Workforce Payments Guide France
Last updated: Jan 27, 2025
Papaya offers Virtual IBAN accounts (or “wallets”) to hold your funds segregated and safeguarded until payments are ready to be processed. Opening and managing corporate bank accounts can often be complex and time-consuming, requiring extensive checks and due diligence.
Papaya’s Virtual IBAN solution, built on the trusted infrastructure of JPMorgan, streamlines this process-making it faster, easier, and more cost-effective while ensuring your funds are secured.
Delivery Timeline
| Currency | Route | Payment settlement speed | Cut off Time |
|---|---|---|---|
| EUR | INSTANT | RTP | 16:00:00 |
| EUR | LOCAL | T | 14:00:00 |
Supported payment types
Salary payments, authorities payments, contractor payments.
3rd Party Payments
| Authority | Payment Frequency | Due Date | Payment Method |
| Withholding tax- DGFIP | Monthly | 15th of the following month | Direct Debit /SEPA |
| Pension- Humanis Pension | Monthly | 15th of the following month | Wire/SEPA |
| Training tax- OPCO ATLAS | Annually | Wire/SEPA | |
| Social Security- URSSAF | Monthly | 15th of the following month | Wire/SEPA |
| Life Insurance- Verlingue Life | Quarterly | 25th of the following month | Wire/SEPA |
Contractor payments
Papaya Global supports payments to contractors in France. The payout currency may vary based on the receiver bank account setup when receiving foreign currencies. it is advised for contractors to reach out to their bank to confirm how foreign currencies are handled
Bank Requirements
IBAN
| IBAN Example France |
FR1420041010050500013M02606 |
| IBAN in print | FR14 2004 1010 0505 0001 3M02 606 |
| Country Code | FR |
| Digit Code | 14 |
| Bank Code | 20041 |
| Branch Code | 01005 |
| Bank Account Number | 00050 |
| National Check Digit | 06 |
Check an IBAN
Type it in here and we will tell you if it is the right format.
Calculate an IBAN
Fill in the account details, and we will calculate the IBAN for you.
Payroll payment Frequency
Monthly
KYC
“Know Your Customer” (KYC) – is a process that allows companies to verify the identity of their clients. It is also used to refer to the banking regulation that governs these activities. In France, recent regulatory developments (5th AML-FT directive, international sanctions, FATCA / CRS / EAI, duty of advice, GDPR, etc.) require financial institutions to strengthen the measures deployed in terms of customer knowledge.
KYC measures are established around a process of identification and verification of a client’s identity in which a series of checks and verifications are applied to avoid business relationships with people linked to terrorism, corruption or money laundering, among others.
The key stages of the KYC process are as follows:
- Customer Identification: Verifying the identity of the customers through valid and reliable documents, such as a passport or national identity card.
- Customer Due Diligence: Assessment of the potential risks associated with the customer and the nature of the business relationship. This includes gathering information about the customer’s source of funds, business activities, and beneficial owners.
- Ongoing Monitoring: Monitor the customers on an ongoing basis and report any suspicious activities to the relevant authorities.
In order to proceed with this analysis, the following list of information and documents is required:
- Copy of K-bis certificate
- Copy of the articles of incorporation
- Copy of the company’s bank details
- Copy of the work time reduction agreement
- Copy of the profit-sharing agreement
- Copy of the legal profit-sharing agreement
- Copy of the employment contracts & amendments duly signed
- Justification of all benefits in kind calculation (meals, lodging, vehicle, etc.)
- Salary payment date
- Copy of the working accident rate notification
- Copy of all contributions returns life insurance
- Copy of all contributions returns healthcare insurance
- Copy of all contributions returns supplementary pension
(contracts articles 82 and/or 83 CGI) - Copy of all contributions returns of the CEO unemployment insurance
- Copy of all contributions returns annual work medical visit
- Copy of the life insurance contract(s)
- Copy of the healthcare insurance contract(s)
- Copy of the supplementary pension contract(s)
(contracts articles 82 and/or 83 CGI) - Copy of the observation letter further to the last social security audit
- Copy of all tax on salaries return
- Copy of the construction contribution return
- Copy of the disabled employment return
- Copy of apprenticeship tax return
- Copy of permanent professional education tax
- Copy of the 1% tax on the short-term employment contracts
- Copy of all withholding tax returns
- Copy of the last meal tickets purchase invoice
- Log in details of IMPOT.GOUV
- Log in details of NET ENTERPRISE
- Log in details of the OPCO
- Log in details of health and life insurance
Banking Regulations
Banking regulations in France are governed by the Autorite de Controle Prudentiel et de Resolution (ACPR), which is responsible for supervising and regulating financial institutions in the country. In terms of cross-border workforce payments, France is part of the Single Euro Payments Area (SEPA), which aims to make cross-border payments within the European Union as easy and efficient as domestic payments.
