Chemin de Fer is most popular in France, its country of origin, although it can be found throughout Europe and online. There are several major differences between Chemin de Fer and American baccarat.

In Chemin de Fer, there is no direct involvement on the part of the casino in betting. The exchange of money occurs completely between the players. A croupier is still present in order to enforce the rules. The responsibility of being the banker rotates counterclockwise around the table. The person that is the current banker is the only one to bet on bank, while the rest of the players must bet on player. The banker cannot be forced to pay out more money than what they bet, so if the total player bets exceed the bank, players closest in rotation to the banker have preference over the others. After the banker makes his or her bet, one player may announce “banco,” betting the full amount and excluding all other players from that round.

The banker may not withdraw any of her winnings until she retires from the bank. The retiring banker hands the shoe to the next player, and the opening bet must be equal to or greater than the bank, prior to retirement. If the player is unwilling to wager this amount, he may decline to be the banker, and the shoe rotates to the next player. If none of the players wants to match the size of the previous bank, the one sitting to the right of the retired banker takes the responsibility of banker, with no obligation to make the bet in the previous amount.

The casino still collects a commission on winning bank bets. Unlike American baccarat, Chemin de Fer allows for some flexibility in the drawing rules; with the player having the choice of either hitting or standing on a five, and the bank having complete control over hitting or standing on a hand.