Banking in France — open an account, set up prélèvements, and get a RIB

Pick a bank: online, high-street, or both

Online banks (Boursorama Banque — owned by Société Générale and consistently rated cheapest, Hello bank! — BNP, Fortuneo — Crédit Mutuel Arkéa, Revolut, N26) open free Spanish-IBAN accounts in 1–7 days from a passport, proof of address, and a video-ident or e-signature flow. Most charge no monthly fee for active accounts; some (Boursorama Welcome) require a minimum monthly inflow.

High-street banks (BNP Paribas, Société Générale, Crédit Agricole, La Banque Postale, plus the mutuelles Banque Populaire and Caisse d'Epargne) have the densest branch network and remain the standard choice for mortgages, business accounts, and complex needs. Monthly fees of €5–10 for a basic checking account; bring your titre de séjour, proof of address, and a RIB-of-a-previous-account to the appointment.

A common newcomer pattern: online bank for the daily salary and routine spending, plus a high-street relationship for mortgage application, complex products, or in-person service. Many French households operate this combination.

The RIB — France's domestic identity document for an account

A RIB (Relevé d'Identité Bancaire) is a small piece of paper or PDF that lists your account holder name, IBAN, BIC code, and the bank's name. You hand it to anyone setting up a payment to you: employer for salary, landlord for rent receipts, utility company for prélèvement, government agency for benefits.

Once your account is open, generate a RIB from inside your bank's app or download a PDF copy. Most digital onboarding flows already include the RIB in the welcome email. The IBAN is the international form (FR + 25 digits); domestic French systems use it interchangeably with the RIB document.

Prélèvement automatique — automatic bill payment

Prélèvement automatique is the French SEPA Direct Debit. Most utilities (EDF, Engie, water), internet (Orange, Free, SFR, Bouygues), gym memberships, insurance, and many subscriptions are pulled from your account monthly. Banks legally guarantee an 8-week refund window if a company takes the wrong amount.

Setting up prélèvement is the single biggest time saver in your first month. Each company provides a SEPA mandate form (mandat SEPA) at signup; bring your RIB. For one-off payments and rent to private landlords, virements (manual transfers, instant or 1-day SEPA) are the alternative.

Cash and the surviving role of cheques

France retains a strong cheque tradition by international standards — about 6% of payments by volume (more than the rest of Europe combined). Many landlords, schools, after-school activities, sports clubs, and contractors still prefer cheques. Most bank accounts include a chequebook free; order one in your first weeks.

Cash is also still common at small bakeries, cafés, market stalls, and some restaurants. Card minimums (€10–15) are common at small shops. Carry €20–50 of cash everywhere. ATMs (distributeur automatique de billets) are dense in cities and free at your own bank's network; most banks let you withdraw cash from any French ATM up to a daily limit.

Livret A and the regulated savings ecosystem

France has a uniquely generous regulated-savings system. The Livret A is a state-backed tax-free savings account paying 3.0% (2025) — interest fully exempt from income tax and social contributions, capped at €22,950. Every adult and minor can hold one (one per person nationwide). Open it at any bank in 5 minutes; it is the right home for emergency funds.

Other regulated accounts: LDDS (Livret de Développement Durable et Solidaire, similar rate, €12,000 cap), LEP (Livret d'Épargne Populaire, higher rate ~5%, means-tested, €10,000 cap), Plan Epargne Logement (PEL — for future home purchases), and the PEA (Plan d'Epargne en Actions, tax-advantaged equity wrapper after 5 years). The PEA is the closest French equivalent to a UK ISA or US Roth IRA.

PEA — the French equity wrapper

The Plan d'Epargne en Actions (PEA) is a tax-advantaged investment account: hold for 5+ years and capital gains and dividends are exempt from income tax (only 17.2% of social contributions remain). Annual contribution limit is €150,000. Eligible investments are mostly EU stocks and ETFs holding EU equities; non-EU stocks (US, UK) are not directly eligible but EU-domiciled ETFs holding US/world stocks are.

The best PEA brokers for cost are Bourse Direct, Fortuneo, Boursorama, and BforBank — typical commissions are €1.50–7.00 per trade depending on volume. Compared to a regular brokerage account (compte-titres ordinaire) where capital gains are taxed at 30% flat, the PEA saves a meaningful percentage on long-term investing. Open one early: the 5-year tax clock starts from the first deposit.

Fraud reporting and security

The most common fraud vectors in France: phishing emails impersonating banks, fake delivery notifications (Chronopost, Colissimo), Vinted-style fake-buyer scams, and "PCS coupon / Transcash" pressure scams. Real banks and government agencies never ask for your password, never call asking for codes, and never instruct you to "make a verification transfer".

If you suspect fraud: lock your card immediately via your bank's app, call the bank's 24-hour line, and file a plainte at any police station or via the THESEE online portal for cybercrime. The €0 cap on consumer card fraud and 30-day cap on prélèvement disputes mean banks reverse most genuine fraud entirely.