French Banks and Account Options: Which Is Best For You? - FrenchEntrée (2024)

FAQs

French Banks and Account Options: Which Is Best For You? - FrenchEntrée? ›

BNP Paribas: BNP Paribas is one of the top five banks in the world. It has a presence in over 75 countries. As per the total assets acquired, BNP Paribas is topping the ranking list in France.

BNP Paribas: BNP Paribas is one of the top five banks in the world. It has a presence in over 75 countries. As per the total assets acquired, BNP Paribas is topping the ranking list in France.

You are entitled to open a bank account in France whether you are a resident or non-resident, even if you do not own a property in the country. However, while residents have an automatic right to a bank account, non-residents do not.

While you don't necessarily need one for your daily shopping, if you're planning to pay taxes and utility bills, get a paycheck, or buy property in France, a French bank account is essential.

Basic accounts do not require a cash deposit. However, some banks might solicit a small deposit. Depending on the bank, but most of them do not impose fees for opening accounts. Most banks in France accept the application of foreigners who want to open online bank accounts.

Yes. Cards issued by U.S. Bank can be used in most foreign countries for transactions. If you're planning to travel and want to use your card, let us know.

You'll need to visit a U.S. Bank branch to send money outside of the United States. Talk to a banker to let them know you'd like to send an international wire transfer.

Debit cards from any major US bank will work in any standard European bank's ATM (ideally, use a debit card with a Visa or MasterCard logo). As for credit cards, Visa and MasterCard are universal, American Express is less common, and Discover is unknown in Europe.

Can a US citizen retire to France? ›

Retirees may opt to apply for a visitor visa (VLTS-TS Visiteur visa). To get a visitor visa, you'll need to prove you have sufficient income to support yourself in France (be it through pension income, savings, or investments) and show evidence of having private health insurance.

As of 2021, Crédit Agricole led the ranking of French banks based to the number of customers and accounted for 51 million clients. It was followed by BNP Paribas and Société Générale, both with more than 30 million clients.

Boursorama Banque, your choice for an online banks

Boursorama Banque is the only online bank which offers accounts for non-residents.

The best way to prevent any surprise charges for ATM withdrawals is to only withdraw money from the ATMs of your bank. It seems the ATM landscape is changing in France however, as recently three major French banks announced they are combining their ATM services, eliminating withdrawal fees between them.

Cash withdrawal: limits and amounts

Your cash withdrawal limit varies from bank to bank. Most ATM withdrawal limits are between €200–€300 a day. Always be aware of your bank's withdrawal limit, especially if the money you need exceeds that amount.

French residents are allowed to make cash purchases of up to €1,000 per transaction. For non-residents, the limit is €15,000. As long as the amounts to be paid are under these limits, the trader must accept cash.

European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. If you need cash from an ATM, it's usually better to use a debit card, because credit cards often charge a high interest rate for a cash advance.

The currency of France is the Euro. Take sensible precautions and remain alert when handling cash and credit cards in public areas and at cash machines. Credit cards are widely accepted.

Which debit or credit card should I use in France? ›

Visa and MasterCard are the most widely accepted. American Express is not nearly as widely accepted as the first two. Travelers' Cheques have gone the way of the Dodo Bird. You will want to make sure you have PINs for all of your debit and credit cards.

You may be charged for using your debit or credit card abroad to buy something or when you withdraw cash in a foreign currency. What you'll pay depends on the transaction you make and the card you use. You can also compare EEA currency conversion charges while travelling.

It's always advisable to bring money in a variety of forms on a vacation: a mix of cash, credit cards, and traveler's checks. You should also exchange enough petty cash to cover airport incidentals, tipping, and transportation to your hotel before you leave home, or withdraw money upon arrival at an airport ATM.

French banks, by agreement, do not add any withdrawal fees or charges on ATM withdrawals, regardless of the ATM card you use.

Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.

No, Zelle® can only be used to send funds to someone who has a bank account in the United States.

Check in advance with your branch or the local branch to confirm they accept cash deposits from out of region account holders. When you do go to pay cash in – take your passport or ID book, your cheque book with RIB slip (see more on RIB here), and be aware that you may be asked to show a utility bill.

However, outside of major tourist regions (such as certain parts of Paris or or the Riviera), very few shops or hotels accept travelers checks as payment. If you do wish to come to France with travellers cheques, it is advisable to get them in Euros, not in US dollars or any other currency.

