Monaco’s robust financial sector comprises numerous banks and financial management companies operating within just over two square kilometers, making the Principality a genuine pole of attraction for those seeking the highest quality banking services.

Since one of the most common questions from our clients is how to open a bank account in Monaco, in today’s comprehensive guide we explain the requirements, costs, timeline, and advantages of Monaco banking 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 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 Relocation Group 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.

Types of Banks in Monaco

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

• Commercial banks: Monaco’s largest banks include Barclays Bank PLC Monaco, CMB Monaco, UBS (Monaco) SA, CFM Indosuez Wealth, and Société Générale 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, UBS (Monaco), Edmond de Rothschild, Julius Baer, and Pictet&Cie are among these high-end private banks in Monaco.

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.

Three Key Requirements for Opening a Monaco Bank Account

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 typically ranges from €500,000 to €3,000,000, depending on the bank and individual circumstances. Since 2017, AMAF (the Monaco Bankers’ Association) has recommended a common threshold of €500,000 for non-resident accounts, though requirements vary by institution.
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. 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 foreign authorities when there are suspicions of tax evasion, terrorist financing or money laundering.
3. Background check: the conduct of a background check is mandatory for Monégasque banks to ensure that their clients meet the required criteria and are not engaged in criminal activities or activities that could harm the bank’s reputation.

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 a Bank Account in Monaco

Before opening a bank account in Monaco, one should inquire whether they are eligible to open such an account. Under Law No. 1.492, established in 2020, any Monégasque citizen, resident, or person in the process of relocating to Monaco has the right to access a banking account in the Principality.

Required Documentation for Monaco Bank Accounts

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 as 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 contacting the bank of your choice directly. The minimum deposit depends on the bank and the type of account you open.

Banking Services Offered in Monaco

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.

Advantages of Banking in Monaco

Opening a bank account in Monaco offers several distinct advantages that differentiate it from other private banking jurisdictions such as Switzerland or Luxembourg.

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. No securities transaction tax: Unlike Switzerland, which charges stamp duty of 0.15% on Swiss securities and 0.30% on foreign securities (applied on both purchase and sale), Monaco levies no stamp duty or securities transaction tax. This represents significant cost savings for active investors and traders. For example, on a portfolio with €10 million in annual trading volume, clients can save €15,000-€30,000 per year compared to Swiss banking.
4. Competitive fee structure: Monaco’s private banking fees are highly competitive, often more favorable than Switzerland or Luxembourg when total costs are considered. Additionally, Monaco banks practice relationship-based pricing, allowing high-net-worth clients to negotiate fees based on their overall economic commitment and profile—a traditional private banking approach that rewards substantial client relationships.
5. Independent regulatory framework: While Monaco banks are supervised by the French ACPR (Autorité de Contrôle Prudentiel et de Résolution) and follow similar prudential standards as French banks, Monaco is not part of the European Union. This provides clients with EU-level regulatory standards without direct European Banking Authority oversight, offering a unique regulatory position that combines French banking rigor with Monaco’s sovereign independence.
6. Privacy with compliance: While Monaco maintains strong privacy protections for clients, it operates under modern international standards. The Principality fully cooperates with international regulatory frameworks including CRS and FATCA, ensuring that banking here is both discreet and fully compliant with global financial transparency requirements.

Frequently Asked Questions About Opening a Bank Account in Monaco

Can non-residents open a bank account in Monaco?

Yes, non-residents can open bank accounts in Monaco. The minimum deposit for non-resident private banking accounts typically ranges from €500,000 to €3,000,000, depending on the bank and individual circumstances. Since 2017, AMAF (the Monaco Bankers’ Association) has recommended a common threshold of €500,000 for non-resident accounts, though individual banks may have different requirements based on their client profile and services offered.

What is the minimum deposit to open a bank account in Monaco?

For Monaco residents seeking a good standing certificate (required for residency applications), the minimum deposit is between €500,000 and €1,000,000. For non-residents opening private banking accounts, the minimum typically ranges from €500,000 to €3,000,000, depending on the bank and your financial profile. Each bank sets its own thresholds based on the services and relationship they offer.

How long does it take to open a bank account in Monaco?

Opening a bank account in Monaco typically takes between 2 to 5 months. This timeline includes the initial consultation, documentation submission, background check process, KYC (Know Your Customer) compliance verification, source of funds verification, and final approval procedures. The exact duration varies depending on the bank you choose, your residency status, the complexity of your financial profile, and how quickly you can provide all required documentation.

What are the fees for Monaco bank accounts?

Private banking fees in Monaco typically range from 0.5% to 1.6% annually on assets under management. These fees are often negotiable for high-net-worth clients based on the total relationship value. Importantly, Monaco charges no securities transaction tax or stamp duty, unlike Switzerland which charges 0.15%-0.30% on each securities transaction. When considering total costs, Monaco often proves more cost-effective than Swiss or Luxembourg banking, especially for clients with active trading portfolios.

What are the advantages of banking in Monaco versus Switzerland?

Monaco offers several key advantages over Switzerland: (1) No securities transaction tax—Switzerland charges 0.15%-0.30% stamp duty on all securities trades; (2) Competitive fee structures with relationship-based pricing that allows for negotiation; (3) Independent regulatory framework—Monaco banks are supervised by French ACPR but Monaco is not in the EU, avoiding direct European Banking Authority oversight; (4) Similar privacy protections with full CRS/FATCA compliance; (5) No wealth tax or inheritance tax for most clients.

Do I need to visit Monaco in person to open a bank account?

While some Monaco banks may allow you to begin the application process remotely, most require an in-person meeting at some point during the account opening process, typically within 3-6 months of account opening. It’s not advisable to simply show up unannounced at a Monaco bank; instead, work with a specialized service provider like Monaco Relocation Group to schedule proper appointments with the appropriate banks that match your profile and requirements.

Which documents are required to open a Monaco bank account?

The essential documents include: (1) Valid passport or government-issued ID; (2) Proof of address dated within the last 3 months (utility bills, bank statements); (3) Proof of income and solvency (pay slips, tax returns, business financial statements); (4) Detailed source of funds documentation explaining the origin of your wealth; (5) For residents: social security number and provisional residence permit receipt; (6) CV or professional background information; (7) Additional documentation may be required based on your specific profile and the bank’s requirements.

Can I open a corporate bank account in Monaco?

Yes, Monaco banks offer corporate banking services for businesses. Corporate account requirements are similar to personal accounts but with additional documentation: company registration documents, articles of incorporation, ultimate beneficial owner (UBO) information, business plan, proof of business activity, and financial statements. Monaco company formation and banking services can be coordinated through specialized providers to ensure smooth setup.

Which Bank to Choose in Monaco?

Selecting the right bank in Monaco depends on your specific needs, financial profile, residency status, and banking requirements. Different banks specialize in different client segments and service offerings.

If you want to open a bank account in Monaco and don’t know which bank is best for you or your business, or if you are interested in private banking products, please contact us. We’ll help you make an informed decision and put you in touch with a trusted person at the bank that best suits your profile and requirements.

Monaco Relocation Group has established relationships with all major Monaco banks and can facilitate introductions, assist with documentation preparation, and guide you through the entire account opening process.

You are free to contact us by email at [email protected] or through the contact form.

Related Services

• Monaco Residency Services
• Monaco Company Formation
• Private Banks in Monaco
• Living in Monaco Guide

Sources:

• Monaco Government – How to open a bank account
• Law No. 1.492 – Banking Access Rights
• CCAF – Monaco’s Financial Centre in Figures
• GlobalBanks – Monaco Bank Account Opening
• Monaco Government – Residence Card Information