Monaco – Banking

What are the main banks in Monaco?

As of mid-2025, Monaco has approximately 25 active banks, the great majority of which are subsidiaries of major international groups headquartered in France, Switzerland, and Italy, collectively overseeing approximately €170 billion in assets under management. The landscape is markedly different from the broad retail banking markets found in countries like France or Germany — private banking and wealth management dominate, and only a limited number of institutions provide commercial retail services.

Foreign-controlled banks — chiefly from France, Switzerland, Italy, and other European nations — command more than 99% of the market. Crédit Mobilier de Monaco, the sole domestically owned bank, holds less than 0.1% of total assets, which underscores the heavily foreign-dominated character of the sector.

The six largest institutions by total assets as of 2024 are listed below. Always verify current contact details and branch availability directly with each bank or through the CCAF’s official published list at ccaf.mc.

Other notable institutions include Edmond de Rothschild (Monaco), part of a family-owned financial group with a specialisation in private banking and asset management. The firm additionally provides corporate finance, private equity, and fund administration services, alongside private banking, wealth management, and life insurance solutions.

Established in 1976, Compagnie Monégasque de Banque (CMB) focuses on international private banking within Monaco. It is a wholly owned subsidiary of Mediobanca SpA, an Italian investment bank, and delivers a range of products and services built around three core pillars: private banking, investment management, and financing. CMB Monaco’s official website is cmb.mc.

The CCAF routinely supervises banking entities to safeguard the interests of the more than 90,000 clients of Monaco’s banking sector. To protect against inaccurate or misleading information, the authority publishes an annual list of authorised banks on its website. Prospective clients should always consult this list before approaching any institution.

Do any major international banks operate in Monaco?

The departures of significant players such as HSBC Private Bank and BNP Paribas Wealth Management illustrate the shifting strategies of global banking groups. This is a critical point for anyone planning to relocate: Monaco’s international banking landscape is not fixed, and what was available several years ago may look very different today.

In Monaco, Barclays Bank operates exclusively as a private banking specialist — it does not offer the retail products available through its UK branches. It is currently the largest bank in the principality by assets. Barclays Bank PLC Monaco, which was established in 1922 as the first foreign wealth management firm in the Principality, provides comprehensive private banking, investment solutions, and digital advisory services to affluent clients internationally. Barclays Monaco’s official site is privatebank.barclays.com, though you should contact the Monaco office directly to confirm current services.

UBS (Monaco) has been present in the Principality since 1956 and concentrates on delivering comprehensive wealth management services to private individuals, families, and corporate clients worldwide, providing bespoke financial advice, tailored investment solutions, and personalised tools. UBS Monaco’s official website is ubs.com/monaco.

BNP Paribas Wealth Management Monaco, a branch of the French BNP Paribas Group, is known for cross-border wealth planning for international clients and philanthropy advisory services. It provides dedicated support for non-resident investors through integrated services across Europe. As of late 2025, it continues to operate, despite an announced transfer of clients to Indosuez Wealth Management that is pending regulatory approval for closure in 2026. Always confirm the current status of any bank’s Monaco operations directly with the institution concerned.

A notable pattern in Monaco’s banking sector has been the exit of certain international players, including BNP Paribas Wealth Management and HSBC Private Bank, alongside the entry of new participants such as Bank Pictet & Cie (Europe) AG. Given how rapidly conditions can change, readers are strongly advised to verify all international banking presences directly with the institutions and with the CCAF.

Do banks in Monaco offer accounts or services specifically for expats?

Monaco has a substantial number of banks, many of which provide a broad range of account types and highly personalised services. However, the overwhelming majority of these accounts are designed for — and accessible only to — wealthy clients. If the minimum deposit requirements cannot be met, gaining access will be challenging.

Both Monaco residents and non-residents may open an account with a Monegasque bank, provided they satisfy the institution’s requirements. Some banks additionally require the client to have an economic connection to Monaco, such as residency or a local business presence. This means that dedicated “expat accounts” of the kind offered by international retail banks are uncommon — instead, Monaco’s banks provide private banking services tailored to internationally mobile, high-net-worth individuals.

