Open a Bank Account in France: Expat Guide 2024

Can a Foreigner Open a Bank Account in France?

Absolutely! A foreigner can open a bank account in France by providing essential documents such as a valid passport or national identity card, proof of residence (e.g., a recent utility bill or rental contract), and proof of income or employment (such as pay slips or an employment contract). Some banks may also require an initial deposit and a reference letter from your previous bank. 

Overall, the French banking system is quite welcoming to foreigners and expatriates, provided they reside in the country. Non-residents can also open current accounts or Livret A savings accounts.

The process generally involves visiting the bank, submitting the required documents, and waiting for approval, which can take a few days to a couple of weeks. There are over 300 banks in France, ranging from international giants to regional institutions, providing a wide array of options to suit different needs. France ranks in the top 10 countries for expatriates, with many citing the ease of banking as a significant factor.

Ultimately, opening a bank account in France is a straightforward process that helps you manage your finances more efficiently while traveling, living, working and retiring in this beautiful country. Whether you are settling down or just staying for a while, French banks offer various services to cater to your needs.

Top French Banks for Foreigners

Banking in France operates under the French Monetary and Financial Code, which governs banking activities and ensures the stability and security of the financial system. The country’s central bank, the Banque de France, acts as the regulatory body, issuing standards, controlling financial institutions, and defining authorized banking activities, permitted transactions, monetary controls, and other relevant aspects.

Foreign banks wishing to operate in France must register with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and obtain proper authorization before providing banking and financial services. The minimum capital requirement for foreign entities to conduct financial activities in France is EUR 5 million.

The French financial system exhibits various features and classifications, including:

Commercial Banks:

• Government-owned banks: Includes institutions like La Banque Postale and Caisse des Dépôts.
• Private local banks with French capital: Cooperative and non-cooperative banks (e.g., Crédit Agricole, Société Générale, BNP Paribas).
• Foreign banks: Private local banks and local branches of foreign banks (e.g., HSBC France, Citibank France).

Investment Banks:

• Government-owned investment banks: Bpifrance, focusing on investment and commercial development.

Other Financial Institutions:

• Local banks with foreign capital: Examples include Barclays France and Deutsche Bank France.
• Mortgage banks: Banks like Crédit Foncier de France.
• Development banks: Institutions such as the European Investment Bank.
• Savings banks: Includes banks like Groupe BPCE.
• Finance companies: Example includes Cofidis.
• Credit associations: Credit Agricole's regional banks.
• Representative offices.

In France, numerous banks are renowned for providing a wide range of services and ensuring satisfaction for international clients, particularly those interested in investing in the country and obtaining the Talent Passport or the so-called Golden Visa. The French banks towards different financial needs, providing services for both individuals and businesses. Here are some well-known banks in the region:

BNP Paribas

BNP Paribas is one of the largest banks in the world, offering a wide range of financial services for individuals and businesses. With its headquarters in Paris, it holds a significant position among privately held banks in the country.

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  • Total assets: EUR 2.16 trillion.
  • Employees: Approximately 200,000 globally.
  • Key player in public securities and the exchange market.
  • Recognized for its comprehensive digital banking services.
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  • Banking activities covering payment methods, international commerce, transactional services, and cash management.
  • Offers various fixed-term deposit options and flexible investment products.
  • Detailed service fees can be checked on their official website.

Société Générale

Société Générale, established in 1864, is another major player in the French banking sector. Known for its diverse financial services, it holds a prominent position in the market.

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  • Total assets: EUR 1.46 trillion.
  • Employees: Approximately 138,000.
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  • Extensive network of branches and ATMs nationwide.
  • Provides services such as personal banking, loans, mortgages, and investment products.
  • Prospective clients are advised to visit the official website for up-to-date information on services and fees.

Crédit Agricole

Crédit Agricole, also known as "la banque verte" due to its historical ties to farming, is a major French network of cooperative and mutual banks comprising the 39 Crédit Agricole Regional Banks.

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  • Over 142,000 employees.
  • Total assets: EUR 1.84 trillion.
  • Extensive network with numerous local branches and ATMs.
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  • Offers comprehensive financial services, including personal and business banking, loans, insurance, and investment products.
  • Specific service fees can be obtained by consulting the bank directly.

HSBC France

HSBC France, part of the global HSBC Group, offers a wide range of financial services for both individuals and businesses.

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  • Approximately 9,500 employees in France.
  • Significant presence in major French cities.
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  • Personal banking services including savings and current accounts, credit cards, and loans.
  • Corporate clients benefit from business accounts, commercial loans, trade finance, treasury and cash management solutions.
  • Known for its international banking services, including foreign exchange and global market access.
  • Service fees and other details can be found on their official website.

La Banque Postale

La Banque Postale, a subsidiary of La Poste, offers a wide range of financial services across France.

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  • Over 30,000 employees.
  • Extensive network of post office branches providing banking services.
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  • Offers personal and business banking services, including accounts, loans, and savings products.
  • Known for its accessibility and customer-friendly approach.
  • Service fees and additional details are available on their website.

