A driving sector of Monaco's economy, banking services in Monaco will not disappoint even the most fastidious of expatriates and Monegasque residents. As of 2004, there were at least 43 financial institutions and 7 financial companies, 3 representative offices and 70 bank teller windows operating in Monaco. Almost half of all the estimated deposits are from non-residents.

French banking laws usually apply for Monaco's banks. Monaco's banks offer both retail and commercial banking services. In response to the well-heeled international clientele that Monaco attracts, more and more banks have, in recent decades, shifted towards offering more private banking and wealth/asset management services. (For example, some banks may require a hefty initial deposit (amounts starts at around 300,000 Euros) if your intention is to start a private banking relationship with them. Nonetheless, there are many banks operating in Monaco. Hence, expatriates who simply wish to open a bank account for simply retail services such as a checking account with a checkbook facility, ATM cards, credit cards and other credit facilities will find such banks.

Expatriates wishing to open account must have a valid Monegasque resident card, a Monaco address, and proof of earnings or status. Different banks have different criteria. Note that for joint checking accounts, the words 'et' and 'ou' differ significantly in that 'et' means both account holders must sign on every check issued, while 'ou' means either one may do so. For a list of banks, the Association Monegasque des Activités Financières (AMAF) is Monaco's banking association. AMAF maintains a list of banks operating in Monaco at their website. The useful list includes the contact details, website addresses and location of the banks in Monaco.

Money

Since 2002, the currency used in Monaco is the Euro. Monaco mints its own coins, and there are two designs for its euro coins (one with Prince Rainer III and another with Prince Albert II).

Taxes

One of the most notable features of Monaco's taxation policies is that there is a complete absence of direct taxation, with some exceptions (some French nationals and some businesses). There are no taxes on capital gains as well, except for French nationals. For more information, you can contact the Tax Department (Direction des Services Fiscaux) at 57, rue Grimaldi (Tel: (+377) 93.158.122.

Cost of living

Despite its reputation for being the playground for the rich and famous, it is possible for expatriates and Monegasque residents to find good value restaurants and cafes in the quieter streets. Free parking is also possible (along Boulevard des Suisse if you are lucky to find a lot). Eating out in Europe is generally costly and not an everyday affair. Fresh produce can be easily bought from the Place d'Armes Market, or the Carrefour Supermarket in Fontvieille (and elsewhere, usually in Italy or France for greater variety at sometimes better prices). In general, the cost of living in Monaco is comparable to that of other major European cities such as Paris.