Banking & Opening a Bank Account in France
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.
Major French Retail Banks
The major French banks are:
Banking Hours
In general banks are open from Monday to Friday from 08:30-17:30 and many banks are closed at lunchtime. Some banks are open Saturday morning and closed on Mondays.
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.
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, residence permit or driving licence) may be requested when paying by cheque.
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.
Paying by personal cheque does not incur additional charges in France; however, a fee is charged to use a bankers draft (Chèque de Banque).
Completing a French cheque
French cheques should be filled out in French.
Secured cheque/Cashiers check/Banker's draft
When receiving or paying large amounts of money in a private sale (for example, buying a used car through a classified advertisement) it is recommended to use a Chèque de Banque, as payment is guaranteed by the issuing bank. This provides both buyer and seller guarantee of proper payment.
The payee must request in writing that the bank prepare the cheque. Provide the account number to be debited, the payee's name and the amount. The request should be made a day or two before it is required; the bank charges for the cheque. It is valid for one year and eight days from issue.
A bankers cheque is secure and watermarked to avoid counterfeiting.
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.
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 |
Related Information
- French website Les Cles de la Banque has comprehensive information on everything to do with banking in France
Related reference INFOrmation on AngloINFO French Riviera:
If you believe any of the information on this page is incorrect or out-of-date, please let us know. AngloINFO makes every effort to ensure its INFOrmation Pages are as comprehensive, accurate and up-to-date as possible, but we're also grateful for any help!
(If you want to contact AngloINFO for any other reason, please follow the instructions on this website's contact page.)
Relax for a few minutes in our online leisure zone