Opening a bank account in Monaco
Once you have decided to relocate to the Principality of Monaco, you will have to open a local bank account. In many cases opening a bank account is the very first step that foreign people take. It can be a very obvious choice because without (an employment contract or) the proof that you have enough funds to live in the territory of Monaco, you have no chance to successfully apply for a residence permit.
Monaco’s banking and financing sectors offer you an estimated forty banks and another fifty wealth managers, family offices and financial advisors. They are managing together a fund, which is almost 100 billion Euro.
What is interesting is that even if Monaco offers almost hundred banks, wealth managers and family offices, very few of them are empowered to receive all types of deposits. Therefore, if you need a specific deposit service in the future, then it is always better to make a pre-check before you choose and commit yourself to a bank.
It is also good to know that all licensed banks in the Principality of Monaco, as well as the fund and portfolio manager companies belong to the Monégasque Association of Financial Services, which is a member of the European Banking Federation. Therefore, Monaco is in the Eurozone and SEPA (Single Euro Payments Area).
All the members of the Monégasque Association of Financial Services are subject to regular supervising. These supervisions take place of course with the highest confidentiality to secure the undisturbed operation of the Monégasque banking establishments. They happen in order to protect the residents and the investors’ best interest.
For many years now the Principality of Monaco has taken serious steps and an active fight against money laundering, corruption and terrorists financing. These steps often reach international levels as well.
The Principality of Monaco has also created its own Financial Investigation Unit, called S.I.C.C.FIN (Service d’Information et de Contrôle sur les Circuits Financiers). The S.I.C.C.FIN works together on an international level with more than 130 countries around the globe. It has a role to suspend financial transactions carried out by professionals who are subject to legal matters.
This special attention and care helps Monaco to develop and modernise its banking system and its whole financial sector. It supports practices and quality standards, which are globally recognised by all European financial centres.
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