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 get advice on the future of your estate? Monaco Tribune takes you through the essentials.
There are no particular legal or regulatory restrictions to opening a bank account in Monaco. However, having economic, professional or residential ties to the Principality makes the process a lot easier.
Each institution sets its own rules about opening an account, in particular with regard to the minimum credit balance. In the private banking sector, institutions usually require significant initial deposits, ranging from several hundred thousand to several million euros or the equivalent. The match between the customer’s profile and the range of services and products on offer is crucial. Generally, retail banks do not stipulate a minimum deposit.
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The terms and conditions are determined during meetings with advisors, as in other financial centres. It should be noted that opening an account can take time, generally between one week and one or two months. The analysis period depends on compliance checks and each institution’s internal policy.
Which bank should you choose?
“The Principality has 24 active banking establishments, all but one of which are subsidiaries of major international groups. They are overseen by both the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France, and the Prince’s Government, according to the monetary agreement with the European Union,” explains Robert Laure, Chairman of the Association Monégasque des Activités Financières (AMAF).
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Each bank has its own specific characteristics and positioning: some specialise in private wealth management, providing portfolio managers, capital market specialists and experts in Monegasque law, while others focus on businesses and real estate professionals.
The Principality’s inclusion on the Financial Action Task Force’s (FATF) grey list in June 2024 has not incurred any particularly negative economic consequences for the banks. New accounts have been opened since, no banks have left the Principality and some buyouts are underway. “2024 ended on a record high for assets held by Monegasque banks, with more than three billion euros of new capital,” says Robert Laure. The Principality has strengthened its transparency and compliance measures, which has meant more administrative work, and sometimes more cumbersome procedures, and greater vigilance over certain transactions.
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
- Plus any other supporting documents needed to constitute your KYC (know your customer) file.
The Bank’s branch will tell you what these are, as you will certainly be asked for additional documentation such as a list of your financial and property assets and their origin, or your most recent tax return.
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What about neobanks?
The rise of financial technology (fintech) is a major global trend. Fintech startups have shaken up traditional business models as they provide innovative solutions, from online banking to electronic payments.
“There are currently no neobank head offices in Monaco; they are supervised by their country of origin. They therefore remain available to residents as elsewhere in Europe,” explains the AMAF Chairman. The main advantage of these solutions is their ease of access.
Digital services are making rapid progress in Monaco too (chatbots, conversational AI, simplified online operations), but opening an account still requires physical presence. This is a powerful argument for Monegasque bank advisors, who are keen to provide personalised support.