A Quick Guide On How To Open a French Bank Account

Opening a French bank account with a local IBAN doesn’t have to be complicated. Whether you’re moving as a freelancer, for work, or as a student, having a French bank account is crucial for seamlessly managing your finances. 

Fortunately, there are various options available, from traditional banks to innovative digital banking platforms that make the process efficient and stress-free. 

In partnership with bunq, we’ve outlined the best banking choices for your move to France.

Types of Bank Accounts in France

Bank accounts in France come in several types to cater to different financial needs:

• Compte Professionnel: Designed for businesses, these accounts offer services like corporate debit cards, payroll management, and access to business credit options. 
• Compte Courant: Standard current accounts for individuals, providing features such as salary deposits, bill payments, money transfers, a debit card, and online banking. 
• Savings Accounts (Livret): Options include “Livret A”, which offers tax-free interest and easy fund access, the LDDS for sustainable investments, and the PEL for property-related savings. 
• Children’s Accounts: Accounts for minors, focused on teaching financial literacy, often with parental controls and savings incentives. 

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French Banks to Consider

1. bunq

bunq is a digital-first banking platform that offers a smooth, user-friendly experience with cutting-edge features, ideal for managing your finances from anywhere.

Why does bunq stand out as the best digital banking option? 

• Current Accounts: bunq’s flexible current account come with instant payment capabilities, comprehensive budgeting tools, and a multi-currency wallet for seamless international transactions.
• Corporate Accounts: Tailored for businesses, these accounts feature expense tracking, team management, and smooth integration for business payments. 
• Savings Accounts: Enjoy high yield savings with an annual effective rate of 3.36%, helping you reach your financial goals faster.
• Children’s Accounts: Created to foster financial literacy in young users, with parental control and engaging educational features. 

Onboarding Made Easy: bunq’s digital onboarding is impressively quick and easy, often allowing you to set up your account within five minutes. For further assistance, feel free to reach out to to Matthew, bunq’s representative, at mthresh@bunq.com.

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What You Need To Set Up an Account with Bunq

To open a French bank account, make sure you have the following:

1. Be physically present in Europe
2. Download the bank’s app through the provided link
3. A European Union (EU) mobile number
4. A valid form of identification (passport* or EU ID)
5. For non-EU members, a valid visa

* For non-EU citizens, only passports from select countries are accepted, including Argentina, Brazil, Canada, China, India, United Kingdom, United States, and many more.

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2. Societe Generale

Societe Generale is a well established multinational bank offering a broad spectrum of financial services for individuals and businesses. 

Features: 

• Current Accounts: Easy to manage daily finances with online banking and diverse payment solutions.
• Corporate Accounts: Comprehensive business services, including cash management and tailored financing solutions.
• Savings Accounts: Competitive interest rates to grow you savings effectively. 
• Children’s Accounts: Programs that promote early financial education, offering resources and parental guidance tool. 

3. BNP Paribas

BNP Paribas is another leading French bank, known for its robust financial expertise and diverse banking solutions for individuals and businesses. 

Features:

• Current Accounts: Convenient online banking tools and simple financial management features
• Corporate Accounts: Specialized business services, from cash flow solutions to comprehensive financial support.
• Savings Accounts: A variety of savings products with competitive interest rates.
• Children’s Accounts: Resources to help young users learn essential money management skills.
• Digital Integration: While some account setups may require a branch visit, BNP Pariba’s strong digital presence streamlines many services.

What To Do If Your Bank Account Application is Rejected

If a bank in France declines your account application after you have established residency, you have the right to request a lettre de refus (letter of refusal). By law, the bank is obligated to provide this document, although they are not required to disclose the specific reason for their decision.

If you believe your financial history is in good standing, you can present this letter, along with your identification and proof of residence, to the Banque de France. The central bank will then guide you through the process of filing a droit au compte. Within a few days, the Banque de France will assign a bank that is legally required to offer you an account.

Switching Banks or Closing Your Bank Account 

If you decide to switch banks, recent regulations have made the process much easier. The "mandat de mobilité bancaire" (banking mobility mandate) requires your new bank to handle the transfer of your account and associated services, free of charge, within 22 business days. This regulation has significantly streamlined the process, reducing the paperwork and administrative burden on customers.

If you choose to close an account independently, make sure that all outstanding payments are settled before doing so. It’s advisable to obtain written confirmation from your bank that the account is officially closed to avoid unexpected fees or issues in the future.

In conclusion….

Choosing the right French bank account is key to simplifying your financial management while living in France. Many merchants require a local French IBAN, making it crucial for receiving payments, making purchases, and managing daily expenses. A French bank account provides the convenience and flexibility you need to navigate life in your new home with confidence.

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