Use InvestFrance.com to Learn All About France Banking System

InvestFrance.com offers articles and fact regarding the French economy, all meant to assist foreign investors. In case you choose to purchase a property in France you should have a general knowledge of France's banking system. The country has an extremely efficient system of banking, although keep in mind that you will have more paperwork and waiting to do than in the UK, mainly when applying for a mortgage or other loan request.

French Bank and Their Dealing with Frauds

French banks use specific methods to reduce frauds and heavy debts. France's banking system issue only Visa and MasterCard debit cards for an annual fee of approximately 33 Euros and credit cards are not extensively available, like in the UK, for instance. In addition, payments via debit card can be made in one payment at the end of each month rather than on the spot. On top of that, a pin code is required with each over the counter card transaction. These means cut down effectively credit card debt and fraud troubles.

Common Credit Cards in France

The main French commercial banks, example of Societe Generale, Credit Lyonnais, BNP Paribas, Credit Agricole, le Groupe CIC and Credit Commercial de France, are being positioned among the major banks in the world. Societe Generale is a favorite amongst foreign investors applying for mortgages and seems to involve a little less paperwork than the others.

French Banks and Mortgage

As a foreign investor, France banking system can usually provide you with 100% with interest rates up to 4% and no more. Therefore a French mortgage is being an incredibly appealing option to a lot of investors. Fixed rate kinds of mortgage can be obtained for long periods of time only of between 10 and 20 years. The upper limit of a French mortgage is 20 years or up to the age of 70, whichever is sooner.

Opening a Bank Account in France

In order to open a bank account in France you'll need:

• Passport or a residence permit


• Proof of valid residence address in France


• Proof of earnings for the purpose of making a decision upon your overdraft limit

Keep in mind that online banking is extremely popular and commonly used. Still, quality can vary significantly and the majority of the French banks make a charge a monthly fee for the use of online services. Websites for the main French banks do have an English version for non-French speakers.