BNP Paribas, Société Générale, Crédit Lyonnais, Crédit Agricole, Banque Populaire, Caisse d’Epargne.
French banking network is the second worldwide after the US.
There is no legal difference between banks of different statutes (commercial banks, mutual/cooperative societies and finance companies).
No, except that is might be easier to find somebody speaking English.
8.45 am – 12 noon and 1.45 pm – 4.30 pm and some saturday morning.
Most of the banks offer service by internet or telephone or fax, if you agreed a specific code.
Cheque book, credit card, sometimes overdraft facility, standing order arrangements, loans for current expenses, loans for real estate.
Further services are dependent on the bank. An offer, which is addressed specially for international clients, proposes for example a telephone assistance for all kind of day-to-day-situations (like administration problems, translation of official documents or assistance for legal or tax matters)
Yes, payments over 1500 € (salary, rent) have to be made by cheque or by bank transfer.
Usually you open a current account and a savings account in the same time.
You need proof of identity, proof of address (EDF or telephone), proof of income, money for the first deposit.
The bank has to check if there is no interdit bancaire (banking bar) registered at the Bank of France
Generally current accounts do not produce interest
Compte joint or compte commun: two people can make full use of the account and are equally responsible
Compte avec procuration: the holder of the account gives a written proxy to another person which is thereby allowed to withdraw or deposit money and to write cheques. The holder always remains responsible
Printed at the cash dispenser in one agency of the branch of your bank.
Send by post at the beginning of the following month.
Via internet, if connected to the service.
Bank statements are only issued if there is a movement on the account.
No, not yet, but you can get an explanation of the main entries and its meaning in English, when opening an account.
Signed cheque is valid for one year and eight days, therefore it is strictly forbidden to postdate
To write a cheque: amount in words and in numbers, date, location, name of the receiver (very important) and signature
To deposit a cheque: the receiver signs in the back of the cheque and sends it to the bank or deposits it in the bank office using a specialised envelope
When you pay by cheque you will usually be asked for a proof of identity
Cheque certifié: guaranteed by the bank , money is set aside for 8 days
Cheque de banque: issued by the bank on behalf of the client guaranteeing payment for one year and 8 days
Cheque with insufficient funds
Strictly forbidden: heavy fine has to be paid and details are recorded to the Bank of France, cheque writing is forbidden for some time
There is no way to stop payment on a cheque unless it is lost or stolen
It is the Treasury and the banker’s bank. The Bank of France monitors the banking system, safeguards public interest and centralizes all information concerning private and commercial funds.
Carte Bancaire de Paiement e.g. Carte Bleue, Visa, Eurocard, Mastercard,
Regular income is the condition to obtain a bank card and an annual fee has to be paid
By using the PIN number the card allows to withdraw money from a cash point machine; Limits may be higher at your own bank than at other banks.
The card allows to pay in most of the shops, usually for amounts more than 15 €. You can also make purchases by telephone or post by giving your card number (16digits)
Only small amounts are usually paid cash.
Payment cards, offered by most of the bigger shops, offer the possibility to make purchases on credit, but on a high interest rate. This are no bank cards.
1. Call the bank to stop payment (Cards: 0836690808, cheque: 0836683208)
2. Declare the incident at the nearest police station
3. Transmit the police report personally, by fax or by registered letter to the bank
Bank or change office (change offices may have more possibilities to negotiate prices)
Electronic transfers using the interbank network are one of the easiest ways of paying bills and sending or receiving money from abroad.
Post office services are generally less expensive than a bank
French bank : RIB (IBAN)
US bank: Swift number IABA
Others: Name, address and sort code of the bank, beneficiary’s name and account number
Within the €-zone a bank transfer costs the same as a French transfer, if you use the IBAN number
The incoming money stays in its original currency until the holder decides to change it in local currency and to transfer it to his Euro account. Though you can profit from better change rates.
Use of cash dispenser
Cheque with insufficient funds
Closing an account 25-38 €
Changing a bank (savings transfer up to 150€)
Charges vary within the same network
Charges for the current account are usually set prices including bank card, insurance, cheque book and transfers (9€/month)
EDF, telephone, redevance tele : TIP prepared autorisation to withdraw, send out with the bill
Others: standing order (instruction is given to the bank and transfer is to be paid) or direct debit (autorisation given to the organisation to withdraw directly from the account
Depending on risk averness, special services for big clients are available
codevi (limited to 4600€), carnet d’epargne
Assurance Vie : has to be kept for 8 years, then there are no taxes to pay, can be subject of a –tax free- heritage (limited to 150.000€ /child)
PEA plan d’epargne en action : if the account stays untouched for at least 8 years, the benefits are not taxable
Condition for the tax advantage: French contract subscribed by French resident
There is a wide range of different products with fixed or variable interest rates, for consumption or for real estate purposes. The choice is dependent on the client’s situation. Products vary from one bank to another, but only the banker can decide which product fits best to the client’s needs and possibilities. There is for example a totally innovative form of real estate credit, where the credit balance on your current account reduces the balance used to calculate the interest on the loan.
Développement Christophe Arsonnaud - Chris informatique