Traditional bank, online bank or bank-free account?
The great majority of online banks are subsidiaries of a traditional bank, such as Boursorama (Société Générale), Hello Bank (BNP Paribas), BforBank (Crédit Agricole), and so on.
Online banks offer practically the same services as traditional banks: a deposit account, a standard and/or premium bank card, cheque books, an authorised overdraft, and the possibility of saving or borrowing. They can therefore serve as a main bank account, fully digital. Opening the account, and the type of services available, often depend on the customer’s income.
A bank-free account (payment account) is opened online. Once it is open, you have a RIB / IBAN and, with some solutions, a payment card. There is no overdraft (so no overdraft interest), and no cheque book. You can still carry out most withdrawals, payments or transfers you would make with a classic bank, and have salary or benefits paid in.
In short: a bank (branch or online) remains the framework for credit, long-term savings and sometimes overdraft; a payment account focuses on paying, receiving and transferring, with simpler access rules.
What are the conditions for opening a bank-free account?
The essential appeal of a bank-free account is that income conditions usually do not apply: someone who is over-indebted, banned from banking, or a student with no income can generally sign up.
To open an account you most often need an identity document and a valid email address and/or phone number. Opening times are generally shorter than for a traditional bank.
Depending on the solution, you can fund the account by bank card, transfer or cash deposit. Funding by cheque is not possible. Prices vary: opening is often free, then fees apply to operations and to the card.
For concrete uses (dedicated budget, supporting a loved one, second account), also read What is a bank-free account for day to day?
Where does PayTrip fit in?
PayTrip offers a payment account with a European IBAN, a Visa card and, with Classic, Connect cards for your loved ones. Fees are visible before each operation. Available on the App Store and Google Play.