10 Shocking Truths About French Banking: My Personal Experience
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Published 2024-06-07
📌 Sneak Peek: A Hidden Paradise At the beginning of this vlog, I share a few glimpses of a truly secret and special location that I've discovered. It's a hidden paradise, off all the charts and radars. I'm saving the full tour for my next full-length video series, but I couldn't resist giving you a sneak peek!
💶 10 Things That Shocked Me About My French Bank Account France's banking system can be quite a surprise for those used to the U.S. system. Here are ten things that caught me off guard:
1. Daily, Weekly, and Monthly Spending Limits: Exceptions can be requested but aren't often permanent and can take a while to process.
2. Low Weekly ATM Limits: Withdrawals are limited, so plan accordingly.
3. Franchise-like Branches: Each branch operates somewhat independently, even if it's part of a nationwide bank.
4. Joint Accounts: Accounts need to be in both names with 'OR' not 'AND'.
5. Credit Cards: Practically non-existent here.
6. Purchase Approvals: Almost every online purchase requires approval within the banking app.
7. Maximum Online Transfers: There are limits on the amount you can transfer online.
8. Bank Representative Control: Your bank representative has significant control over your account.
9. International Transfer Limits: NEW: The maximum amount you can transfer into France is $8K at a time.
10. Account Closure: The bank can close your account at any time, with a minimum of two months' notice, and doesn't have to justify their decision.
🔍 Bonus Tip: Closing an Account To close an account, you need to send a registered letter and return all debit cards and unused checks. The bank can take up to thirty days to process your request.
💡 Why You Might Need a French Bank Account:
* Buying a house or car
* Renting (landlords may require funds in a French account)
* Checkbook usage
* Operating a business
* Making local payments
* Paying taxes or utility bills
* Registering your Carte Vitale
🔧 My Four Solutions and Workarounds:
1. Use Checks: Whenever possible, use checks to pay artisans.
2. Keep Cash on Hand: Always have some cash available.
3. US-Based Credit Card: Maintain a credit card based in the United States.
4. Wise Accounts: Consider a Wise debit card. Some people also use N26 or Revolut, but be mindful of exchange rates, which are often not favorable.
📅 Stay Tuned! Don't forget to like, comment, and subscribe for more insights and updates. Your support means the world to me, and I love hearing your thoughts and experiences.
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All Comments (12)
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Can’t believe how great your info on the French banking system is! Love, love what you are giving us — thank you! (But don’t share your special place on the Internet, please! It only takes 1 person to post all about it, and then tourists and tours appear…😡. You give us so much, keep your special place for yourself)!
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Wow! That just sounds so archaic. I absolutely cannot recall the last time I wrote a cheque. 🇨🇦
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In Canada we have the same set up. Bank accounts that are set up as "and', require all account owners to sign off transactions. If one passes away you need to wait until the estate is settled. That's why it's important to have at least one, two or all accounts joint as 'or'. Another tip, don't let the bank know that one of the parties has passed away until you withdraw the money in an 'or' situation. Once the bank is advised of a death they freeze the account until the estate is settled to eliminate disputes.
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Really interesting post. Thanks for the information!
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Wow! So much red tape! Thank you for sharing this information. It’s good to know what one is up against if considering moving to France. Also, I love your blouse. What brand is it? I would like to purchase one for myself.
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Have you been to either Portiers or Nevers? My ancestors came from those towns and I hope to visit some day.
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That’s interesting. Do some US ex-pats decide to keep their American bank as a primary for getting their money when needed in addition to a French bank for the things that require a French bank?
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Wow it’s kind of a drawback for wanting to live there ☹️
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Chère amie, vous devez sûrement disposer d’une carte assez basique pour ne pouvoir retirer que 300€ par semaine dans les banques françaises… Choisissez une carte Premium ou Gold et vous pourrez retirer plusieurs milliers d’euros par semaine. Belle vie en France !
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Wow!! Great information but horrifying! Talk about controlling people...sounds like communism! I love Europe but this sounds impossible especially if you're moving there as you stated and running a business. Unfortunately, even simple things like AC, a washer, dryer and dishwasher are still considered luxuries in most of Europe in 2024! I have been searching for a rental for this summer but it's difficult. Thanks for the great info..may have to reconsider my move. Santé 🥂
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Can’t believe how great your info on the French banking system is! Love, love what you are giving us — thank you! (But don’t share your special place on the Internet, please! It only takes 1 person to post all about it, and then tourists and tours appear…😡. You give us so much, keep your special place for yourself)!
