Monaco Retail and Private Banks: Which Are the Best and What Products Do They Offer?

Renowned for its opulence and glamour, Monaco has also a long-standing tradition of banking, with its first private bank, the Société Générale de Banque, established in 1922.

The stable political environment and advanced banking services in the country have attracted numerous residents of Monaco, as well as non-residents, to utilize the banks in this small Principality for safeguarding and managing their assets.

In this guide, we will review the main characteristics of the Monegasque banking sector.

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Features of the Monegasque banking sector

The Monegasque financial system is highly developed and offers numerous advantages for individuals and businesses wishing to open a bank account and manage their funds in the most sophisticated ways with high security and confidence levels.

Monaco offers a range of advantages that many people and businesses are seeking, such as high-quality and personalized services, a high level of privacy, and reasonable fees.

High-quality services and personalized offers

Monaco has a highly developed and robust financial services sector, comprising 715 institutions operating in the financial and insurance sectors. Over the past decade, both the number of institutions and their revenues have seen significant growth. Official data indicates a 50% increase in the number of financial institutions and a 155% increase in their revenue, reflecting a high demand, diversified, competitive, and attractive offerings.

In keeping with its commitment to quality, Monaco has mandated since May 2023 that personnel working in banks and financial institutions must possess a certificate known as the Banking Professional Certification.

In addition to their traditional functions of accepting deposits and granting loans, banks in Monaco are highly innovative, offering a wide range of services such as portfolio management, advisory services, and order transmission and reception.

Monaco banks also provide a diverse array of products, including the sale of gold on deposit in financial instrument accounts. Moreover, the wealthiest clients benefit from personalized offers and services tailored to their specific needs and profiles.

The CCAF is the institution that regularly oversees banking entities to preserve the rights of the more than 90,000 clients of the Monegasque banking sector. To safeguard against false or misleading information, the list of authorized banks is published annually on the authority’s website.

Below is the comprehensive list of the 24 banks currently operating in Monaco as of 2024.

Monaco Banks List (2024)
ANDBANK MONACO SAM	BARCLAYS BANK PLC	EFG BANK (MONACO) SAM
BANCA POPOLARE DI SONDRIO	BNP PARIBAS	LA BANQUE POSTALE
BANK JULIUS BAER (MONACO) SAM	CAISSE D’EPARGNE ET DE PREVOYANCE DE LA COTE D’AZUR	ROTHSCHILD & CO WEALTH MANAGEMENT MONACO
BANK PICTET & CIE (EUROPE) AG	CAISSE REGIONALE DE CREDIT AGRICOLE MUTUEL PROVENCE COTE D’AZUR	SA LYONNAISE DE BANQUE – LB
BANQUE HA VILLAND (MONACO) SAM	CFM INDOSUEZ WEALTH	SOCIETE GENERALE
BANQUE J. SAFRA SARASIN (MONACO) SA	CMB MONACO	SOCIETE GENERALE PRIVATE BANKING
BANQUE POPULAIRE MEDITERRANEE	CREDIT LYONNAIS	UBS (MONACO) SA
BANQUE RICHELIEU MONACO	EDMOND DE ROTHSCHILD (MONACO)	UBS (MONACO) SA

Privacy

Monegasque banking is world-renowned for its confidentiality, stemming from its bank secrecy laws of 1931. It has high standards of confidentiality, to the point that bank employees are prosecuted when they fail to comply with strict privacy regulations.

That said, it must be remembered that Monaco is no longer a tax haven: since the implementation of the Common Reporting Standard (CRS) by the OECD and the Foreign Account Tax Compliance Act (FATCA) by the US, the Principality’s banks share information with the foreign authorities when there are suspicions of tax evasion, terrorist financing or money laundering.

Yes, to this day, the Monaco bank continues to be the benchmark for respect for privacy. To give an example, a Caribbean bank does not offer the same guarantees as a Monegasque bank. But that should not mislead you: the time when Monaco was an offshore country is very far away.

Banking fees

The investment fees average 0.50% when investing in equity funds; 1.20% for bonds; 2.75% for insurance; and 2.5% for gold operations. While they may vary, Monaco’s banks consistently provide competitive rates and a wide range of investment options.

Who is eligible to create a bank account?

Any Monegasque citizen, resident, or person in the process of relocating to Monaco, or a financial representative chosen by a candidate for an election, can open a bank account in the Principality with any bank of their choosing, under the outlined in Law No. 1.492.

This law was established in 2020 to guarantee the right of access to a banking account for Monegasque citizens and residents.

How about non-residents?

Can a non-resident open a bank account in Monaco? The answer is yes.

According to AMAF (The Monegasque Association of Financial Activities), 42% of banks’ resources come from non-resident clientele, originating from all European countries as well as Sub-Saharan Africa, the Middle East, Latin America, and Oceania. Since 2017, it is the AMAF that has recommended a single common threshold of €500,000 to all banks to open a bank account for non-residents.

Many banks, such as BNP Paribas Monaco, Société Générale, and HSBC Monaco, open accounts for non-residents.

According to the official website of the Principality of Monaco, to open a bank account, you need:

Copy of a valid identification document.
Copy of a proof of residence dated less than 3 months.
A temporary receipt attesting to the submission of the residence permit (for new residents).
A copy of an official document attesting to your activity (for business accounts).

Apart from these official documents, some banks may require you to justify your funds and financial situation, while others will want to know the reasons why you wish to open a bank account in Monaco.

The bank has a period of 15 business days, starting from the receipt of all necessary documents, to:

Proceed with the opening of the bank account;
Or issue you a refusal to open an account and inform you that you may appeal to the Budget and Treasury Directorate to designate a bank to open an account for you.

What is Monegasque private banking?

Monaco private banking involves the most professionalized and comprehensive management of a client’s wealth. It seeks to meet the investment, estate planning, financial, and tax needs of high-net-worth individuals or family groups.

To be accepted into the Monegasque banking elite, the client must invest at least €1,000,000, although in some cases a minimum of €500,000 is accepted.

Entering Monaco through private banking is usually a good idea: your manager can help you in many aspects, and may even end up being your trusted person in the country.

What products does private banking offer?

Monegasque private banking offers very diverse products that can be very attractive for large entrepreneurs, HNWI, large entrepreneurs, or digital entrepreneurs. Among them we find to be:

Access to international investment funds, equities, and derivatives or structured products.
Unit Linked, or international life insurance perfect for tax planning to reduce exit tax.
Non-resident alternative bank accounts to reduce country or seizure risk.
International omnibus accounts through multi-national banking providers.

Which bank to choose in Monaco?

Overall, Monaco’s unique combination of financial sophistication, regulatory stability, and unwavering commitment to discretion solidifies its position as a global leader in private banking and wealth management.

If you are interested in exploring private banking products and optimizing their benefits, don’t hesitate to contact us, as we possess the best contacts and expertise in Monaco banking and would be happy to help you determine what bank is the right fit for your needs.

Since some banks offer greater facilities than others for certain business activities or profiles, we will assist you in the choice and the bank account opening process.

You can contact us without obligation by sending an email to [email protected].