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Banking In Monaco
Interested persons can open an account with a bank in Monaco whether a Monaco resident or not, as long as the bank requirements can be met by the client, as detailed below.
Monaco is home to an established banking community, with the banks in Monaco representing a good cross section of the leading international banks.
But the question is, which Monaco bank to choose?
Relocation Monaco is able to provide you with details of banks operating in Monaco and those which may be most appropriate for your banking requirements, taking into consideration your language of preference.
Where possible we will recommend a specific member of bank staff with whom you may speak to directly in the knowledge that they will take care of you and your financial needs.
Banks in Monaco offer varying levels of services. For those clients seeking residency it is important to know which banks can provide the letter or “ attestation” required as part of the residency application, confirming that the client has sufficient funds in their Monaco bank account to support them and their family if appropriate, whilst living in Monaco.
Most of the international private banks, in addition to the local Monaco Banks will provide this “attestation”. Each bank has a different initial deposit requirement to open a Monaco bank account and to provide this attestation. This varies from three hundred thousand to one million euros.
The larger private banks in Monaco have a cash counter service, safety deposit boxes and can provide Euro cheque books, debit /credit cards, and pay direct debits for the clients if requested.
The leading private banks in Monacooffer investment services including multi currency deposit accounts, equity and fixed income trading, a wide range of multi currency investment funds, as well as precious metals, foreign exchange and commodity trading platforms.
Professionally managed investment portfolio services are also offered amongst the leading private banks in Monaco. Wealth management is certainly a valued investment service in Monaco both by the banks themselves and their discerning clientele.
Top 10 Monaco banks:
- Barclays Wealth Monaco
- Societe Generale Monaco
- Credit Suisse Monaco
- Bank Julius Baer Monaco
- BNP Paribas Wealth Management Monaco
- HSBC Private Bank Monaco
- Coutts & Co. Monaco
- Credit Du Nord Monaco
- Compagnie Monegasque de Banque
- Banque Edmond de Rothschild Monaco
Persons interested to open a bank account in Monaco can do so either as as a resident of Monaco, or as a NON resident.
The banking sector in Monaco is well represented by local and international banks. The staff are multi lingual which cover most of today’s spoken languages. The local banks offer normal banking services to residents of Monaco as well as to employees of local companies. The minimum amount required for a non resident to open an account varies from bank to bank. The range can be from €50,000 - €100,000 depending on the bank.
The private banks offer property finance and mortgages, investment advice and portfolio management, as well as normal banking facilities, such as current accounts, debit and credit cards, automatic payment services (direct debits), and safety deposit boxes to their clients. The minimum opening balances for the private banks again varies from bank to bank. The minimum is currently €300,000, but with the majority of banks requiring balances of €1,000,000 or more which can be in the form of cash deposits or portfolios of investments.
Online banking facilities are limited in Monaco. The banks with online banking services have varying levels of online access and transactional capabilities .
Property funding is available for real estate purchases in Monaco, the Cote d’Azur as well as some of the well known ski resorts in France and Switzerland. Italian property funding is available with selected banks in Monaco.
The requirements to open a bank account in Monaco are as follows:
- Proof of Identification of the beneficial owner of the account , normally a valid passport
- Proof of fiscal residence of the client. This can be in the form of a recent utility bill in the client’s name or other official documents (accepted at the bank’s discretion).
- Background information as to the origin of the funds to be deposited.
- A profile of the client including details of his/her professional activities and source of income.
- The client will be required to visit the bank to meet with the bankers and to complete the official bank account opening documentation.
- Once this is done, and with all of the above required documents/information provided the account may be opened within 7-10 working days (on average), subject to the bank’s compliance procedures having been completed.
Having worked in the Monaco banking sector for 15 years, we have a good knowledge of the banks and schools in Monaco and can advise which bank would be best suited to the client’s banking needs . We therefore work with the client’s to make the right introductions based upon their individual requirements.
How to open a bank account in Monaco
In order to open an account with a Monaco bank, it is a requirement to meet with a member of the bank’s staff before the account can be officially opened.
In most cases this can be done in Monaco or in somes cases the banker may meet with the clients outside of Monaco depending on the client’s country of residence.
In addition to completing the bank’s general account opening documentation, the client will need to provide a copy of a valid passport, a copy of a recent utility bill of their main residence, a summary of the client’s background and some proof of the source of the funds to be deposited.
Monaco Bank Account Opening Information
For the most up-to-date list of banks in Monaco please complete the enquiry form on the contact page.