The Complete Guide to Banking in France

France is a great country to live and work in, and having a good understanding of the banking system can make a big difference in your daily life. You can open a French bank account with a minimum deposit of €100.

To start banking in France, you'll need to choose a bank that suits your needs. There are several major banks in France, including BNP Paribas, Societe Generale, and Credit Agricole.

The French banking system is more regionalized than in some other parts of Europe. This means you'll find a mix of national high street banks, local financial institutions, and even international banks with French branches.

There are over 266 banks currently operating in France, and more than 300 other credit institutions, including mutual banks and municipal credit banks. This variety of options is a big plus for those looking for a bank that fits their needs.

Physical banking remains popular in France, with just over 37 bank branches per 100,000 people, down from 46 in 2006. This suggests that many people still value the face-to-face service that comes with visiting a bank branch in person.

The history of banking is a long and complex one, but let's start with a key moment - around 1800, the high banking houses of France included the Hottinguer, Mallet, Neuflize, Rothschilds, and Vernes.

These banking houses were major players in the first period of revolutionary change in banking within Europe, marking a significant shift in the industry.

The year 1800 was a pivotal time for banking, as it saw the emergence of powerful banking houses that would shape the industry for centuries to come.

The Hottinguer family, for example, was a prominent banking family that played a crucial role in the development of banking in France.

Mallet, Neuflize, Rothschilds, and Vernes were also major players, each contributing to the growth and evolution of banking in Europe.

The French banking system is more regionalized than in some other parts of Europe. This means you'll find a mix of national high street banks, local financial institutions, and even international banks with a presence in France.

There are over 266 banks currently operating in France, and more than 300 other credit institutions, including mutual banks and municipal credit banks. This variety is likely to give you plenty of options when it comes to choosing a bank.

Despite the rise of digital banking, physical banking in France remains popular, with just over 37 bank branches per 100,000 of the population. This is a significant decrease from 46 branches per 100,000 in 2006, but it still shows that many people prefer to bank in person.

The country's central bank is the Banque de France, which also regulates the French banking sector through the French Prudential Supervision and Resolution Authority (ACPR).

Banking services in France are quite comprehensive, offering a range of products to suit different needs. You can find current accounts, loans, overdrafts, and mortgages with most banks.

French banks also provide insurance options, including life insurance, home insurance, vehicle insurance, and health insurance. International money transfers are also available through many banks.

Some banks offer mobile banking apps and online business accounts, making it easier to manage your finances remotely. You can even access services like online banking, mobile banking, and face-to-face banking with most banks.

French financial institutions offer a wide range of services to cater to different needs. You can expect to find current accounts, savings accounts, debit cards, and credit cards from most banks.

Online banking is a key feature of most modern banks in France, allowing you to access your account 24/7. This means you can manage your finances remotely, whether you're at home or abroad.

Mobile banking is also becoming increasingly popular, with many banks offering mobile apps and payment services. You can use these apps to manage your funds, access services, and make payments all at the touch of a screen.

Some banks in France offer tailored services to businesses, organizations, and professional clients. These services can include online business accounts, making it easier to start a French business.

French banks also offer international money transfers, which can be useful for expat residents. Some banks, like Banque Populaire, offer expat services such as easy cross-border transfers and operating the account from abroad.

Here are some common services you can expect to find at French banks:

Checks are still a common payment method in France, and many banks still issue checkbooks.

Domestic cheque transactions are free in France, which is a convenient perk.

However, cross-border payments may involve high costs, so it's not advisable to use cheques for international transactions.

You may be asked for proof of ID when using cheques for shopping or paying bills.

It's essential to ensure you have sufficient funds in your account before issuing a cheque, as it's a criminal offense to pay with a cheque that doesn't clear.

If you don't have enough funds, you could end up with a fine and additional fees charged by your bank.

Credit cards are a convenient option for making purchases in France, but they're not as widely used as debit cards. They allow you to spend money in advance and settle the bill later.

To get a credit card, you'll usually need to have a good credit history, and they're available through most banks or credit card companies in France. This means you'll need to have a track record of responsible borrowing to qualify.

Visa, Mastercard, and American Express credit cards are commonly used for larger and online payments in France.

BNP Paribas is a global bank that offers a range of banking services.

They have both current and savings accounts available, making it easy to manage your finances.

BNP Paribas also offers online banking options, allowing you to access your accounts and conduct transactions from anywhere.

Their young person's account is a great option for 18-24 year olds, offering discounts on fees and services.

However, it's worth noting that services may be limited in some countries, so you may need to be a French resident to access some products and services.

In France, debit cards are the most commonly used payment method, with over 94% of the population aged 15 and above having a carte bancaire (CB) card.

CB cards are supported by all major French banks and can be used for both online and offline transactions. They use chip and PIN technology for payments, while smaller transactions under €30 can be made through contactless systems.

More than half of online payments in France are made with either a debit or credit card, with 56% of transactions falling into this category.

Mobile payments are a convenient way to make transactions in France, with popular options like PayPal, Google Pay, and Apple Pay available through smartphone apps.

