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Banking In Monaco
Interested persons may 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, and subject to the bank itself as some banks require the client to have an economic tie with Monaco ( resident/business)
Monaco is home to an established banking community, with the banks in Monaco representing a good cross section of the leading international and local banks.
But the question is, which Monaco bank to choose?
Relocation Monaco is able to provide you with assistance concerning opening an account with one or more 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.
The minimum amount required by the Monaco government for a residency application is € 500,000 per main applicant to be deposited in an account in the applicant’s name with a bank in Monaco and which must be held with the bank at all times during the residency period. Some banks may request higher deposits to start a relationship but for residency purposes, € 500,000 is the amount.
Each bank in Monaco must now comply with this initial deposit requirement( as of July 1st 2017) to open a Monaco bank account for residency purposes and to provide this attestation. For clients wishing to establish a bank account in Monaco who are not wishing to apply for residency the required initial deposit varies from three hundred thousand to one or more million euros, subject to each bank's requirements and policy.
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 Monaco offer 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. Some of the banks in Monaco will lend for property purchases in Monaco/ Cote d'Azur/selected ski resorts in France and Switzerland.
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 Monaco banks:
- Barclays Wealth Monaco
- Societe Generale Monaco
- Safra Sarasin Credit Suisse, www.safrasarasin.mc
- Bank Julius Baer Monaco
- BNP Paribas Wealth Management 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, subject to each bank's policy.
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 Monaco resident to open an account varies from bank to bank. The range can be from €250,000 subject to the bank's policy
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 €250,000, 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 is requested.
- 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/source of the funds to be deposited. Documentary evidence of the source of funds is generally requested.
- A profile of the client including details of his/her professional activities and source of income.
- If the client is resident in a tax paying country, two years previous private tax returns may be requested , and if the client owns a company, corporate documentation and two years previous corporate tax returns will be requested.
- The client will be required to visit the bank to meet with the bankers and to complete the official bank account opening documentation, within two months of the account opening being completed, subject to the banks' policy.
- Once this is done, and with all of the above required documents/information provided the account may be opened within 10-14 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 general requirement to meet with a member of the bank’s staff before the account can be officially opened, although in some cases, as long as all of the correct documentation and background information are provided to the bank, this may be done within a maximum of two months after the account is open.
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 documentary proof of the source of the funds to be deposited, if the client pays taxes in his/her country of fiscal residence the two years previous tax returns may be requested. If the client owns a company, then the company documentation and two years corporate tax returns may be requested if the client lives in a taxable jurisdiction at the time of the account opening.
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.