by Kari Masson

Welcome to France. That has a nice ring to it. Welcome to banking in France. That is a bit more intimidating, I'd say. Whether you are relocating to France short-term or moving indefinitely, banking is an issue to be tackled at some point in the process. When opening a bank account there are numerous variables to consider, and often the language barrier only serves to complicate matters. Understanding the French banking system will give you a head start in deciding which options are best for you and also choosing a provider.

Q: Will I need a French bank account?
A: If your plan is to move to or work in France or if you will be repaying a French mortgage, the answer is yes. For students living in university housing, the answer is really more a matter of personal preference. You can use most ATM, debit, and credit cards issued abroad without any problem. Of course, any payments by check require a French bank account.

Using a French bank account will enable you to be paid by your French employer, facilitate payment for living expenses and bills, and make payments to your mortgage provider. For example, your gas (GDF) and electric (EDF) bills can be paid by simply signing and dating an authorization slip included with the bill called the TIP. This gives the utilities company permission to take the specified amount from your French bank account.

Q: What is involved in opening an account?
A: The process for setting up an account is fairly simple. However, having a bank advisor who speaks English can be a great advantage when it comes to answering your specific questions. Many banks in France are equipped to assist English-speakers. Some French banks even have packages for expatriates that include a checking account, credit card, property insurance, as well as online and telephone banking in English.

As opening a French banking account is a fairly standard process, the required documentation does not vary much from bank to bank. In most cases, French residents will be required to show valid identification, such as a passport or carte de sejour, and proof of address, such as a recent utilities or France Telecom bill in your name. Your account will be opened immediately, but you might be required to provide additional documentation depending on your status.

If you are not a resident of France, the bank may also require a recent statement sent to your address from a major credit card company, reputable bank, or utility company.

It is possible to set up a French bank account from abroad before even coming to France. This will require the copies of two forms of identification and two proofs of address that have been certified by your bank, in addition to a letter of recommendation from your home bank.

Following the set-up of your French bank account, you will usually receive a welcome letter from the bank. Your checkbook and RIBs (releves d'identite bancaire) will be mailed or available for pick-up, depending on the bank, shortly thereafter.