More than 94% of the French population aged over 15 has a CB card, which is an inter-bank card supported by all the main French banks as well as Visa and Mastercard.

In France, 56% of online payments are made with either a debit or credit card, making them a widely accepted form of digital payment.

CB cards are the standard card when you open a French bank account and payments are made using chip and PIN technology, while smaller payments (under €30) can be made through contactless systems.

Cash is still a popular method of payment in France, making up just over 50% of all transactions.

Most cash transactions are for smaller amounts, typically less than €20.

You can still find cash machines and ATMs in France, usually outside banks, on high streets, and at airports.

Availability is more scarce in rural areas, so it's a good idea to plan ahead if you're traveling to these areas.

Many ATMs in France don't have a daily withdrawal limit, but your own bank may impose one of its own.

You can find your nearest ATM locator for Visa, Mastercard, and American Express to help you locate a machine.

There's a law in France limiting cash purchases to €1,000 to try and clamp down on untaxed transactions.

International money transfers can be expensive and time-consuming, but there are alternative solutions to banks that could prove cheaper and more convenient.

One such alternative is Atlantic Money, which offers a more affordable option for sending money abroad.

If you're looking for other options, CurrencyFair and Wise are also worth considering.

These services often have lower fees and better exchange rates than traditional banks, making them a great choice for international money transfers.

Opening a bank account in France as an expat can be a bit of a challenge, but it's definitely possible.

You can visit any branch and ask to open an account, but be prepared for the fact that staff may not speak English, even at large banks in major cities. It's a good idea to take a translator with you or ask to take the documentation away to complete it so you have time to understand it.

To open a bank account in France as an expat, you'll typically need to provide your identity (e.g., passport), your address (e.g., French utility bill, rental contract for your home in France), and your residence status (e.g., French visa).

If you're looking for the best banks in France for expats, BNP Paribas, Crédit Agricole, and Société Générale are good options to consider. BNP Paribas offers a discount on subscriptions for young people between ages 18 and 24, while Crédit Agricole requires only proof of identity and address. Société Générale offers discounts, cashback, and many more benefits.

However, international money transfers can be cheaper and more convenient with alternative solutions like Atlantic Money, CurrencyFair, and Wise.

To be considered a resident in France, you must live in the country at least 183 days per year, carry on a professional activity in France, or have your centre of economic interests in France.

As a resident, you're entitled to open a bank account in France, but non-residents may face more limitations and requirements. To open a bank account as a non-resident, you'll typically need to provide your passport, visa, proof of employment or enrollment in a French education institution, bank statements from your previous bank, and an address in the country you're resident in.

Some online banks, like Wise and Nickel, offer simple processes for non-residents, but may require proof of income and address. International banks like BNP Paribas also have simple processes for non-residents.

Here are some banks that offer accounts for non-residents in France:

In general, each bank requires different documents, but you'll typically need to provide proof of identity, address, and sometimes proof of income or employment.

Banking security is a top concern for anyone doing business in France. Card fraud has been a significant problem in the country, with a 2016 study showing that France has the third highest share of fraudulent card transactions among EU countries.

To protect your assets, it's essential to be cautious with your personal information. Never give out sensitive or confidential info in an email or phone conversation.

When making online payments, always use secure payment platforms. This will help prevent your information from being compromised. You can also avoid mobile or online banking on a shared device to minimize the risk of your account being accessed by others.

Here are some key tips to keep in mind:

Banking security is a top concern for anyone with a bank account in France. Card fraud has been a significant problem in France, with a 2016 study showing that it has the third highest share of fraudulent card transactions among EU countries.

You need to be careful not to leave yourself vulnerable to scams like phishing and bogus email requests. Never give out sensitive or confidential personal information in an email or phone conversation.

Always be cautious when making online payments. Use secure payment platforms to protect your assets. Never enter your PIN number anywhere online.

To stay safe, avoid mobile or online banking on a shared device. This will help prevent unauthorized access to your account.

Making a complaint about your French bank is a relatively straightforward process. You can start by contacting the bank's complaints department, which should be listed on the bank's website or available through the bank itself.

The bank is required to respond to your complaint within two months. If you're not happy with the outcome, you can take your complaint to the ACPR, which is the regulator for banking in France.

If you're still not satisfied with the bank's response, you have the option of taking the bank to court. However, keep in mind that you'll likely have to cover your own legal fees if you're unsuccessful.

Banking operations in France are largely digital, with many banks offering online and mobile banking services.

The majority of French banks are open Monday to Friday, from 9:30 am to 4:30 pm, with some banks also open on Saturdays.

French banks typically offer a range of services, including account management, loan applications, and investment advice.

Some banks in France offer extended hours or 24/7 customer service for online banking.

In France, you'll find several high-street retail banks with branches across the country. Services and fees can vary from region to region.

The bigger banks in major cities tend to cater more to international clients and often have English-speaking staff.

Banks typically open between 08:30 and 09:00 in the morning and close between 17:00 and 17:30 in the evening, with a one-hour break for lunch.

Some banks remain open on Saturdays until around 12:00 or 13:00.

