International students can only open a special account for foreigners called a "Compte Courant". Each bank has a different policy, but usually a minimum sum (from € 100 to € 10,000) is required to open a bank account.
In general, the bank will issue you a credit card called "Carte Bleue Internationale Visa" which allows you to:
- Take money from ATMs in both France (without commission) and abroad;
- Pay your purchases in both France (without commission) and abroad;
- Access to your bank account on the internet.
To open an account, you must provide:
- An original proof of residency in your home country (for Monegasque banks);
- Housing certificate (IUM) or copy of rental agreement;
- Letter of introduction (IUM);
- Your passport;
- School certificate of the year.
IUM's estimates of other expenses (average per month) that may be incurred by students are as follows:
- Books and supplies: €300/term;
- Housing: €700 to €1,500/month;
- Transportation: €1 to €40/month (public transportation);
- Food: €200/month (restaurants not included);
- Health Insurance: €45/month;
- Cellphone: €20 to €70/month;
- Telephone and Internet: €20 to €40/month;
- Coffee: €1.50 to €2;
- Newspapers: €1.20;
- Magazines: €5;
- Bread (baguette): €1.00;
- Stamp: €0.56 for Europe 20g;
- Sandwich: €5 to €7;
- Hamburger/French Fries: €7;
- CD or DVD: €20;
- Petrol Liter: Approx. €1.60.