How to open a bank account abroad? 2023 update, I must declare the accounts opened abroad? |

Do I have to declare the accounts open abroad

If you want to open a bank account in Switzerland by being French, you may not need to take care of formalities ! Indeed, it is possible to call on a banking intermediary who will guide you and take the steps for you.

How to open an account abroad ?

What is the common point between a person wishing to expatriate and a banking prohibition ? The opening of a bank account abroad ! Indeed, if you plan to leave France punctually or definitively, or you are banned, opening an account outside France can be interesting ! But how to open an account abroad ? You will see that certain steps are essential in order to be clear with the French administration.

Open a bank account abroad: what are the steps ?

You will see that the opening of an account abroad is nothing complicated ! First of all, it is necessary to identify the reasons why you wish to open a bank account abroad: have you planned an expatriation ? Problems to open a current account in France ? Or you may be looking for more fruitful banking products ? This first inventory will help you to choose your bank better according to your needs.

Furthermore, it may be useful to check the country’s tax regime in which you plan to open your bank account. Indeed, in the event that it does not have signed a tax agreement with France, you will be subject to a double taxation: in France and abroad.

You are ready to get started and you do not know how to open an account abroad ? A priori, the steps are not different from the opening of a bank account in France, but it is preferable to find out beforehand with your future bank. In any event, the bank may request the following documents:

  • Identity documents : passport, identity card or possibly a residence permit in the country where you wish to open a bank account;
  • Proof of address : It can be requested on an optional basis depending on the banks, especially within the European Union;
  • Banking information : this allows the bank to know if you are prohibited banking, but it is not a recurring request.

Once your account is opened abroad, it’s up to you to determine if you want to transfer all of your funds and banking operations. In any case, do not forget to declare your bank account abroad to the French tax administration via the CERFA 3916 form. The bank will then send you your payment methods as well as your RIB (bank identity)).

If you want to open a bank account in Switzerland by being French, you may not need to take care of formalities ! Indeed, it is possible to call on a banking intermediary who will guide you and take the steps for you.

Can we open an account abroad ?

Opening an account abroad from France, like, among other things, an offshore account, is completely legal, As long as it is declared to the French administration. Indeed, the funds you pay in an account in a foreign country are subject to taxation in France. However, if it is a bank outside the European Union, it has no obligation to open a bank account for you. Some countries may oppose banking restrictions on non-residents, such as Thailand. This is why it is advisable to get closer to the country’s embassy in order to know the required conditions.

Whether you have planned to live abroad or open an account abroad without residing in it, it is advisable to keep your account in France. However, if holding 2 bank accounts seems binding to you, why not open an account with an online bank ? It is now possible to carry out the procedures in a few clicks. With our comparator, you can compare no less than 15 online banks before making your choice.

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Online bank: the best offers 2023

Open a bank account abroad online: comparison

Before you start and open an account abroad from France, remember to check certain parameters: What are the advantages and means of payment available to you ? What are the costs linked to international transfers ? How much is the management and taxation costs ?

Very often, the most economical offer is to open an online bank account abroad. In addition to the fact that you do not have to travel to open the account, you have access to all bank account management via the website or the mobile application of the bank ! In addition, an online foreign bank offers attractive offers with free management and bank card costs. The online bank offer abroad being overwhelming, we offer a simple comparison but of quality establishments that will help you open an online European bank account and minimize too many bank costs abroad.

Online foreign bank Native country Features
Germany Different offers from 0 € per month, easy account opening “in less than 8 minutes”, data of transactions rose in real time and consulted directly on the application.
Britain Free bank card and free withdrawals up to € 200 per month. Instant notifications on the mobile application of banking operations.

Once you have made your choice, how to open a bank account abroad online ? The main advantage of these banks is the simplicity and speed of procedures, you will only have a few clicks and a photo to validate your personal and supporting information. The bank will then send you your means of payment and your RIB in the days that follow.

