🔎 Recap
No time to read it all? Here’s what you need to know to choose the right bank as an international student in France.
Online banks: Ideal for short stays (< 1 year). Online banks like N26, Bunq and Wise are perfect if you're staying in France for less than a year. They're quick to open, offer free accounts, and provide multilingual customer support.
Traditional banks: Best for longer stays or specific needs. If you plan to stay longer or need additional services like student loans, traditional banks like BNP Paribas are a better choice. These banks offer comprehensive banking services and physical branch locations.
Account opening timeframe: Online banks usually open accounts within 24 to 48 hours. Traditional banks may take up to a week as they typically require an in-person visit.
Banking fees: Online banks offer free accounts (0€/month), ideal for students. Traditional banks charge annual fees between €25 and €100, depending on chosen services.
Introduction
Planning to study in France? Opening a French bank account will be one of your first essential steps! Whether it's for paying rent, transferring currencies, or handling daily expenses (transportation, subscriptions, groceries), having a French IBAN will make your life much easier.
In this guide, we explain why opening a French bank account should be a priority on your checklist, the best options for international students, and how to easily open (and close) your account in France.
Ready? Let's dive in! 😊
5 Great Reasons to Open a Bank Account for Your Studies in France
1️⃣ Essential for Administrative Tasks
In France, a local IBAN is frequently required for administrative procedures. For example, CAF requires a French bank account to pay your housing allowance (APL). Likewise, medical expense reimbursements from Ameli are faster with a French account. Overall, it simplifies your interactions with French administration.
2️⃣ Needed to Subscribe to Essential Services
Having a local account makes it easier to subscribe to essential services such as mobile phone plans, internet, electricity, and home insurance.
3️⃣ Necessary for Working in France
Planning to work part-time, do an internship, or participate in a work-study program? A French IBAN will be required by your employer to pay your salary.
4️⃣ Simplifies Paying Rent
Most landlords prefer payment via bank transfer (cash payments are uncommon). A French account helps avoid issues with international transfers.
5️⃣ Lower Fees for Transfers and Currency Exchange
A local account significantly reduces fees for international transfers and currency exchanges, helping you manage your budget and avoid unexpected costs.
Start planning your stay in France with the Student Hub 🙌
Banking Options for International Students in France
Online Banks
- N26: Great for short stays, offering a French IBAN, 100% mobile management, and no monthly fees.
- Wise: Ideal if you regularly handle currency exchanges. Wise offers competitive exchange rates with a multi-currency online account. You can easily obtain a European IBAN and enjoy excellent conversion rates to Euros. If later you need a French IBAN, you can transfer funds from Wise to N26 without fees.
Other online banks worth considering are Revolut and Bunq.
Traditional Banks
If you plan to stay in France longer than one year or need additional services like student loans, traditional banks are usually better.
- BNP Paribas: Notable for its English-language website, helpful if you're still learning French.
- Crédit Agricole and Société Générale: Both reliable options with extensive branch networks.
Our Recommendations
- For European Students: Choose N26 for simplicity and low fees, or BNP Paribas if you prefer traditional banking services.
- For Non-European Students: Opt for Wise for easy currency exchange, N26 for daily convenience, or BNP Paribas if you require more comprehensive banking services.
Opening Your Bank Account in France: Eligibility, Timeline & Costs
N26
- Eligibility: 18+, residing in a country where N26 operates, compatible smartphone.
- Process: Download the app, provide your details, verify your identity.
- Timeline: Account ready within 24-48 hours.
Wise
- Eligibility: Similar to N26; must be 18+ and have a residency permit in France.
- Process: Identity verification via app, proof of residency required.
- Timeline: Account active in 24-48 hours.
BNP Paribas
- Eligibility: Resident in France, valid ID, and proof of address.
- Process: Electronic signature or initial deposit (€20-€300 for students).
- Timeline: 3-7 working days.
How to Close Your Bank Account
To close your account, contact your bank directly (online or at the branch). Ensure you transfer remaining funds and cancel any automatic payments to avoid additional fees.
Conclusion
Opening a bank account is crucial for a smooth start to your life in France. Whichever you choose, it'll support you throughout your stay. If you're still unsure, check out our detailed comparisons and chat with fellow international students to find your best fit!
