Everything you need to know to get an account opened in France

Living and working in France, or planning to do so, necessitates opening a local bank account for smoother transactions. While not essential for everyday shopping, having a French bank account becomes crucial for paying taxes, utility bills, receiving a paycheck, or purchasing property. This article provides a comprehensive guide on how to open a bank account in France.

Moreover, we delve into international transfers, which have become more accessible with Wise*, a user-friendly money services provider. Wise offers a travel-friendly, international account facilitating sending money back to South Africa and spending like a local in multiple currencies worldwide at the mid-market rate.

*Wise Europe is not a bank. Wise Europe is an authorised Payment Institution incorporated as an SA in Belgium, supervised by the National Bank of Belgium.

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What documents are needed to open a bank account in France for South Africans?

To open an account in France it is important that you have proof of three things: your identity (valid passport), your address (utility bill, other letter proving address), and your residence status (visa or residence permit)⁶.

This may pose a challenge, as paying a utility bill or signing a lease usually needs a French bank account. Carrying all the relevant documentation you have prepared can help make the process a lot faster. When it comes to documentation, more is always better.

Can I open a bank account in France without a proof of address?
Yes, you will typically be asked to show proof of⁶:

• Your identity (e.g., passport)
• Your residence status (e.g., French visa)

You will also be most likely asked to prove your employment or student status. If you are still house-hunting, the bank may ask you to provide a reference from your employer or a cash guarantee before you are issued with a bank account or credit card. You may also be asked to get all your documents translated to French and certified with an Apostille stamp. On average it takes between one and two weeks to receive your debit card, chequebook, and other documents.

Send money to South Africa from France using the mid-market rate

If you’re a South African expat living in France, Wise can help you save money¹ when making international money transfers back to South Africa.

Although the majority of banks may allow their account holders to make an international transfer, it is possible that a markup is added to the mid-market exchange rate. It is recommended to check the exchange rate offered by your bank against the mid-market rate, which is similar to the exchange rate shown on Google. Say no to hidden fees!

The mid-market exchange rate is the rate that banks use to transfer money between them and is considered the fairest rate in the market. Find out what you would pay for an international money transfer with Wise:

Wise customers don’t have to pay an additional markup fee but only a small transparent fee to make an international transaction¹. That’s because Wise uses the mid-market rate for overseas payments!

With Wise, South African expats can save money¹ when making international payments from France to South Africa.

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Can I open a bank account before I arrive in France?

You can open a non-resident account (compte non-resident) with certain banks in France, but you may need to put down a minimum deposit⁶. Also, there could be limitations on accounts since you’re applying from South Africa.

To get started, you'll need to provide documentation like proof of ID, address, and income either online or by mail. If the bank asks for hard copies, you might need to authenticate them through notarization or an Apostille stamp, or by visiting a bank branch or correspondent bank in your home country⁶.

If you plan to stay in France long-term, some banks may help you open an account before your move. Just be prepared to share details about your relocation and a French address later on.

Keep in mind that banks like HSBC, which offer day-to-day banking services both in France and abroad, may also assist in opening a French branch account⁶.

Can I open a bank account online?

Opening an account with an online bank could be an easier alternative. Digital banks provide a wide range of services similar to traditional banks and more, making them convenient options. However, it's essential to note that not every online financial institution offers the same level of services. To access the full spectrum of services available at traditional banks in France, you'll need to open an account with a licensed bank.

You can always opt for a Wise account. With an online application needing just a few clicks, and you can start managing your money in 40+ currencies. Ideal for frequent travellers and immigrants to send money home and also receive money in 9 different currencies at the mid-market rate!

Which bank is best for my needs?

The French banking system is very evolved and boasts of 266 private and international banks, and over 300 public regional banks and other credit institutions. So be rest assured they will have something in store for you. However, finding the bank that best suits your needs requires a good amount of research into the options available. We discuss some of these in the sections below.

The Top Four French banks

France has no shortage of banking options - so before choosing an account, be clear on what is important to you. If you have not polished your French and are not living in any of the major cities it is best to opt for an online bank and selecting English as your language of correspondence. Bank fees can be tricky, so it is important you completely understand the product account you choose, and if it meets your requirements. Here are the key details for some popular options.

- BNP Paribas

One of France's prominent banking institutions, BNP Paribas provides a variety of banking services including current and savings accounts, along with convenient online banking facilities. Additionally, they offer a special account tailored for young adults aged 18-24, featuring discounts on fees and services⁷. While BNP Paribas operates internationally, the availability of its services may vary across countries.

- Credit Agricole Group

The French cooperative banking network offers a unique compte, featuring a composer function that enables customers to customize banking services according to their specific requirements⁸. This includes a range of money management tools, payment services, and digital banking options. Additionally, the bank operates an English-speaking Britline banking service, making it convenient for individuals to set up an account from overseas.

- LeBanque Postale

La Banque Postale, a division of the postal service, boasts the largest branch network in France, operating via local post offices. While it offers competitive rates, it's important to note that the service is primarily conducted in French. You can initiate the application process online and then send your dossier of forms and documents via post at no cost⁹.

- Banque Populaire

As a member of the BPCE group, this bank provides various current and savings account options, including international expat services like seamless cross-border transfers and the ability to manage the account from overseas. Additionally, it offers online and mobile banking services along with smartphone payment options for added convenience¹⁰.

Wise: An alternative way to send money from France to South Africa

If you want a truly international account that works pretty much anywhere⁴, check out Wise. Wise is a money services provider, offering a multi-currency account, international money transfer services and a debit card.

Open a Wise account online and you can manage your money in multiple major currencies, including GBP, EUR, USD and many more⁴. When sending money internationally or converting currency, you’ll only pay a low, transparent fee¹ while also getting the mid-market exchange rate every time.

And, you can spend just like a local in multiple countries worldwide⁴ with your Wise card. It automatically converts currency whenever you spend, so there’s no need to change money or carry cash around with you.

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Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What are the fees to open a bank account in France?

The fees for opening a bank account in France vary depending on the bank. While certain banks like BNP Paribas provide discounts for students and young adults, the average monthly subscription fee ranges from €2.00 to €5.00, with additional charges of €40 to €150 for extra benefits like credit cards¹². For non-residents, most banks require a minimum deposit to initiate the account. This amount varies depending on the bank, ranging from as high as €10,500 to as low as €200¹². It is important that you thoroughly check all these requirements with a bank representative before initiating any process⁷.

- ATM fees

Withdrawals from ATMs are typically free of charge, however, you could look into the specific charges of the bank you’re opening an account in⁶.

- International transfer fees

Transferring money from France to South Africa through French banks can cost you between 20 to 30 euros or more depending on the amount⁶. If this is to be a usual occurrence you can always consider Wise, an international money transfer service provider, that offers the mid-market exchange to help seamless and cost-effective money transfers.

Opening a French bank account is an important step in settling into your new life in France and makes your day to day much simpler. While there are few additional steps you need to take as an international student or worker the French banking system is very sophisticated and experienced and will help you navigate the journey easily.

And for international transfers you always have Wise! Use our online currency converter to find out how much money transfers can cost you as you prepare for the move!

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Sources:

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
2. Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.
3. Eligibility is subject to verification of customers identity. Wise may request additional documents to verify a customer's identity.
4. Please note that certain products or features may not be available
5. in all regions. Please visitwww.wise.com to check for availability and learn more about our offerings.
6. Documents needed
7. Opening an account from overseas
8. BNP Paribas
9. Credit Agricole
10. LeBanque Postale
11. Banque Populaire
12. Fees to open an account