Opening a dollar account in France: how does it work?

Do you often make payments in US dollars? Do you want to diversify your savings? Then opening a dollar account in France could be useful. But it usually comes at a cost. The fees can be numerous and not always clear.

Fortunately, alternative providers like Wise offer cheaper, more transparent, and more flexible solutions. For example: you can open an account that lets you hold and manage 40+ currencies at the same time, whether you’re an individual or a business.

Here’s an overview of the services offered by Wise for its dollar account:

Another benefit of the Wise account: it’s simple to open online in just a few minutes, giving you the ability to send, receive, and manage money in different currencies with ease.

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Why open a dollar bank account in France?

What is a dollar account?

A dollar account is a bank account that lets you hold and manage money in US dollars. When you send this currency to someone in the United States, you won’t pay conversion fees—only the bank’s transfer fee.

A dollar account is particularly useful if you regularly deal with this currency. For example:

• You work for a company with subsidiaries in the United States and often travel there.
• You have family in the United States and need to send them money regularly.
• You run a business in France but most of your suppliers are based in the United States.

What are the advantages?

The main advantages of a dollar account in France include:

• Avoiding exchange commissions and poor conversion rates when making transfers and withdrawals.
• Making it easier for clients or relatives in the US to pay you directly in their currency.
• Protecting part of your savings from sudden fluctuations in the euro-dollar exchange rate.

How to open a dollar account in France

Opening a US dollar account in France is not straightforward. Bank websites (such as HSBC, Société Générale, or BNP Paribas) rarely mention it clearly.

Do you have to declare the money in the account?

If you open a dollar account in France, you don’t need to declare it separately, as long as you are a French tax resident and pay your taxes in France. However, if you open a foreign currency account in another country, you are required to declare it to the French tax authorities.

Which banks offer a dollar account in France? How to choose?

Most large banks in France can offer dollar accounts, even if they don’t advertise them online. To know more, you’ll need to book an appointment with your advisor.

Transactions made through a dollar account are often subject to multiple fees. Before choosing a bank, take the time to compare their offers. Here are some key points to check:

Receiving Fees

Some banks charge fees for incoming transfers. If you’re a business receiving frequent payments in dollars, this can quickly become expensive. If your account only occasionally receives foreign currency, this may be less of an issue.

Sending Fees

Sending fees apply every time you make an outgoing transfer. They usually include a fixed fee plus a percentage of the amount sent.

Exchange Rate Used

Ask which exchange rate the bank applies when converting dollars into another currency. If they say “the daily rate” or “the bank’s rate,” expect additional markups.

If they apply the mid-market exchange rate, the conversion will be more transparent and cost-effective.

Who can open this type of account?

Dollar accounts are generally reserved for businesses, but individuals can also open them at some institutions. Don't hesitate to ask your bank if you are eligible.

Available Currencies

A dollar account will only hold dollars. If you want to keep balances in other currencies, like Japanese yen, you’ll need separate accounts for each.

Limits

Check the transaction limits. If your industry involves high-value payments, you may quickly hit the sending cap. Exceeding it usually means going through your advisor, which reduces flexibility.

Cards available

Ask if a bank card is available with the account, and review the related fees. Withdrawal and payment fees abroad can be high—especially if you travel frequently.

What mistakes should you avoid when opening a foreign currency account?

To make the most of your foreign currency account, avoid these common mistakes:

• Using it like a second euro account: If you withdraw from this account in France, you’ll pay conversion fees. The same applies when paying by card. Try to use it only for transactions in dollars.

• Assuming your money is safer in dollars: Until 2015, foreign currency deposits were not covered by the Deposit Guarantee and Resolution Fund (FGDR). Since 2015, all currencies are covered—but only up to €100,000. Your money is not automatically more secure just because it’s in a foreign currency.

What are the alternatives to traditional banks for foreign currency accounts? Discover Wise!

Traditional banks often involve tedious procedures, high fees, and limited flexibility. But alternatives exist.

Today, providers like Wise let you open an account in just a few clicks. You can easily manage 40+ currencies in one place. Conversions are made at the mid-market exchange rate, and all fees are shown upfront.

With this account, you’ll also get a Visa debit card that works almost anywhere in the world. With Wise, you gain flexibility and benefit from fair, transparent rates.

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This article is a translation of the original article published in French and was translated within 365 days of publication. While the content has been translated for accessibility, the data and sources referenced have not been updated since the original publication date.