TIP , RIB ??

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Chris
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TIP , RIB ??

Post by Chris » Mon 22 Sep 2008 20:25

Can someone please clarify for me what these acronyms actually stand for, and what the difference is in practice - thanks in advance.

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polremy
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Post by polremy » Mon 22 Sep 2008 20:30

must admit i am a bit confused too.
thank goodness all my standing orders are set up now so i dont seem to need them any more
look forward to the definitive answer to your question, chris.

Carmen
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TIP RIB

Post by Carmen » Mon 22 Sep 2008 20:50

TIP is a means of payment which allows you of to regulate punctually (rent, telephone or electricity bills) without needing to issue a check.

RIB is a paper document which contains the identity of the holder of a current account and its banking coordinates. It allows one to announce his banking information and to accept transfers and / or to regulate factures. You send a RIB once to a specific organism and this gives them permission to withdraw the funds due.

It allows you to announce your banking information without error for instance to your employer or other persons who want to deposit funds into your bank account.

The IBAN permits everyday people to deposit funds into your back account, like for a bed and breakfast, clients can just go to their bank and deposit an account. Normally used outside of France where sending a cheque is costly to cash in.

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Post by carol sheridan » Mon 22 Sep 2008 20:53

Don't know what TIP is short for, but RIB is Releve d'Identite Bancaire and IBAN is just International Bank Number, I think. If I want to transfer money between my French and English banks I have to know the relevant IBAN nos.

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Post by Chris » Mon 22 Sep 2008 20:58

Thank you Carmen - in effect , a TIP = a direct debit; a RIB = international bank account and sort code details ?

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Post by Carmen » Mon 22 Sep 2008 21:47

RIB is "Releve d'Identite Bancaire"= This is your banking identity and IBAN is the International Banking Number identity.

I just put myself on monthly withdrawls now, and that way I don't have to deal with TIP's anymore and the RIB is still asked for in some cases like tax remboursements, my employers and certain school demands like, students grants etc.

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Roger O
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Post by Roger O » Tue 23 Sep 2008 01:38

I only give the RIB when someone needs it to transfer a nice credit to my account (just joking, sadly!)

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Kate
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Post by Kate » Tue 23 Sep 2008 08:59

Here is the French Life article from the last P-O Life which might be useful Chris

Whether you are resident in France, buying a second home or intending to relocate in the future, life will be much easier if you have a French bank account, particularly if you are hoping to take out a loan or mortgage. P-O Life has joined up with the Banque Populaire in Céret, to guide you through the forest of paperwork and acronyms of the French banking system.


Opening a bank account
Documents needed
Personal identification (an identity card or passport)
Proof of your address in France (utility bill, rental or sales agreement dating back less than three months)
Written proof of income or earnings


There are a lot of forms to fill in (this IS France!) so try to call in to your chosen bank and open your account in person if possible. The Banque Populaire will provide you with an English speaker to take you through the paperwork and fill in the application form (called a mandate)

RIB: Relevé d'Identité Bancaire
When you open your bank account, you will be given several copies of a RIB (Relevé d'Identité Bancaire) which provides all your account and bank details - account number, (numéro de compte) code guichet (sort code)…. . The RIB is similar to an IBAN in English and will be required by anyone who will be sending you funds, or taking utility payments from your account.
RIBs are also provided in your cheque book and are available at bank cash points

Utility services such as EDF or telecom will automatically send you a direct debit form (prélèvement automatique) with your first bill. Send this back to them signed and dated with a RIB.
You will be asked for your RIB when setting up monthly payments or receiving regular amounts into your bank. A RIB helps you to ensure that your account details are passed on correctly and mistakes are not made in the filling in of transfer requests.

TIP (titre interbancaire de paiement).
This is the detachable payment slip at the bottom of bills received, where you do not already have a regular direct debit or standing order set up. It is quite simply a one-off permission slip authorising the service provider to debit your account with the sum requested and will usually already be printed out with you account details. (If not enclose a RIB when sending back). Of course, if you are not resident, the easiest option is to set up a direct debit (prélèvement automatique) so that you do not have to worry about sending the payment slip back every month and ultimately risk being cut off if the payment does not arrive.

Transfers (virements)
Set up a ‘virement permanent’ for making regular payments of the same sum and a ‘prélèvement automatique’ for paying bills which vary in amount. Both are easily set up by sending your RIB to the party concerned who will then pass it on to the bank.

Some useful vocab
distributeurs (automatiques de billets) DAB – cash point (get statements, RIBs, put in cheques and cash…..)
espèces – cash
Billets - bank notes
Compte courant - current account
Compte d'épargne - savings account
Découvert -overdraft
Relevé de compte- statement of account
Faire opposition - stop a payment order
Solde - balance

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polremy
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Post by polremy » Tue 23 Sep 2008 09:13

so clear and concise.

i sort of knew all that but it is so good to have it all written down in one place.

merci a lot.

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Post by Chris » Tue 23 Sep 2008 09:20

Excellent, thank you.

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Roger O
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Post by Roger O » Tue 23 Sep 2008 10:59

Kate wrote:The RIB is similar to an IBAN in English.
Assume from that statement that the IBAN is used between domestic UK banks?

Just to clarify a little further for France:
RIB - your account details to receive (or send = sender identified) within domestic France The bank and account details are identified, but without country code.

IBAN - same as above (slightly differently formatted) but internationally - outside domestic France (normally within the EU and Switzerland, but one can use it now even outside - e.g. transfer to/ex Hong Kong) The bank and account details are identified, preceded by a country code identification.

Your RIB as printed directly from your account (net) or supplied by you bank will contain both sets: RIB and IBAN (which are not confidential in themselves - via the net/SWIFT to user-transfer ex the account is PIN and encrypted password dependent!

e.g. on the single printed (or screen) "RIB" form:
RIB 15899 08962 00026481240 93
IBAN FR76 1589 9089 6200 0264 8124 093
(Transfers accepted anytime with thanks!)

More precision
http://www.swift.com/index.cfm?item_id=61332
Background and history
http://en.wikipedia.org/wiki/Internatio ... unt_Number

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