Online bank account france

How to open an online bank account in France: simplified for expats and non-residents

Opening an online bank account in France as an expat or non-resident can seem daunting, but it doesn’t have to be. A French bank account is crucial for efficiently managing your finances, accessing local services, and seamlessly integrating into the French economy. In this detailed blog post, I will simplify the process, walking you through the types of online bank accounts available, the requirements, and the steps involved in opening an account online. Whether you’re moving to France for business, study, or long-term residence, this blog post provides all the information you need to open a bank account in France quickly and easily.

Benefits of opening an online bank account in France

“Opening a bank account in France not only simplifies your financial transactions but also integrates you into the local financial system, paving the way for easier access to loans and other banking services.” – Expatica

Before opening any type of bank account, it’s essential to understand the benefits. Here are some key advantages of having a French bank account:

Simplified daily transactions

With a French bank account, you can easily handle everyday expenses like groceries, rent, and utilities without the hassle of foreign transaction fees.

Seamless access to local services

A local account allows you to set up direct debits for regular payments, receive your salary, and utilise online banking for efficient money management.

Integration into the financial system

A French bank account helps you establish a presence in the local financial system, which can be crucial for building a credit history.

Savings on fees

Using a local bank account helps you avoid high fees and unfavourable exchange rates associated with foreign accounts. More accessible loan and credit applications.

Banks are more likely to approve loans and credit cards for customers and businesses with established local accounts, making financial planning smoother.

Streamlined financial management

Keeping track of your finances becomes easier with a local account, especially for tax reporting and compliance.

Understanding these benefits can help you make an informed decision about opening a bank account in France. Let’s explore the various online accounts available to meet your financial needs.

Types of online bank accounts available in France

It is important to know the different kinds of French online bank accounts before choosing the one that best fits your needs. The primary categories are as follows:

Current accounts

Current accounts (compte courant) are used for day-to-day transactions, such as paying bills and receiving income. They frequently include checks and a debit card for convenient cash access.

Savings accounts

Savings accounts (livret d’épargne) help you save money while earning interest. They offer higher interest rates than current accounts, but they might have minimum balance requirements and withdrawal restrictions.

Specialised accounts

Specialised accounts cater to specific needs, such as student accounts (compte étudiant), joint accounts (compte joint), and business accounts (compte professionnel). Each type has unique features tailored to its intended use.

Expats and non-residents should consider factors like transaction fees, accessibility for international transfers, interest rates on savings, and additional services like insurance or investment opportunities when deciding on the correct account.

Requirements for opening an online bank account in France

Opening an online bank account in France for expats and non-residents typically involves several requirements. Here’s a general guide to help you navigate the process:

Identification documents

First, you need a clear, readable copy of your passport’s identification page showing your photo, full name, date of birth, and passport number.

Plus, provide them proof of residence abroad. This can include a recent utility bill (electricity, water, gas) or a rental agreement from your current country of residence. The document should be in the last three months.

Proof of address

Ensure the proof of address you provide is official and clearly shows your name and current residential address abroad. Mobile phone bills, credit card statements, or official government letters may also suffice, but check with the bank for specific requirements.

Visa or residence permit

Depending on your nationality and status, provide a valid visa or residence permit that allows you to reside in France. This document should be current and in good standing.

Financial information

You should also provide them with income details, including recent bank statements or pay slips, to verify your income. This helps the French bank assess your financial stability and suitability for their services.

Some banks may request copies of recent tax returns to verify your financial standing further.

Steps required to open an online bank account in France

Step 1. Choose a bank

Research and select a bank that offers online account openings for expats and non-residents. You can consider factors such as:

Services they offer

Look for banks that provide services tailored to international clients, such as multi-currency accounts, online banking in multiple languages, and international money transfers.

Fees required

Compare account maintenance fees, transaction fees (especially for international transactions), and ATM withdrawal fees.

Customer support

Check if the bank offers customer service in languages you are comfortable with, such as English.

Best banks in France that provide online accounts for expats and non-residents

Here’s a concise list of banks in France known for offering online accounts for expats and non-residents:

• HSBC France
• BNP Paribas
• Société Générale
• Caisse d’Epargne
• ING France

These banks provide online banking services and cater to expats with options like multilingual support and competitive fee structures.

Step 2. Prepare your documents

Ensure all your documents are in order and meet the bank’s requirements. Scan or take clear photos of each document to upload during the application process.

Requirements vary slightly between banks, so you should check with the specific bank you intend to open an account with for their exact documentation requirements.

Step 3. Online application

Navigate to the bank’s official website and find the account opening section. Follow the prompts to fill out the online application form accurately.

