Monabanq. Possible without an existing French account?

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IanCharlton
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Monabanq. Possible without an existing French account?

Post by IanCharlton » Sun 22 Mar 2009 00:30

Has anyone on the forum opened a Monabanq account without having an existing French bank account? The Terms & Conditions appear to require an RIB from a.n. other French bank as part of the account opening process.

Their charges look reasonable & in principle it's possible to transfer funds in Euros direct from a UK VISA debit card. If that's the case, there'll be no extortionate transfer charges (I'm thinking Nationwide FlexAccount...)

I can't find anything in their FAQs.

Any comments would be appreciated.
Thanks,
Ian

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Post by thumbelina » Sun 22 Mar 2009 00:51

Welcome, Ian.

Sorry, I can't help :?

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Tiffany
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Post by Tiffany » Sun 22 Mar 2009 22:47

Hi Ian, We have a Monabanq account, and after extensive research, I can confirm that it is the cheapest (along with Boursarama) bank account around. Admittedly we had a BNP account before, but I'm pretty sure you don't need a RIB to open the account. You need to send proof of address and perhaps proof of identity - I can't really remember, and I can't seem to find the link on the site for the list of stuff to send. If you post the link where you read about a RIB, I'll have a look if you like. However, I can vouch for them, they do exactly what they say on the tin - for a lot less money.

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Post by PaddyFrog » Mon 23 Mar 2009 09:45

removed by PF :(
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Michael

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Post by IanCharlton » Mon 23 Mar 2009 14:18

Thanks Tiffany,
This is the link to their T&Cs pdf: http://www.monabanq.com/pdf/CG_Accueil.pdf

It may be that it's just the normal "formula" for applications, but maybe they work on the basis of taking only those clients with an established credit history in France...

I've just spotted an e-mail link on their documentation page at
http://www.monabanq.com/produits-bancai ... caires.asp. I'll give it a try in a bit.

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Post by IanCharlton » Mon 23 Mar 2009 14:23

Michael,
Thanks for the link, Complicio hadn't popped up in my websearches.
I've added it to my favourites for later reference, as it looks like it's a loan product & it's a current account I'm after for now.

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Post by Tiffany » Mon 23 Mar 2009 14:46

Well, I'll be...you're not wrong, Ian, they require a RIB. So do Boursorama, as I checked for you. Would you like me to enquire of my personal banking advisor what happens if you don't already have an account if France?

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Post by IanCharlton » Mon 23 Mar 2009 15:00

Thanks Tiffany,
I've just e-mailed them. Can I come back to you if I get a "pas possible" on the grounds that it might be a Gallic "I don't know"?
:lol: Ta,
Ian

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Post by Tiffany » Mon 23 Mar 2009 17:14

Of-course you can. I can't believe you can't open an account with them if you don't already have an account somewhere, that would be a bit bizarre. Bon chance!

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Post by PaddyFrog » Mon 23 Mar 2009 20:47

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Michael

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Post by IanCharlton » Mon 23 Mar 2009 22:22

The European Money Laundering Convention? Where's that being held? Where can I get tickets? :lol: :lol:

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Post by polremy » Mon 23 Mar 2009 23:38

IanCharlton wrote:The European Money Laundering Convention? Where's that being held? Where can I get tickets? :lol: :lol:
They've sold out!

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Tiffany
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Post by Tiffany » Mon 23 Mar 2009 23:52

Everyone's gotta have a first account sometime.

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Post by Roger O » Tue 24 Mar 2009 10:53

While we were still living in Switzerland back in 92 we opened an account with the Crédit Mutuel in Perpignan (from Zürich, by registered letter) for the purpose of handling any French charges/letting income from the house we were negotiating to buy at that time in the Vallée Heureuse.

However, we also included in that letter a recommendation from Crédit Mutuel, Bretagne, where my father-in-law maintains a "respectable" account. Perhaps you have someone local and "respectable" who could vouch for you - if that would work as an alternative?

We ended up buying that house using a 100% (!) loan from the Crédit Mutuel, as I had meanwhile discovered that the Swiss allow full tax deduction on each and every mortgaged property one owns - anywhere in the world - whether or not lived in by you - which made the deal extremely interesting. We sold the place after we moved to France as it was of no interest (climatewise nor financially) to maintain a résidence secondaire in the PO when we were living in Antibes. We just changed to rented holiday accommodation from Loreto in Collioure when we took a PO holiday during those 9 years.

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IanCharlton
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Post by IanCharlton » Tue 24 Mar 2009 13:30

Well, I've had a reply:
"Je vous remercie de votre intérêt pour Monabanq et vous informe qu'il vous faut être résident en France pour avoir un compte chez nous.
Comme justificatifs:

Avis d'imposition 2007
Copie de piéce d'identité recto-verso
Copie facture EDF ou Telecom"

So it's looks like a non-starter, presumably because I said in my e-mail:
"...je suis anglais avec une maison de vacances en france..."

Tiffany, could you double-check the situation for holiday home owners with your personal advisor? I'm not convinced they aren't interested in the not-quite-ex-pat-yet market. I'd really appreciate your help.
Thank,
Ian

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Post by john » Tue 24 Mar 2009 13:56

What,in practice is the advantage of Mona Banque over having Internet facility with CA,LCL,BNPParibas,Banque Pop,etc?

Is it purely that it's a bit cheaper than the others?

