If you are planning to open a business in France as an expat or already have an established business but often have to deal with multiple currencies, having an international business account can make your life easier. The French banking system offers many different types of accounts, from simple current accounts to more sophisticated investment products. There are several ways to open a bank account in France, but the most convenient way is to do it online - this means you can open a business account from anywhere in the world.
While you don't necessarily need one, having a business account with a French bank can be helpful, especially in managing your everyday expenses and transactions in multiple currencies. Business accounts usually come with a debit card, which can be used to withdraw cash or make payments in-store and online. Many business accounts also offer features such as mobile banking, online invoicing and direct debits.
What is a business bank account? Why does your business need one?
A business bank account is a type of financial account that allows businesses to manage their money, and make and receive payments. Businesses need a bank account to help them conduct their day-to-day operations, such as paying suppliers, invoicing customers and managing employee salaries. A business bank account can also offer features such as mobile banking, online invoicing and direct debits.
It's important to note that while you can operate your business without a dedicated business bank account, it is generally more difficult to do so. A business bank account can offer features and services that are specifically designed for businesses which can make your international transactions much easier.
How to choose the right bank in France
When choosing a French bank, it's important to consider your specific needs and requirements. The best way to do this is to compare different banks and their products side by side. Some things you may want to consider include:
The type of account you need: Are you looking for a simple current account or a more sophisticated investment product?
The location of the bank: Do you need a local or international bank?
The fees and charges: Make sure to compare the fees charged by different banks.
The level of customer service: Choose a bank that offers good customer service and is easy to contact.
The time taken to complete the procedure: Some banks may require you to open an account in person, while others can do it entirely online. Consider how much time you have and what works best for you.
Once you've considered all of these factors, you should be able to choose the right bank for your needs.
Required documents for opening a business account in France
The following documents are required when opening a business bank account in France:
- A copy of your passport
- Proof of address
- Your company registration number
- Your articles of association
- Your shareholders' agreement
Sometimes popular traditional banks in France might also ask for a business plan, financial projections, and information about your company's shareholders. It's worth noting that if you are choosing a popular bank in France as an expat, it might be challenging for you to qualify. This is because these banks often require strict requirements and even a minor gap in your application can result in a rejection. So, it's always suggested to have bank alternatives like wamo, Wise or N26. These are popularly known as fintech solutions, and provide remote services which are much faster, more flexible, and charge lesser fees than traditional banks. Plus, you can expect a vast range of services with safe and quick customer support - which means you will always be in good hands regardless of your location.
The process of opening a business bank account in France
- Research the different banks available and compare their products.
- Choose the right bank for your needs and requirements.
- Gather all the required documents listed above 4 Make an appointment with the bank of your choice to open an account
- Fill out any necessary paperwork and provide the required documents
- Once your account is opened, you will be given a debit card, cheque book and other banking materials to start with your financial transactions.
Why wamo is a great alternative to getting a business account in France
wamo is a great alternative to getting a business account in France as it offers fast, convenient and affordable financial services. With wamo, you can open a business account in France within minutes without any necessary paperwork or hassle. Plus, you will be able to enjoy a wide range of features such as multi-currency accounts, overseas transfers, contactless payments and much more.
The best thing about wamo is that you can manage and grow all your financial requirements in one place. As a company, wamo runs with the pace and demands of the dynamic markets of France and perhaps best of all, wamo is most known for providing bespoke, professional and dedicated customer services to customers wherever they are in the world. Unlike with many other providers, at wamo, you can always speak to a team member when you need to.
Overall, wamo is built to make the business account procedure easy, cost-effective and time-saving for you so that you can focus on your goals and business objectives.