Banking in France ???

andykolo

Does anyone know what the banking system in france in like ??? i have a french partner and we travel maybe 5 to 6 times a year to visit family and holiday. so rather than bring moeny with us use an account there instead. my partner has no idea about the banking system either here or there just so long as she has a card to withdraw money lol ?

Preferable some sort of current account with easy access but if there are other options let me know !!!

newfoundglory

I'd say don't bother getting a french account. We are lucky here in the UK, as there aren't charges for most general banking transactions. I would say you are likely to pay a lot in bank charges for things from withdrawing cash to making payments with a debit card and account maintenance fees if you open a french bank account.

You would be far far better off getting a UK debit and credit card with no foreign usage fees (Nationwide BS on both counts), which means you get some of the best exchange rates around. Or, if you would prefer to keep your money in Euros, consider something like the Citibank Euro account.

newsmonkey

newfoundglory wrote:

I'd say don't bother getting a french account. We are lucky here in the UK, as there aren't charges for most general banking transactions. I would say you are likely to pay a lot in bank charges for things from withdrawing cash to making payments with a debit card and account maintenance fees if you open a french bank account.

You would be far far better off getting a UK debit and credit card with no foreign usage fees (Nationwide BS on both counts), which means you get some of the best exchange rates around. Or, if you would prefer to keep your money in Euros, consider something like the Citibank Euro account.

Opening a French bank account means providing a French correspondence address and some proof of income/status. As newfoundglory suggests, Brits taking their first foray into the wonderful world of French banking will be in for a shock. Opening the account is free, but owning a cashpoint/debit card will set you back about 15€ a year. Then there's monthly account maintenance fees (approx 5€ a month), transfer fees (often you pay to receive foreign transfers as well as to make them). Cash withdrawals are free from machines belonging to your bank; use another machine and it might set you back 1€ a go. Checking your account online may also cost you.

Unless you really need a French account (ie you'll be working in France or doing some sort of business), I'd suggest sticking to something like a Natwest or Lombard Direct card and using that. You'll have to swipe because French chip and PIN is a different sort to that used in the UK (they're updating it soon).

Barter

If you do want a current account in France, we're with La Poste (the post office) & just have a basic set-up, but it is free (or v v cheap if there are any charges); we chose not to have a debit card which would have cost.

On-line management is also free (at present), & there are branches everywhere, down to little villages.

Our UK chip & pin credit card (Nationwide) works with machines in some French supermarkets etc., in others we still have to sign.

Hope this is of some help, Barbara.

jonesMUFCforever

I don't know if this is still true, but I think it used to be the case that if you issued a cheque in France with no funds to meet it, it was deemed to be a criminal offence!
Eric

Barter

Yes, I think this is still the case - certainly there is no provision to go overdrawn; you must always have sufficient funds to cover any cheque you issue.

Thus in France we don't have/need a cheque guarantee card like here.

newsmonkey

There's usually a bit of leighway for the first bounced cheque, but make it a regular thing and you'll become an "interdit bancaire" (blacklisted for any bank account). Certainly best avoided.

Payment by cheque is still quite popular, particularly with old ladies in supermarket queues. Another point worth making: you'll need to provide proof of ID when paying for something by cheque (eg passport/ID card), the number of which is written on the back of the cheque.

carl310166

Have a look here,

http://www.britline.com/g1/index.htm

I applied to open one last year and sent everything off to them.

They returned the lot e.g 3 months pay slips for me and my wife,certified copies of both passports,2 months bank statements etc because they had changed the application form in the meantime.

Why they couldn't have just sent a new form i don't know.

Anyway,i joined MSE before they were returned,so i decided to read the small print/T&C they do seem to charge a lot of fees,so i did not return my new application.

carl310166

To save you looking up the fees,here they are



Practical banking fees *

1. Bank Services

For your information :
click here

Compte Service Equilibre (per month)
5€
Eurocard Mastercard immediate debit card
34€ (second card 17€)
Commission on card payments not in Euros
1.95% + 0.10€
Handling fee - Cash withdrawals outside France
Distributer 0.60% + 1 €
Counter 0.60% + 5 €
Re-issuing confidential code (PIN) for card *
7.20€ *
Bank to bank national French transfer
3.70€
Express bank to bank national French transfer to Notaire
10.17€
Issuing a Bankers Draft (Chèque de Banque)
13.87€
+ secure postal costs 6.86€ France, 27.38€ elsewhere
Stopping a cheque (only possible if lost or stolen) *
12.34€ *
Stopping a card if lost or stolen *
30.00€ *
Stopping a direct debit *
13.59€ *
Telex fee for organised cash withdrawal outside of the Calvados region (maximum of 8000€ per 6 month period)
12.65€
Setting up direct instruction for non-utility company
9.50€
Fee for direct debit payment(other than to a utility company)
1.00€
Various Attestations
10.00€
Inactive account for over 12 months (annual fee)
50.00€
Authorising a payment from overdrawn account
6.90€
(*) : Free if Compte Service Equilibre held.

If any payment is returned unpaid due to lack of funds, various fees are applicable.


2. International Transactions

Incoming

International Transfer in currency of your choice
Handling Fee
Foreign Exchange Commission
***SEE SPECIAL OFFER***

16.74€
+ 0.1% Min 13€
(0% until 30/06/05)
International transfer in euros (within eurozone)
under 12500€ with full IBAN and SWIFT
over 12500€, or without full IBAN and SWIFT

Free
16.74€
International transfer in euros (outside eurozone)
16.74€
Negotiation fee for a foreign cheque
Or Collection fee for a foreign cheque
+ Foreign Exchange commission for cheque

0,1196% Minimum 16.74€
0,1196% Minimum 19,14€
+ 0.1% Minimum 13,00€
Paying in Travellers cheques in Euros
Free
Paying in Travellers cheques not in Euros
1%

Outgoing

International Transfer in currency of your choice
Handling Fee
Foreign Exchange Commission
***SEE SPECIAL OFFER***

0.1196% Min 23.92€
+ 0.1% Min 13€
(0% until 30/06/05)
International transfer in euros (within eurozone) :
under 12500€ with full IBAN and SWIFT
over 12500€ with full IBAN and SWIFT
Any amount without full IBAN and SWIFT

3.70€
14.35€
23.92€
International transfers in Euros (outside the Eurozone )
0,1196% minimum 23.92€

3. Share Accounts
Buy and sell commission on share transactions

1.63% + 6.25€ (with a minimum of 23.75€)
Annual share custody fee
0.25% of the portfolio value + 3.50€ per holding (with a minimum of 23.00€)

newsmonkey

I thoroughly recommend you stay away from Crédit Agricole. Think all that is bad about a British High Street bank and multiply it by about ten.

jonesMUFCforever

Makes me thankful in some ways what we get for free here in UK. I mean a charge everytime you want a reminder pin!!
Eric