By Banking in France in 60 seconds
The system
- 40 retail banks regulated by the ACPR.
- Deposits guaranteed up to €100,000 per bank by the FGDR.
- SEPA zone: euro transfers free and instant across the EU.
For expats
- You need ID, proof of address and proof of income to open most accounts.
- A French IBAN is mandatory for utility, rent and tax direct debits.
- Switching banks is automated by law: the new bank handles everything in 21 days.
Quick picks: open an account today
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How does banking work in France?
France's banking system is highly regulated and centralised. Every retail bank is supervised by the ACPR (Autorité de contrôle prudentiel et de résolution), the central bank's regulatory arm. Customer deposits are protected up to €100,000 per person, per bank, by the FGDR (Fonds de garantie des dépôts et de résolution). France is part of the SEPA zone, so euro transfers across 36 European countries are free, instant and treated as domestic.
Banking secrecy and reporting obligations
French banks are bound by secret bancaire (banking secrecy), but they must report to TRACFIN (the anti-money laundering authority) any suspicious transactions and any cash deposit or withdrawal above €10,000. Banks also report account balances annually to the French tax administration. If you keep a foreign account while resident in France, you must declare it on form 3916-bis with your annual tax return.
The right to a bank account (droit au compte)
A French bank can refuse your application without justification. But if two banks refuse you, the Banque de France will designate one bank legally obliged to open a basic account for you, free of charge. This is the droit au compte procedure, useful for expats whose application keeps getting turned down.
You can hold an account abroad while living in France
French residents can keep an N26, Bunq or any other foreign account. The only obligation is declaring it on form 3916-bis each year. Failure to declare carries a €1,500 fine per undeclared account (€10,000 if held in a tax haven).
The 4 types of banks in France
French retail banks fall into four categories. The right one for you depends on whether you want branch advice, low fees, or the simplest possible signup.
BNP Paribas, Société Générale, LCL, CIC, Crédit Agricole, CCF: full product range, in-branch service.
View list →Boursobank, Fortuneo, Hello Bank, Monabanq, BforBank: no branches, French IBAN required at signup.
View list →Revolut, N26, Bunq, Nickel: sign up in minutes with just an ID, often hold an EU licence outside France.
View list →Shine, Qonto, Indy, Boursobank Pro: pro accounts with online accounting integrations and TPE support.
View list →Source: Selectra Banking API, refreshed daily.
Bank accounts in France
A French bank typically offers four account types side by side: a current account for daily life, regulated savings accounts, a long-term housing-savings plan and a securities account. Most expats only ever need the first two.
Compte courant: current account
The everyday account. It comes with a debit card, a French IBAN and access to online banking. Funds are immediately available, you can set up direct debits and standing orders, and you can usually go overdrawn (découvert) up to a small limit (€300–€500) without prior approval. There is no interest paid on the balance.
Livret A and regulated savings (Livrets réglementés)
The Livret A is France's iconic tax-free savings account. Anyone can open one (one per person, capped at €22,950) at any bank. Interest is set by the government, currently 2.4% per year as of 2026, and is fully tax-free. The LDDS (Livret de Développement Durable et Solidaire) follows the same rate, capped at €12,000. Both fund France's social housing and energy-transition projects. See our guide on opening a Livret A.
PEL and CEL: housing-savings accounts
A Plan d'Épargne Logement (PEL) is a long-term savings plan that builds up rights to a regulated home-loan rate. Capped at €61,200, with a 2.0% interest rate in 2026 (taxed). Useful only if you are planning a French property purchase within 5–10 years.
Compte joint: joint accounts
A joint account is held by two or more people, each able to operate it independently. Both parties are jointly liable for any overdraft. To open one, both holders sign and provide ID. Useful for couples sharing rent and bills.
Compte non-résident: non-resident accounts
Some banks (BNP Paribas International, CCF, Société Générale, HSBC's surviving private bank) offer dedicated non-resident accounts for people who do not yet live in France. They typically come with stricter conditions (minimum deposit, EU citizenship requirement) but can be opened from abroad. See our non-resident account guide.
How to open a French bank account as a new arrival
Opening a French current account takes 10 minutes online for a neobank, or 1–2 weeks for a traditional bank that requires a branch appointment. The bank can refuse your application without justification. Having a French address, a residence permit and a regular income greatly increases your chances.
Most French banks ask for a French IBAN to open your first account
If you have just landed and only hold a foreign account, the simplest workaround is to start with a neobank (Revolut, N26, Bunq) or Nickel at any tobacconist. Once your French IBAN is active, you can open any cheaper online bank afterwards.
Documents you will need
- Valid ID: passport or EU national ID card.
- Proof of French address (justificatif de domicile): a utility bill, rent receipt or attestation from your landlord, less than 3 months old.
- Proof of legal stay in France (non-EU citizens): visa, residence permit (carte de séjour) or work permit.
- Proof of income: last 3 payslips, employment contract, or scholarship letter.
- French tax ID (numéro fiscal), if you already have one.
- For online banks: an existing French IBAN in your name (used for the first deposit).
