Category: Banks

Online Banks, known as Neobanks, make it very easy to open a bank account compared to more traditional banks. You can skip the in-person appointment, carrying a bunch of paperwork with you and struggling with language. Because most online banks are international and most have an option available for you!

What is a Neobank?

A Neobank is a fintech-based financial provider that started appearing from 2014 challenging the banks in existence at the time. They came with apps, real-time bank balances and less paperwork. Neobanks include online banks, internet-based banks, digital and virtual banks. 

Is a Neobank better than a

traditional bank?

This entirely depends on what you need your bank for. To receive payments, make payments and save some money on the side, Neobanks are perfectly sufficient. Some even let you play around on the stock market or buy Bitcoin (Revolut). If however you want to start properly investing or apply for a loan, traditional banks remain your best bet.

Are Neobanks safe?

Yes, however we strongly recommend researching the Neobank you want to join before signing up. Chances are that some people in your circle are using one of them, they may be able to provide feedback and answer your questions.

What are the downsides to

a Neobank?

Downsides include the banks being run in other countries (see our tax article about this), not having a physical point of contact and sometimes not even being able to speak with someone, just text chat via a website or app.

Here are some of the popular online banks with users in France today (that are available in English):

• N26 (English + French + German)
  • Information needed: Gender, Job title and industry, City of birth, Nationality, Tax residency (the country where you pay tax) andTax ID number where you’re a tax resident (optional). The ID verification is super simple: You just need to take a selfie and a photo of your ID document with the N26 app. Click here to find out which nationalities are accepted by N26.
• Revolut (English + French)
  • Information needed: Gender, Job title and industry, City of birth, Nationality, Tax residency (the country where you pay tax) andTax ID number where you’re a tax resident (optional). The ID verification is super simple: You will need to take a picture of a valid government-issued photo ID and a picture of your face. Revolut  may request a copy of your legal right to remain in your country (e.g. visa). Click here to find out which nationalities are accepted by Revolut.

Here are some of the popular online banks with users in France today (only available in French for now):

• MaFrenchBank
• Orange Bank
• Nickel

Most traditional banks also have an online equivalent, the banks listed above are 100% neobanks, for more traditional banks please read our article French Banks and Opening a Bank Account for even more options!

When settling in France, having a bank account is unavoidable. Nowadays it is possible to join both a physical bank or a Neobank, this article covers “old school” banks and the different options available to non-French people settling in France.

Can foreigners open bank accounts

in France?

Depending on your origin, both residents and non-residents originating from the EEA (European Economic Area) have the right to open a bank account in France. People from overseas do not have the automatic right to a bank account and opening one is more difficult. 

Can I have a French bank account

without a French address?

No, this is not possible. To open a traditional bank account you must have a utility bill no older than 3 months, or have an “Attestation d’Hébergement”, a document from the person hosting you proving that you have a residence. 

If you do not have a French address, then exploring options with a Neobank is easier. 

Which is the best bank to use in

France?

It depends entirely on your personal situation and financial needs to decide which bank is best for you. There are some safe options, like the bank operated by the post office which has over 10 million users, or the bank started by farmers in 1984 and is quite popular. In France, there are three types of banks:

Regional Banks:

• Groupe BPCE 
• Crédit Agricole (CA)
• Crédit Mutuel
• Crédit Lyonnais (LCL – owned by CA)

National Banks:

• BNP Paribas
• Crédit Industriel et Commercial (CIC)
• La Banque Postale
• Société Générale
• Groupe Caisse d’épargne
• Groupe Banque Populaire

International Banks:

• HSBC
• Barclays
• Deutsche Bank
• Citi Bank

The largest bank is BNP Paribas, followed by Crédit Agricole, Société Générale, BPCE and then Crédit Mutuel. The bank with the most customers is La Banque Postale. There is a website that helps compare bank costs, only in French for now, but it may be helpful.

How do I get a French bank

account?

With these types of banks, going in person is unavoidable, so you need to find your nearest branch, take the documents required and visit when the bank is open. Depending on your nationality, documents and status, you could open your bank account then and there. Click here for the article on how to Open a French Bank Account.

Is it difficult to open a French bank

account?

It’s easier if the bank speaks your language (if you’re not proficient in French) and if you have the required documents. While most international banks have language options, Crédit Agricole has an English-speaking hotline, and some regional branches of the Banque Populaire also offer English as an option.

Do I need a French bank account?

No, not necessarily. Depending on your origin, having an account, say, in Europe could be enough to make online payments and receive a salary. If you however are an American citizen it’s probably easier to open a French account, at least with an international bank. If you wish to buy property or take out a loan with a French bank, you must have a French bank account.