Opening a French Bank Account from the US 1

Opening a French Bank Account from the US

Opening a French Bank Account in the U.S.

Why Do You Need a French Bank Account?

You’ll need a French bank account if you’re moving to France. It’s essential for paying bills and getting services like internet and phone, but it can be tricky for Americans to open one.

The Big Problem: FATCA

FATCA is a U.S. that makes it difficult for Americans to open foreign bank accounts. Many don’t want to deal with it because it means extra paperwork for banks.

My Journey to Get a French Bank Account

I tried to open an account online from the U.S., but it didn’t work. Then I called HSBC. They wanted me to open a U.S. account with $50,000 in it. That was too much!

My realtor in France tried to help. She set up an account for me at Crédit Agricole. But when they found out I was American, they said no.

The Catch-22

You need a French bank account to buy or rent a home in France. But to get a bank account, you need a French address. It’s a tricky situation!

How I Got Around It?

I used Moneycorp to convert my dollars to euros, which helped me buy my house without a French bank account.

After I bought the house, I received a paper stating that I owned it. This paper helped me open a bank account later.

Trying Online Banks

I tried online banks like Revolut and Bunq, but they didn’t work out. Revolut was still based in America, and Bunq was in the Netherlands. I needed a French bank.

Back to Regular Banks

I decided to try regular banks again. In France, you need an appointment to open an account. I went to Banque Populaire. They said they could help Americans.

My Bank Appointment

A week later, I met with David at the bank. He was friendly and spoke some English. We talked for two and a half hours! I learned a lot about French banking.

What did I learn?

French banking is different from American banking. For example, you can’t bounce checks in France. It’s against the law!

Why I Like My French Bank?

My French bank is easier to use than my American bank. I can email David if I have a question, and he answers questions.

I will answer it by Opening a French Bank Account.

Please don’t listen to people who say it’s too hard. Just go to a bank in France and ask. Be sure to say you’re American right away.

What You Need to Open an Account?

To open a French bank account, you usually need:

  • Proof of who you are (like a passport)
  • Proof of where you live in France
  • Proof of how much money you make

Some banks might ask for more papers.

Other Options: Wise and Revolut

If you’re not in France yet, you might want to try Wise or Revolut. These are online money services. You can open an account with them using your U.S. address.

Comparing Different Banks

Here’s a quick look at some banks and services:

  1. Wise:
    • Works with lots of money types
    • You can open it before you go to France
    • No monthly fee
  2. Revolut:
    • Works with many money types
    • You can open it before you go to France
    • Has free and paid plans
  3. N26:
    • It only works with euros
    • It would be best if you lived in Europe to open it
    • Has free and paid plans
  4. HSBC:
    • It only works with euros
    • You need a French address to open it
    • It has a monthly fee

Costs of French Bank Accounts

Opening a bank account in France is usually free. But you might have to put some money into it when you start.

Some accounts have monthly or yearly fees. There might also be fees for using your account. Check all the fees before you choose a bank.

Sending Money Between Countries

If you move to France, you might need to move money between dollars and euros. This can be expensive. Here are some tips to save money:

  1. Check the exchange rate. Make sure it’s fair.
  2. Look at all the fees.
  3. See if there are extra fees for sending money internationally.

Wrapping Up

Getting a French bank account can be challenging if you’re American. Most French banks want you to have a French address.

If you can’t get a regular French bank account, try Wise or Revolut. You can open these accounts using your U.S. address. They give you a way to use euros before you move to France.

Remember, banking in France differs from that in the U.S. Take time to learn the rules. And don’t be afraid to ask for help!