Moving to France is an exciting step, but it’s not all lavender fields and crusty baguettes – your finances need careful planning first. If you’re already picturing the view from your new balcony, take a moment to ensure your money is working just as hard as you. Before you make your move, you should learn how to manage your money in France, so you aren’t stressed about funds when you’ll have so many other things on your plate.
From getting a French bank account sorted to preparing for life on a pension abroad, this article will help you get your financial ducks in a row before you make the leap.
Doing this right helps you avoid costly mistakes and enjoy a smooth and stress-free transition. Whether you’re relocating full time or buying a holiday bolt-hole, here’s everything you need to know.
Contents
- Opening a French bank account
- Setting up your savings
- Planning your pension move
- Seeking financial advice
- Frequently asked questions
Learn how to manage your money in France now to save stresses after your move
Opening a French bank account
Setting up a local bank account is one of the first things you’ll want to tick off your checklist. In France, having a local bank account makes it easier to pay bills, set up utilities and even get approved for a mobile phone contract or mortgage.
The major banking players in France include Crédit Agricole, La Banque Postale, Société Générale and BNP Paribas. If you’re more comfortable using English, look for an institution with bilingual staff or international banking teams. Online banks like Hello Bank! and Boursorama have also gained popularity in France, with easy app-based access and lower fees.
To open an account, you’ll usually need:
- A valid passport or national ID
- Proof of address in France (a utility bill or your property purchase contract can work)
- Proof of residence status if available
Some banks allow you to kick off the process online, though you’ll often need to attend a meeting to finalise it. Don’t expect instant service – set aside a few days to gather paperwork and wait for your account to be activated.
French banks tend to be strict about overdrafts. You must request one in advance, and if you overdraw without permission, it’s not only frowned upon – it can lead to penalties and even the closure of your account. Most debit cards have daily or weekly spending and cash withdrawal limits, which you can normally increase by arrangement.
Unlike in the UK, many French customers have a named bank manager. They’re generally very approachable and helpful, especially if you’re new to the country and the banking system. Take advantage of that relationship – it can be invaluable.
when it comes to daily spending, we’ve gone a little deeper on how to make all your essential payments in France.
For a closer look at the purchase process, claim you free copy of your France Buying Guide:
Setting up your savings
If you plan to stay in France long term, it may make sense to transfer your savings to a French bank. Doing so helps simplify your financial life – and avoids unpleasant surprises come tax time.
In the UK, savings in ISAs and similar accounts can grow tax-free. In France, however, these same savings usually become taxable as part of your worldwide assets once you become a French tax resident. This means your entire global income and investments – yes, even those interest payments earned back in the UK – may be subject to French taxation.
That said, France has its own tax-efficient savings schemes you should consider. The Livret A, for example, is a popular regulated savings account that’s completely tax-free. While the interest rate isn’t huge, it’s safe, accessible and exempt from tax up to a certain amount (currently €22,950 for individuals, or €45,900 for couples). Other options include the Livret de Développement Durable et Solidaire (LDDS) and the Plan Épargne Logement (PEL), designed specifically for those saving to buy a home.
Transferring your savings across borders and into different account types should be approached carefully. Currency fluctuations, potential fees and legal reporting requirements all need consideration. A bilingual financial adviser can help you make the right move for both your risk tolerance and legal obligations as a future French resident.
Planning your pension move
If you’re retired – or close to it – organising your pension before you move is an essential step to manage your money in France. The good news is that you can still receive your UK state pension while living in France, and thanks to the Brexit Withdrawal Agreement, your pension will continue to increase in line with UK rates just as if you lived there.
However, private pensions require a bit more attention. If you have a UK-based SIPP (Self-Invested Personal Pension), you can still access your funds while living in France, but you can’t contribute more if you’re a French resident. You’ll also need to consider how your withdrawals will be taxed under the French system. Income from pensions is generally taxable in France, although the UK-France tax treaty should help you avoid being taxed twice.
For those wanting to simplify their affairs, it may be worth exploring a QROPS (Qualifying Recognised Overseas Pension Scheme). Not all of these schemes are based in the EU post-Brexit, but some remain available depending on your personal circumstances. These might allow for more flexibility with tax or currency management, though they come with their own costs and conditions.
For the ins and outs of both schemes, read Smart Currency Exchange’s explainer on SIPPs and QROPs.
If you have multiple pensions, it’s a smart move to review them all together. Could consolidating help reduce your admin? Would converting some pension income into euros in advance help with budgeting? These are the sorts of questions best resolved with professional support from someone familiar with cross-border pensions and taxation.
Seeking financial advice
No matter how confident you are with your finances, moving to another country adds a layer of complexity that’s best managed with expert advice. And with rules around cross-border advice tightening since Brexit, it’s more important than ever to speak to someone qualified for both the UK and France.
Before your move, you can speak with a UK-regulated financial adviser. But once you’re living in France, you’ll need to work with an adviser licensed to practice there. UK-based advisers can no longer legally give financial advice to French residents unless they hold a European licence.
A good international financial adviser can help you:
- Structure your pension and savings for tax efficiency in France
- Minimise exposure to currency fluctuations
- Meet legal reporting obligations for overseas assets
- Decide whether to keep or wind down UK bank accounts and ISAs
When choosing an adviser, check that they are registered with one of France’s financial regulatory bodies, such as l’Autorité des Marchés Financiers (AMF) or l’Organisme pour le Registre des Intermédiaires en Assurance (ORIAS). Reviews and client testimonials also go a long way.
Taking the time to speak to the right professionals early on could save you tens of thousands in the long run – and prevent a lot of anxiety. We partner with many France experts who could help you on your journey. It gives you a clear sense of where you stand financially and allows you to plan with confidence, not confusion.
Arrive in France with financial confidence
Preparing to manage your money in France isn’t just about ticking boxes. It’s about creating peace of mind so you can actually enjoy your new life. From the complexities of French banking to navigating tax laws and pensions, there’s a lot to take in. But the right advice, preparation and bit of elbow grease will help you get it done right.
Whether you’re buying a holiday home or starting a new chapter entirely, make 2025 the year your finances worked as hard as your dreams. Ready to chat? Book a free consultation with one of our property experts and take the first step towards your life in France.
Frequently asked questions about how to manage your money in France
Do I need a French bank account to buy property in France?
While it’s not legally required to open a French bank account to buy property, having one makes it easier to pay utility bills, local taxes, and set up services like internet or a mobile contract. Most buyers open a French account shortly after purchase.
Will my UK savings accounts be taxed in France?
Yes, if you become a French tax resident, your worldwide income—including interest from UK savings and ISAs—may become taxable in France. It’s advisable to review your accounts and explore tax-efficient French savings products like the Livret A.
Can I receive my UK state pension while living in France?
Yes, UK state pensions can still be received in France and will continue to be uprated annually thanks to the Brexit Withdrawal Agreement. Private pensions may also be accessed, but taxation will occur under French rules, so speak to a cross-border adviser.
Should I close my UK bank accounts before moving to France?
Not necessarily. Many expats keep UK accounts open for pension or rental income. However, be aware that ISAs and other UK tax-free savings lose their tax advantages once you become a French resident. You’ll need to declare overseas accounts to French authorities.
Do I need a financial adviser for my move to France?
Yes, ideally one who is qualified in both the UK and France. Cross-border financial advice is tightly regulated post-Brexit. A dual-licensed adviser can help structure your pension, minimise tax, and comply with both countries’ reporting rules.
