Do you want to change your life by going to live abroad? This is a dream that many people have. However, such a decision should not be made on a whim. Indeed, changing country brings its share of administrative formalities, including finding a bank that is able to follow you in your new project. We tell you everything in this article!
What is the best bank for an expatriate?
Even if some people leave on a whim, it is not recommended to take things lightly if you want to live in a foreign country. Indeed, one only has to see the countless steps to take when moving from one region to another in France to realize that moving to another country requires a minimum of preparation.
Your objective is to anticipate certain steps, including the search for a bank that can accompany you in your new life project. Especially since once you are abroad, you will no longer be able to go to your bank's branch for certain operations that require an appointment with your advisor.
So, if you are going to live abroad, you have several alternatives. You can either select a bank in your host country, or opt for one of the best online banks or a traditional bank offering online services.
Why choose a bank for expatriates?
Whether it's for your studies, a career promotion or simply the desire to change everything, before leaving to live in another country, it is crucial to find a bank for expatriates. As a first step, think about asking your bank about the different services it can offer in case of expatriation. Do not hesitate to ask as many questions as possible:
- Can you manage your accounts online or remotely?
- If you make payments and withdrawals abroad, what are the bank fees?
- Can you receive foreign currency transfers on your current account?
- What does the law say about the condition of tax residence in France?
If, after questioning your bank, you realize that it is not adapted to your new life abroad, the best thing to do is to opt for a bank that will be more adapted to your new situation.
In this case, you have two choices:
- Open an account in the country where you want to live, provided that the language barrier is not an obstacle;
- Open an account in an online bank or a bank specialized for expatriates.
How to open a bank account for expatriates?
There are certain conditions to be aware of if you wish to open a bank account in your host country or in banks offering services dedicated to expatriates. Indeed, if you want to open a bank account in a foreign country, it is recommended to :
- Know what the local legislation is;
- Find out about the bank's conditions (language spoken? nationality? income domiciliation?);
This will allow you to better familiarize yourself with the various formalities to be carried out.
However, if you want more flexible offers, you can turn to an online bank. The latter will only require you to be a tax resident in France or have an income requirement.
In any case, to open your bank account, you will be asked for the following documents
- A proof of identity (CNI or passport);
- Proof of residence and/or income;
- Your handwritten signature on a blank sheet of paper;
- A bank statement (RIB) with your first and last name.
You will then receive your different means of payment as well as your RIB. Note that you are obliged to declare the opening of a bank account with a foreign bank to the French tax authorities if you remain a tax resident in France.
In conclusion, if you are a French expatriate, several solutions are available to you to benefit from a bank account. To find out more, do not hesitate to consult informative websites offering comparisons and calculators to help you select the best bank for expatriates
