Traditional banks, online banks and neobanks in France

Boursorama banque, N26, Revolut, Société Générale... Which one should you choose? What are the differences between traditional banks, neobanks and online banks? No worries, we will give you all the useful information in this article!

👉To open a bank account, you will need :

• Your ID card or passport

• Your residence permit (unless you are a European Union citizen)

• A proof of residence in France (electricity bill, rent receipt, proof of accommodation, etc.)

• If you are a student : the photocopy of your student card

About traditional banks in France

👉 The good thing about these traditional banks is that they don't require French or European bank details to open a bank account! On the other hand, their services are often more expensive than neobanks or online banks.

👉 There are several traditional banks in France that have branches across the country. Here are the biggest and most well-known national French banks:

• BNP Paribas

• CIC

• Societe Generale

• La Banque Postale

• Caisse d'Epargne

• Crédit Agricole

• Crédit Mutuel

• La Banque Populaire

About neobanks in France

👉 A neobank is a digital bank that does not have any branches. Instead of having a physical presence at a set location, neobanking is entirely online but offers more expensive deals than a traditional bank.

Advantages and disadvantages :

• ✔️Lower fees and higher interest rates on checking/saving accounts

• ✔️Easy account creation online

• ✔️Operates H24 from anywhere

• ✔️No income condition

• ✔️Virtual card

• ❌No authorised overdraft

• ❌Limited range of financial products (credit, savings, insurance)

• ❌ No Cheque book

• ❌Less regulated than traditional banks (no French bank details required)
  

🧡Our favourite: Revolut

The Revolut bank, offers a free bank account with no strings attached. No French or European European bank details (RIB) required, no proof of address or income required! What’s great is that with Revolut you can easily transfer money internationally! By clicking on this link or subscribing via the Spiky Community app, you can benetit from 3 months free on the Premium subscription! It allows you to save €24! 🎁

The Revolut neobank offers:

• A free bank account. No proof of address or income is required: just take a photo of one of your ID documents. The Revolut account lets you carry out all the usual transactions (transfers, direct debits, etc.) like any other bank account.

• A Revolut Mastercard Classic bank card linked to the current account for all day-to-day transactions.

• A multi-currency payment service.

👉 Other neobanks exist that require you to have a European bank details to open your account. Some examples: N26, Monabanq, Orange Bank, Hello Bank.

About online banks

👉 Online banking relies on an existing structure to offer a dematerialized offer but of equivalent quality. This feature allows it to offer its customers the financial stability of a traditional bank, with the attractive prices of an online offer!

Boursorama Banque

👉 Boursorama is one of the main French online banks. It is renowned for being one of the cheapest and has a very complete banking offer: current account, free cards, passbook savings, life insurance, insurance etc. Société Générale is the majority shareholder of Boursorama Bank.With Boursorama, enjoy fast, 100% online, secure processes and the full range of products you need at the best price!

• ✔️No income conditions

• ✔️A full range of related financial products (credit, savings, stock market, insurance)

• ✔️Overdraft

• ✔️Cheque book

• ❌No virtual card

• ❌French bank details required