Paris Campus

Opening a bank account

Students staying in France for more than 3 months are advised to open a bank account. Students staying for less than 3 months may open an account at a savings bank (Caisse d’Epargne) or at the Post Office (La Poste). The savings banks have a large network of branches and most post offices have a banking service. Savings bank and post office accounts are managed in exactly the same way as accounts at commercial banks.

To open a bank account, students need to show the 3 following documents:

• Valid passport
• Carte de Séjour
• Proof of address: telephone or electricity bill, rent receipt, “certificat d’hébergement” (official document stating that you are staying with a private resident, obtained by your French host from the local townhall “mairie”), etc.

Approximately 10 days after opening the account, students receive a chequebook and/or a credit card. Chequebooks are usually free of charge. Credit cards, which are valid for two years, cost between € 15,24 to 30,50 per year, depending on the bank and the type of card.

While opening an account, students may be offered an overdraft facility. Overdrafts can be expensive: when your account balance is negative, the bank charges you interest. If you exceed your authorized overdraft limit, you risk withdrawal of cheque and credit card facilities (“interdiction bancaire”). This means that students have to pay their expenses in cash, including bills, rent and all purchases. If your chequebook is lost or stolen, contact your bank branch during working hours to make a stop-payment order (“opposition”). Outside working hours, you will need to call the lost and stolen cheque service at the Banque de France (08 36 68 32 08) and give them your bank account number to register a stop-payment order. Opening a bank account is generally free of charge, though some services (like a stop-payment order if your chequebook or credit card is lost or stolen) carry fees. Some banks also charge for closing an account.

Credit cards

NOTE: European credit cards generally work with an embedded chip, which American cards typically don’t have. Please be advised that if you have an American-issued credit card it may not work at some establishments or ATMs, etc. and these facilities may not have the ability to accept the American credit card transaction. This shouldn’t be a major problem in Paris but in all cases students are advised to obtain a credit card issued in France to avoid any potential inconveniences in France or Europe generally.

With any valid credit card, you can withdraw cash from any automated teller machine (ATM) at any bank, savings bank or post office (not necessarily the bank where you have your account). ATMs are open 24 hours a day and take several types of credit card (Visa, Eurocard, etc.). Most shops accept payment by credit card for purchases above a minimum amount (usually € 15). There is usually a minimum purchase amount for cheques, too, but this may be lower, at € 8). Each shop has its own policy on this – there are no fixed rules.

If you have an international credit card, you can use it in most European countries, including France. You can also use your credit card to make phone calls from selected public telephone booths: the cost of the call is debited automatically from your bank account. If your credit card is lost or stolen, call the 24-hour telephone number (given to you when you receive your card and indicated on all ATMs) to make a stop-payment order. This will normally prevent anyone from using your card. However, you should confirm the stop payment order in writing at your bank.

Opening hours

Banks are normally open Monday to Friday from 9am until 4pm (5pm at some branches). Some banks are open on Saturday mornings or all day Saturday, in which case they are closed on Monday.

Miscellaneous:

Chase Manhattan, First National City and other American Banks are in Paris. Check to see if your bank has a French branch. Students can exchange money at the Paris airports, train stations, most of the banks and offices of American Express, Barclays, Thomas Cook; as well as currency exchange offices all over Paris