Opening an account abroad online does not exempt you from its declaration to the French tax administration by fulfilling CERFA 3916 in support of your income tax return.

What bank account abroad must be declared ?

What makes the particularity of an account abroad is that it is legal as long as it is known to the taxman. Indeed, the Cerfa 3916 form – “declare a bank account abroad”.

If you forget your foreign account, it may cost you dearly ! Indeed, a fine for non-declaration of account abroad will earn you € 1,500 and can reach € 10,000 if your account is opened in a State not having concluded a administrative assistance agreement with France. But that’s not all, you also expose yourself to a tax, retroactive, as well as a tax penalty based on an increase in the sums held abroad.

In order not to commit an odd when opening a bank account abroad, find out about the presence or absence of a tax agreement with France. If this is not the case, you will have to pay your taxes in the 2 countries.

What are the conditions for opening a bank account for a foreigner ?

Tourists, students, expatriates, France attracts millions of visitors each year. A number of them will put their suitcases there and have to face certain administrative formalities, such as the opening of a bank account for foreigners.

Opening a bank account in France for a foreigner is quite possible, provided you find the right bank, how to choose ? If the offers of so -called “classic” banks can be very attractive, the conditions required for the opening of a bank account can be complicated for a foreigner.

Indeed, traditional banks sometimes require many supporting documents, identity, domicile and income. Therefore, these requirements are not necessarily compatible or can make the procedures laborious. While most online banks seem perfectly suited to foreigners, let us quote for example: N26, Boursorama, Monabanq. The advantage of the online bank is that the opening of bank accounts for a stranger is carried out in a few clicks with few supporting documents (passport or identity card, proof of address).

Open an account abroad for banking prohibition: how to do ?

Certain periods of life may be more complicated than others, and this is notably the case when prohibited banking. You shouldn’t give up for all that ! If you ever consider that the steps to benefit from the right to the account are too complicated, the other solution is to open a bank account abroad.

Indeed, the filing of the Banque de France stopping at our borders, The banking ban does not apply abroad. Opening an account abroad when you are banned banking is therefore quite possible, it’s up to you to find out to banks abroad that interest you !

If you open a bank account abroad, you are required to indicate it to tax services in France during your income tax return.

Should I declare the accounts open abroad ?

You live in France (Metropolis, Guadeloupe, Martinique, Guyana, Réunion) or in Monaco and you have accounts open abroad ? You must declare them to the tax administration. What should you declare ? How to make your declaration ? What do you risk if you do not declare these accounts ? Here is the information to know.

What accounts opened abroad should you declare ?

You must declare that the tax authorities open, detained, used (at least once) or closed in the year abroad abroad.

You must declare the accounts open abroad to a banking establishment or any other organization or person (notary, exchange agent, etc.)).

Digital asset accounts are also affected by this obligation.

You must also declare life insurance contracts.

Which must declare the accounts opened abroad ?

You must declare your accounts open, used or closed abroad if you are a particular, a association or a company not having the commercial form.

You have the obligation to declare, whether you are holder of an account or beneficiary of a proxy to use the account.

How to declare your accounts open abroad ?

You must complete, date and sign the following declaration:

You must attach this document, each year, to your tax return.

A single declaration is necessary if you share the property of the account with your husband. This is also valid if you have a proxy on your husband’s account.

What do you risk if you do not declare your accounts open abroad ?

If you do not declare one of your accounts abroad, you risk a fine of € 1,500 per unsuccessful account.

If the account is located in a state which has not concluded with France of the convention to combat fraud and tax evasion, the fine will be € 10,000 per account.

Laws and references

  • General Tax Code: Articles 1649a to 1649ac declarations relating to financial accounts
  • BOFIP-IMPOSS N ° BOI-CF-CPF-30-20 relating to the obligations of taxpayers tending to the prevention of fraud-Declaration of open accounts, used or closed out of France