Step 4. Verification process

It’s time to upload your scanned documents through the bank’s secure portal. Ensure that the documents are clear, legible, and within any size or format requirements specified by the bank.

Step 5. Review and submission

Before submitting your application, review all entered information carefully for accuracy. Double-check that all uploaded documents are complete and meet the bank’s requirements. If any document needs to be included, you may face rejection. So,  be attentive.

Step 6. Wait for approval

Once you have submitted your application, the bank will examine your documents and application details. This process usually requires several business days, depending on the bank’s procedures and workload.

Step 7. Receive account details

Upon approval, the bank will send you confirmation and your account details via email or secure message. This includes your account number, IBAN (International Bank Account Number), and BIC (Bank Identifier Code).

Step 8. Activate your account

Follow the bank’s instructions to activate your account. This may involve making an initial deposit, setting up online banking credentials, or confirming your identity through additional security measures.

Step 9. Access online banking services

Once your account is activated, log in to the bank’s online banking platform. Explore the available services such as viewing account balances, transferring funds, setting up direct debits, and managing international transactions. 

Additional considerations that you must take into account

• Confirm whether the bank offers customer support and online banking services in languages you understand, such as English or your native language.
• Carefully review the bank’s fee schedule for international transactions, ATM withdrawals abroad, currency conversion fees, and other applicable charges.
• Understand any tax reporting requirements or legal implications of holding a bank account in France as an expat or non-resident. Seek advice from a tax professional to ensure compliance with local regulations.

How long does it take to set up an account in France?

The time taken to open a bank account in France generally ranges from 1 to 2 weeks for in-person applications and a few days for online applications, provided all required documents are correctly submitted. However, for complex cases, such as those involving non-EU residents or business accounts, the process may take up to 4 weeks or more.

However, the exact timeline depends upon the completeness and accuracy of documents, the bank’s procedures, verification and compliance steps, and adherence to local regulations. So, make sure to prepare and translate all documents into French to speed up the process.

Bank charges in France for expats and non-residents

According to Assurance Banque Epargne Info Service (ABEIS), French banks charge fees for business services and payment issues for expats and non-residents. For example, Orange Bank notes that withdrawals outside the eurozone can incur fees up to 4%, and using a bank card abroad can cost up to 3%.

You may also be charged fees for transfers, direct debits outside SEPA, and foreign exchange. If your payments exceed your overdraft limit, intervention fees are limited to €8 per transaction and €80 per month or less for vulnerable customers. 

If a check is dishonoured, the fee is €30 for checks up to €50 and €50 for more significant amounts. Meanwhile, the dishonoured direct debits or transfer fee is capped at €20. Third-party notice fees are limited to 10% of the amount due, up to €100 per transaction.

What are challenges faced by foreigners in France and how to overcome them?

Opening an online bank account in France as an expat or non-resident can be challenging due to strict documentation requirements, such as proof of address and residency permits. Language barriers in understanding terms and conditions, as well as unfamiliarity with French banking regulations, can also pose difficulties.

To overcome these challenges, expats and non-residents should:

• Prepare by ensuring they have all required documents, such as passports, utility bills, or rental agreements.
• Choose a bank that offers English-language support to simplify communication.
• Research banks with flexible residency requirements or specialized expat services to help navigate regulatory hurdles.
• Aware of potential fees for international transactions and choose a bank with favorable terms for non-Eurozone transactions to minimize unexpected costs.
• Conduct thorough research and seek advice from expat communities or financial advisors to gain valuable insights and assistance throughout the account opening process.

FAQs

Can you open a French Account if you don’t live in France?

Yes, you can open a French bank account even if you don’t live in France. Many French banks offer non-resident accounts, but you may need to provide additional documents to meet specific requirements.

Can a foreign company open a bank account in France?

Yes, a foreign company can open a bank account in France. However, the process can be complex and require detailed documentation, including proof of the company’s legal status and business activities.

Can I open a bank account in Europe?

Yes, you can open a European bank account even if you don’t live there. Many European and online banks offer accounts to non-residents, though the process and requirements may vary by country and bank.

Which country is the easiest to open a bank account in online?

Germany is often considered one of the easiest countries to open a bank account online. Many German banks and fintech companies offer streamlined processes for opening accounts, even for non-residents.

How much money do you need in the bank to live in France?

To live comfortably in France, you should have at least €1,200 to €1,500 per month for a single person, covering basic living expenses. Additionally, it is advisable to have initial savings of around €3,000 to €5,000 to cover initial costs such as deposits and setting up utilities.