How to open a bank account in France

Are you planning on moving to France or staying there for an extended period of time? One of the first things you will need to do is to open a bank account.

For expacts
Mar 18, 2024

Are you planning on moving to France or staying there for an extended period of time? One of the first things you will need to do is open a bank account. Having a local bank account can be incredibly useful for paying bills, making purchases, and receiving payments. In this article, we'll walk you through the steps of opening a bank account in France.

Step 1: Choose a Bank

First things first, you need to decide which bank you want to open an account with. There are several options to choose from, including large national banks like BNP Paribas and Societe Generale, national bank-backed digital banks like Boursorama, and online banking like Micco. Do some research and choose the bank that best fits your needs.

Step 2: Choose the right account

it’s important to know that there are three main types of bank accounts offered at traditional French banks. Let us briefly walk you through each of them.

To begin with, the "compte courant" or current account is the most common account for daily banking needs. It allows you to withdraw money, make payments, and purchase items using a debit card. There are options such as non-residents accounts and student accounts that offer distinct benefits.

Secondly, the "Livret" or general savings account enables easy transfer of funds between your current account and savings account. There is also a tax-free savings account called "Livret A," which has more restrictions on its use.

Thirdly, the "Compte à Terme" or "Compte d’Epargne Logement" is a long-term savings account offering higher interest rates for those saving for large expenses such as purchasing a vehicle or a house.

It's important to note that some banks may charge fees for certain transactions or account maintenance. Be sure to familiarize yourself with the bank's policies and fees before choosing an account. To compare the fees of different account types at different banks, you can explore this tool created by the French governerment.

Step 3: Gather Required Documents

Once you have chosen a bank and an account, you will need to gather the necessary documents to open an account. This includes a valid ID, proof of residency, and proof of residence status. Acceptable forms of ID include a passport or national ID card, while proof of residency can include a utility bill or rental contract in your name. Proof of residence status can be a visa or a French resident permit (titre de sejour).

Step 4: Schedule an Appointment

Most banks in France require you to schedule an appointment to open an account. This can usually be done online or over the phone. Make sure to bring all of your required documents with you to the appointment.

Step 5: Complete the Application Process

During your appointment, you will fill out an application form and provide the necessary documents to the bank. If the process goes well, you will receive a bank account number RIB (relevé d'identité bancaire).

Step 6: Receive Your Bank Card and Pin Code

After your application is processed and approved, the bank will issue you a bank card and pin code. This card can be used to withdraw cash from ATMs, make purchases, and transfer money.

Congratulations, now you have a bank account in France!

If you're tired of going through the hassles of opening a bank account in person, there's good news - you can also open a bank account online! Online banking is a relatively new concept that has taken the world by storm. With just a few clicks, you can open a bank account and access the services you would expect from a traditional bank. Plus, online banking often offers additional benefits and features that traditional banks may not have.

How to open a bank account online with Micco?

All you have to do is download the Micco app on your phone and confirm your personal details, email, and shipping address. Then, select the type of account you'd like to open and prove your identity via a quick video verification. Once your account is live, you can add money to it by bank transfer and start making payments right away with your virtual Mastercard. It's that simple! No more waiting in long queues or filling out paperwork.

What if you have questions or concerns? Don't worry - our customer support team is always available to help. We want to make sure you have the best experience possible with Micco.

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