Whether you are resident in France, buying a second home or intending to relocate in the future, life will be much easier if you have a French bank account, particularly if you are hoping to take out a loan or mortgage. We chatted to the Banque Populaire in Céret, who gave us the following useful tips to guide you through the forest of paperwork and acronyms of the French banking system.
☛ Personal identification (an identity card or passport)
☛ Proof of your address in France (utility bill, rental or sales agreement dating back less than three months)
☛ Written proof of income or earnings
There are a lot of forms to fill in (this IS France!) so try to call in to your chosen bank and open your account in person if possible. The Banque Populaire will provide you with an English speaker to take you through the paperwork and fill in the application form (called a mandate), as will many other banks, most of whom are very interested in attracting foreign custom.
RIB: Relevé d’Identité Bancaire
When you open your bank account, you will be given several copies of a RIB (Relevé d’Identité Bancaire) which provides all your account and bank details – account number, (numéro de compte) code guichet (sort code)…. .
The RIB is similar to an IBAN in English and will be required by anyone who will be sending you funds, or taking utility payments from your account.
RIBs are also provided in your cheque book and are available at bank cash points
Utility services such as EDF or telecom will automatically send you a direct debit form (prélèvement automatique) with your first bill. Send this back to them signed and dated with a RIB.
You will be asked for your RIB when setting up monthly payments or receiving regular amounts into your bank. A RIB helps you to ensure that your account details are passed on correctly and mistakes are not made in the filling in of transfer requests.
TIP (titre interbancaire de paiement).
This is the detachable payment slip at the bottom of bills received, where you do not already have a regular direct debit or standing order set up. It is quite simply a one-off permission slip authorising the service provider to debit your account with the sum requested and will usually already be printed out with your account details. (If not enclose a RIB when sending back). Of course, if you are not resident, the easiest option is to set up a direct debit (prélèvement automatique) so that you do not have to worry about sending the payment slip back every month and ultimately risk being cut off if the payment does not arrive.
Set up a ‘virement permanent’ for making regular payments of the same sum and a ‘prélèvement automatique’ for paying bills which vary in amount. Both are easily set up by sending your RIB to the party concerned who will then pass it on to the bank.
SOME USEFUL VOCAB
|Carnet de chèques/Chéquier||cheque book|
|Compte courant||current account|
|Compte d’épargne||savings account|
|Cryptogramme||Security code on a credit card (last 3 digits on back side)|
|Distributeurs (automatiques de billets) DAB||cash point (get statements, RIBs, put in cheques and cash…..)|
|Faire opposition||stop a payment order|
|IBAN||International Bank Account Number|
|Prélèvement automatique ||Direct debit|
|Procuration||Power of attorney|
|Relevé de compte||statement of account|
|Relevé d’Identité Bancaire (RIB)||Bank account identifier codes|
|Retirer (de l’argent)||Withdrawal of funds|
|Taux||Rate of interest|
|Taux de change||Exchange rate|
|Virement bancaire||Bank transfer/Direct deposit|