1. Introduction to Banking in France

Whether you are buying a second home in France, or you are relocating on a permanent basis, it is unlikely you will be able to manage properly without opening a French bank account.

Historically, French banks have had a poor reputation amongst the French.

In 2004 they were heavily fined because of complicity in fixing rates, and consumer groups in France are constantly waging a war against the level secrecy, unfair contracts and service charges.

These criticisms are often justified but, a pattern of increasing charges is happening throughout the world, so it is perhaps no surprise that French banks are no exception to this trend.

There is also a high level of consumer protection in France and their banks are amongst the strongest financial institutions in the world.

Moreover, some major legislative changes were made in 2005 and 2008 in opening up the right to more information, reducing some charges and introducing greater liberalization.

If you are looking to take out a home loan on your French property at some stage, or to retire to the country, then it may be best that you establish your credentials with a French bank by opening an account.

If you become a resident in France you can also gain access to government regulated bank saving schemes, which grant exemption from tax and social security contributions on interest earned.