Private banks in Monaco typically offer their clients property finance and mortgage facilities, investment advice and portfolio management, and standard banking services such as current accounts, debit and credit cards, direct debits, and safety deposit boxes. These services, however, come with significant minimum deposit conditions.

The minimum amount stipulated by the Monaco government for a residency application is €500,000 per principal applicant, to be deposited in an account held in the applicant’s name with a Monaco bank and maintained throughout the residency period. Individual banks may set higher thresholds to establish a client relationship, but €500,000 remains the minimum for residency purposes (as of 2017, reconfirmed as current guidance).

A number of banks with multilingual staff and services are worth considering for expats, including BNP Paribas, which maintains a prominent presence in Monaco through its main branch in Monte Carlo on Boulevard des Moulins. It offers current accounts, cash and cheque deposits, currency exchange, safe deposit boxes, and routine money transfers. While the entry requirements for private banking remain high, BNP’s standard current accounts tend to be more straightforward and accessible for expats living and working in Monaco than the offerings at exclusively ultra-high-net-worth institutions.

Staff at Monaco’s banks are generally multilingual, covering a wide range of languages. For current fee schedules, minimum balance requirements, and eligibility criteria, always consult the bank you intend to approach directly, as these details change regularly. The CCAF’s website at ccaf.mc lists all authorised institutions.

What are typical bank opening hours in Monaco?

Banking hours in Monaco broadly mirror those of neighbouring France. Most branches in the Principality are open Monday through Friday, generally between 09:00 and 17:00 or 17:30, with a lunchtime closure common at some smaller offices. Saturday opening is uncommon among private banking institutions, and most branches remain closed on Sundays and public holidays.

Monaco observes a number of public holidays on which banks will be shut, including New Year’s Day (1 January), Saint Dévote Day (27 January), Easter Monday, Labour Day (1 May), Ascension, Whit Monday, Corpus Christi, Assumption (15 August), All Saints’ Day (1 November), National Day (19 November), the Feast of the Immaculate Conception (8 December), and Christmas Day (25 December). It is advisable to check with individual banks ahead of any planned visit around these dates.

Beyond their traditional functions of accepting deposits and extending loans, Monaco’s banks are highly innovative, offering a wide range of services including portfolio management, advisory services, and order reception and transmission. Most major institutions provide online and mobile banking platforms for routine account access, reducing the necessity of branch visits. Telephone banking is also widely available, and many private banking clients are assigned a dedicated relationship manager as their main point of contact — often a more practical solution than attending a branch in person.

Because Monaco’s banks primarily serve private banking clients, branch networks within the Principality are small. Nonetheless, many are affiliated with large international groups — French, Swiss, or Italian — whose broader digital and telephone infrastructure supports clients around the clock. Always confirm current opening hours directly with your bank, as these may vary by institution and time of year.

What do expats need to know about the banking system in Monaco?

Monaco, a compact yet prosperous principality perched on the Mediterranean coast, is celebrated for its high-income economy and advantageous financial environment. Despite its diminutive size, it has drawn a global clientele — particularly high-net-worth individuals — thanks to its absence of personal income tax and its secure, prestigious banking landscape.

Regulation and supervision. Credit institutions in Monaco are licensed by the French Prudential Control and Resolution Authority (ACPR) for the banking services they provide and by the CCAF in respect of their financial activities, which include discretionary asset management, management of foreign and Monegasque funds, and the reception and transmission of orders. Banking in Monaco is also overseen by the Financial Activities Supervisory Commission (CCAF), which is charged with monitoring and supervising the financial sector in the Principality, upholding the stability and integrity of the banking system, and protecting the interests of depositors and investors. Official guidance is available at ccaf.mc and via acpr.banque-france.fr.

Deposit protection. Monaco’s system differs from some other jurisdictions in an important respect. The Monegasque government carries no obligation to guarantee deposits and holds no ownership stake in the banking sector. Monegasque credit institutions have been affiliated to the French Deposit Guarantee and Resolution Fund (FGDR) since 25 June 1999. The FGDR is a private-law entity whose purpose is to compensate depositors and investors in the event that their deposits or other repayable funds become unavailable. Barclays Bank PLC Monaco, for example, participates in France’s deposit guarantee scheme, which protects accounts up to €100,000 per bank per depositor (as of 2025). This is broadly comparable to the €100,000 protection available under EU deposit guarantee schemes in countries such as Germany or Spain, but differs from the £85,000 limit under the UK’s FSCS or the $250,000 ceiling of the US FDIC. Given the very high minimum deposits expected by Monaco’s banks, clients should be aware that sums well above the €100,000 threshold may not be protected. Always confirm the current protection level and eligibility with your bank and with the FGDR at garantiedesdepots.fr.

