I'm taking a break from writing about my daily life here in Sedan to re-surface the theme of "Banking in France"
Banking in France
There are many banking options in France.
The banks I'm going to cover are:
La Poste ( yep, you can do everything at the Post Office-banking; phone services-they are a service provider that offers prepaid and no contract plans; and of course, sending your mail)
Open from 9am-12pm, then 2:00pm-4:45pm
To get an appointment: go to the LaPoste and ask for an appointment. It can take up to five or six days to receive your appointment if you go during the weekend. Otherwise, it can be the same week but keep in mind that it depends on the time of the year (beginning of the school year, holidays, etc...) you are attempting to set up your bank account.
To open the account:
Visit the receptionist, the banker will get you at the reception area. He or she will ask you many questions that will inserted into their database (name, salary, when you arrived in France, why are you in France, etc)
Then, the banker will ask you what kind of bank account you wish to open. THERE ARE LOTS OF OPTIONS. If you have no idea, he or she will go over each option with you. I'm going to explain the simplest/most basic account.
For the basic account: you pay a fixed amount every 3 months-10.76 euros every trimester, have no other fees, the carte bancaire and insurance is included in the price.
You will need the following paperwork:
- Proof of housing
- Copy of ID/passport
- Work Contract
- Salary Statement
You do not have to pay to open or close the account
You will receive two very important letters in the mail, one is about
online banking, and the second is your secret code to use your debit
card.
Online banking mail arrived 3 days after opening the bank account. The letter was very straightforward and easy to understand
The second letter arrived one week later and contained the secret code needed to pick up and activate the debit card. The secret code is also the PIN.
ATMs:
Surprisingly enough, there are bank postale ATMs located in every city/town in France. If you use the bank postale ATMs it's free
Regarding other ATMS, there is no fee for the first three withdrawals, after that, it's less than 2.00 euro fee. Be wary when traveling internationally as there are hefty fees when using the ATMS abroad.
Total days: About 7 days (from opening up a bank account to activating your debit card)
LCL (Le Crédit Lyonnais)
Things to note with LCL:
You don't need an appointment to open a bank account, but IF by some chance you do, you can usually get the appointment for the same day or at the very latest, the next day.
In order to open your account you will need these very important documents
- Passport
- Visa
- Proof of housing
- Work Contract
Voila, that simple!
The steps for opening the account are as follows:
When you walk in, head towards the receptionist and say you'd like to open a checking account.
Then, she or he will check something on the computer or call one of the bankers.
Next, a banker will greet you in the lobby and take you to his or her office where he or she will ask you a bunch of questions such as where do you live (both in France and in the States), your social security number, and birth certificate number. This part can be quite laborious as you have to spell everything out letter by letter or in most cases, write everything down then hand the banker the piece of paper. But, if you have a nice banker he or she will offer you some type of beverage such as coffee or tea. Another question he or she will ask you is why you chose this bank. For
most people the answer of "you offer renters insurance for 1 euro" is
most common as you need to obtain renters insurance for any type of accommodation in France.
The questions are part of the online process the banker needed to complete in order to open your bank account.
After all of that, they take your documents and make photocopies of EVERYTHING
Then, the mounds of paperwork begins, you sign what seems like an endless pile of papers, pick which type of bank card you'd like (they offer three). The cheapest is the carte bancaire, it's the no frills card but it works internationally. If you want more info on the carte bancaire, click here:
http://www.cartes-bancaires.com/spip.php?rubrique49
After that, you're done. Congrats you've just completed the steps for opening a checking account with LCL. Now, you get to play the waiting game.
You will receive two very important letters in the mail, one is about online banking, and the second is your secret code to use your debit card.
The first piece of mail you will receive is your online banking information. This letter will include LOTS and LOTS of numbers for account passwords and other useful numbers.
At first, this can be a daunting process because you have no idea what set of numbers belongs to what piece of information the website is asking.
You can log into your account two ways:
The first way- Plugging in your bank account number AND this secret password. Note, it is NOT 4 numbers which is associated with your debit card. It should be a 6 digit number that can be found on the letter you received.
The second way: enter the 2 different
banking numbers that are assigned to your account (given to you when you opened the
account AND the 6 digit secret password)
You must take special care not to lose this paper as you will need the above information EACH time you log into your account.
