Information about French banks
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Information for people looking at PROPERTY FOR SALE IN FRANCE about FRENCH BANKS
Be it that you're buying a home or relocating permanently, you'll need financial stability. A good way to achieve this is by taking the sometimes complicated step of opening a bank account in France.
Traditionally French banks have a poor reputation nationally and internationally. In 2004 they were fined heavily for unfair contracts and increased charges, however this generalisation is (in some cases) unjustified, charges have been increasing for years due to the financial crisis. However if under the right guidance you could be free of charge or pay minimal costs.
The Banks
There are 7 Main ones :
BNP Paribas
Société Générale
Caisse d‘Epargne (CE)
Banque Populaire (BP)
Crédit Mutuel
La Banque Postale
LCL
Opening an Account
Anyone is entitled to open a French Bank account. You don't need to own a home or be a resident, however if you're a non-resident you have to present yourself to them in person. Having said that, it's possible if you live in the UK or Ireland to open one by post.
French Bank accounts are not secret. However their system of keeping track only provides summary details of the account holder and type of account; it does not provide them access to the operations of the bank account.
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Cash Withdrawals
Whilst using bankcards you are able to withdraw money at any cash machine with a CB logo free of charge.
Cards do have limits, if you exceed this limit you can withdraw money from any other bank or by cheque. However take note that banks tend not to have money behind the counter. The safest and easiest way is to get money from the cash machine.
Direct Debits – Standing Orders
To pay the bills you may use a standing order or direct debit. A standing order would be for the same amount of money each time, on the same date each month – however on direct debit the amount each month may change each period.
You will need to go to an RIB to set this up, and obviously give them your bank details.
This RIB contains the name of your bank and local branch, sort code, bank code, account number, RIB account holder and code.
TIP
If you don't have a standing order or direct debit method, then you will receive a bill with a detachable slip – the TIP.
This is payment that simply requires no cheque, you simply fill it out and it will appear on your bank statement.
Bank Statement
At least once a month you will receive a statement, naturally providing that there has been transactions on this account.
If you want a hard copy, you will have to pay for that service.
You can also access your bank balance at the ATM.
Banks also provide access to this through the internet, which should be okay.
Overdrafts
In general French banks are quite tough on unauthorized overdrafts. Without permission you will not be able to go into debit.
If you issue a check without enough money in your account, your check might not be paid. Overdraft facilities are possible with current rates of authorised overdrafts around 15% pa. If unauthorised then expect 17%+.
Closure of Bank Accounts
If you want to close a current or standard savings account there is no charge for that. However if you wish to transfer the account to another bank there will be a charge.
If u have a joint account either account holder can close the account without permission of the other account holder.
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Seizure of Bank Account
A third party has the right to seize funds from your account, if you owe money and refuse to pay.
This is done through a quasi public officer, who is an official bailiff. On behalf of the creditor the quasi public officer can make an application to your bank for your account to be frozen and then apply to court for the funds.
You can contest this application but only by going to a court of law within a month of the application being made. Until the court is in your favour the funds will be frozen. However you are still able to secure access to a limited amount of cash to meet day-to-day needs.
Euro/Mastercard/Visa Cards
There are a range of debit and credit cards available whether Eurocard/Matercard or Visa Card. You can use the standard European CB card to withdraw cash where ever the CB logo is displayed.
You are able to withdraw cash from AMTs anywhere irrespective of whether or not it is an AMT from your own bank.
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