How to Open a Bank Account in France for Expats

Everything you need to know about how to open a French bank account as an expat.

Banking is one of the topics we are asked about most by people planning to move to France. Do you need a French bank account to apply for a visa? Should you open one before you arrive? And do you actually need one at all?

To answer these questions, we spoke to Nathalie, head of French Admin Support at French Connections HCB. Help with opening a French bank account is something we offer as a standalone service, so she has seen first-hand what works, what goes wrong and how to make the process as smooth as possible.

Do You Need a French Bank Account Before You Move to France?

No, not straight away. You do not need a French bank account to apply for a visa, and it is not essential to have one when you first arrive. There are two options: open a non-resident account before you arrive, or use a digital bank in the meantime and open a French account once you are settled.

“It’s not completely essential to have a French bank account when you arrive,” says Nathalie.

Option One: Open a Non-Resident Bank Account Before You Arrive

You can open a French non-resident account before you get to France. This needs coordination, and it is something we help with through our strong relationship with BNP Paribas. We put the paperwork together with you, send you all the guidance and coordinate directly with the bank’s team. Start at least two months before you arrive, because gathering the documents takes time.

“You need to really aim to do this maybe two months minimum before you get there, because it can take some time to gather all the documents to get that done in time,” explains Nathalie.

What Is the €15,000 Deposit Requirement When Opening a French Bank Account?

To open a French bank account before you arrive, you will need to deposit €15,000 per person. For a joint account, that applies to each account holder. On your own, it is €15,000. The deposit is held for two months.

You can deposit more than the minimum, and anything above €15,000 is available before the two months are up. If you put in €17,000, for example, the extra €2,000 is yours to use straight away.

“One thing that sometimes can be missed and people don’t know is that you can put an excess on top of that,” says Nathalie.

Can You Open a Pre-Arrival French Bank Account Yourself?

Yes, you can approach BNP Paribas International directly without going through us. It is not straightforward, though. The process can be complex, and some banks in the US will refuse to provide the documents needed to open the account.

“You can just go to BNP Paribas International and try and do this yourself. It is not the smoothest experience,” says Nathalie.

Option Two: Use Wise or Revolut, Then Open an Account Once You Arrive

For most people, the smoothest approach is to use a digital bank such as Wise or Revolut when you first arrive, then open your French bank account once you have a permanent address.

“From what I’ve seen with clients, the smoothest operational way to do it is to wait till you get there, and then set up your French bank account once you have your permanent address,” says Nathalie.

Wise can do almost everything a French bank account can, apart from setting up a permanent phone line. Utility companies will accept the Belgian IBAN that Wise provides, so you can set up your utilities without a French account.

Once you are settled, we book you an appointment with the French bank of your choice. We usually use BNP, but we can work with other banks if you prefer. If you would like support with this step, you can speak to a member of our team about opening a bank account in France.

What You Need to Open a Bank Account in France

Opening an account once you live in France involves far less paperwork. You will need:

• A utility bill in your name
• Your long-term lease or purchase documents
• Your forms of ID
• Some additional tax information

“The paperwork is so much less when you do it that way, and you have your permanent address,” says Nathalie.

When You Will Need a French High Street Bank Account

You can manage without a French account at first, but there are two points where you will need a French high street bank account:

• To set up a fixed phone line
• For healthcare registration, which happens after 90 days in France

Banking is important, but it is not as big a deal in terms of difficulty and complexity as people often make out, as long as you approach it from the right angle. We can save you a lot of time by helping you along the way.

“It can be relatively stress-free with the right guidance,” says Nathalie.

Common Mistakes When Opening a Bank Account in France

The most common mistake is turning up at a branch without checking whether an English-speaking advisor will be available. Depending on the branch, there may not be one, and people can leave without a bank account and have to start the whole process again.

“We have had people turn up to appointments before and nobody is willing to speak English or doesn’t speak enough English, and they leave without a bank account and then they have to start the process again,” says Nathalie.

That is why it helps to have us call ahead and speak to the advisor first. Sometimes we can handle things remotely too, sending over your documents and coordinating between you and the bank.

Why Every French Bank Branch Works Differently

Every branch in France is formally independent. Branches work a bit like franchises of the main group, so two branches with the same name can function slightly differently, and decisions can come down to the individual person. Some smaller offices only open on certain days of the week.

“This is why we love France. People can still make decisions even in big institutions,” says Nathalie.

French Bank Opening Hours

Banks are closed on Mondays and Sundays, and only open for certain hours on a Saturday. Bear this in mind when you plan your first appointment.

“Banks are closed on Mondays. That’s a very important point as well,” says Nathalie.

How French Banking Differs for Americans Moving to France

For anyone moving to France from the USA, the UK or Australia, a few things may feel unfamiliar:

• Cheques are still used in France
• Credit cards don’t really exist in the way they do in the English-speaking world, so collecting points is not really something that happens
• Overdrafts are available in certain circumstances
• Once you are fully registered with a high street bank, you may be able to access leasing credit lines for certain services

“If you’re looking to create points and things like that, it just doesn’t really happen in France,” says Nathalie.

Savings, Wealth Management and Moving Your Money From Abroad to France

Savings rates in France are significantly lower, and this is one of the trickier parts of French banking. We can shop around to find the best rate available, but it will still be noticeably lower.

“We can shop around and try and find the best that we can, but it is significantly lower,” says Nathalie.

For clients with larger amounts of wealth, most banks have a private branch, such as BNP and Crédit Agricole, which offers wealth management and savings. It is often presented as free, but there are charges for certain things.

“Nothing’s ever free in life. There’s always a charge for certain things,” as Nathalie puts it.

Overall, banks in France are very safe, they work well, and high street banks are available in practically every area. “Overall, banks are very safe in France and function very well.”

We can also help with currency, including large transfers and setting up accounts before you transfer funds to your French notaire, managing all of that for you as part of our France relocation services.

Get Help With Your Move to France

Opening a bank account in France does not have to be stressful. Whether you open a non-resident account before you arrive or use Wise in the interim and set up your French account once you are settled, the key is approaching it the right way.

We help people move to France, and banking is one of the many areas where we support our clients, from coordinating with BNP Paribas to calling branches ahead of appointments, handling documents and managing currency transfers. If you want to make moving to France easier, book your French relocation consultation and we will talk you through your options.

If you want to move to France, speak to us today to explore your options.