SEPA has established common instruments, standards, procedures, and infrastructures to ensure that all transactions (domestic and cross-border) offer the same conditions of ease, efficiency, and security. The SEPA Credit Transfer and SEPA Direct Debit are two payment instruments that have been developed to facilitate cross-border payments within the European Union.
In addition to SEPA, there are other country-specific banking laws and regulations that impact cross-border workforce payments in France. For example, the French Anti-Money Laundering and Counter-Terrorist Financing Act (Loi n 2016-1691 du 9 decembre 2016 relative a la transparence, a la lutte contre la corruption et a la modernisation de la vie economique) requires financial institutions to conduct customer due diligence and report suspicious transactions to the relevant authorities.
The act also requires financial institutions to verify the identity of their customers and maintain records of their transactions.
Another regulation that impacts cross-border workforce payments in France is the French Foreign Account Tax Compliance Act (FATCA), which requires foreign financial institutions to report information about their U.S. account holders to the Internal Revenue Service (IRS).
International Banks
| Bank Name | IBAN Format |
|---|---|
| HSBC Continental Europe | FR-XX-30056-XXXXX-XXXXXXXXXXX-XX |
| Deutsche Bank | FR-XX-17789-XXXXX-XXXXXXXXXXX-XX |
| Barclays Bank | FR-XX-23890-XXXXX-XXXXXXXXXXX-XX |
| Bank of America | FR-XX-16560-XXXXX-XXXXXXXXXXX-XX |
| Citibank | FR-XX-30002-XXXXX-XXXXXXXXXXX-XX |
| JPMorgan Chase | FR-XX-30648-XXXXX-XXXXXXXXXXX-XX |
| ING Bank | FR-XX-30438-XXXXX-XXXXXXXXXXX-XX |
| BNP Paribas Securities | FR-XX-30003-XXXXX-XXXXXXXXXXX-XX |
| Credit Suisse | FR-XX-43799-XXXXX-XXXXXXXXXXX-XX |
| Goldman Sachs | FR-XX-40150-XXXXX-XXXXXXXXXXX-XX |
Local Banks in France
| Bank Name | IBAN Format |
|---|---|
| BNP Paribas | FR-XX-30004-XXXXX-XXXXXXXXXXX-XX |
| Société Générale | FR-XX-30003-XXXXX-XXXXXXXXXXX-XX |
| Crédit Agricole | FR-XX-30006-XXXXX-XXXXXXXXXXX-XX |
| Banque Populaire | FR-XX-10207-XXXXX-XXXXXXXXXXX-XX |
| Caisse d’Epargne | FR-XX-11315-XXXXX-XXXXXXXXXXX-XX |
| La Banque Postale | FR-XX-20041-XXXXX-XXXXXXXXXXX-XX |
| LCL (Le Crédit Lyonnais) | FR-XX-30002-XXXXX-XXXXXXXXXXX-XX |
| CIC | FR-XX-30066-XXXXX-XXXXXXXXXXX-XX |
| Crédit Mutuel | FR-XX-10278-XXXXX-XXXXXXXXXXX-XX |
| Crédit du Nord | FR-XX-30076-XXXXX-XXXXXXXXXXX-XX |
| Banque Palatine | FR-XX-10278-XXXXX-XXXXXXXXXXX-XX |
| Crédit Coopératif | FR-XX-42559-XXXXX-XXXXXXXXXXX-XX |
| Banque Rhône-Alpes | FR-XX-10468-XXXXX-XXXXXXXXXXX-XX |
| Banque Tarneaud | FR-XX-10558-XXXXX-XXXXXXXXXXX-XX |
| Crédit Maritime | FR-XX-17219-XXXXX-XXXXXXXXXXX-XX |
| Banque Chaix | FR-XX-11306-XXXXX-XXXXXXXXXXX-XX |
| Banque de Savoie | FR-XX-10548-XXXXX-XXXXXXXXXXX-XX |
| Banque Courtois | FR-XX-10268-XXXXX-XXXXXXXXXXX-XX |
| Société Marseillaise de Crédit | FR-XX-30077-XXXXX-XXXXXXXXXXX-XX |
Payment Methods
Credit and Debit Cards: Credit and debit cards are the most commonly used payment methods in France, accounting for around 60% of online transactions.
Digital Wallets: Digital wallets, such as PayPal, Apple Pay, Google Pay, and Amazon Pay, have also gained popularity in recent years, holding nearly 30% of the online payment market share.
Cash:particularly for smaller transactions (under EUR 10).
Bank Transfers: Bank transfers are another top payment method in France, accounting for around 16% of online payments.
SEPA Direct Debits: SEPA Direct Debits are also gaining popularity in France.
Cryptocurrency
In France, cryptocurrencies are recognized and regulated. However, the specific legality of paying employees in cryptocurrency is not explicitly stated in the available resources. It’s important to note that using cryptocurrencies for transactions, such as paying for goods and services, can lead to tax obligations.
Moreover, when considering paying employees in cryptocurrency, it’s crucial to ensure that the payment meets fair wage standards set forth by the relevant laws.
Questions & Answers