Opening A Bank Account In France For Non Residents In 2024

Are you looking for a guide to Opening A Bank Account In France For Non Residents? You’re on the right page.

Having an account in France is one of the first things you’ll need to do when moving there to receive your salary, pay your bills, and buy groceries. As an expat, Opening A Bank Account In France For Non Residents sounds complicated if you don’t know what documents you need. The process is mostly conducted in French by most bank employees.

This guide examines account Opening A Bank Account In France and requirements for several major French banks and compares them with alternatives such as Wise and Revolut. More on that later.

What is Banking In France?

There are dozens of small, regional players in the French banking industry, which attracts many clients in comparison to its neighbors. Due to these factors, the French banking sector is substantially less dominated by the four largest competitors – BNP Paribas, Societe Generale, CIC, and La Banque Postale – than that of the UK or the States.

In France, there are 232 banks offering personal, corporate, and institutional banking services at the end of July 2023. A total of 308 credit institutions exist in France, including municipal credit banks and mutual banks. It is in the interest of the country’s central bank, the Banque de France, to regulate and authorize new players in the banking industry. A positive outlook was predicted for the French banking system by Moody’s2 for 2020 based on the country’s positive loan performance.

France is a member of the Eurozone, so its currency is the Euro. This means that practically all transactions are conducted in this currency by French banks.

Who Is Considered A Non Resident?

According to French law, a non-resident is either:

• The main residence of a French or non-French person is outside of France
• France-based foreign military or civil servant

Therefore, if you’re an Erasmus student spending a year in France, a businessperson who frequently travels to France, or a US citizen with a second home in France, you’ll be considered a non-resident. If you live abroad or pay your taxes somewhere else besides France, then the rule applies to you.

Is It Possible To Opening A Bank Account In France For Non Residents?

Everyone with a right to residency can open a bank account in France, but what if you don’t live in France or don’t plan to move there? It is difficult for many second-home owners to open a bank account in France because they do not reside there, but thankfully, it is possible.

 Types of Bank Accounts in France?

There are various bank options available To Open Bank Account France:

Current Account

These are straightforward checking accounts, so you can manage your money with them without incurring any fees. Some types of bank customers, such as non-residents and students, may find specialist current accounts appealing.

General Savings Account

 A savings account of this type is ideal for saving money. Transferring funds from this account to your current account is easy. Account holders have easy access to their money. Livret A is the name of the tax-free savings account.

Long Term Savings Account

The higher interest rates of this account make it ideal for saving for large purchases, such as a home.

It is also possible to open bank account France through many banks, which is ideal for people who are moving to France but are working abroad or spending time in different countries. Transferring money between countries has never been easier – and tax rates are lower, too.

Top Banks For Opening A Bank Account In France For Non Resident

Société Générale

As France’s third-largest bank, Société Générale serves around 29 million customers across the globe. The Société Générale banking platform is only available in French, so it isn’t quite as expat-friendly as other banks on the list. A Société Générale bank account is often associated with Sobrio, a package of banking products and services such as credit cards and insurance, offering new customers a wide range of options. The monthly cost of these packages can range from €6.20 to €13.90.

Crédit Agricole

The Crédit Agricole Group, also known as la banque verte (the green bank), is not only the largest cooperative bank in France but also the largest in the world. The bank is the second-largest in France after BNP Paribas. Moreover, Crédit Agricole allows you to mix the two accounts to create a deal that suits your needs, so if you want to open bank account in France for everyday needs and also plan to travel abroad regularly, it is a good option. It is only in France that the bank offers its services.

HSBC France

HSBC is a major bank not only in the UK but also in France, where it still retains a strong user base among expats and employs about 850 thousand customers. There are also other French banks that may be useful to expats in addition to those discussed above, such as BNP Paribas, Banque Populaire, La Banque Postale, CIC, BPCE, and Credit Mutuel.

Neobank For Opening A Bank Account In France For Non Residents

Several new players, known as neobanks, have emerged on the French banking scene.

The new types of banks have low maintenance requirements and are easy to operate. An IBAN and French bank card will be attached to your French current account when you open it. They do not offer checkbooks, credit cards, or overdraft facilities, which is their only downside.

In France, there are mainly two types of neo-banks:

N26 

 To join this bank, you do not have to meet any income or payment requirements. There are 18 currencies in which you can transfer money for free. All you have to do is use your smartphone to open an account in a few minutes, transfer money between accounts, or seek support if you need it.

The N26 cards or accounts you heard about are probably not available in the US. The US has a single individual account, but for residents in Europe, there are three options (Smart, You, Metal).