Financial transactions in France are commonly conducted in Euros, with some transactions also occurring in U.S. dollars and other major currencies. The financial system consists of three segments: Euros, foreign currency, and liquid assets managed by all banks. Key financial transactions within the French system include:

• Overdrafts: The total value of overdraft facilities provided by French banks was approximately €25 billion in 2023.
• Promissory notes and bill discounting: These instruments accounted for about €15 billion in transactions in 2023.
• Mortgage loans: The outstanding amount of mortgage loans in France reached €1.2 trillion by the end of 2023, indicating a strong housing market.
• Collateral loans: These loans, secured against assets, totaled around €50 billion in 2023.
• Consumer loans: The consumer loan market in France was valued at approximately €200 billion in 2023.
• Credit cards: French consumers made credit card transactions worth over €857.59 billion in 2023.
• Demand deposits: These deposits, available on demand without notice, totaled approximately €1 trillion.
• Certificates of deposit: The outstanding amount of certificates of deposit was about €400 billion.
• Common savings deposits: Savings deposits in France amounted to around €800 billion.
• Deposits in government securities: These deposits were valued at approximately €200 billion.
• Interbank transactions: The interbank lending market had a total volume of around €500 billion.
• Swaps: The notional value of swap transactions in France was estimated to be over €1 trillion.
• Bankers' acceptances: These instruments accounted for about €10 billion in transactions.
• Spot and forward exchange transactions: The foreign exchange market in France saw transactions worth over €2 trillion in 2023.

Therefore, these figures highlight the robustness and diversity of the French financial system, supporting a wide range of financial activities and services​

Types of Bank Accounts for Foreigners in France

Foreigners in France have access to various bank accounts, each designed to fulfill a variety of financial needs and situations. Below is a comprehensive guide to these accounts:

Current Account (Compte Courant)

The current account, or "Compte Courant," is intended for everyday banking activities such as deposits, withdrawals, and payments. It typically includes features such as a debit card, which allows for cash withdrawals and payments in stores, an optional checkbook useful for paying rent or other expenses, online banking to manage your account, make transfers, and pay bills, and the ability to set up direct debits and standing orders for recurring payments such as utilities and rent.

To open a current account, you generally need a valid passport or national ID for identification, proof of residence such as a utility bill or lease agreement, and sometimes proof of income, like an employment contract or pay slips.

Savings Account (Compte Épargne)

The savings account, or "Compte Épargne," is designed for saving money with interest accumulation. There are several types of savings accounts available:

1. Livret A: Offers tax-free interest, available to residents and EU nationals, with flexible withdrawal options but a maximum balance limit.
2. Livret de Développement Durable et Solidaire (LDDS): Similar to Livret A, this account also offers tax-free interest and supports sustainable and solidarity-based projects.
3. Plan Épargne Logement (PEL): This long-term savings account is specifically for saving towards buying a home, offering a fixed interest rate higher than Livret A, but with penalties for early withdrawal.
4. Compte Épargne Logement (CEL): A more flexible savings option compared to PEL, with lower interest rates but the ability to apply for a housing loan.

Savings accounts typically bear interest, involve no or minimal risk, and may have withdrawal restrictions depending on the account type.

Non-Resident Account (Compte Non-Résident)

For foreigners without a permanent residence in France, a non-resident account, or "Compte Non-Résident," is an option. These accounts offer basic banking services similar to current accounts but may incur higher fees and have limited access to certain services. To open a non-resident account, you need a valid passport or national ID, an overseas address and possibly a French address for correspondence, and sometimes proof of income or employment.

Joint Account (Compte Joint)

A joint account, or "Compte Joint," is a shared account for couples, partners, or business associates. Both parties have equal rights and responsibilities to manage and access the account, with each holder receiving their own debit card. To open a joint account, both parties must provide valid ID, proof of residence, and agree to open the account together.

Business Account (Compte Professionnel)

The business account, or "Compte Professionnel," is designed for managing business finances and transactions. It includes business-specific services such as invoicing, payroll, and tax payments, credit facilities like overdrafts and loans, and merchant services for payment processing. Requirements for opening a business account typically include business registration documents, valid ID for the business owner(s), proof of business address and possibly the owner's address, and sometimes a business plan. Read out guide about how to setup a company in France. 

Youth Account (Compte Jeune)

A youth account, or "Compte Jeune," is tailored for minors and young adults, typically those under 26 years old. These accounts are designed to be affordable, with no or low fees, and often include financial education tools to help young account holders learn about managing money. To open a youth account, identification such as a birth certificate or ID for minors, parental consent for those under 18, and proof of address are usually required.

How to Open a Bank Account as a Resident in France?

If you have been living in France for more than 183 days on a residence permit and have a French tax number (SPI number), you are eligible to open various types of bank accounts:

• Compte Courant (Current Account): This is a standard account for everyday transactions, such as receiving your salary, paying bills, and making purchases.
• Livret (Savings Account): This type of account allows you to deposit money with restrictions on withdrawals but offers higher interest rates. There are two main options:some text
  • Livret A: Offers tax-free savings but has strict withdrawal limits.
  • Livret B: A taxed deposit account with fewer restrictions on withdrawals.
• Compte à Terme (Term Account): A savings account where you deposit money for a fixed period. The interest rates vary based on the amount and the term length.