Privacy and transparency. Monegasque banking has long been associated with confidentiality, rooted in bank secrecy laws dating to 1931. It maintains high standards of privacy, to the extent that bank employees face prosecution for failing to observe strict confidentiality regulations. That said, Monaco is no longer considered a tax haven: since the implementation of the Common Reporting Standard (CRS) by the OECD and FATCA by the United States, the Principality’s banks exchange information with foreign authorities whenever there are grounds to suspect tax evasion, terrorist financing, or money laundering.

AML compliance. Monaco was added to the Financial Action Task Force’s (FATF) grey list in June 2024, having made a high-level political commitment to work with the FATF and MONEYVAL to strengthen the effectiveness of its anti-money laundering regime. Overall, Monaco has met the broad expectations of MONEYVAL, demonstrating significant compliance with 32 of the 40 FATF recommendations and full compliance with 7 of the 40. Expats should be aware that this heightened scrutiny means banks carry out very thorough due diligence on all prospective clients.

Currency. Monaco uses the Euro (€) as its official currency, making everyday transactions straightforward for those arriving from the eurozone. There are no currency controls governing the movement of funds into or out of the Principality, though large transfers may require documentation evidencing the source of the funds.

Digital infrastructure. The Monegasque Digital Security Agency, established in 2015, serves as the national authority responsible for information system security. Operating under the authority of the Minister of State, it functions as a centre of expertise and as a response unit against digital attacks. All banking institutions are classified as operators of vital importance and contribute to the national security strategy. Monaco’s digital banking infrastructure is modern and robust.

How do I open a bank account in Monaco as an expat?

Opening a bank account in Monaco is generally a lengthy process that can stretch over weeks or even months, given that Monegasque banks are highly protective of their reputation. Applicants must pass rigorous background checks, demonstrate substantial financial credentials, and satisfy demanding minimum deposit requirements. The following is a step-by-step overview of the typical process.

1. Research and shortlist banks. Identify which institutions are best suited to your financial profile. Consider carefully whether Monaco is genuinely the right banking hub for your circumstances: unless you plan to become a Monaco resident, wish to purchase property along the Côte d’Azur, require Monaco-specific financing, or have another specific reason for banking there, other hubs may serve you better. Consult the CCAF’s published list of authorised institutions at ccaf.mc.
2. Prepare your documentation. You will typically need: proof of identity for the beneficial owner of the account (normally a valid passport); evidence of fiscal residence, such as a recent utility bill or comparable official document; background information on the origin and source of funds to be deposited; documentary proof of the source of those funds; a client profile including details of professional activities and income; and, if you are a tax resident elsewhere, two years of personal tax returns may be requested. If you own a company, corporate documentation and two years of corporate tax returns will also commonly be required.
3. Make initial contact with the bank. Because services are frequently tailored to individual clients, you will generally need to approach the bank directly to obtain details of their specific requirements. Some private banks may also require a referral or introduction from an existing client or intermediary. Contact each bank’s Monaco office directly through the details provided on their official websites.
4. Attend an in-person meeting in Monaco. A visit to Monaco in person is mandatory to open a bank account. Remote applications are very rarely, if ever, accepted. Some institutions may require more than one meeting before finalising your application. The client will typically be required to attend the bank, meet with the bankers, and complete the official account-opening documentation within two months of the account opening being agreed.
5. Undergo background and due diligence checks. Following your initial meeting, the bank will begin its verification process, including checks on your criminal history and confirmation of your source of wealth. You may be asked to supply additional documentation during this phase.
6. Receive approval and transfer the minimum deposit. Once your application has been approved, you will need to transfer the required minimum deposit. For residents, this is generally at least €500,000 (as of 2025). Non-residents typically face higher thresholds of at least €2,000,000 or more. Always verify the current minimum directly with your chosen bank, as requirements differ between institutions.
7. Account activation and relationship manager assignment. Once your deposit has cleared, the bank will activate your account and grant access to their services. You will also be provided with details of your dedicated relationship manager, who will serve as your primary contact for all banking matters going forward.

