With around thirty banks and fifty financial management companies in little more than two square kilometers, Monaco is a real pole of attraction for those seeking the highest quality banking services.

And since one of the most common doubts of our clients is how to open a bank account in Monaco, in today’s guide we are going to explain it in detail.

How to open a bank account in Monaco?

Monaco is an exceptionally exclusive jurisdiction that does not allow you to open a bank account as easily as you might in your home country, whether online or by visiting a branch office. To initiate the process of opening an account with some of the world’s most exclusive banks, you typically need to contact them directly via email or visit their office, though there’s no guarantee of being attended to immediately. Alternatively, you can engage local advisors like us or business introducers who specialize in ensuring trust and evaluating your profile thoroughly.

In this context, the optimal approach to opening a bank account in Monaco is either through a reputable service provider like Monaco Advisers or by scheduling an appointment with a private bank. However, it’s not advisable to simply show up unannounced as the bank may lack any prior reference or information about you. Remote opening procedures, akin to those offered by Revolut, N-26, or other neo-banks and fintech companies, are highly unlikely to be available in Monaco.

Knowing the list of Monaco’s various financial institutions and the services they offer is an essential prerequisite to settling in the principality.

Here’s a look at the types of banks in Monaco and the services they offer.

• Commercial banks: Monaco’s three largest commercial banks are Société des Banques Suisses, Société Générale Monaco (SGM) and Crédit Foncier de Monaco. Like other banks, they offer a range of financial services to their private and corporate customers, including credit cards, loans, savings accounts, and checks.
• Private banks: usually restricted to the wealthiest individuals, these types of banks primarily offer tailor-made financial services to their customers. Their offerings include wealth management, private banking, and investment solutions designed to meet customer requirements. UBP, Edmond de Rothschild, Julius Baer, and Pictet&Cie are among these high-end banks.

Once you have selected a bank, whether commercial or private, following your specific requirements, the next step involves familiarizing yourself with the procedures and expectations associated with opening a bank account in Monaco.

In general terms, three pillars must be considered by any individual or company looking to open a bank account in Monaco. These are:

1. Good Standing Profile and Private Banking: the minimum amount for new residents seeking to open a bank account and receive a good standing certificate is between €500,000 and €1,000,000. The minimum amount for opening a private banking account as a non-resident is between €2,000,000 and €3,000,000.
2. Compliance and KYC: to comply with transparency and “know your client” (KYC) requirements, Monégasque banks are obligated to request information about their clients’ profiles and the sources of their funds.
3. Background check: the conduct of a background check is mandatory for Monégasque banks to ensure that their clients meet the required criteria and it is not engaged in criminal activities or bad reputation activities.

It is important to remember that opening a bank account in Monaco can be complex, as it involves meeting these requirements and providing the necessary documentation.

Requirements to open an account in Monaco

Before opening a bank account in Monaco, one should inquire whether they are eligible to open such an account. The minimum necessary documentation that banks usually request to open an account in Monaco is as follows:

• A copy of a valid identity document (identity card, passport, Monégasque residence permit, driver’s license).
• Proof of address such utility bills (no more than 3 months old).
• Demonstration of solvency. A recent pay slip or profit balance can be submitted as proof of the solvency required to cover the high bank commissions.
• Source of Funds: Clarify the origin of your wealth, detailing sources such as proceeds from company sales, inheritance, salary statements, publicly available information, CV details, etc.
• Social security number, in the case of being a resident.
• If you are in the process of settling in, provisional receipt of residence permit application issued by the Direction de la Sûreté Publique (Public Safety Department).
• Other fiscal or banking documents, depending on the case.

The supporting documents required may vary from bank to bank, depending on the client’s profile and the sums or assets to be handled. For this reason, we recommend our assistance for opening a bank account rather than contact the bank of your choice directly. The minimum deposit depends on the bank and the type of account you open.

Banking services offered

Banks in Monaco have an international clientele, sometimes very demanding when it comes to their financial affairs. Therefore, they offer a wide range of banking services to meet this exclusive clientele’s needs. Among these services, we find in particular:

1. Wealth management: The banks in Monaco offer specialized wealth management services, tailored to meet the demands of wealthy customers. Financial advisors help clients manage investments and optimize taxation.
2. Current and savings accounts: International transfers, online payments, and credit cards are some of the features offered by Monaco’s banks for current and savings accounts.
3. Loans and financing: Monaco’s banks also provide loan and financing products for real estate, investments, or personal needs.
4. Foreign exchange services: These services allow customers to carry out foreign exchange transactions in various currencies, with competitive rates and low fees.

Fees

As mentioned above, depending on the bank and the type of account, you may not have to pay any fees when you open your bank account (no minimum deposit).

However, some fees may apply thereafter:

• Account fees
• ATM fees
• International wire fees
• Other normal bank charges

Alternatively, you can always opt for an online bank such as Wise, N26 or Revolut, which do not have physical offices but do have an excellent user experience, low cost and a wide variety of services.

It is possible to reside in Monaco while maintaining a bank account with one of these online banks. You are not obliged to have a bank account in a Monégasque bank, except in one case. Any individual carrying out a professional, craft, commercial, or industrial activity is required to have a bank account, in an establishment established in Monaco, for the exercise of their professional activity for as long as their activity lasts. The same applies to any public limited company, general partnership, limited partnership, partnership limited by shares or limited liability company.

Advantages of owning a bank account in Monaco

Oopening a bank account in Monaco has other advantages.

1. Economic and political stability: Monaco is known for being economically and politically stable. Its stable government and prosperous economy are considered a major asset for investors who are seeking safe environments to place their money.
2. Financial excellence: the banking system in Monaco is praised for its expertise in wealth management. Financial advisors in Monaco are recognized as among the elite in the field of financial advice and are committed to ensuring the optimal utilization of their client’s investments. Furthermore, the Monégasque banking system is renowned for its speed and efficiency, which ensure smooth financial transactions and thus peace of mind for clients.
3. State-of-the-art banks: in a financial world where online banks are becoming more and more numerous, traditional banks must also keep up with technological trends. Despite the historic status of some Monégasque financial institutions, modernity and technology are the guiding principles for these establishments. Banks in Monaco offer high-quality services and provide their customers with technological tools that enable them to manage their accounts remotely.

Which bank to choose in Monaco?

If you want to open a bank account in Monaco and don’t know which bank is best for you or your business, contact us, and we’ll help you decide and open the account.

If you are interested in private banking products, please do not hesitate to contact us. We have the best contacts in the country who would be happy to assist you.

You are free to contact us by email at [email protected].

Sources:

• https://monservicepublic.gouv.mc/en/themes/you-and-the-government-services/ombudsman-service/bank-account/how-to-open-a-bank-account
• https://legimonaco.mc/tnc/loi/2020/07-08-1.492/
• https://globalbanks.com/can-non-resident-open-a-bank-account-in-monaco/
• https://monservicepublic.gouv.mc/en/themes/you-and-the-government-services/ombudsman-service/bank-account/how-to-open-a-bank-account