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by Zsolt Szemerszky

Zsolt Szemerszky

Opening a bank account in Monaco

Opening a bank account in Monaco

Once you have decided to relocate in the Principality of Monaco you will have to open a local bank account. For many years now the Principality of Monaco takes serious steps and an active fight against money laundering, corruption and terrorists financing.

Once you have decided to relocate in 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 do. It can be a very obvious choice because without (employment contract or) the bank proof that you have enough fund to live in the territory of Monaco you have no chance to successfully apply for a residence permit.

Monaco’s banking and financing sectors offers you an estimated of 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 ninety banks, wealth managers and family offices, very few of them are empowered to receive all types of deposits. Therefore if you might need a specific deposit service in the future then it is always better to make some 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 the 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.

In this page we will talk about:

  • Fight against money laundering
  • Monaco’s feared Financial Investigation Unit, called S.I.C.C. FIN (Service d’Information et de Contrôle sur les Circuits Financiers)
  • And about the most important question, whether the amount is really important

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