Retail Banking in Monaco

Information on the main retail banks and on opening a Monaco bank account, including which documents you will need to provide...

The major retail banks in Monaco are:

Opening an Account

The following is needed to open an account:

  • EU citizens: Proof of identity (a valid passport or ID card)
  • Non-EU citizens: Proof of residence (Carte de Séjour)
  • Proof of Monaco address: a utility bill, rental agreement or property deeds
  • Proof of earnings or status: Contract of employment/proof of earnings/proof of status
  • Reference: from other banks where accounts are held (usually only required for loans and overdrafts)
  • In some cases, a birth certificate

Opening an account can be done in a day and methods of making payments (cash cards and cheque books) will usually arrive within a week to ten days of the account being opened. Most banks in Monaco require a substantial deposit of up to €300,000 when an account is opened.

Accounts may be held in joint names.

  • Note that an account held by two parties will have the words "et" or "ou" between the names. In the case of an account held in the names M et Mme Xyz, both account holders must sign a cheque, while in the case of an account in the name M ou Mme Xyz, either account holder may sign.

Monaco banks will charge for certain items, for example in some a fee is payable to have an account, there is a fee to have a card (and second card), there may be a charge for the internet banking facility and for transactions in certain banks.