Choosing a bank and opening an account

Step 1 – choose a bank

French banks are bound by FATCA (Foreign Account Tax Compliance Act) meaning that not all will allow US citizens to open an account. 

FATCA compliance requires banks to file reports on US customers – the process requires capacity to do so additional to managing regular accounts, with many banks choosing to sidestep such customers due to workload. 

This is left to the discretion of individual branches, rather than as a blanket policy – there is no centralized list of banks offering accounts to non-French citizens. For traditional banking, a good place to start is with the big-name banks closest to you, as you will have to go in to the branch for a face-to-face appointment to discuss setting up an account in the first instance. Well-known names include La Banque Postale, Banque Populaire, BNP Paribas, CIC, Crédit Agricole, and Société Générale among others. 

Traditional banking is familiar territory to most services and providers in France, and may be a more efficient option in this regard, with fee structures that reflect services carried out by in-person service in physical branches.

Setting up an account with an internet bank is also an option, though be aware that to qualify as a French account the internet bank must be registered as a business in France (not all internet banks on the market in France are, so be sure to check). Fees tend to be lower, as services are carried out online and customer service is remote-access only.

Most people opt for a combination of the two, so do your research carefully to find a solution that best meets your needs.

Step 2 – make an appointment

For traditional banking, you will need to arrange an in-branch face-to face appointment with a conseiller (or conseillère, advisor) to discuss your requirements. Starting this as far in advance as possible will allow for plenty of time to go through the options available to you. Your conseiller will then begin the process of setting up an account according to your needs by outlining your corresponding paperwork requirements. They will be your named point of contact attached to your account, and will be available to answer questions in person, on the phone, or by email.

Step 3 – find out about accounts and fees

Know that banking in France comes with different fee structures, and customers are charged as such. Your account will have a monthly or quarterly fee, as will any transactions or transfers (including to the US and other countries). Banks may also charge for a debit or credit card (with ATM fees corresponding to withdrawal limits), checkbook and paper statements – know also that the notion of using overdrafts is far less common compared to in the US, and there may be fees for this too.

You should also ensure you have enough for an initial deposit, as this amount can vary dependent on the account you opt for.

The French government has a helpful website to compare bank accounts and fees inclusive of penalty charges. 

Step 4 – get your paperwork in order

To open a French bank account, you will need proof of a French address – this can be an electricity, gas, water or landline bill from your address, or a copy of your insurance policy for the property you lease or own. 

If you don’t have a French address and are staying with someone who does, then you can provide an ‘attestation’ ie. a declaration that you are being housed free of charge, signed by the person providing you with accommodation, together with a copy of one of their bills and their photo ID.

As a further guide, you will also need proof of ID, proof of residency (long-stay visa or residency card), proof of income (your three most recent pay slips, or if unemployed, your tax documents), proof of tax status (your ‘avis d’imposition’ – French tax statement) and / or IRS form 1040 (used for filing worldwide income).

Your conseiller will give you specific instructions and will outline the exact paperwork needed.

Step 5 – wait for your cards and checkbook to come through

After your account has been set up and all the forms, questionnaires and paperwork signed and completed, any cards and checkbooks (chéquiers) associated with the account will be processed and sent out in the post – this can take up to 10 working days, so make sure to plan your finances accordingly.

Checkbooks are still fairly commonly used in France and can offer a convenient way of paying in certain circumstances. 

For example, some larger supermarkets (such as Leclerc) offer a deferred payment (paiement différé) option towards the end of a calendar month – the cheque is banked the following month, so make sure you have sufficient funds. And when joining local associations, you can sometimes pay annual membership fees in three, four or more installments by check. 

In the event of card loss, theft, or fraud, you must immediately request that your card be blocked (faire opposition) – by phone or on your banking app. A replacement will be issued automatically.