Revolut

 You can open an account with this bank for free, provided you withdraw less than €200 from ATMs per month. Additionally, 26 currencies are available for free money transfers. It offers prepaid debit cards (MasterCard or Visa), peer-to-peer payments, currency exchange, and cryptocurrency exchange. Money transfers can be made directly from the Revolut mobile app in 29 currencies, and spending and ATM withdrawals can be made in 120 currencies. Users can also access cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP via the app.

Orange Bank

 Whenever you use your Orange Bank card at least three times a month, your account is free. Otherwise, you will be charged €5 per month. An exclusive deal to take over Orange’s retail banking subsidiary has been struck with BNP Paribas.

A French telecoms giant that recently announced its intention of exiting the retail banking market in France and Spain, said the negotiations will involve defining a referral partnership for the Orange Bank customer portfolio in France, as well as developing mobile device financing options.

Nickel 

 This neobank is available to EU and EFTA residents (providing an ID or a valid residence permit will be required). You will have to sign up at a Nickel partner-tobacconist to get a French bank card and IBAN account for an initial payment of €20, followed by an annual payment of €20. The only requirements for Nickel are a mobile phone number and a French address (which can be temporary).

Required Documents for Opening A Bank Account In France For Non Residents

The following documents are required when you open bank account France as a foreigner:

• You must have a valid passport or national ID card
• Utility bills or your rental contract are proof of residence in France
• Income proof (such as a payslip, bank statement, or tax return) or a reference from your employer
• You must have a valid visa if you are from the United States, the United Kingdom, or any other non-EU country

In order to be eligible for this appointment, you must find out whether you will be required to provide an authorized translation of any of these documents. Translators registered with CEDESA are required to make these translations.

During your interview, the bank will give you all the information you need for setting up online banking and ordering your new debit card.

Application Process For Opening A Bank Account In France For Non Residents? 

Compared with a resident account, Opening A Bank Account In France For Non Residents requires considerably more paperwork. A bank advisor will need to set up an appointment with you in order to open an account for a non-resident. Depending on your bank, you may be able to set up your account online or in your home country for online banks and some international banks.

Wait Approval For Opening A Bank Account In France For Non Residents

The bank will have to approve your application once you have submitted it. On average, this process takes less than a week, but during busy times, it may take up to 14 days.

The French still use checks for many transactions once you have been approved for a bank account, debit card, and checkbook. You can begin using your new bank account once you have all of these items. French banks will definitely impress you with their service.

How to Send Money After Opening A Bank Account In France For Non Residents?

As soon as you open bank account France, you’ll have to decide how to move your funds across, which can be especially costly if your deposit currency is not Euro. When you move, you’ll need to deposit money into your new French Euro account from your home currency using your online banking:

• Directly transferring funds through your bank;
• Transferring money via a money transfer specialist.

You shouldn’t use your bank to transfer money internationally, as fees can be exorbitant, and waiting times can be lengthy but you can use

You shouldn’t use your bank to transfer money internationally, as fees can be exorbitant, and waiting times can be lengthy, Instead, opt for Best International Money Transfer Apps, which can swiftly send your funds within minutes

The main reason is that banks wire funds over the SWIFT network, which adds many time-consuming and expensive steps.

The best way to send money to France is to use a money transfer specialist service (Wise is one of many) if you are sending several hundred or thousand Euros or equivalent. Monito’s real-time comparison engine lets you compare which services are cheapest for your transfer amount and country to New Zealand.

How Much Does it Cost To Opening A Bank Account In France For Non Residents?

In France, the cost of opening a bank account varies from bank to bank. For students and young adults, some banks, like BNP Paribas, offer discounts. On average, you can expect to pay between €2.50 and €5.00 per month for a subscription and €40 to €150 for extra benefits such as a credit card.

The majority of banks will require a minimum deposit when opening an account for a non-resident. Depending on the bank, this amount could range from €200 to €10,500.

What Is the Difference Between A Resident And Non Resident Account?

There are some key differences between a non-resident account and a current account. An account opened by a non-resident is generally subject to stricter eligibility requirements than one opened by a resident. Depending on your application, you may need to provide additional documentation (more below).

A non-resident account will likely have higher fees and more restrictions than a resident account. You may be required to maintain a minimum deposit amount in your non-resident account at all times, for example. There may be stricter monthly limits on transfers, bank card payments, and cash withdrawals, and fees may be higher overall. An overdraft or credit card would not be available to a non-Resident.

FAQ

Conclusion

A French bank will often ask for a proof of address from France – or from another EU or EEA country in some cases. The problem can make opening a French bank account with a regular bank difficult before relocating or if you’re only staying in France for a short time.