BANKING                                                                                        
The French currency is the Euro, and opening a bank account in France is suggested if you plan to reside in the country for a lengthy period of time.  It’s convenient, you aren’t at the mercy of fluctuating conversion rates and the fees that go along with them, and your French debit card (Carte Bleue or CB) that is issued upon opening an account, is accepted in most places.
 
If you intend to be in France for less than 90 days at a time, your current debit/credit card will suffice.  However, if you are establishing residency in France, renting a property in France, or thinking of purchasing property in France, then opening an official French bank account is necessary.
 
France still operates on “checks” and you will find that they are used frequently for purchases and living expenses.  That is another reason for having your personal account already set up.
 
When shopping around for a bank, it’s important to know that you must schedule an appointment with a bank representative beforehand. Walking in and expecting immediate service isn’t the way it’s done in France. 

Being accepted as a banking customer isn’t guaranteed either, so following French protocol will put you in a beneficial light. Bringing a letter of recommendation from your current banking institution will help establish your “worthiness” in the eyes of the French banking system.
 
If you are shopping for a bank prior to leasing a place to live, ask for a “non-resident” account.  Once you have the lease, you can return to the bank and adjust the type of account you have. 
 
A French bank will ask for a copy of your lease or a utility bill in order to set up an account.  You will also need the appropriate visa (Carte de Sejour) and a passport. And don’t forget to bring money!
 
It’s good to compare banks in France.  Fees are high, and if you can make a case for being a customer of the same banking institution in another country, your fees may be lower.  NOTE:  At this point, there is no linking of accounts from one country to another.  Ask a banker in your country if they have associations with banks in other locales. For example, if you have an account at HSBC in the U.S., they will help you establish an account in another country. Banking regulations in one country are not the same as in another. 
 
Once your account has been established, you will use checks for many transactions.  Just note that “bouncing” a check in France is tantamount to a crime.  The penalty is high, and your bank will dismiss you as a customer.  Overdraft protection is available at some French banks.  Ask.  You cannot postdate a check either.  Unlike many banking systems, in France, your check is “paid” on the day it is written.
 
When writing checks in France, it’s prudent to know the French way of writing dates and numbers.  Cross the number “7” in the stem of the number, distinguishing it from the number “1”.  Dates are written in the “day”, “month”, “year” progression.
 
Relevés d’Identité Bancaire are the slips found in the back of your checkbook.  Known as RIBs, these are used for deposits to your account as well as for setting up payments.  You can pay utilities directly by submitting your RIB, and your payment will then be deducted automatically from your account.  Landlords also prefer to be paid automatically.
 
Once your bank account is established, you will receive a Carte Bleue (http://www.carte-bleue.com/).  This is your debit card, and it is widely accepted throughout France.  You will have to enter a four-digit code with every transaction, the exception being paying tolls at the autoroute.  There is an annual charge for the card, and maximum daily withdrawals are set by your bank. Ask your bank representative if you will need multiple cards, as usually only one card is issued per account. 
 
The Carte-Bleue is not valid outside of France and is not a credit card.  You CAN obtain a Carte-Bleue Visa card, however.  Ask your banker for the details.
 
It is wise to keep a bank account open in your home country.  Convenience of shopping, ordering on the internet and giving monetary gifts is done easily with your “home country” bank account.
 
SOCIAL SECURITY                                                                 
Unknown to many is the fact that the United States government maintains a Social Security office in several locations throughout France.  Headquartered in the American Embassy in Paris, the Federal Benefits Unit (FBU) handles most Social Security questions and applications, including filing for retirement benefits.

If you receive a pension, the FBU can assist you in arranging that payments be sent directly to a French bank, in Euros.  This would avoid conversion charges. Research further information at: 
http://france.usembassy.gov/federal_benefits.html 

The link below will lead you to a Social Security site that deals with paying benefits when the recipient is out of the country. It contains valuable information, including listing countries in which the Social Security Administration allows direct deposit of benefits.
http://www.ssa.gov/pubs/10137.html 

If you choose to become a citizen of France, and carry your U.S. citizenship as well (known as dual citizenship) you will still be eligible to receive your Social Security benefits as long as you file a tax return in the U.S. be sure to alert your local Social Security office of any change of address. 
 
                                                                                                TAXES
If you establish residency in France, you will have the privileges of the French social system.  You will also have to pay taxes in France.  A good bit of news is that newly established French residents are being given a five-year exemption from the Wealth Tax on all assets overseas.  People who settled in France prior to August, 2008 are not included in this new law.

U.S. citizens are required by law to report their worldwide income on their Federal income tax returns. Living or earning income outside the United States does not relieve a U.S. citizen of the responsibility of filing a tax return or reporting all revenue. Filing is also a prerequisite for receiving Social Security payments.

If you live and/or work abroad, there are various deductions and tax credits that you can take and it is suggested that you consult with a tax professional who understands the laws of your country as well as those of France.

Assistance in preparing your U.S. tax return while living in France is available in Paris at the American Embassy. 

CREDIT CARDS                                                                            
                               
If you are visiting France on a 90-day visa, using an ATM machine is your best way of getting cash.  Almost every town or village has an ATM machine and most work on the Cirrus or Maestro networks.  The exchange rates from an ATM are the most reasonable.  If you walk into a bank and wish to change your native currency, you will be hit with high fees.  So using the ATM is the wisest way to get cash. FOR SAFETY REASONS, DO NOT GET CASH FROM AN ATM MACHINE IN AN AIRPORT. YOU NEVER KNOW WHO WILL BE FOLLOWING YOU.

HINT:  Many non-U.S. ATM machines do not accept pin codes longer than four digits.  And most do not have a number pad with corresponding letters, in case your pin code is a series of letters.  It is suggested that you change your ATM pin code to four numbers before traveling.

For longer stays in France, you should apply for a Visa or Master Card through your French bank. You will not be responsible for exchange fees and your card will be accepted without fees at all EU businesses accepting the card. 

Visa and Master Card are widely used in France, with American Express standing in third place and usually used in the higher-end businesses.  You can get a cash advance using a credit card and the exchange rates are generally low.

If you lose your Visa or Master Card, it will be difficult to replace the card while traveling.  One of the good things about American Express is that they will replace your card immediately if it is lost.  Therefore, American Express is a good backup to have in case of an emergency.  Write down your card’s emergency number and keep it in a separate, safe place.

If you are paying with your non-French credit/debit card in France, and the transaction won’t work, it probably is because the machine the establishment is using can’t read the magnetic strip on the back of your card.  French cards and the Carte Bleue have a micro-chip, eliminating the magnetic strip.  If this is the case, ask the merchant to manually enter the information.