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Post by IanCharlton » Tue 24 Mar 2009 14:17

Hi John,
It's the fact that you can deposit euros immediately FoC using a Nationwide FlexAccount card. Their website gives an impression of a very on-the-ball outfit as well.

I'm already paying my (being installed tomorrow) France Telecom phone & internet through my FlexAccount and want to manage everything through that UK account.

I used to have a CA Britline account until about 3 years ago, but closed it down because it was so expensive. Transferring funds was complicated & slow. I'd no real need for a french account then, but circumstances have changed.
Ian

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Post by john » Tue 24 Mar 2009 14:22

Aha,now I see Ian,thanks. I suppose it'd be particularly useful for non or partial residents like yourself(less so for us permanent ones),which makes it all the more bizarre that they effectively debar those who would find an a/c with them most useful !!

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Post by Tiffany » Tue 24 Mar 2009 20:13

No problem - I shall email tomorrow, and report back when I get a reply, although I notice that your reply didn't mention a RIB.

John, they and Boursorama are the cheapest banks in France - much cheaper than the others, which is why we bank with them. They charge a lot less for their cards for starters.

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Post by IanCharlton » Tue 24 Mar 2009 20:42

Thanks Tiffany, you're a star.
I was a little surprised to see no mention of a RIB in the e-mail reply.
I'm just wondering if, because of my bad French (should've used Maison Secondaire, not Maison de Vacances), they think I'm some eejut that thinks he needs a bank account to go on holiday! :o

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Post by Tiffany » Sat 28 Mar 2009 22:07

Well Ian, here is my reply from Monabanq:

Bonjour,

Votre ami souhaite ouvrir un compte par contre il ne le pourra pas chez monabanq tant qu'il n'est pas résident en france, cordialement.

I used the term maison secondaire just to be sure, - so they'll only accept residents. Sorry.
Best wishes,

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Post by Puddles » Sat 28 Mar 2009 23:07

Ian,
Just a thought , have you tried HSBC. I know someone who is with them & does this thing with his flex account. Just an idea.
Bismillahirrahmanirrahim.

Serge

Post by Serge » Sat 28 Mar 2009 23:27

The Co-operative Bank charge £8.00 no matter how much you transfer, which appeared cheap when the pound / euro differential was greater .............

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Post by IanCharlton » Sun 29 Mar 2009 01:17

Tiffany,
Thanks for giving it a go. I really appreciate you giving up time to help me. Just a pity Monabanq don't want to play.

Puddles - I'll have another look at HSBC, but they seemed terribly expensive.

Serge - I used to use the Co-op a few years back by phone as there is no branch near me. The phone call used to take half an hour & the transfer took about a week.

Monabanq just seemed to be the ideal solution for an ex-IT bod. For the moment, I just live on the wrong patch of dirt!

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Post by Roger O » Sun 29 Mar 2009 12:31

Tiffany wrote:Well Ian, here is my reply from Monabanq:

Bonjour,

Votre ami souhaite ouvrir un compte par contre il ne le pourra pas chez monabanq tant qu'il n'est pas résident en france, cordialement.

I used the term maison secondaire just to be sure, - so they'll only accept residents. Sorry.
Best wishes,
That's exactly one of the big reasons why the Swiss banks are so successful - they don't care where you are, your money is with them - and they look after it very nicely for you!

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Post by Kate » Sun 29 Mar 2009 13:25

Ian
somebody who might be able to advise you is Peggy at CIC bank in Thuir. She speaks excellent English and CIC do seem to have some quite good options tho' havent looked into any fees etc. Worth asking advise though.
Her email is MAIGNIPE@sb.cic.fr

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Post by john » Sun 29 Mar 2009 13:45

Roger O wrote:]That's exactly one of the big reasons why the Swiss banks are so successful - they don't care where you are, your money is with them - and they look after it very nicely for you!
Come on,Rog....even you must know that there's a bit more to it than that.

Some of the reasons Switzerland is the biggest offshore banking place in the world is that they don't ask too many questions,turn a blind eye to blanchissement,and allow easy access.

As for "looking after you"; traditionally interest rates at Swiss banks have been (and still are) very poor.

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Roger O
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Post by Roger O » Sun 29 Mar 2009 14:10

john wrote:
Roger O wrote:]That's exactly one of the big reasons why the Swiss banks are so successful - they don't care where you are, your money is with them - and they look after it very nicely for you!
Come on,Rog....even you must know that there's a bit more to it than that.

Some of the reasons Switzerland is the biggest offshore banking place in the world is that they don't ask too many questions,turn a blind eye to blanchissement,and allow easy access.

As for "looking after you"; traditionally interest rates at Swiss banks have been (and still are) very poor.
I don't call 4 1/2 to 5% that bad! depends on which accounts you're using!!

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Post by Tiffany » Mon 30 Mar 2009 00:08

I suppose you could open an ordinary account with someone else - if you don't ask for a card, you shouldn't pay anything, and when you've got a RIB, open the account then with Monabanq. You will have proof of residence with a utility bill and a RIB from your first bank et voila!

Did I hear you mention that you're an IT boffin? I have a burning question about wifi connectivity....perhaps you could answer it for me - your field?

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IanCharlton
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Post by IanCharlton » Mon 30 Mar 2009 12:09

Hi Tiffany,
WiFi isn't my field of expertise, but I have some knowledge & a few contacts. Fire away! I'd be pleased to chip in.

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