SHARE
COPY LINK
For members

MONEY

The best banks for non-EU citizens living in France

Many foreigners in France - particularly pensioners - need to keep a bank account in their home country, but not all banks will offer accounts to people living abroad.

The best banks for non-EU citizens living in France
(Photo: Anne-Christine Poujoulat / AFP)

Most people who move to France get a French bank account – but many also maintain accounts with banks in their home countries to receive income in the form of pensions, property rentals, salary, or to hold savings and pay bills.

This is particularly key for pensioners, as some pension providers will not pay into a bank account in another country, but others just prefer the convenience of having a bank account and debit card to use on visits home in order to avoid extra transaction fees.

Banks within the EU benefit from ‘passporting’ arrangements that allow them to operate throughout the Bloc, but for those outside the EU it’s a little more complicated.

Here are the options.

International accounts

Many banks offer ‘international accounts’ aimed at those who have moved to other countries.

The major drawback is the cost; many accounts have a minimum deposit level or stipulate a minimum annual income, so they may not be suitable for pensioners, people on a low income, or those who just want to use their account for a few basic functions while keeping most of their income/assets in their French account.

Most expat/international accounts also charge a monthly fee and some charge transfer fees on top of that. 

They’re really aimed at ‘high net worth’ customers (ie rich) so they’re often not suitable for people who have lower means or have retired to France.

Internet banks 

The last few years has seen a proliferation of new internet banks, which offer online-only services and operate across Europe.

The advantage of these is that you can sign up with a French address and then carry out transactions in another country.

Many people use internet bank accounts – Wise (formerly the money-transfer service Transferwise, now set up as a bank), Revolut or Starling are notable examples – when they first move to France before they set up French accounts.

The disadvantage for some people is their lack of a physical presence so in case of a question or a problem contact can only be made by phone or – more usually – via email or chatbot. Many internet banks also do not issue cheque books or accept queues, which can be a problem for some customers.

Customers can set up accounts in different currencies and depending on the bank and its licencing you may also be account to get an account number and IBAN for your home country as well as a European IBAN.

READ ALSO The best UK banks for Brits in France

It means you can use the account for business back home, but also transfer money quickly and easily to/from France. It might give a better deal on exchange rates than receiving a pension in one currency and then spending in euros in France.

There’s a tendency to assume that internet-only banks are less secure, which isn’t necessarily the case, but if there are problems it can be harder to get redress. Make sure the bank you are using has a banking licence in your home country and France for peace of mind.

French banks

Most people living in France already have a French account for daily life, but can you use this for all your financial affairs?

It depends on your situation. Pension providers may only pay into a home account, while if you still have financial liabilities in another country, such as a mortgage, you may need to keep an account in that country. 

Keeping a home address

Many non-EU residents in France get around the problem by using a ‘care of’ address back home in order to retain their bank account – usually either the address of a property that they own or the home of a relative.

Whether this is allowed is a bit of a grey area. Opening a new account may be difficult, but existing accounts may be kept open. Some banks – especially British ones – seem to be keen on checking whether their customers are permanent residents while others don’t seem to care as much.

Basically you can’t lie to your bank if they ask you outright where your full-time residence or tax residence is, but not all banks ask this. 

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

LIVING IN FRANCE

Property taxes, food and tunnels: 6 essential articles on life in France

From tax hikes to the price of food, air conditioning and the unexpected things that lurk beneath the streets of Paris, here are 6 essential articles for life in France.

Property taxes, food and tunnels: 6 essential articles on life in France

As the inhabitants of Paris, one of Europe’s most densely populated cities, walk along the Champs-Elysées or Rue de Rivoli, they might be entirely unaware of the extensive underground world that exists below their feet.

Paris has a huge network of underground spaces that hide some very unexpected things (as well as the entirely prosaci Metro).

Skulls, beer and a ‘cathedral’: Discover the secrets of underground Paris

From cheese and garlic to berets and sex, taxes and striking, France is heavily loaded with cultural stereotypes – and most of them are only partly accurate.

This is us, busting more myths.

Myth-busting: Are these 12 clichés about France actually true?

France warned that companies might have to reduce energy this winter as Russian continues to reduce its gas supplies to Europe.

The government has already begun work on an energy-saving plan, with more measures to come in September.

And it’s not the only country thinking along these lines – from limits to heating and air conditioning to turning off the lights and taking off ties, here’s how countries around Europe are cutting their energy usage.

Air-con, lights and ties: How countries around Europe hope to avoid blackouts this winter

Although householders in France are relatively fortunate when it comes to rising bills, there is one notable exception.

Towns and villages across France have been raising property tax rates for second-home owners – with many areas voting for the maximum 60 percent increase.

Tax hikes of up to 60% for French second home owners

As we’ve stumbled onto money matters, let’s consider the cost of living. France has many temptations to woo visitors and foreign residents: its scenery, history, the lifestyle, the food and the drink.

While some things here are more expensive than elsewhere – we’re looking at you, second-hand car dealers – and the taxes are notoriously high, what about the cost of groceries and wine? How do they compare? We do something that looks a lot like crunching the numbers…

How expensive is food and drink in France?

But, enough of all that seriousness. It’s silly season, after all. Prominent French scientist Etienne Klein has had to apologise for claiming this was the latest astonishing picture taken by the James Webb Space Telescope, when it was – in fact …

French astronomer apologises for ‘stellar’ photo that was really . . . chorizo

Some people take things far too seriously.

SHOW COMMENTS