The second piece of mail you will receive is the debit card letter. This letter states that your debit card has arrived and you can go to the bank and pick it up. Somewhere in the letter will be your PIN. In France, YOU DO NOT CHOOSE YOUR PIN, it is assigned. You will need to memorize this number as every time you visit the ATM, you will prompted for the number.
Steps for activitating your debit card:
Go to an ATM (surprisingly, you don't need to go to an LCL ATM to activate the card, any ATM will suffice)
Insert the card into the ATM, plug in the PIN number that was given to you
Withdraw money
Congrats, you're debit card is now activated and ready to use!
Helpful Info:
You can open the bank account without putting any money into your account
BUT
It
is important that you put in at least 10 euros into your account when
you open it, because you need to withdraw money from the ATM in order to
activate it
The bank is closed from noon to 2:25 on weekdays
It costs 3 euros to open the account
Monthly fees: very low, less than 5 euro a month
Total for opening account: 5.60
Total days: About 10 days (from walking in and opening up a bank account to activating your debit card)
IT IS IMPORTANT TO LIKE YOUR BANKER, YOU WILL BE DEALING WITH THIS PERSON ALWAYS, THEY HANDLE YOUR ACCOUNT. My friend who is with LCL, highly recommends it because of her banker, The banker did a good job at making my friend feel comfortable and made setting up the bank account a smooth process. If you feel that the person can't understand your needs (or accent), do not open the account. You could inadvertently sign-up for things you don't need/be hit with multiple fees. Wait until you find the person that can assist you properly.
BNP Paribas
The paperwork you need is:
- Passport
- Visa
- Proof of housing
- Work Contract
I have personal experience with this bank, as it is the one I chose (mainly, again because it's a partner with BOA and you don't have any fees when you withdraw from partner banks which are located across the world). The day after I arrived in Sedan, I went to open my bank account. Unfortunately, you need an appointment to open an account. The receptionist said the earliest appointment was next Tuesday. After several minutes of negotiation, I was able to receive an appointment for the next day at 11am. Since I'm under 25, they have a special account called "Esprit Libre" in which you don't pay any fees and you get your carte bancaire at a reduced price (in France, you will normally pay for the card, even the most basic-carte bancaire). They will give you a set of RIBs (4 per page, you get 2 pages), which you use EVERYWHERE-from setting up your direct deposit (you handover a RIB to paying for your housing. You will definitely want to make photocopies, especially if you are a language assistant and plan on having two jobs.
After signing a bunch of paperwork, I was ready to open an account. Again, you can open an account without depositing anything into it-but, I prefer to have some money in my account so I know that when my debit card arrives I will be able to stop withdrawing from my US account.
The process was simple, and luckily the banker spoke some English, so if I didn't know the word in French she was able to figure it out and explain it in half English/half French which was nice.
Just as LCL and La Poste, you will receive three documents.
The first piece of mail you will receive is your online banking
information, it includes two pages. Luckily, this letter does not include as many numbers as the LCL letter.
In the middle of the page on the first page, you will see Monsieur, Madame, Mademoiselle YOUR NAME followed by a 10 digit number, this is your account number
On the second page is your secret code, it says code secret: 6 digit number
You will need both these pages in order to log onto your account.
Once logged on, you can view your messages, see your balance, and do online banking.
You also have the option of going paperless
You must take special care not to lose this paper as you will need the above information EACH time you log into your account.
The
second piece of mail you will receive is the debit card letter. This
letter states that your debit card has arrived and you can go to the
bank and pick it up. Somewhere in the letter will be your PIN. In
France, YOU DO NOT CHOOSE YOUR PIN, it is assigned. You will need to
memorize this number as every time you visit the ATM, you will prompted
for the number.
It is free to open the account
The cost getting the carte bancaire is 5.50 euro
You must get insurance for the account which is 1.50 euros
Total for opening account: 7.00 euros
Total days: About 16 days (from walking in and opening up a bank account to activating your debit card, my letter with my PIN got "lost in the mail" so while I had my debit card, I couldn't activate it until I received my PIN) This is very long and abnormal, normally it only takes 5-10 days.