How to close or switch a French bank account
Closing a French bank account is free by law since 2005. No bank can charge you for it. You only pay for products you have outside the current account (life insurance early-termination fees, for example). Whether you are leaving France for good or just changing banks, the procedure differs.
Switching to another French bank: fully automated
Since the Loi Macron (2017), switching banks is handled by your new bank under the mandat de mobilité bancaire. Sign the mandate when opening your new account and the bank takes care of redirecting your salary, direct debits and standing orders within 21 calendar days, free of charge.
- Open your new account and provide a RIB from the bank you are leaving.
- Sign the mandat de mobilité at your new bank.
- Wait for the new bank to confirm direct debits and salary have been redirected (≤ 21 days).
- Once nothing is pending on the old account, request its closure in writing.
Closing your account if you are leaving France
- Cancel all standing orders (virements permanents) and active SEPA mandates.
- Notify employers, landlords, utilities and tax authorities of your new bank details.
- Wait until all pending card transactions and cheques have cleared.
- Send a signed letter to your bank requesting closure, ideally by recommandé avec accusé de réception.
- Return any unused chequebook and cut up your cards once the bank confirms closure.
Closing a current account does not close savings accounts automatically
Your Livret A, LDDS or PEL keep running unless you close them separately. If you keep them open, ask your bank for a free transfer of any remaining balance to your new IBAN before closure.
Payment methods in France
Card is king in France, accepted almost everywhere, including the smallest bakeries and Sunday markets. Cash is still accepted but used less. Cheques are legal but rare. Apple Pay, Google Pay and Wero are universal on contactless terminals.
Visa and Mastercard are accepted everywhere. Contactless up to €50 per transaction, no PIN required. American Express has limited acceptance (mainly hotels, airlines and chain restaurants).
UniversalAccepted everywhere but use is declining. Maximum €1,000 per transaction between a private individual and a professional (€15,000 between two private individuals). Above that, payment must be by card, cheque or transfer.
LimitedStill legal and used for rent, school fees, large furniture and tradesmen. Most banks issue a free chequebook on request. Bouncing a cheque (chèque sans provision) leads to a Banque de France ban on writing cheques for 5 years.
Niche useFree, instant euro transfers across the SEPA zone (36 countries). You only need the recipient's IBAN; the BIC is rarely needed any more. Standard SEPA transfers settle within 1 business day; SEPA Instant settles in 10 seconds, available 24/7.
FreeAll three work on every contactless terminal. Wero, launched in 2024 by 14 European banks (BNP, SG, Crédit Mutuel, Crédit Agricole...), lets you send instant transfers between phone numbers, replacing France's older Paylib service.
UniversalThe standard way to pay rent, utilities, mobile/internet, taxes and insurance. The biller asks for your IBAN once via a SEPA mandate, then debits your account on agreed dates. You can cancel any debit within 13 months for any reason.
StandardFrench banking glossary
The French terms you will hear at the bank counter, on your statements and in contracts.
The bank-account ID slip listing your IBAN, BIC, account holder name and bank branch. You will be asked for your RIB by employers, landlords and utilities.
A 27-character account number (FR followed by 2 check digits and 23 digits). Required for SEPA transfers and direct debits. More on IBAN.
Also called SWIFT code. An 8 or 11-character identifier. Inside SEPA, the IBAN alone is enough since 2016. You only need the BIC for transfers outside the eurozone.
A bank transfer initiated by you. Free across the SEPA zone, settles in 1 business day (SEPA Standard) or 10 seconds (SEPA Instant).
An automatic withdrawal authorised once by SEPA mandate, then taken at agreed dates. Used for rent, utilities, taxes, mobile plans, insurance.
Authorised negative balance, usually capped at 30 days and €300–€500. Above the cap or beyond 30 days, fees apply (commission d'intervention €8/operation).
The interest charged on a negative balance, capped by law at the taux d'usure (around 21% APR in 2026). Always check the rate in your contract.
A debit card limited to ATM withdrawals, with no card payments. Often offered to minors and people with limited overdraft authorisation.
A booklet of cheques, typically 25 leaves. Free at most banks. Required for landlords, school fees and tradesmen who refuse cards.
The Banque de France registry of payment incidents. Anyone with a missed loan repayment lands here for up to 5 years, blocking access to new credit.
The registry of bounced cheques and withdrawn cards. Triggers a 5-year ban on issuing cheques nationwide.
The deposit guarantee fund. Refunds your deposits up to €100,000 per bank within 7 working days if your bank fails.
Best French bank for your profile
The right bank depends on your status and what you do with money. Pick the closest match below for a tailored shortlist.
Students
Free accounts, no income required, dedicated youth offers.
Non-residents
Open before arriving: BNP Paribas International, neobanks.
Employees
Online banks for low fees: Boursobank, Fortuneo, Hello Bank.
Auto-entrepreneurs & freelancers
Pro neobanks: Shine, Qonto, Indy, Propulse by CA.
Minors
Pixpay or Boursobank Kador: controlled-spending cards from 12 years old.
Frequent travellers
Multi-currency neobanks: Revolut, N26 Metal, Bunq.