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You are here: Home Finance & Business Banking Banking in France

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21/03/2012Banking in France

Banking in France Payment in France is easy by credit card, but as a resident you'll soon need a local bank account. Here's a guide to how the French banking system works.

The euro

The official French currency is the euro, in common with sixteen other European Union (EU) member states that have joined the Eurozone (officially called the euro area).

But don't be surprised if you hear French people complaining about the cost of living in French francs or even francs anciens (in 1960 the new French franc was revalued at 100 existing francs).

On arrival in France, before you establish a French bank account, you should have few problems in paying with your 'home' credit card if it is one of the major names such as Visa, MasterCard, American Express and Diners Club.

There are 24-hour cash dispensers (teller machines or ATMs) easily accessible all over France, and in cities and towns there is a choice of several on almost every shopping street. They are called distributeurs automatiques de billets, and are usually situated on the premises of a bank, or at most post offices.
 
Bank account in France


While some small shops may refuse credit cards, there are so many places where you can pay with them that, wherever you are, you can survive with credit card payment alone.

However, if you are an active resident in France, you will need a French bank account both to be paid your earnings and to gain access to many essential services which require your bank details as a guarantee of payment. Having a French cheque book will be a welcome practicality, especially in rural areas.

Though French people still use cheques, banks are actively trying to persuade customers to use bank-to-bank transfers and internet banking services.

Opening an account

It is best to choose a major bank with a widespread national network of branches to take full advantage of whatever needs may arise during your travels.

To open an account, you will need to produce personal identification (a residence permit or passport), proof of your home address in France (this can be a phone or electricity bill) and in most cases some written proof of earnings (pay slip or other) to decide your credit limit.

Most basic French bank accounts debit credit card payments at the end of each month. As in many other countries, all banking cards in France carry a chip, and whenever you use them you are required to type in a PIN.

Cheques take an average of three working days to clear. When paying by cheque, you may be asked for proof of identity, which can be provided by a residence permit, a passport or a French driving licence.

Each cheque book contains a page referencing your bank account details, called a relevé d'identité bancaire, or RIB. You will be asked for an RIB for any long term commercial transaction, such as opening a mobile phone account or renting a home.

If you are making such regular payments, it is common practice to receive a bill which is paid by returning a signed detachable slip already made out with your bank details.

The major French banks with branches across the country are:

Crédit Agricole, BNP Paribas, LCL (formerly Crédit Lyonnais), Société Générale, Caisse d'Epargne, Banque Populaire, Crédit Mutuel, Crédit du Nord, Dexia, and Banque de la Poste (the Post Office Bank is the largest in terms of customer transactions and branches). The Banque de France is France's central bank.



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