Last Updated on 8th April 2026
Relocating to France is a big move, and every expat will need to make important decisions about their finances, from savings accounts to investment portfolios and physical assets, while understanding what each option means for their tax position, tax residency status, and overall wealth.
While British citizens can live in France with UK-based accounts, investments, and savings, this isn’t always the ideal strategy. There are potential pitfalls, including FX rate fluctuations, the costs of international transfers, complications with tax residency, and the need to rely on tax treaties to prevent double taxation.
This guide summarises some of the major aspects of living in France that UK nationals should understand from a financial management perspective, although, as always, you are welcome to contact our specialists in Bordeaux for more personalised information.
Setting up a French Bank Account as a Foreign National
When you move to France, you’ll need to set up a bank account if you’ve not already done so, because a domestic account is a necessity for countless everyday tasks and functions, such as:
- Receiving employment income
- Paying rent or mortgages
- Setting up direct debits
- Purchasing a home
- Registering for a residency permit
Any formal or official registrations or applications must be supported by a French Relevé d’Identité Bancaire (RIB), your bank account details, such as buying property insurance, using a French mobile plan, and even registering for healthcare.
The French banking system is extensive, with options such as major national banks, including those that offer services in English in larger cities, regional cooperatives, and public banks like the Caisses de Crédit Municipal and La Banque Postale.
Restructuring Savings Accounts as an Expat Living in France
We touched on the risks associated with leaving UK accounts as-is, which is particularly relevant to savings products like ISAs, which offer significant tax benefits in the UK but receive no such tax treatment in France.
As with opening a bank account, you might select from several French savings products, such as:
- Livret A: Similar to an ISA with tax-free savings, although with modest interest rates and maximum amounts that either residents or non-residents can save.
- Livret de Développement Durable et Solidaire (LDDS): Another tax-exempt savings account with lower deposit caps than the Livret A, open only to French tax residents.
There are further types of savings and investment accounts that may be suitable, including those designed for non-residents, joint accounts for couples and spouses, youth and student accounts for children and young adults, and multi-currency accounts for expats with incomes in Euros and other currencies.
Impacts of Tax Residency on Money Management in France
Tax residency is more important than it might appear to French banking and savings. Expats generally become tax residents if they spend the majority of their time in the country, have a primary home and business, income or investments in France.
Expats who are French tax residents can apply for any savings product or account for which they are eligible. In contrast, non-residents have fewer options, pay higher banking and account management fees, and face restricted services and lower thresholds.
Making Decisions on UK-Based Investments as a French Resident
Investments span a broad range of potential products and assets, and, as such, the right moves will depend on the specifics and value of your portfolio and how well diversified your investments are, but there are multiple possible strategies.
UK nationals might consider, as just a few examples:
- Long-term plans like the Assurance Vie, which acts as a tax-efficient wrapper
- The tax-advantaged Plan d’Epargne en Actions (PEA), for tax residents to invest in EU equities
- The Plan d’Epargne Retraite (PER) – a tax-efficient retirement savings account
Expats are strongly advised to speak to a financial adviser or wealth manager with expertise in the French tax system and investment landscape, before deciding how to manage their investments, because these products should always align with their objectives, risk tolerance and time horizon.
In some circumstances, cross-border portfolios may remain optimal if they deliver consistent returns in line with your expectations, are well-managed, and are tax-efficient. However, many expats choose to reinvest or restructure their investments, particularly if they hold products such as unit trusts and OEICs, which are fully taxable in France.
Budgeting for International Transfers and Payments on UK Assets
Alongside tax exposure and the potential for overseas assets to trigger double taxation, non-EU citizens also need to be mindful of how becoming a French resident will affect their income.
Transfers within the Single Euro Payments Area (SEPA zone), which incorporates the European Union, the UK, Switzerland and others, are generally low-cost and processed quickly. That means transferring income, interest, or dividends from the UK to France isn’t likely to incur a significant charge.
However, assets held elsewhere, such as in the US or Asia, can incur heavy transfer charges, with intermediary banks levying additional fees on top of transactional costs.
Larger transfers where funds are subject to a percentage fee can become even more costly, and these charges should be incorporated into financial plans to ensure that retaining an overseas account remains viable.
Dealing With Currency Exchange Rates for Savings and Investments Held in Currencies Other Than the Euro
Finally, currency exchange rates are hugely influential, and FX rates can fluctuate widely and often suddenly based on economic performance, rates set by the respective central banks and geopolitical events.
Expats who retain non-Euro accounts can use currency management approaches such as forward contracts to ‘lock in’ exchange rates for up to two years, set limit orders that trigger transfers when the relevant currency pair reaches a target rate, or create regular, automated monthly transfers, which often have a preferential rate.
An alternative is to look at a multi-currency account, which can hold several denominations, allowing expats to transfer non-Euro funds as and when it is most beneficial.
Independent Advice on French Investment and Savings Management for Expats
We’ve touched on just a few of the basics of managing your finances and wealth as a British national living in France. As we’ve seen, there are numerous considerations, from tax to FX rates, your tax residency status, income levels and investment returns.
If you’d like to discuss any of these topics with a professional wealth manager or need assistance in creating a stable financial plan ahead of a relocation, please get in touch with the Chase Buchanan team in France or our UK Administration Centre to arrange a convenient time to talk.
© Chase Buchanan Private Wealth Management.
Chase Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15 and offers its services in the EU on a cross-border basis as per the provisions of MiFID.
Chase Buchanan Insurance Services, Agents & Advisors is authorised and regulated by the Cyprus Insurance Companies Control Service with License No 6883 and offers services in the EU on a cross-border basis as per the provisions of the Insurance Distribution Directive (IDD).
Investing in financial instruments involves risk and may not be suitable for all investors. The value of investments may go up as well as down and past performance is not a reliable indicator of future results. You may lose part or all of your invested capital.
*Information correct as at April 2026
