments

Card payments by carte bleue are accepted in most places in France. Payment is made using the PIN code; signatures may be requested over a certain amount
Look for the CB (carte bleue) Visa or MasterCard symbol
Note that the the CB is a debit not a credit card
Cash machines, ATMs (distributeurs) are easy to find in most towns and villages and are straightforward to use, (being much the same as elsewhere in the world): enter the card and follow the text instructions. Many machines allow for the option to select English-language text
There may be restrictions on the use of an account when travelling outside the département where the account is held; speak to the branch to make arrangements.

Cheques

Photographic ID (for example passport or driving licence) may be requested when paying by cheque.

Paying by personal cheque does not incur additional charges in France; however, a fee is charged to use a bankers draft (Chèque de Banque).

Cheques are accepted as a cash payment. French law makes a cheque equivalent to cash; it is therefore illegal to write a cheque if there are not sufficient funds in the account to cover the payment. If a cheque is written that the bank cannot pay because of lack of funds, the bank is obliged to report it to France's national banking authority, the Bank de France, which can impose an interdit bancaire which forbids the account holder from using cheques for five years.

A cheque can only be cancelled if it is lost, stolen or if there is a suspicion of fraud
It is illegal to write a post-dated or open-dated cheque
A cheque is valid in France for one year and eight days (12 months, 8 days).

When receiving payment by cheque, always write the account number, bank code and sign the back of a cheque before depositing it.

As a chequebook nears completions, the bank will send another one if a form requesting automatic renewal has been filled in. Postal fees are charged for registered delivery. Renewal can also be made by filling in the form provided in a chequebook. Collection can be made at the branch.

Completing a French cheque

French cheques should be filled out in French.

RIB: Relevé d'Identité Bancaire

On opening an account, the bank provides several copies of RIB (Relevé d'Identité Bancaire). This is a form which establishes the bank references and account details and identity. It contains the numéro de compte (account number) the code de l'établissement (bank code) and the code du guichet (sort code).

RIBs are requested when establishing regular contract payments by automatic debit on an account (prélèvement automatique) for example, for the payment of utilities. RIBs are also used when setting up automatic payments into an account, for example Social Security, Family Allowance benefits or salaries.

A RIB is also needed when taking out a contract where monthly payments by TIP (see below) are required.

There are usually about three printed RIBs in the back of a cheque book. Printouts of RIBs can also be made from a cash machine, or via the Internet banking facility.

TIP: Titre Interbancaire de Paiement

A TIP (Titre Interbancaire de Paiement) is the authorised permission to debit an account of the sum asked for by the provider (for example EDF, France Telecom or the Tax Department).

The TIP replaces the use of a cheque, and comes attached to the bottom of the invoice (facture). The first time an invoice is received, sign it and enclose a RIB in the envelope provided (there will be printed instructions). The next invoice amount will automatically have all the bank information printed on the TIP and needs only to be signed, dated and posted off.

French Banking Terminology

Listed alphabetically:

English	French
ATM / Cash Point	Distributeur Automatique de Billet (commonly called a "un distributeur")
Bank account	Compte bancaire
Bank balance	Solde bancaire
Bank statement	Relevé de compte
Bank transfer	Transfer par virement bancaire
Savings accounts	Compte de épargne
French	English
Actionnaire	An actionnaire possesses an action (share) in a company
Agios	The amount of interest and commission paid on an overdraft (découvert) or loan (prêt) in alignment with a pre-established rate
Apport initial	The sum of money given as a deposit when taking out a loan with the bank or credit company
Avis d'opération	Form/slip informing a client of the operation carried out on his account, for example depositing or withdrawing cash
BIC	As in English, the BIC (Bank Identifier Code) is a unique code which identifies individual banking and financial institutions
Chèque	A cheque
Code Valeurs	Identification code for shares and stock market actions
Code personnel	Online banking: the secret code for access to account information
Compte Titres	Account grouping stocks and shares and where the account holder can buy and sell
Compte destinataire	Transferring funds: the receiving account (the one to which money is being sent)
Compte inactif	An account that has shown no movement for a period of 12 months
Compte-joint	Account in the name of several people allowing each to draw cheques and carry out other bank actions
Cours	The value of a share at a precise moment
Courtier (en bourse)	Broker (stock broker)
Crédit	Loan
Crédit revolving	Loan that remains constantly topped up to a certain limit even after debits
DAB	Distributeur Automatique de Billets, the equivalent of an Automatic Teller Machine (ATM)
Date de valeur	Date at which the bank considers the debit or credit is valid
Date opération	The real date that a debit or credit is made. (The Date de Valeur is determined from this date)
Différé du prêt	This corresponds to the period during which loan repayments are temporarily suspended. At this time, only the interest and the insurance is reimbursed
Droits à prêt	The amount that can be borrowed depending on the sum saved with a special account for example a PEL (see below)
Débit différé	Delayed debit, for example with a credit card where debits are grouped together and taken out of an account at the end of the month
Débit immédiat	Immediate debit: debits that are immediately deducted from your account on payment by credit card
Découvert	Overdraft: this will be for an agreed period, check this as it can be as little as 15 days
Dépôt à terme/ compte à terme	Blocked account where the account holder sets the term at which they receive interest and can take out money
Droits de garde	Costs charged by a broker to look after shares
Echéancier	This is the detail of, for example, the repayments of a loan with the interest calculated in function to the loan amount. Can also be the details your monthly utility payments/tax payments etc. over the full year
Facilité de caisse	Exceptional/occasional very short term overdraft facility
IBAN	As in English, the IBAN (International Bank Account Number) is a string of letters and numbers that identifies a specific bank account. It may be used when making international money transfers
Intérêts	Interest on accounts or loans
Mandataire	Person to whom an account holder gives the power to operate an account in their name
Mensualité	Monthly payment or repayment
PEL	Plan Epargne Logement is a savings account which has tax benefits and allows money to be borrowed to buy property after the fixed four year term, or is continued for up to another ten years.
Prime d'Etat	This is a sum paid annually by the State into a account bank to reward the sums paid into a PEL. This is paid if certain conditions are respected, for example the length and regularity of payments into the account
Prélèvement automatique	Automatic direct debit authorised and signed for by account holder
Procuration	Proxy or power of attorney to carry out bank operations on behalf of someone
RIB	Relevé d'Identité Bancaire. Form given by the bank and also at the back of a chequebook, which establishes the bank and account identity, giving all the details.
Renouvellement automatique	Automatic renewal of your chequebook
Taux	Rate of interest
TIP	Titre Interbancaire de Paiement is the authorised permission to debit an account of the sum asked for by provider
Titulaire	Account holder
Versement	Paying a sum of money into an account
Virement	Transfer of a sum of money to another account