Banking for French Nationals in the UK — and UK Nationals in France

France and the United Kingdom have long had close ties — geographic, cultural, and financial. Hundreds of thousands of French nationals live and work in the UK, and a substantial community of British nationals is permanently resident in France. Brexit, which became legally effective from 1 January 2021, changed the legal framework governing the residency rights and, to some extent, the financial services access of each community.

This guide sets out the practical banking considerations for both groups: French nationals who have made the UK their home, and UK nationals living in France.

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French Nationals in the UK: The Post-Brexit Context

Under the EU Withdrawal Agreement, French nationals (and other EU citizens) who were lawfully resident in the UK before 31 December 2020 were entitled to apply for the EU Settlement Scheme (EUSS), which grants either Settled Status (if resident for five or more years) or Pre-Settled Status (if resident for less than five years). Settled Status confers rights broadly equivalent to indefinite leave to remain.

French nationals arriving in the UK after 1 January 2021 require the appropriate UK visa — typically the Skilled Worker visa for employment purposes, or other routes depending on their circumstances. The right to reside in the UK is no longer automatic for EU citizens arriving post-Brexit.

For banking purposes, the critical point is that many UK banks require proof of a right to reside in the UK before opening a current account. A French passport alone is no longer sufficient evidence of the right to bank. French nationals should have their EUSS status certificate (or their current UK visa) available when approaching a bank.

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Opening a UK Bank Account as a French National

The process for a French national opening a UK bank account is broadly the same as for any person without a pre-existing banking history in the UK:

Major high-street banks (Barclays, HSBC, Lloyds, NatWest, Santander UK): These banks typically require: a valid passport; proof of UK right to reside (EUSS status letter or UK visa); proof of UK address (a utility bill, tenancy agreement, or employer letter). The combination of all three is generally sufficient. Some branches are more experienced with international customers than others — central London branches in particular.

Digital banks (Monzo, Starling, Chase UK): These often have a more flexible onboarding process and may be faster to open. Monzo and Starling accept applications from EU nationals with the appropriate UK residency status and a UK address. They are an excellent short-term solution while setting up a full high-street banking relationship.

The N26 complication: N26, the German-origin neobank popular in France, operated in the UK until August 2020, when it withdrew its UK banking licence citing the Brexit uncertainty. It no longer operates in the UK as of 2026. French nationals accustomed to N26 in France cannot use it in the UK.

Wise (formerly TransferWise): Wise's multi-currency account provides a UK account number and sort code, and is accessible to EU nationals resident in the UK. It is particularly useful for French nationals who need to receive sterling and send euros to France — the Wise account can hold both currencies. However, Wise is not a fully licensed UK bank and is not covered by the FSCS deposit protection scheme in the same way; funds are protected through alternative safeguarding mechanisms.

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Maintaining a French Account While Living in the UK

For French nationals resident in the UK, maintaining a French current account (compte à vue) at a French bank is both possible and usually advisable. A French account is useful for:

• Receiving French income (rental income from French property, French pension payments, French investment distributions).
• Paying French bills and direct debits (if maintaining a French property, utility contracts, or French insurance policies).
• Ease of return — if you return to France, having a maintained account avoids the re-establishment process.

Which French banks serve non-residents well?

The major French banks have different approaches to non-resident accounts:

• BNP Paribas and Société Générale both have international client services and, importantly, have branches in London (primarily serving HNW private banking clients). BNP Paribas's "BNP Paribas International" proposition serves non-residents.
• Crédit Agricole has a specific structure for French expatriates: BforBank (online) and Crédit Agricole's international banking services.
• La Banque Postale and most French regional banks (Caisse d'Épargne, Banque Populaire) may be more challenging for non-residents. Their compliance departments may review non-resident accounts; some have limited non-resident services.
• Online banks (Boursorama/BoursoBank, Fortuneo, Hello Bank): Generally require French residency. Non-residents may find these accounts restricted or closed after departure.

The dormancy risk: French law requires banks to flag accounts with no activity for 12 months as potentially dormant. After 10 years of inactivity, account balances are transferred to the Caisse des Dépôts et Consignations (a French public-sector institution). To prevent this, make at least one transaction on your French account every 6–12 months — even a small transfer in or out.

