Opening a bank account in Monaco: requirements and major banks

Banking in Monaco

Monaco is a major international financial centre with approximately 30 licensed banking institutions. The sector ranges from retail banks serving everyday residents to private banks catering to high-net-worth clients. Banking in Monaco is regulated by the CCAF (Commission de Controle des Activites Financieres), and the industry is well established and professionally run.

For most new residents, opening a local bank account is one of the first administrative steps, as it is closely tied to the residence permit application process.

Choosing a bank

The type of bank you need depends on your circumstances:

• Retail banking: a handful of banks in Monaco offer standard current accounts with debit cards, online banking, standing orders and standard services. These include branches of established European banking groups.
• Private banking: Monaco is particularly known for its private banking sector. These institutions typically require significant minimum deposits (often 500,000 EUR or more) and offer wealth management, investment and advisory services.

Some of the banks commonly used by residents include local branches of international groups as well as Monegasque institutions. The Association Monegasque des Banques provides a directory of member banks.

Documents required

To open a bank account in Monaco, you will typically need:

• Valid passport or national identity card
• Carte de sejour (residence permit) or proof that an application is in progress
• Proof of address in Monaco (lease, utility bill or property deed)
• Proof of income or financial resources (employment contract, tax returns, bank statements)
• A completed KYC (Know Your Customer) questionnaire

Monaco banks take compliance seriously. Expect thorough due diligence checks, particularly for larger accounts. The process can take several weeks.

Practical points

• Language: most banking staff speak French and English. Documentation is predominantly in French.
• Online banking: available at most institutions, though features may vary.
• IBAN: Monegasque bank accounts have an IBAN starting with MC, which is recognised across the SEPA zone for euro transfers.
• Cards: Visa and Mastercard debit and credit cards are standard. Contactless payment is widely accepted across Monaco.
• Fees: account maintenance fees vary. Retail accounts may charge a modest monthly fee; private banking fees are structured differently.

Opening the account

Begin by contacting the bank directly to schedule an appointment. Bring all required documents. The bank will carry out its due diligence, and once approved, your account will be activated. Allow two to four weeks for the full process, though this can vary depending on the institution and the complexity of your profile.

Related guides

• Living in Monaco
• Residence Permit
• Opening a Business
• Work Permit
• Corporate Taxation

You might also need

• Living in Monaco — Settlement guide
• Opening a Business — Business accounts
• Corporate Taxation — Tax implications