Can a non-resident open a bank account in Monaco? It’s a question many people ask, especially those looking for exclusive private banking in one of the world’s wealthiest nations.
Well, to cut straight to the chase, the answer is yes… sort of.
If you want to access high-net-worth private banking in Monaco, you typically need to be a resident, be in the process of becoming a resident, acquire (or be in the process of acquiring) property nearby, or have clear reasons for wanting to open a bank account in the country.
That said, it’s still possible to open non-resident bank accounts in Monaco if you know which banks to approach, know the account opening quirks, and can meet the specific account opening requirements.
In this article, we’ll share how to start opening your non-resident bank account in Monaco and cover some of the most frequent questions we get asked on the topic.
Feel free to use the table of contents to jump ahead to any sections most relevant to you.
Table of Contents
- Non-Resident Banking in Monaco
- Offshore Private Banking in Monaco
- How to Open a Bank Account in Monaco as a Non-Resident
- Frequently Asked Questions
Non-Resident Banking in Monaco
Banking in Monaco goes beyond opening a private bank account. It’s a gateway into one of the wealthiest and most exclusive countries in the world.
So, it’s no surprise that people choose to bank here for status, exclusivity, and of course to open accounts with some of the most sought after banks available.
Monaco caters to the super-wealthy. This often includes individuals, families, family offices, and their related entities.
Banks in Monaco cater to clients by offering specialized products, asset backed financing like lombard loans, luxury financing (e.g. collectibles, art, marine, aviation, property, etc.), wealth management and investment solutions, and much more.
Of course, to access the banks that offer these services, you need to be able to meet the account opening requirements of Monaco banks (shared below).
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Offshore Private Banking in Monaco
If you’re looking to open accounts as a non-resident in Monaco, you might be wondering how much you’ll need to deposit to open an account.
First, it’s important to note that when it comes to private banking, almost everything is negotiable. Yes, this even includes the initial deposit.
So, if you can’t afford the initial deposit at first, maybe your banker will show some flexibility and reduce the requirement by a few hundred thousand (or a few million) if they think you’ll be a profitable client for the bank later on.
Financial Requirements for Opening Accounts in Monaco
In order to open a non-resident bank account in Monaco, you will typically be asked to deposit between €500,000 and €3,000,000. The specific amount varies by bank and even by banker.
Still, this is the typical deposit range that almost all banks will want to see in order to start a relationship. In fact, €500,000 is also the minimum deposit required to start the residency process, though many banks expect higher amounts.
How to Open a Bank Account in Monaco as a Non-Resident
If you’re looking to open a bank account in Monaco, you’ll first need to determine where to apply and which banks make sense for you.
That said, it may be also worth taking some time to consider whether Monaco is really the most appropriate banking hub for your needs. In general, unless you plan to become a resident of Monaco, want to purchase property along the Côte d’Azur, require Monaco-specific specialty financing, or have another specific reason for banking in (or investing through) Monaco, there are probably better banking hubs available to you elsewhere.
Our team has published a detailed private banking report to help you navigate your private banking options, protect yourself from abusive fee structures, and more. This report lists specific banks, account opening requirements, lesser-known quirks and sensitivities, account opening strategies, and much more. It also shares what’s negotiable and what’s not – so you can know what’s reasonable and where to push back in order to get the best deal possible.
- Private Banking Secrets: Bank Like the Super Rich
You can get immediate access to this report (and many more) when you join either GlobalBanks IQ or GlobalBanks Insider.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to open a bank account in Monaco. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Banks Can Foreign Non-Residents Open Accounts With?
Foreign non-residents can open accounts with most banks in Monaco. However, you will still need to meet each bank’s deposit requirements, navigate account opening process, and (in most cases) utilize the bank’s products and services – which can range from investment products to financing.
Is a Monaco Bank Account Safe for Foreign Non-Residents?
Generally speaking, Monaco is a very safe country with a stable banking sector. Banks here comply with international standards and the country is not on any grey or blacklists. This means that international transfers from Monaco do not typically raise issues with compliance or regulators.
Ready to Open a Non-Resident Bank Account in Monaco?
If you would like assistance navigating your banking options at home or abroad, we can help.
You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.
But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.
Of course, if you have any questions, please contact us directly.