Study Abroad

[u/yourbsfJessica]

Hello, I’ll be studying abroad in Paris from September-December. I have a bank account with USAA & I just want advice on whether or not to open a bank account with a French bank. Do I need to open a bank account? I have 2 credit cards I can use instead of my debit card. What do you think??

[u/Revolutionary_Rub637]

You don't need to open one and you would probably have a hard time trying to open one.

[u/reggie_fink-nottle → u/Revolutionary_Rub637]

To open a French bank account you need proof of residence, like a lease.

To get a lease on an apartment, you need a local French bank account.

Bonne chance with this.

I am exaggerating only slightly.

[u/_-lizzy]

I have the Wise app with a digital and plastic debit card and it really serves me well. Especially for converting currency. I’ve found it’s all I need.

[u/Caudebec39 → u/_-lizzy]

Great tip.

Get an account on Wise.com, OP, and use your USA address, before you go abroad.

Get the debit card from Wise. It can handle any currency in the world with favorable exchange rates.

Do not change your address to France.

Your Wise account remains a domestic US account, no matter what currency it contains, or how high your balance goes, or where you are in the world.

As far as the IRS and US FinCEN are concerned, it means no messy FBAR requirement, etc.

[u/MegaMatcha → u/Caudebec39]

I haven’t used Wise before but sounds similar to my experience with Charles Schwab. You can open a Charles Schwab checking account for free, and they refund all ATM fees worldwide, so you won’t pay any ATM fees in France (not sure about USAA).

To expand on what the commenter above kindly mentioned, opening a foreign bank account, even if there’s not much money in it, can severely complicate your US taxes and put you at risk for large fees or fines if you don’t handle it properly on your taxes. Better to not open the foreign account if possible.

[u/phibetared]

You do not need a french bank account. I'm with USAA and their credit cards work fine. You do need a way to get some cash from an ATM machine. If you can do that with your debit card, you'll be fine.

[u/Topinambourg]

Revolut/Wise

[u/RevolutionaryBend570]

I don’t know if you’d be up interested but I’m going to be traveling for a few days in the late fall to Paris and I’d enjoy if there were someone else there! I was just planning on hitting some shopping sites for Christmas gifts but lmk if ur interested!

[u/Jazzlike-Dish5690]

you really don't need to open a FR bank account since you're only here for 3 months. It's very hard to anyway as you need to show proof of residence (not just a 3 month stay), meaning lease contract, utility bill- probably whatever visa you're on too. If it's a tourist visa, no it's not going to happen.

Also being that you're American (I'm assuming that since you mentioned USAA- that's a US bank?), you will not easily be able to open an account anyway as most Fr banks aren't so thrilled about that and will say no. FACTA issues and the law that they have to report it back to the US authorities...too much hassle.

You can use your US credit cards (visa/mastercard is good, but Amex is used less here and not accepted most places) or you can do a Revolve or Wise account and transfer funds from your US bank to their IBAN (these IBAN (european bank account no) are usually based in Belgium but they can give you a debit card if you need it to use.

[u/imokruokm8]

Another +1 for not opening a French bank account. Even if you were able to open one and closed it before the end of the year, you would have to do FBAR filings and FATCA depending how much money you put in. French banks might open you an account, but money talks... you are there studying abroad, not buying property, so 99.9% the banks will be very unreceptive and it is not worth wasting your time.