Opening a Bank Account in France

Guide to Opening A Bank Account In France For Students.

So you have gotten accepted into your dream school. Congratulations! You are going to school in one of the top destinations for international students, France.

You are probably already making the necessary preparations to come to France. If so, there is a very important detail you must not forget; opening a bank account in France.

Opening a bank account in the country will make local life a lot easier. A French bank account is a necessity if you plan to rent property, pay utilities, pay taxes, and get paid for jobs you do.

You also get to save money on conversions if you have a local bank account in France. There’s no need to pay conversion fees when exchanging currency from your home country for Euros.

Opening a bank account in France can also help you build credit for when you want to take loans. There are so many benefits to opening a French bank account.
This article is dedicated to letting you know everything, a student like you, needs to know about opening a bank account in France.
Without further ado, let’s dive in.

Types of Accounts Available In France.

A bank account in France is called a ‘compte bancaire’.

Having a bank account in your home country that has a partnership with a French Bank can make things easier for you. If your current bank has a branch in France, you can simply transfer your existing account.

But if it doesn’t have a French branch, opening a bank account in France from scratch is the only option. To do so, you need to know the available options.

Many banks offer specialized accounts like non-residents accounts and student accounts, which offer different benefits. Online banks are also an option.

However, traditional French banks have three major types of bank accounts. They are;

1. Current account

This is also known as a ‘compte courant’. This is designed for everyday banking activities. This allows you to withdraw money from the ATM, pay bills, and make purchases with a debit card.

2. General savings account

This is also known as ‘Livret’. This is a savings account that also allows you to easily transfer money in and out of your current account.
This type of account has a limited number of banking services and may not allow instant access to funds. However, balances attract slightly higher interest rates

3. Long-term savings account

Also called ‘Compte à Terme’. This savings account offers higher interest for those saving money for a house or another large purchase.

Who Can Open A Bank Account In France?

Typically, all French residents and French citizens abroad have a right to open a bank account in France.

Thankfully, international students find opening a bank account in France easy. International students have an automatic right to open a bank account in the country because they are considered residents.

People below the age of eighteen can not open a bank account. Although, some banks offer options for minors. In cases involving minors, an accompanying letter from a parent or guardian will be required.

Documents For Opening A Bank Account In France.

There are a few things you will require to open a bank account in France.

• An ID card or valid passport
• The residence visa
• A utility bill, a rental contract, an EDF invoice, or even a property deed as proof of address.
• Proof of your status as a student (eg, your student ID)
• A minimum payment in cash (the amount varies depending on the bank).

Some Possible Workarounds

As a student, if you do not have any accommodation, you may be able to use the address of the service of international relations of your institution.

If you are still looking for a home, the bank may want a letter of recommendation from your work or a cash guarantee before opening a bank account or credit card.

You may be required to offer a notarized translation or a translation verified with an Apostille stamp if your documents are not in French.

Procedures For Opening A Bank Account In France

Before jumping straight into opening a bank account in France, take time to choose a bank. Different banks have different rates and fees, and since you’re a student, you probably would not want to lose extra cash.

Make sure you have all the documents needed for opening your bank account.
After getting all the documents required for opening a bank account in France, you need to make an appointment with the bank. You are to call ahead of time, or when possible, visit the nearest branch of the bank.

If you are not fluent in French, consider taking a friend that speaks french or you can request an English-speaking staff.

However, most banks offer their paperwork in English. Fill up your forms, and in seven working days, you will have an active French bank account.

Opening a bank account in France takes only about an hour.

Is Opening a French Bank Account Online Possible?

In case you were wondering if opening a bank account in France was possible online, we are glad to let you know that it is.

The whole process can be done in as little as 15 minutes. If the procedure mentioned above sounds strenuous, you can simply use the online method.

Online banks are ideal for foreigners living in France for a long time. Online banking is the cheapest option since most online banks are conditionally free.

Unfortunately, they are not available to non-residents. That is to say, you can not open a French online bank account whilst live in your home country. Unless you choose the services of Studely, that can help you to open a payment account in your name, and from your country as if you were in France. So, if you want to anticipate it, you can register here in 2 minutes !

Opening a bank account in France is a good decision to make if you plan to school and live there.
We have taken great care to mention the Important details you need to open a bank account in France. We hope you found all these useful.

You can also benefit from an account specially designed for students via the Studely application : the Studely payment account;
This account will allow you to anticipate your expenses while still in your home country and facilitate your student mobility to France.

Enjoy your stay in France.