How to open a bank account in Monaco {Complete guide}

How to open a bank account in Monaco

The tiny principality is one of the jewels of Europe, a paradise of wealth management, fancy super cars, haute-couture known for its waterfront, celebrities, its grand prix history and of course, the casino. It is a truly special place that has attracted expats looking for privacy and a way to preserve and manage their wealth for decades and it should stay this way for decades more.

If you need to open a bank account there, there are plenty of options for the average worker, student, investor or business person. Here is our guide on how to open a bank account in Monaco.

Documents needed to open a bank account in Monaco

It should not be too hard to open an account as you will be greeted by a multilingual staff and the documentation prerequisites are not too complex. However, most banking is either private or caters to wealth management with rather high minimum balance requirements.

Passport
Proof of address or fiscal residence
Proof of income such as payslips and a letter from your employer
For private banking: origin of funds being deposited, business activity documentations which may vary from bank to bank so it is best to call or email the bank directly

In the likely event that you will be required to provide additional information such as business activities history and proof of income, beware that the entire procedure to open an account may take up to 2 weeks and you will be required to visit a branch and meet one of their relationship managers.

For normal accounts, it should be easy and quick to open an account since the compliance requirements and expected volume are lower.

Can I open a bank account in Monaco as a non-resident?

Yes it is possible to open a bank account in Monaco as a non-resident but you will have to keep a substantial minimum balance in the account, often ranging between 300 thousand and one million dollars.

Best banks in Monaco

The local public is well served by a selection of national and international banks and there are at least a dozen banks to choose from ranging from private banks tailored to investors and family estate management to commercial retail banks.

BNP Paribas: this is probably the easiest place to open an account in Monaco if you are a worker. They are a full service bank - still specialized in private banking - but they also carry a full set of services including current accounts and cards, insurance and loans and all the traditionally available documents.
Credit Du Nord: another option for people that need a normal account with a full stack offer including accounts, cards, insurance, loans, legal and financial advice and so on. THey also can help you if you require special assistance with wealth and estate management and preservation.

All other banks have their focus on private wealth management, including the Monaco operations by giants such as HSBC, ING, Barclays and Societe Generale. Here are some banks with such a focus.

The virtual bank account alternative

If you use a bank, international money transfer and currency conversion is expensive

Say you need to move 100 thousand euros to India. Did you know that thanks to high conversion charges, you only get about 90 thousand euros worth of rupees in India? This is true with almost every bank thanks to the fact they need to cover their high operational costs by charging obscenely above the mid market rate.

With B2B Pay's Virtual Bank Account, you would get 99 thousand euros back in India, into your own account. This is 9000 euros or so in savings! You also get a European IBAN number you can use to receive and send money within SEPA for free and send money abroad to about 200 countries and 30 currencies.

Page content

1. How to open a bank account in Monaco
2. Documents needed to open a bank account in Monaco
3. Can I open a bank account in Monaco as a non-resident?
4. Best banks in Monaco
5. The virtual bank account alternative
6. If you use a bank, international money transfer and currency conversion is expensive

How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.

How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.