To open a bank account in France as a resident, you will need to submit the following documents:

• Passport
• Residence Permit
• Proof of Address (such as a rental contract or utility bill). 
• Proof of Employment (for employees) or Proof of Enrollment (for students, such as a student card)
• If your documents are not in French, you may need to provide official translations. 

You can open your bank account in person by visiting a local branch with your documents. This option allows you to ask questions directly and receive immediate assistance. Alternatively, many banks in France also offer the option to open an account remotely through their online platforms. 

Also, choosing the right bank is crucial, as each bank offers different benefits and has specific requirements. Consider the following options to find the one that best suits your needs: 

• BNP Paribas: Offers discounts for young people aged 18 to 24.
• Crédit Agricole: Requires only proof of identity and address.
• Société Générale: Popular with many benefits, including discounts and cashback, but requires numerous documents.

Lastly, it is always a good idea to check with your chosen bank for their specific requirements and procedures to ensure a smoother process. Opening a bank account in France is easy if you are a tax resident, and banks here are particularly accommodating to foreigners holding residence permits and considered financially independent.

How to Open a Bank Account as a Non-Resident in France?

If you reside outside of France for more than 183 days per year and are not considered a tax resident, you are eligible to open a non-resident account (compte non-résident). This type of account functions as a basic current account for everyday transactions.

A non-resident account functions similarly to a regular current account ("compte courant") but with some notable differences. The eligibility criteria for non-resident accounts are stricter, requiring additional documentation, and each application is reviewed individually. Non-resident accounts often come with higher fees for opening and maintaining the account. You may need to maintain a minimum balance and will face stricter limits on monthly transfers, bank card payments, and cash withdrawals. The minimum deposit amount can vary significantly between banks, ranging from as high as €10,500 to as low as €200. Typically, options like overdrafts or credit cards are not available for non-resident accounts.

While there is no fixed list of required documents, you will likely need:

• Passport or ID
• Proof of address in your home country
• Current bank details from your home country
• Marriage certificate (if applicable)
• Proof of income (recent payslips, tax notices, employment contract, or business details)
• The three most recent bank statements
• Foreign tax identification number

To set up a non-resident bank account in France, first, choose a bank, with popular options including BNP Paribas and HSBC France, or consider online banks like Wise and Nickel. Next, check if your current bank has a branch in France for easier account transfer. Make an appointment by contacting the local branch, and if you’re not comfortable speaking French, bring a translator or a French-speaking friend. Prepare and bring all required documents to your appointment. During the appointment, you will sign the necessary paperwork, and if successful, you will receive a bank account number (RIB). Once your account is ready, the bank will notify you to make your first deposit. If your application is rejected, the bank must provide an explanation, and you can appeal to the Banque de France, which will assign you a bank. By following these steps and being prepared with the necessary documentation, you can successfully open a non-resident bank account in France.

5 Tips about Opening a Bank Account in France for Expats from Golden Harbors experts

Establishing a bank account in France, whether you are a resident or a foreigner, can be a straightforward process if you follow the correct steps. Based on insights from Golden Harbors experts, here are 5 tips to assist you in navigating the process of opening a bank account in France. 

Select the Appropriate Bank

Research and choose a bank that aligns with your needs and is known for its expat-friendly services. Major French banks such as HSBC France, La Banque Postale, and CIC are recognized for their openness to international clients, especially those planning to live or work in France. Consider factors like branch accessibility, the range of services offered, and associated account fees.

Understand Account Options

France offers a variety of bank accounts, including current accounts, savings accounts, and Livret A accounts. Discuss your financial needs and objectives with the bank staff to select the account type that best fits your requirements. Ensure you understand the associated fees, such as monthly maintenance fees, transaction charges, and any minimum balance requirements.

Address Language Barriers

While many bank employees in France may have some proficiency in English, it is advisable to have at least a basic understanding of French or seek the assistance of a French-speaking professional. This will facilitate a smoother account opening process and improve your ability to manage your finances effectively and communicate with the bank in the future.

Understand KYC Requirements

Know Your Customer (KYC) regulations are critical when opening a bank account in France. Banks are required to verify your identity and assess potential risks of illegal activities, such as money laundering. Be prepared to provide detailed personal information and documentation, including a valid passport or national identity card, proof of address, and proof of income or employment. Understanding and complying with KYC requirements will help ensure an account opening process and maintain the integrity of your banking relationship in France.

Seek Legal Guidance

When opening a bank account in France, particularly as a foreigner, it is wise to seek legal advice or consult with a knowledgeable professional familiar with local regulations. The Golden Harbors team can provide specific insights into legal requirements, necessary documentation, and any unique considerations relevant to your situation. This ensures compliance with local laws and contributes to a seamless and successful experience when opening a bank account in France. Our team is also ready to assist with your relocation to France and help you build a path toward citizenship.