Moving to France to start a new chapter is filled with challenges and rewards. I’ve been documenting my decision to live in France and the carefully plotted path I’ve taken to live and work in Paris. One of the key things I’ve learned is that without the right French bank account, not much can advance.
In a previous post for INSPIRELLE, I mentioned the difficulties of opening a French bank account for American citizens. I’d heard countless horror stories of rude bank consultants, mistranslations, and rejections. Hearing about these experiences made me nervous to open my own account. But I had such a positive experience that I’d like to set the record straight: opening a French bank account as an American is not impossible and not as challenging as it may seem.
Of course, you have to meet certain criteria to even schedule a rendez-vous with your chosen bank. But if you have all your documents ready and do your research, there is no reason for a bank to reject you. That being said, banks can and do reject even the most prepared American. However, the stereotypical “it’s impossible to open a French bank account” is dramatic and outdated.
But what exactly does the process of opening a French bank account involve, and what are the requirements? I’ll take you step by step through my French banking experience to hopefully help you along your own journey.
How Did I Manage My Money Before My French Bank Account?
For online transactions and currency transfers, I used the banking apps Wise and Revolut. These apps are great for people who travel often or who need to send and receive funds between multiple currencies. However, they are not the best if you are moving permanently to another country as they do not offer an easy way to withdraw cash or get in-person customer service.
In France specifically, these online bank accounts may cause issues when trying to access all the social security benefits the country provides, such as getting a Carte Vitale (health insurance card), because some of these processes require a French RIB (the document with your bank account information) from a traditional bank.
Which French Bank Did I Choose?
There were three French banks on my list: BNP Paribas (recommended by Americans who had opened accounts with them); Crédit Agricole (recommended by a French family); and GreenGot (a more sustainable bank, but not the best for foreigners). Ultimately, I decided to open an account with Crédit Agricole, and my experience was pleasant and simple.
Pro tip: it’s helpful to bring a native French speaker with you when opening a bank account; even if you speak French, there may be banking terms that don’t quite translate, or you may feel more comfortable having a native speaker there to vouch for you. If you can bring a French person who already has an account with that bank, even better!
How Did I Open My Crédit Agricole Account?
The first thing I did was reach out to my local Crédit Agricole branch to find out if they would accept my dossier, or file. While much French administration is still done in person, several banks allow you to submit preliminary paperwork online so that you don’t waste your time scheduling a rendez-vous if your dossier doesn’t meet their requirements.
Once my online documents were verified, I scheduled a rendez-vous to present everything in person and sign the necessary paperwork. I brought the following with me to my appointment:
- My work contract and most recent pay stub (fiche de paie)
- My passport and visa
- Proof of address (rental contract, gas/electricity bill, etc.)
- Cash to deposit
In addition, due to IRS regulations, banks have a mandatory form for Americans to fill out. Even though you may not have access to this form before your appointment, your bank consultant may be impressed that you’re aware and prepared to fill it out with information such as your Social Security number or Taxpayer Identification Number (TIN). Finally, banks may also require your U.S. bank statements or the W-9 form that provides the bank with your TIN for filing purposes with the IRS, though in many cases these documents are optional.
French Bank Accounts Aren’t Free
While the process of opening a basic French checking account and maintaining it is pretty similar to a U.S. checking account, French bank accounts are not free to open. This is crucial to know before opening your own account so you don’t get a nasty surprise on the day of your appointment. In addition, the debit card you choose comes with a monthly fee (for instance, mine is 2 euros per month). The more options your debit card comes with, the higher the fee.
Other fees you may run into include international transfer fees, which vary from bank to bank. For example, if I transfer money from my U.S. bank account to my French bank account, both banks will charge, at minimum, international transfer fees. Additionally, some banks charge international transaction fees if you make a purchase abroad, though this is the case for various U.S. banks as well.
How Did I Transfer Money from the U.S. to My French Bank Account?
Once I’d finished setting up my French bank account, the last step for me to be able to use it was to transfer dollars from my U.S. bank into euros that would land in my Crédit Agricole account. In order to initiate an international wire transfer, I needed the following information:
- Account numbers for both my U.S. and French bank accounts
- SWIFT number for international wires from both banks (this number can be found online, on your banking app, or by asking your bank)
- Name and address of my French bank
- My residential address in France
Unfortunately, some U.S. banks require you, or someone else on your account, to be physically present in order to initiate the international wire transfer. If this is your case, I’d recommend using a reputable currency broker to help with the transfer process. While I didn’t do this during my first international transfer, I now work with one because they can do everything virtually, help me avoid hefty transfer fees, and keep an eye out for the best transfer rates.
Conclusion
Preparation and organization are key when opening a French bank account. As an American, there are extra hoops to jump through, but this feat is entirely possible! Despite what many Americans have said, most French banks are accustomed to working with foreigners and are willing to help them open bank accounts. After all, it’s a business like any other.
While not every French banking experience may go as smoothly as mine, I want to assuage any concerns: opening a French bank account can be a simple and enjoyable experience, rather than a frightening challenge. It’s another step to help you realize your dream of living abroad.
I thought the biggest hurdle was the interplay between rental and work documentation and opening the account. You can’t open a bank account without proof of residence. You can’t rent without proof of a bank account . It’s more than a list of documents that infuriate expats. How did you find a rental without proof of bank account for ex?