French banks do not charge ATM withdrawal fees. There may be a local (French) fee if you use a non bank ATM. The French postal system is also a banking network so all of the post office ATMs are free as well. Typically, the exchange networks such as Pulse or Cirrus charge a 1% currency conversion fee.

Visa and MasterCard are accepted in all places where you can pay by credit cards. American Express is not as common as in the US. You should always ask before considering using it.

Can I collect Social Security if I live in France? ›

Normally, people who are not U.S. citizens may receive U.S. Social Security benefits while outside the U.S. only if they meet certain requirements. However, under the agreement, you may receive benefits as long as you reside in France regardless of your nationality.

In most cases, the answer is both. This is because anyone living and working in France is required to file a French tax return, and all US citizens, regardless of their location, must file an annual US Federal Tax Return.

U.S. law does not mention dual nationality or require a person to choose one nationality or another. A U.S. citizen may naturalize in a foreign state without any risk to his or her U.S. citizenship.

You'll never be asked for a bank routing number in France unless someone is sending money to a USA or Canadian bank account.

The Left Bank (Rive Gauche)

The Left Bank of Paris has six arrondissem*nts, is known for jazz, the Latin quarter, and a long and historic string of writers, artists, and philosophers.

A French bank will be able to offer a mortgage in France for foreigners. However, you'll likely have to meet certain additional requirements because of your expat status. French lenders try to mitigate risks as much as possible, especially when it comes to foreign buyers.

Three documents are needed to open a bank account: identification, proof of residence and an attestation of enrolment or a student card. If you still don't have any accommodation, you may be able to use the address of the service of international relations of your institution.

Actually a French bank account is not required if you're buying a french holiday home, but it can make your life easier, not only during the purchase process but later on. Regular payments such as electricity bills and local taxes will be easier and cheaper if you have a French account.

What American banks are in France? ›

BNP Paribas USA: A Premier Global Banking Partner in the US.

You are entitled to open a bank account in France whether you are a resident or non-resident, even if you do not own a property in the country. However, while residents have an automatic right to a bank account, non-residents do not.

Card payment

The most common bank card in France is not a credit card, but rather a debit card that deducts withdrawals and payments directly from the account balance (“carte bleue”). In many shops and restaurants you will be able to pay with a Maestro, Master or a Visa Card.

If the bank is insolvent, the Deposit Protection Scheme must be able to cover all protected deposits up to €100,000 per customer. As banks regularly pay into Deposit Protection Schemes, taxpayers' money isn't used to cover lost funds in the eventuality of a financial crisis.

There are no charges however for using your card for cash withdrawals and payments across the EU.

Actually a French bank account is not required if you're buying a french holiday home, but it can make your life easier, not only during the purchase process but later on. Regular payments such as electricity bills and local taxes will be easier and cheaper if you have a French account.

Can I use Zelle® internationally? In order to use Zelle®, the sender and recipient's bank accounts must be based in the U.S.

Local property taxes

Whether you are a resident or non-resident of France, you will be required to pay two types of local french property tax: taxe d'habitation and taxe foncière. The first of those, taxe d'habitation, is actually in the process of being phased out, ahead of an anticipated complete abolition in 2023.

Deposit. For a French mortgage, you will generally need a minimum deposit of at least 15% to 25% of the property's purchase price, with rates that are fixed or variable. “The max for a repayment loan is 85%, but there is only one lender who will go this high,” John comments. “Generally 80% is the highest available.

Is it better to use Euros or credit card in France? ›

The French currency is the Euro (€). You cannot buy anything in France with another currency. We recommend to withdraw Euros in French ATMs with your credit cards. French people are not used to carry a lot of cash, please be careful if you have some.

If you do not want to, or cannot, use a credit card or debit card in France, you will need to make other arrangements. The best proposal is usually to obtain your Euros in cash or in the form of travellers' cheques from your bank, prior to your departure.

You'll need to visit a U.S. Bank branch to send money outside of the United States. Talk to a banker to let them know you'd like to send an international wire transfer.

WorldRemit specializes in remittances and smaller transfers. They're perfect for personal money transfers from the US of up to US$10,000 to France. Their rates are usually better than your local bank's and they offer more flexible delivery options than companies like PayPal, Western Union or MoneyGram.