After living in France for over 1.5 years, it was about time for me to open a bank account. I have been delaying this out of pure laziness. All the money I make goes into my US bank account and then I transfer it to my husband’s French account here using xe.com. Transfers from the USA to France is free and I get better rates than with a bank. I used his ATM card to withdraw money as needed.
This was a great system until I started my auto-entrepreneur business in France and am registered with social security. If my husband ever gets audited, it would look like he is not declaring all of his income when it is actually my income going into his account. So to avoid any confusion, we went to his bank to open an account for me.
When opening this account, I was shocked by several things…
- There is no such thing as a free checking account.
- I can only spend up to 1,000 euros at a time, or 5,000 euros per month (I must call if I want to spend more).
- I have to pay monthly to have a debit card.
- I need to pay monthly for insurance to protect myself in case of fraud or losing my card.
- Cost to replace my debit card is 35 euros (free if I have insurance).
- I can overdraw my account without a fee for up to 70 euros (more if I chose a more expensive account).
- I cannot choose my pin for my debit card.
My US bank account has no monthly fees, I can spend whatever I want as long as the money is in my account, if my card is stolen then I do not pay for fraudulent transactions and they replace lost/stolen cards for free. Without adding insurance, if someone stole my card and went on a shopping spree then I would be completely responsible for the money lost. The bank would not reverse those transactions. And if I lose my card, I would have to pay 35 euros to get a new one. Or, if I decided to buy a new computer for 1,500 euros then I would have to call my bank to allow the transaction to go through. Imagine that! I need permission to spend my own money.
The first time I went to the bank with my husband and found all of this out, I could not sign the contract to open this account. I had to go outside and breathe. We returned several weeks later when the shock wore off. I was afraid I was going with an expensive bank but later found out that it is the same with all major banks. I need a bank account here so I will have to start paying monthly and getting use to all these limitations
I received my login and password to enter my account online. I also went back to the bank a week later to pick up my debit card. Now I just need to take a deep breathe and relax each month when I see those darn monthly charges on my bank statements.
In a few weeks, I will return to add a savings account. I just need a little time to prepare myself for that visit!
I feel your pain! I moved to France a few months ago and found dealing with banks very draining. I was able to open an account, but was not given a bank card or cheque book because I don’t have a residency card (I applied 3 months ago and still don’t have one, but that’s another story). I need to go into a branch each time to withdraw money although last time I went in, I was told that to avoid fradulant transactions I had to have a cheque or bank card to withdraw money. My French is not good enough to explain the situation, and now I have to ask someone to help me because the bank has changed the rules. My time in France has been quite difficult so far…
Oh wow! Stories like yours is the reason why I put off opening an account for so long. Good luck getting it straightened out!
I moved to France in October and had to open a bank account straight away so I could get my Internet connection up and running. Running a business online means it’s essential. I also went with Credit Agricole and was surprised about the charges. I opened a savings account too, that’s free so don’t worry about that. I also have a business account, the only thing I paid for when opening that a few weeks later was something similar to public liability insurance.
It’s not like this in the UK, or in the US by the sounds of it…
Welcome to France! I am glad to hear about the savings account. I am planning on opening one this week. I understand completely about having an internet connection… I would be out of work if I did not have it as well.
Recap: Detroit girl married to a Corsican living in Cassis with our 4 yr old son (born in Marseille)!
Still now to this day, I do not and can not understand the banking rules…in particular…not being able to spend as much of MY money as I want….hmmm…. I’ve been here for years, my French is perfect…and I still don’t get it. Bonkers!
There are other things…but the quality of living is so high you grin & bear it…
Hoever, one would think that the #1 country for tourism’s toll booths (péages) would accept American credit cards… You arrive at the airport, you rent a car (many comments could be made on the car alone), eventually you come to a toll booth…who’s got the change handy? There is now a line of cars stopped behind you. Bienvenue en France les touristes!
I had no idea about the toll booths! I am lucky that I never tried yet with an American card.
I went past Cassis once by boat – it is gorgeous there! Do you enjoy living there? We hope to move along the coast one day, but are enjoying the mountain views for now.