PERSONAL FINANCE

There are two main types of bank accounts:

• “current” accounts that allow everyday payments by check, credit card or bank transfer
• “savings” accounts that allow sums of money to earn interest according to varying rates

Normally, the savings account automatically opened at the same time as the current account.

• Anyone living in France has the right to open a bank account and have access to basic services.
• Officially, an account can be opened in France if you stay over 3 months but, in practice, bank branches prefer to open accounts for stays of a minimum of 6 months.
• It is not legally possible to open an account in France from abroad. On the other hand, accounts can be opened very shortly after arrival in France.
• Ask your bank in your country of origin if it is associated with a French network. If it is, it will be easier to open an account in France.

In order to open a new bank account, go to the bank branch of your choice with the following documents:

• A valid proof of identity (passport or ID)
• A valid visa or residence permit (if applicable)
• A proof of address (gas, electricity or land-line telephone bill, or receipt of rental payment)

After the opening of the bank account: 

• Once your current account is open, you can use it freely and order a debit card and cheque book.
• Your bank will give you your bank details required for certain transfers to your account, e.g. your salary, or the debit of certain bills (rent, telephone, etc.).
• A joint account, or shared account, enables multiple people to open a single bank account. Opening a joint account follows the same rules as those for individual accounts. The joint owners of the account bear joint responsibility. It is also possible to open an account for a child.

• Opening a bank account and having a credit card and check book requires payment of monthly management charges and charges in case of extended overdraft of the account.
• The banks are required by law to provide a regular (at least annual) summary statement to their customers of the charges incurred on their account(s).
• In order to have an idea about the charges, you can try to find the information online or to use an online comparison (in French).
• You might also consider a possibility to open an account with an online bank.
• Withdrawals from the ATMs of your own bank are free of charge. The price of withdrawals from other ATMs depends on the conditions of every bank.

One word you will hear in France very often is the magical word "RIB". 

• RIB (Relevé d’identité bancaire) means simply your bank account details. It is merely a pre-printed form with your bank account number and sort codes for national and international transactions. It is always useful to have a few to hand, which your bank can supply free of charge or you can download online them from your internet banking profile.
• If you have a checkbook, they usually contain a pre-perforated page to tear away your RIB info and hand it over or send it by mail.
• The codes printed on the RIB are used whenever you need to set up electronic payments either from or to your bank account. It’s useful when you are setting up recurring payments such as your phone and other services.