FK, West Midlands
You do not need to set up a French bank account when you are buying the property, as all funds for the transaction can be transferred directly to the account of the notaire or immobilier. But once you own the property, you will need a local account to pay the bills, whether you are living there full-time or using it as a holiday home.
You can go through a UK-based specialist or broker such as Templeton France (01225 422 282, www.templeton-france.com) or Conti Financial Services (0800 970 0985, www.mortgagesoverseas.com), which will advise on mortgages as well as help to set up an account.
If you’re going it alone, you have two choices, which largely depend on your ability to speak French. If you are competent in French, it would make sense to open an account at the bank most convenient for your new home. The requirements to open an account vary slightly from bank to bank. However, branches usually insist you open the account in person. Ask other British owners, the estate agent or notaire for recommendations. I stress that your French must be at least competent: you cannot rely on staff at smaller or more remote branches being able to speak good English.
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If your French is less than competent, a growing number of banks and financial services cater for the British market. CA Britline (www.britline.com), a branch of the Crédit Agricole Group based in Normandy, is dedicated to the British second-home market. You can set up an account by post and access your account by phone, fax or the internet. Abbey National France (00 33 320 181 876, www.abbey-national-france.com) and Barclays (0800 917 0157, www.barclays.fr) are increasingly active in France, with offices in the larger cities.
Whichever option you choose, some or all of the following documentation will be required: a certified copy of your passport; certified copies of two items sent to your main address; copies of your last two months’ bank statements; a banker’s reference; evidence of income; and proof of French property purchase or recent visits to France.
Tom Wright is a senior dealer at Currencies4less, a foreign-exchange company, based in London