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Discussion Starter · #1 ·
Hi, please could you advise about bank accounts as I am finding it all quite confusing.

We are looking to buy a property in Brittany, although have not found one yet. I understand that a French bank account is needed, or is it?

Can we keep our UK account?
How easy is it to set up French account and what sort of costs are involved?

I have googled but it seems complicated.
 

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Hello

Yes, you do need a Fr bank account if you own a house in France. Many electronic payments (virements) insist on a Fr bank....property taxes, phone, etc. In any event you will need to write cheques in €, and that's easier with a Fr account.

I suggest you open an account near where you buy your house. The idea of "local banking" is strong in France. It's easy to open an account....select you bank, make an appointment to open the account(s). When you go take with you the "usual" paperwork (usual in France!). passport, copy of UK bank statements, even salary slips, proof of UK address....elec bill, perhaps more, other posters will help. Remember to ask for a credit card (more like a UK debit card) and think about either or both to sign.

When you buy the notaire may will ask for a cheque for a few hundred € to prove good faith. He/she will probably insist that the bigger payments (compromis and settlement) are done by virement.

You need to think about how you are going to fund your FR account...we have many posts on money transfers.

Yes, keep your UK accounts. You will have residual costs in the UK ,family presents, and to pay for visits back to the UK. We have reports of Brit long term expats finding it difficult to open a UK account after x years' absence. After 16 years in France I still use my UK account.

Good luck....DejW

Hi, please could you advise about bank accounts as I am finding it all quite confusing.

We are looking to buy a property in Brittany, although have not found one yet. I understand that a French bank account is needed, or is it?

Can we keep our UK account?
How easy is it to set up French account and what sort of costs are involved?

I have googled but it seems complicated.
 

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Ultimately, yes, you're going to need a French bank account. And all that DejW says is correct. You may find you have to open a "non-resident" account at first and then convert it once you move to France. But you can keep your UK account, no problem.
Cheers,
Bev
 

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When you open a French bank account, remember to ask about the 'plafonds' (limits on transactions - usually applicable to cash and card/s) and ensure that they meet your needs.
 

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Discussion Starter · #6 ·
Tax

Thanksgiving. Not sure whereabouts yet.
Also can we keep our UK savings accounts? Do I declare interest on French declaration or UK one? Seems better rate on French?

Also I have read that if you have UK savings account, and move to France bank will close account? Or can I register address to my daughters?

Are French savings accounts better as l have quite large sum but still under wealth tax rate?
 

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You should note that when you move to France you will need to declare your world wide income to the French tax authorities Normally interest in a UK savings account will be paid tax free to French resodents but that interest will then be taxed and subject to social charges in France Note that accounts that are tax free in the UK may not be treated as such in France eg ISAs There are tax free savings products in France eg assurance vie PEL etc Your French bank can advise
Please also note that there are heavy fines for not declaring foreign accounts in France
 
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