gregploysa

Hello,
We live in the USA and are planning on moving to France within the next 12 months.
My question is, how and with which bank can I open a checking/savings account prior to our move?

Any help greatly appreciated

trainman

Michael

It depends where you intend to live. The most convenient bank for us is the local Crédit Agricole. I think that if you have a permanent residence in France (even if secondary, as in our case), opening a checking account will be no problem. I can't swear to it because the account was opened by my parents, but I had no problems opening a subsequent account exclusively in my name. You probably will use it for automatic payment of utilities and taxes.

mpprh

A few things to remember :

French banks are rather backward. They are, in general, a long way (20 years in some cases) behind banks in some other European countries. If you are from UK, French banks are only 10 years behind !

The Euro is not quite the same everywhere.
Paying in a Euro cheque drawn on a foreign bank can attract hefty "foreign currency" charges in France. I recently was charged €40 on a €95 transfer in Euros from a UK company.

French banking still uses cheques, but in a more advanced way than in the past. Supermarket tills scan the cheque details and print the transaction info automatically.

Most French banks have evolved from regional savings accounts. Few are truly national and you will quickly learn that a CA cheque from one department may not be accepted for deposit in CA somewhere else. Even deposits in one area for the same bank, but in a branch elsewhere, are difficult. The regional history creates a situation where Credit Agricole (or other) bank may be excellent in one area and very, very poor elsewhere.

All banks are trying to move into financial services and will be aiming to sell investment and insurance products because the employee earns commission and they have sales targets to meet.

A basic account is quite easy to open when you have a French address (own / lease property or a cert from family accommodation owner needed).

This will give you cheques, internet banking and automatic payments for a modest fee.

If you are living in France, you will probably want a card too. There are few credit cards - most are debit cards, or credit cards where 100% of the balance is paid at the end of each month. This is important to buy 24hr (or Sunday) fuel, pass automatic toll exits, pay in shops, restaurants, etc. You will be expected to show some proof of income before a card will be issued.

French banks are very cautious. If you want a mortgage expect :
*Earned income on a CDD is gold as a source of repayment funds
*CDI is less useful
*Rental income is not highly regarded
*a lower multiplier to available income than in other countries
*a bureaucratic approach - i.e. "head office needs your last 3 years tax returns"
*a life assurance will be required
*up to, say, 85% of the value

Banks tend to decide mortgage applications on the basis of ability to repay, rather than the value of equity and security.

If you are about to move to France and intend buying or leasing property, you need a bank account.

There are banks who are happy to do this. Some have English language banking sections who provide services tailored to people arriving in France from abroad. These days, the location of the bank is not as important as previously, and once opened accounts can be managed remotely.

More info :

Mortgage info : http://www.aguado-finance.com
Expat banking discussion : http://the-languedoc-page.com/phpBB2...pic.php?t=2662

Favoured contact for South France :

Robin BOXALL
Clientèle Anglophone
BANQUE CHAIX - Membre du groupe HSBC
Tel: +33 (0) 4 90 27 27 84
Fax: +33(0) 4 90 27 28 24
[email protected]


Peter

kerouac

I am sure that Peter's information about banks is completely accurate for rural banks, but I find banks in Paris totally modern and not at all a problem to deal with. I have a variety of bank accounts for various reasons, but my principal account is at Axa Banque, a 100% online bank with no agencies. I don't think that I've even had to phone them more than 3 times in 10 years -- everything I need arrives in the mail right on schedule: Visa card, checkbook, etc. They have close links with both the BNP and the Banque Postale for certain physical operations that some people need, such as depositing cash. (I don't think I have deposited cash in at least 20 years!)

My secondary account is at the Banque Postale which is fantastically convenient for being everywhere when needed, and also the fact that post offices in Paris are open from 8am to 8pm, which is a hell of a lot better than traditional banks.

Michael

<i>you will quickly learn that a CA cheque from one department may not be accepted for deposit in CA somewhere else. Even deposits in one area for the same bank, but in a branch elsewhere, are difficult.</i>

I've had no problems using my checks to pay for B&Bs anywhere in France, and I've withdrawn money from other CA branches outside the Charente-Périgord area. However, the non-card withdrawal--I might have used a check--had a weekly limit within the CA's area, e.g. Normandy or Brittany.

kerouac

I do not recommend decentralized banks like Crédit Agricole or Caisse d'Epargne for people moving around a lot. It's better to go with one of the "big 3" if you want to do operations anywhere in France with no bother: BNP Paribas, Société Générale and LCL.

If you want to do stuff all over Europe, HSBC is quite good. BNP Paribas is good in certain countries (Belgium, Italy...).

alanRow

<<< We live in the USA and are planning on moving to France within the next 12 months. >>>

I presume you have either a visa or an EEA passport that will allow you to live in France

kerouac

Always with the ugly questions, Alan!