French it UP: Sort Out Bank Stuff

One of the biggest obstacles when living in France is sorting out bank matters. Especially for those of you who won't be studying in Paris, dealing with all the bank stuff could be very tough as staff could barely speak English. From opening a bank account, stopping your lost bank card (or carte bleue) to reporting a fraud, students face great challenges as they don't know how to do it, even for those who have been learning French for a long time!

Therefore, for this blog post, we are going to look into 4 potential situations (touch wood that you will not come across some of those!) when you interact with local bank staff.

Example 1 - Open a bank account

Example 2 - In case of a fraud

Example 3 - In case you lose your card

Example 4 - Close a bank account

Phew! I know there is a lot of information and I hope the dialogues will be of use if you encounter the above scenario(s). I bet you have dozens of questions and enquiries after the reading the blog post. I come up with 4 most common questions

Question 1: Is it difficult to set up a bank account?

Answer 1: Compared to the UK and HK, setting up an account in France can be time-consuming. So if you plan to study abroad for only 1 semester, don't bother set up a bank account! Instead, bring cash with you!

Closing the bank account is also troublesome. Make sure you reserve enough time to close it. I advise you to make an appointment with your branch manager around 3 weeks in advance before you leave.

Question 2: What is RIB?

Answer 2: RIB stands for 'relevé d’identité bancaire' or bank identity statement. You can find all your bank details, i.e. IBAN, name of the account holder (titulaire) and address (domiciliation) on this piece of paper. The address you provide should be your address in France, i.e. term address. You need it for applying for a mobile phone plan, accommodation rent and various other matters.

Question 3: Which banks are exchange student-friendly?

Answer 3: I would suggest Société Générale (SG) and BNP Paribas. During my exchange in Toulouse, I banked with SG and it was easy to set up. I managed to have my account set up within a week and got my Internet banking sorted by the following week. I was told that BNP Paribas was also exchange student-friendly. Beware, make sure your bank manager knows you are a student!

If not, you might be asked to pay for a card fees, which is a common practice in France! I do not suggest people to bank with HSBC France as I think it's too difficult for exchange students to set up, unless your parents are Premier account holders.

Question 4: Should I have a back-up bank account?

Answer 4: Yes! I was quite unlucky during the beginning of this year, my card was stolen and my account was hacked. Fortunately, I had a back-up account, which allowed my parents to transfer to my back-up account. I could not imagine what I could do if I did not have the back-up account...

That's all for today! If you want to know more about money related topics, feel free to check out my another article, $$ How to Plan and Manage Your Erasmus Exchange Budget $$ , posted on the University of Glasgow Go Abroad blog.

À la prochaine fois!

Shiuology