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UK Nationals Banking in France

Since 1 January 2021, UK nationals are third-country nationals in France (not EU citizens). This has implications for their right to reside and, consequently, their banking access.

Right to reside: UK nationals who were resident in France before 31 December 2020 benefit from the Withdrawal Agreement, which protects their residency rights in France (the carte de séjour "Accord de retrait" was issued to these individuals). UK nationals arriving in France after that date require a French long-stay visa (visa de long séjour) and then a carte de séjour.

Opening a French bank account: Once a UK national holds a valid carte de séjour, the process for opening a French current account (un compte courant — in France this is also called a compte de dépôt) is straightforward:

• Passport
• Carte de séjour
• Proof of French address (a utility bill, rental contract, or certificate of accommodation)

Most French banks will open an account for a UK national with these documents. In-person appointments are usually required (unlike the fully online processes in the UK).

The droit au compte: Under French law, any person legally resident in France has the right to a basic payment account. If a bank refuses to open an account, you can contact the Banque de France (the French central bank), which will designate a specific bank to provide you with a basic account. This is the legal backstop — in practice, most UK nationals with the correct residency documents will be served without needing to invoke this right.

Which French banks to approach first:

• BNP Paribas, Société Générale, and Crédit Agricole are the most internationally experienced and the most likely to have English-speaking staff at their branches.
• CIC (Crédit Industriel et Commercial) is another large network with a good reputation for international clients.
• Online banks: Boursorama (BoursoBank) and Fortuneo are competitive on fees and offer good digital services, but require a French address and typically French language capability for customer service.

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The Cross-Channel Property Owner

A common scenario is the UK-based individual who owns a property in France (or the France-based individual with UK property). Banking needs in both countries are ongoing in this case.

For UK residents with French rental property: you will need a French bank account for local expenses (property management fees, utility bills, French income tax payments). French rental income must be declared in France (the Convention fiscale franco-britannique, the UK-France double tax treaty, gives France the right to tax French-source rental income). The income is then taken into account for UK tax purposes but relief is given for the French tax paid.

For French residents with UK rental property: UK rental income is subject to UK Non-Resident Landlord Scheme (NRLS) rules. A UK bank account for receiving rental income remains necessary; the income is then also declared in France (the DTA allocates taxing rights on UK property income to the UK, with a credit in France).

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Currency Transfer Between the UK and France

For individuals regularly moving funds between sterling and euros — whether for property costs, pension income, or living expenses — the choice of transfer method matters significantly at scale.

The major banks: HSBC UK, Barclays, and BNP Paribas all offer international transfer facilities, but their exchange rates typically include a mark-up of 1–3% over the interbank rate.

Currency specialists: Wise, Moneycorp, OFX, and Currencies Direct offer rates much closer to the interbank rate, typically with charges of 0.3–0.8% of the amount transferred. For regular transfers — such as a monthly pension to France or regular rental income transfers — the annual saving can be significant.

Forward contracts: If you have a specific payment obligation in euros (such as French property purchase costs), a forward contract locks in the current exchange rate for up to 12 months, eliminating exchange rate uncertainty. Currency specialists rather than banks are typically the most competitive for forward contracts.

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This guide is for general informational purposes and does not constitute legal, tax, or financial advice. Brexit and immigration rules are subject to ongoing change; always verify current visa and residency requirements before making decisions. The UK-France double tax treaty should be reviewed with a qualified cross-border adviser for your specific circumstances. Deposit protection rules differ between UK (FSCS) and France (FGDR — Fonds de Garantie des Dépôts et de Résolution, covering €100,000 per person per institution).

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How Global Investments Can Help

Global Investments regularly assists clients with cross-border financial structures spanning the UK and France, including property ownership, cross-border pension arrangements, and the practical complexities of maintaining banking relationships in two jurisdictions simultaneously. If you are a French national settling in the UK, or a UK national building a life in France, we can help you build a banking and financial structure that works efficiently on both sides of the Channel. Contact us to speak with one of our international wealth advisers.