Here are some of the biggest and most well-known national French banks:

Local money transfers are a convenient option for sending and receiving funds within France and other Eurozone countries.

You can set up local money transfers through French banks as a SEPA payment, which allows for transfers between financial institutions across the Eurozone area.

These transfers are usually free of charge or less than €5 for amounts of less than €50,000.

They typically take between 1-2 working days to process.

To transfer money into a French bank account, you'll need the account's bank details.

For transfers to other Eurozone countries, you'll need the International Bank Account Number (IBAN) and SWIFT/BIC (Bank Identifier Code) for the receiving bank.

Lost or Stolen Cards can be a real hassle, especially when traveling abroad. If you lose or have your bank card stolen in France, you can ring the interbank emergency number 0892 705 705.

You can also refer to our guide to emergency numbers in France for additional numbers for lost Mastercard, Visa, and American Express cards.

Changing banks in France can be a relatively smooth process, especially with the introduction of a new law in 2017. This law makes it easier to switch banks, and your new bank is responsible for transferring your account for free.

To change banks in France, you'll need to sign a 'banking mobility mandate', which gives your new bank permission to take care of the transfer. This mandate is usually done in conjunction with opening a new account at your new bank.

If you close a bank account in France yourself, it's essential to get written confirmation from the bank that the account is no longer active. This will prevent any further charges from accruing.

You should also ensure that you have no outstanding payments such as rent payments, direct debits, or standing orders coming out of the account. These payments can cause issues if the account is closed without notice.

Here are some key steps to follow when changing banks in France:

If you're looking for banking options in France, you have a few choices. Regional banks in France, also known as mutual banks, can provide similar services to main French banks, but may have less expat-tailored offers.

The three main regional cooperative banking groups in France are BPCE, Crédit Agricole, and Crédit Mutuel. These groups own the regional banks, which can vary significantly in terms of services and fees between different regions.

If you're looking for a bank account in France, consider the French banks that offer accounts suitable for expat residents, such as those mentioned in the article.

If you're looking for banking options in France, regional banks are definitely worth considering. Regional institutions providing banking in France, also known as mutual banks, offer similar services to the main French banks.

These mutual banks are not independent but are owned by larger banking groups. Regional banks in France can vary significantly in terms of services and fees between different regions. I've noticed that expats may find fewer tailored offers at regional banks compared to the main French banks.

The three main regional cooperative banking groups in France are: BPCE, Crédit Agricole, and Crédit Mutuel.

If you're looking for alternatives to traditional banks in France, there are a few options to consider. One option is to use an online bank, which can offer instant 24/7 access to your account and mobile payments.

Monabanq, for example, is an online bank based in Hauts-de-France that has been operating since. Alternatively, you can choose from online banks like BforBank, bunq, LeoPay, N26, or Revolut.

If you're looking for something a bit different, you might consider using a municipal credit bank. These are public credit institutions owned by local municipalities that specialize in social loans and other services.

There are 18 municipal credit banks currently operating in France, offering a range of services beyond traditional banking. On the other hand, if you're looking for a more specialized financial provider, you might consider a specialized credit institution.

Choosing a bank in France can be a daunting task, especially if you're not familiar with the local banking system. Traditional brick-and-mortar French banks only allow residents to open bank accounts online, and you may be charged extra fees for this service.

You'll need to shop around and weigh up which factors are most important to you, such as lower fees, convenience, or extent of services. Consider the costs, which can be difficult to understand, but a public comparison site can make things easier.

Ease of access is another crucial factor, with some banks offering 24/7 online, mobile, phone, and in-person services. French mobile bank accounts could be a suitable option if you want to access your account from your smartphone.

The range of services offered by the bank is also important, including international money transfers and French pensions savings plans. English-speaking services are more readily available with international banks and online banks, but less so with smaller and regional banks.

Here are some key factors to consider when choosing a bank in France:

The banking regulations in France are quite strict.

The Autorité de contrôle prudentiel et de résolution (ACPR) is the main regulator of banks in France, responsible for ensuring their stability and soundness.

Banks in France are required to hold a minimum capital adequacy ratio of 10.5% to ensure they have sufficient funds to cover potential losses.

The French banking system is heavily regulated, with a focus on maintaining financial stability and protecting consumers.

Banks in France are also subject to strict rules on lending and risk management, to prevent excessive risk-taking and ensure they can withstand economic shocks.

The ACPR has the power to impose fines and penalties on banks that fail to comply with regulations, up to €10 million.

Overall, the banking regulations in France aim to strike a balance between promoting economic growth and protecting consumers and the financial system.

Opening a bank account in France can come with some costs. You can expect to pay around €2.00 to €5.00 per month for the subscription and €40 to €150 one-off for extra benefits such as credit cards.

Some banks offer discounts for students and young adults, so it's worth shopping around. If you're a non-resident, you may be asked for a minimum deposit to open an account, which can range from €200 to €10,500.

Banks in France usually provide their fee structure before you open an account. You can find this information on the bank's website.

Here's a rough guide to banking fees in France: