How do I open a bank account in Monaco?
There are around forty banks in Monaco © Unsplash
The Principality is a major financial centre. Would you like to open a bank account, manage your assets and investments and receive advice on the future of your estate? Monaco Tribune takes you through the essentials.
Let’s start with a myth: the minimum amount required to open an account in Monaco. It all depends on the type of account you open! While private banks may request a minimum deposit of €500,000, some banks do not require any payment up front.
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To open an account in the Principality, you do need to meet a number of specific criteria however. And you will not be able to do so if you live in France. You must either be of Monegasque nationality, be resident in Monaco or in the process of moving here, or work in Monaco. Opening an account can take between a week and a month, so it’s advisable to deal with that quickly if you want to move to Monaco.
Which bank should you choose?
There are around forty banks and some 60 portfolio and fund management companies. Société Générale, BNP Paribas, Compagnie Monégasque de Banque (CMB), Barclays, Banque Havilland, Banque Julius Baer, EFG Bank, Union Bancaire Privée, Indosuez… Each one will offer you different rates depending on your wishes and requirements.
For example, Société Générale de Monaco is a private bank in the Société Générale Private Banking division. It specialises in private wealth management and provides portfolio managers, capital markets specialists and lawyers who are experts in Monegasque law.
Banque Européenne du Crédit Mutuel is dedicated to businesses and property professionals. There is also CMB, the benchmark in Monaco, which has gradually moved into private banking, wealth management and investments.
Private or ‘high street’ banking, the choice is yours! French nationals visiting Monaco should note that they can withdraw cash in euros from BNP Paribas ATMs, free of charge as in France.
What documents do I need?
When you open an account, the bank will always ask you for some documentation:
- Proof of address under 3 months old
- If you are moving to Monaco: proof of your application for a residence permit
- A copy of both sides of an identity document bearing your photo
Don’t forget to contact the Bank’s branch about these documents, as you will certainly be asked for additional ones such as a list of your financial and property assets, the origin of your assets, or your most recent tax return.