List of Banks in Monaco for Personal and Business Banking

If you're looking to open a bank account in Monaco, you'll find a range of options to suit your needs.

Monaco has a well-established banking system with several banks offering personal and business banking services.

Some of the most prominent banks in Monaco include Banque de Monaco, which offers a range of personal and business banking services, including current accounts, savings accounts, and loans.

With its favorable tax regime and business-friendly environment, Monaco is a popular destination for international companies and entrepreneurs.

Monaco's banking scene is quite unique, as it doesn't have any retail or universal banks offering everyday current accounts. This means you'll need to meet certain eligibility requirements, such as having a minimum income or savings, to become a customer.

The top banks in Monaco cater to wealthy private banking clients, with all of them having operational headquarters in the country. These banks are located in either Monte Carlo or Monaco City.

Here's a list of the top 10 banks in Monaco, along with their operational headquarters:

These banks are all located in prime areas of Monaco, with many of them having a presence in Monte Carlo. This makes it easy to access their services and facilities.

Foreign banks in Monaco are well-established and welcoming to non-residents. Many banks, such as BNP Paribas Monaco, Société Générale, and HSBC Monaco, open accounts for non-residents.

According to the AMAF, 42% of banks' resources come from non-resident clientele. This shows that foreign banks in Monaco cater to a diverse range of clients.

To open a bank account in Monaco, you'll need to provide some official documents. These include a copy of a valid identification document, a copy of a proof of residence dated less than 3 months, and a temporary receipt attesting to the submission of the residence permit (for new residents).

Some banks may also require you to justify your funds and financial situation, or explain why you want to open a bank account in Monaco. This is to ensure that the bank can assess your suitability for an account.

The bank has 15 business days to process your application. During this time, they can either open your account or refuse to do so, in which case you can appeal to the Budget and Treasury Directorate to designate a bank to open an account for you.

Private banking in Monaco offers comprehensive wealth management solutions for high-net-worth individuals and families. UBS Monaco, operating since 1956, provides wealth planning, investments, and securities-backed financing.

To be accepted into Monegasque private banking, clients typically need to invest at least €1,000,000, although some cases may accept a minimum of €500,000. This significant investment requirement is a key aspect of private banking in Monaco.

CFM Indosuez Wealth, established in 1992, offers private banking, credit solutions, and wealth management services to high net worth individuals and families. It also provides services to entrepreneurs, intermediaries, and institutions.

One of the benefits of entering Monaco through private banking is having a trusted manager who can assist with various aspects of your financial needs. This personalized support can be a significant advantage for high-net-worth individuals looking to establish themselves in the country.

Banking fees in Monaco are relatively low, with investment fees averaging 0.50% for equity funds.

You can expect to pay 1.20% for bonds and 2.75% for insurance.