Under applicable law, banks are required to verify clients’ identities, gather information about their financial circumstances, and understand their reasons for opening an account in the Principality. For authoritative and up-to-date guidance, consult the official Monaco government public services portal at monservicepublic.gouv.mc and the CCAF at ccaf.mc.

What banking and payment apps are widely used in Monaco?

Because Monaco’s domestic banks are focused predominantly on private banking, many expats and residents — particularly those who have recently moved to the Principality — rely heavily on digital banking apps and fintech platforms for managing day-to-day finances. Monaco uses the Euro and, while not an EU member state, maintains close ties to France and the broader European financial infrastructure, meaning most European-regulated digital services operate normally.

Many expats gravitate towards alternatives including digital banks such as N26, Revolut, and Bunq, which are available across the EU, as well as money services providers like Wise, whose multi-currency account enables users to spend, convert, send, and receive money internationally. These platforms are widely adopted in Monaco as practical tools for everyday spending, particularly while waiting for the lengthy approval process associated with opening a local private bank account.

Revolut enjoys broad popularity throughout Europe and operates under an EU banking licence issued in Lithuania, enabling it to function in Monaco much as it does across most European countries. N26, licensed in Germany, similarly provides IBAN-based accounts with strong mobile functionality. Wise (formerly TransferWise) is an especially useful option for expats managing finances across borders, offering the mid-market exchange rate and low-cost international transfers.

PayPal is widely accepted by online retailers and service providers operating in and around Monaco. Contactless and mobile payments via Apple Pay and Google Pay are accepted at the vast majority of merchants in the Principality, reflecting Monaco’s modern and well-developed payment infrastructure.

From a regulatory standpoint, fintech companies operating in Monaco must comply with Monegasque financial regulations and, where applicable, the rules of their home licensing jurisdiction. Although Monaco is not an EU member, its regulatory framework aligns closely with EU directives, particularly through the transposition of French laws implementing measures such as the Markets in Financial Instruments Directive (MiFID), ensuring harmonised standards for investor protection and market access. Always check whether a specific app or neobank is authorised to operate in Monaco by consulting the CCAF at ccaf.mc.

How can expats manage money between Monaco and their home country?

Monaco imposes no currency controls, meaning funds can move freely in and out of the Principality. The use of the Euro also eliminates currency conversion friction for transfers to and from other eurozone countries. For transfers to non-euro countries, exchange rate costs and transfer fees will apply.

Monaco’s banks offer a wide range of services including advisory facilities, order reception and transmission, and international wire transfers in multiple currencies. However, as is typical of private banking institutions, various fees are generally attached. The charges that apply will vary according to which services you use. For retail-style accounts, you may encounter fees including maintenance charges, debit card fees, and international transfer fees. Always request a current fee schedule from your bank, as charges are not standardised across institutions.

For cost-effective international transfers, platforms such as Wise, Revolut, and OFX typically offer more competitive exchange rates and lower charges than traditional private banks. Wise in particular applies the mid-market exchange rate and displays its fees transparently before you send — a meaningful advantage compared with the mark-ups that private banks often apply to currency conversions. Always compare the total cost of a transfer, including the exchange rate margin, rather than focusing solely on the headline transfer fee.

Reporting obligations. Since the introduction of the Common Reporting Standard (CRS) by the OECD and FATCA by the United States, Monaco’s banks share information with foreign authorities when there are grounds to suspect tax evasion, terrorist financing, or money laundering. This means that if you hold accounts in Monaco and are a tax resident elsewhere, your home country’s tax authority is likely to receive information about your Monaco accounts through automatic information exchange agreements. It is your responsibility to declare foreign accounts in your country of tax residence. Requirements differ considerably between jurisdictions — seek advice from a qualified cross-border tax adviser and consult the Monaco government’s public services portal at monservicepublic.gouv.mc for authoritative guidance.

