How to open a bank account in Monaco {Complete guide}

How to open a bank account in Monaco

The tiny principality is one of the jewels of Europe, a paradise of wealth management, fancy super cars, haute-couture known for its waterfront, celebrities, its grand prix history and of course, the casino. It is a truly special place that has attracted expats looking for privacy and a way to preserve and manage their wealth for decades and it should stay this way for decades more.

If you need to open a bank account there, there are plenty of options for the average worker, student, investor or business person. Here is our guide on how to open a bank account in Monaco.

Documents needed to open a bank account in Monaco

It should not be too hard to open an account as you will be greeted by a multilingual staff and the documentation prerequisites are not too complex. However, most banking is either private or caters to wealth management with rather high minimum balance requirements.

Passport
Proof of address or fiscal residence
Proof of income such as payslips and a letter from your employer
For private banking: origin of funds being deposited, business activity documentations which may vary from bank to bank so it is best to call or email the bank directly

In the likely event that you will be required to provide additional information such as business activities history and proof of income, beware that the entire procedure to open an account may take up to 2 weeks and you will be required to visit a branch and meet one of their relationship managers.

For normal accounts, it should be easy and quick to open an account since the compliance requirements and expected volume are lower.

Can I open a bank account in Monaco as a non-resident?

Yes it is possible to open a bank account in Monaco as a non-resident but you will have to keep a substantial minimum balance in the account, often ranging between 300 thousand and one million dollars. However, banks may decline applications from high risk industries such as casinos or individuals with unclear sources of income, as compliance standards in Monaco remain strict despite its reputation for financial privacy.

Best banks in Monaco

The local public is well served by a selection of national and international banks and there are at least a dozen banks to choose from ranging from private banks tailored to investors and family estate management to commercial retail banks.

BNP Paribas: this is probably the easiest place to open an account in Monaco if you are a worker. They are a full service bank - still specialized in private banking - but they also carry a full set of services including current accounts and cards, insurance and loans and all the traditionally available documents.
Credit Du Nord: another option for people that need a normal account with a full stack offer including accounts, cards, insurance, loans, legal and financial advice and so on. They also can help you if you require special assistance with wealth and estate management and preservation.

All other banks have their focus on private wealth management, including the Monaco operations by giants such as HSBC, ING, Barclays and Societe Generale. Here are some banks with such a focus.

The virtual bank account alternative

If you use a bank, international money transfer and currency conversion is expensive

Say you need to move 100,000 euros to India. Thanks to hidden fees and poor exchange rates, your recipient may only receive the equivalent of around 90,000 euros. This is common with most traditional banks, which charge well above the mid-market rate to cover their high operational costs.

That’s where Narvi comes in.

Narvi provides multi-currency IBAN accounts for businesses that operate globally — particularly those underserved by traditional banks. With Narvi, you can send and receive payments across borders more efficiently, with competitive FX rates and full transparency on fees.

You get access to European IBANs for SEPA payments and support for fast, secure transfers to over 200 countries in 30+ currencies. If your business is looking for a modern, compliant solution for international payments — without the legacy banking friction — Narvi offers a smarter way to move your money.

Page content

1. How to open a bank account in Monaco
2. Documents needed to open a bank account in Monaco
3. Can I open a bank account in Monaco as a non-resident?
4. Best banks in Monaco
5. The virtual bank account alternative
6. If you use a bank, international money transfer and currency conversion is expensive

About the author

16.06.2024
Neil Ambikar

Neil worked in New Zealand’s and the Netherlands’ corporate world for 7 years as a business advisory and financial analyst. In 2017, he founded his first fintech company http://B2Bpay.co, and in 2021, co-founded Narvi Payments. He is also a chartered accountant in the UK, Australia, and New Zealand.

Disclaimer

This publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from B2B Trade Payment Services AB or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

How to open a bank account in Europe

We have comprehensive guides on opening bank accounts across multiple European countries. These resources also explain how a virtual bank account with Narvi Payments can be a smarter alternative for international transfers, offering better exchange rates and greater convenience.