What do you know about opening a bank account in France to send money to Pakistan or another country? This article will walk you through the banking system being practised in France. It will also talk about the process of opening a bank account in France along with the requirements.
People from around the world go to France primarily for tourism purposes and also to seek employment. From there, these expatriates send money online to the respective countries they hail from. They prefer online money transfer companies with global repute, such as ACE Money Transfer. The basic reason is the service quality ACE offers and that transferring through banks costs the sender heavily in terms of service charges. We will peep inside the details shortly.
There are three types of bank accounts in France. These are explained below.
Current account:- It is called ‘Compte Courant’ in the local language. It is the most commonly used bank account. Through this account, you can run your daily financial matters easily e.g. money transfer to Pakistan.
Savings account:- It is called ‘Livret’ in the local language. It is a savings account but allows you to transact money from your account. It is mostly used for savings and interest rates. Another option within this type of account is called ‘Livret A’. It is a tax-free account with more restrictions.
Long-term savings account:- It is called ‘Compte a Terme or Compte d’Epargne Logement’ in the local language. In this account type, the holder gets higher interest rates, but funds cannot be accessed easily for the term money is fixed.
Documents needed:- The documents required to open a bank account in France will vary from bank to bank, but the following are the most sought-after documents. It is important to keep in mind that certain banks will require you to have all your documents translated into French by a native translator and verified by an apostille stamp. Here are the required documents.
- Identity proof such as a passport or any other valid photo identity;
- Residence proof such as a utility bill not older than three months;
- Status proof such as an employment card in case you are an employee or a student ID in case you are a student;
- Earning evidence such as your employment contract; and
- Permit of residence.
Choosing a bank in France:- There are many options to choose from when it comes to banking in France. You must do some research and weigh services offered by different banks in France. While doing so, you must bear the following factors in mind.
Opening conditions:- It will include the volume of the initial deposit and upper withdrawal limits on your debit card. Just like money transfer companies have terms and conditions for online money transfer to Pakistan.
Fees:- It includes the services charges, their volume, and whether they are charged monthly or annually.
Services:- It will include the kind of services you will have from a particular bank.
Age-specific accounts:- Also, check if the concerned bank offers accounts for different sets of age and the benefits such as interest rates if you are between 18 to 24 years of age.
Account opening:- Account opening in France is as simple as hopping into any bank of your choice, approaching the relevant desk, presenting the required documents, and placing your application. Of course, every bank takes a few days to process the application, and you will have to wait for this time.
Popular banks in France:- Popular French banks include: BNP Paribas; Societe Generale; Credit Agricole; La Banque Postale; Banque Populaire and LCL.
Who can open an account: In France, anyone can easily open a bank account in any of the banks listed above, provided they have all the required documents.
Conclusion:- From all of the above, we can arrive at a conclusion that in France, opening a bank account is easy and convenient. The process is easy, documentation is simple, and banks are aplenty. What you require is to do your homework and study the services and fees structures of different banks thoroughly. It will consume your time, but the benefit will be many, including that you will end up securing the services of the best bank in France. Using your bank account, you can send money to Pakistan online through your mobile application.