For large transfers — often above €10,000 within the EU and many other jurisdictions — banks are required to conduct additional AML due diligence under Monaco’s anti-money laundering legislation. Be prepared to supply documentation confirming the source and purpose of high-value transfers. Consult your bank and the SICCFIN (Monaco’s Financial Intelligence Unit) for current thresholds and reporting requirements, as these are subject to legislative change.

Frequently asked questions

Can anyone open a bank account in Monaco?

Any Monegasque citizen, resident, or person in the process of relocating to Monaco may open a bank account in the Principality with any bank of their choosing, subject to that institution’s specific requirements. Non-residents may also open accounts, but face considerably higher minimum deposit thresholds and more intensive due diligence procedures. Monaco is unusual in that it has no retail or universal banks offering standard everyday current accounts, which means you will need to satisfy eligibility requirements — such as a minimum level of income or savings — in order to become a client.

What is the minimum deposit required to open a bank account in Monaco?

Minimum deposit requirements typically range from €500,000 for residents to €2,000,000 or more for non-residents (as of 2025), and the precise figure will vary from bank to bank. Some institutions may set higher thresholds to begin a client relationship. Always confirm the current minimum with your chosen bank before commencing the application process.

Is it possible to open a Monaco bank account before arriving in the Principality?

A personal visit to Monaco is required to open a bank account. Remote applications are very rarely, if ever, accepted. You may begin your research and assemble the necessary documentation before arriving, but the formal application and approval process requires at least one in-person meeting at the bank.

Are deposits in Monaco banks protected?

The Monegasque government has no obligation to guarantee deposits and holds no ownership interest in the banking sector. However, Monegasque credit institutions have been affiliated to the French Deposit Guarantee and Resolution Fund (FGDR) since 25 June 1999. Banks such as Barclays Monaco participate in France’s deposit guarantee scheme, which covers accounts up to €100,000 per bank per depositor (as of 2025). Given Monaco’s very high minimum deposit requirements, it is important to understand that amounts substantially above this threshold are not protected. Verify the current protection limit with your specific bank and with the FGDR at garantiedesdepots.fr.

Who regulates banks in Monaco?

Credit institutions in Monaco are licensed by the French Prudential Control and Resolution Authority (ACPR) for the banking services they provide and by the CCAF in respect of their financial activities. The CCAF is responsible for monitoring and supervising the financial sector in the Principality, upholding the stability and integrity of the banking system, and protecting the interests of depositors and investors. The CCAF’s official website is ccaf.mc.

Do Monaco banks share account information with other countries?

Monaco is no longer regarded as a tax haven. Since the introduction of the Common Reporting Standard (CRS) by the OECD and FATCA by the United States, the Principality’s banks share information with foreign authorities when there are grounds to suspect tax evasion, terrorist financing, or money laundering. If you are a tax resident in another country, you are legally required to disclose your Monaco accounts to your home country’s tax authority. Professional cross-border tax advice is strongly recommended to ensure full compliance.

Can I use digital banking apps and neobanks such as Revolut or N26 in Monaco?

Yes. EU-regulated neobanks such as Revolut, N26, and Bunq are active in Monaco and widely used by residents and expats for everyday transactions. Monaco’s regulatory framework aligns closely with EU directives, ensuring harmonised standards for investor protection and market access, which means most European-licensed fintech applications function normally. Always verify that a specific service is authorised for use in Monaco via the CCAF at ccaf.mc.

What documents do I need to open a bank account in Monaco?

To open a bank account in Monaco, you will typically need: a valid passport, proof of address or fiscal residence, and evidence of income such as payslips and a letter from your employer. For private banking, you will also need documentation establishing the origin of the funds to be deposited and details of your business activities, which may vary between institutions. Tax returns for the previous two years are also commonly requested, particularly for applicants who are tax residents in another country. Consult the official Monaco government services portal at monservicepublic.gouv.mc and your chosen bank directly for the most current requirements.

Is there a retail bank in Monaco for everyday banking needs?

For foreigners who are not official Monaco residents, opening an account in the Principality is possible but more difficult than in most other European countries. BNP Paribas is generally considered the most accessible option for workers and expats, offering standard current account services alongside its private banking arm. Those who do not meet Monaco’s elevated private banking thresholds commonly rely on EU-based digital banks or French retail banks with branches just across the border in Nice or Menton as practical alternatives.