BANKS AND SAVINGS BANKS	Foreign Exchange Cash Withdrawals PAYMENT BY BANK OR CREDIT CARD RECEIVING MONEY AND SENDING IT ABROAD OPENING A BANK ACCOUNT IN FRANCE

Did you know that it was the Scottish financier John Law who first had the idea of printing paper money to fill the kingdom's coffers which were disastrously empty at the death of Louis XIV? However, savers in 1720 were not yet ready to accept this paper money which they did not consider as safe as gold. So that is why there were economic problems... Today, cheques are increasingly used in place of banknotes pending the introduction, in France as elsewhere, of electronic money for which bank cards are the prototype.

Generally speaking, banks are open from Mondays to Fridays in Paris and from Tuesdays to Saturdays in the suburbs and the provinces (usually from 9am to 5pm, though some branches do stay open at night up to 7pm or 8pm). Take care on days before a public holiday as banks usually close much earlier and in Paris they often take the Friday as well if the holidays falls on a Thursday.

Foreign Exchange

Most bank branches offer foreign exchange services. So do the bureaux de change which you will find inside or near airports and stations (the latter are the only ones which offer more flexible opening hours from 7am to 10pm at most).

You will be able to get French Francs from the counter marked “Change” in exchange for travellers cheques, Eurocheques or your own currency notes).

Some banks have tried to improve the service offered by installing automatic foreign exchange machine . This unusual machine takes two different bank notes for each currency it accepts (Dollars, Pounds Sterling, Lire and Deutsche Marks) and exchanges them for French Francs accurate to within 10 Centimes. There is no limit to the amount exchanged and the fee charged is similar to the one paid for the same operation at a normal bank counter. The same type of international automatic teller now exists at Roissy Airport too (Aérogare No. 1).

Cash Withdrawals

If you have a Visa or Mastercard/Eurocard, you can withdraw up to 3,000 Francs a week by presenting your card and some form of identity:

- either at the counters of banks affiliated to these two international networks, during normal opening hours by presenting your identity card or passport,

- or from an automatic cash dispenser where your type of card is displayed. The main advantage of these machines is that they can be used at any time of the day or night providing they have a stock of notes. This is not always the case at weekends! Either way, you will pay a fee per withdrawal transaction.

PAYMENT BY BANK OR CREDIT CARD

International Bank Cards

A lot of shops and other businesses accept payment by bank card. They are recognisable by the Visa or Mastercard/Eurocard sticker on the door or near the cash register.

The sectors where bank cards are most frequently accepted are petrol service stations, hotels, restaurants and clothes shops.

Credit Cards

Unlike bank cards, credit cards cannot be used to withdraw cash. They can only be used to pay for services (hotels, restaurants, car hire etc…).

RECEIVING MONEY AND SENDING IT ABROAD

International Money Orders

You have decided to stay longer than expected and your French currency and travellers cheques have run out! To get more money, you can ask your family to send some by post using an international money order. In most cases this can also be sent by telegram. On the other hand it cannot be sent by telegram if it is drawn up in Pounds or in Dollars. It is therefore necessary to provide for longer waiting times. The French postal authorities will charge a fee to cash the money order. This commission is, for example, 28.30 Francs for a sum of between 500 Francs and 1000 Francs. You can receive as many money orders as you wish, but, depending on the country, foreign exchange regulations generally lay down a maximum amount per order (£200 for the UK, for example). If you are working in France and you want to transfer money home you might also use the money order system. There is no limit on the amount being sent.

Bank Transfers

This is a practical system and much simpler than money orders if you are going to stay for a certain time in France.

You will receive the money directly from home providing you have a bank account there. First, you will have to open a bank account with a French bank (see below) and then request a transfer by telephone or fax from your bank at home. The transfer will be paid in French Francs into your account in France. The money can be credited to your account in 2 hours if you make the request by fax or at the most within 2 or 3 days.

You can also ask your bank at home to credit your French account on a regular basis (for all these matters, ask for more details from your bank at home prior to your departure).

OPENING A BANK ACCOUNT IN FRANCE

If you are going to stay in France for a long time, and especially if you are going to work in the country, you will have to open an account with a French bank, if only to receive your wages.

There are two possibilities:

• You Are a Non-Resident Foreigner (short stay)
  You can open a special account credited with transfers from abroad under foreign exchange controls (see “Bank Transfers” above).
• You Are a Resident Foreigner (long stay)
  You are free to open an account if you are resident as long as you provide some form of identity and evidence of domicile and of income. However, the manager of any bank branch has full latitude on whether or not to allow you to open an account.
  

Banking Services

Once your account is opened, you are able to use the full range of French banking services:

• you can use a chequebook to make payments,
• you can apply for a national or international bank card,
• you can use standing bankers orders (to pay for electricity or telephone accounts and taxes etc.),
• you can apply to buy foreign currency at preferential commission rates,
• each month you will receive a statement showing all the transactions that have taken place on your account (an abstract is sent for each operation for giro accounts).

Design by : Marc ELOY - Em@ze InfoSystems

Last update : 01/12/96