Monaco is a sovereign city-state located on the French Riviera, known for its luxurious lifestyle and high-net-worth individuals. If you’re an expat in Monaco, you’ll need to understand the banking system and how to open a bank account. In this article, we’ll cover the main local banks in Monaco, whether major UK and USA banks have a presence there, accounts and services specifically aimed at expats, typical bank opening hours, and how to open a bank account as an expat.
Main Local Banks in Monaco
The main local banks in Monaco are:
- Compagnie Monégasque de Banque (CMB) – CMB was founded in 1976 and is one of the leading banks in Monaco. They offer a range of services such as personal banking, wealth management, and corporate banking. CMB has branches in several countries, including France, Switzerland, and Italy.
- Société Générale Monaco – Société Générale Monaco was established in 1924 and is a subsidiary of Société Générale, a French multinational banking and financial services company. They offer services such as wealth management, private banking, and investment banking.
Major UK and USA Banks in Monaco
Major UK and USA banks do not have a physical presence in Monaco. However, some of them may offer offshore banking services to clients in Monaco.
Accounts and Services for Expats
Some banks in Monaco offer accounts and services specifically aimed at expats. For example, CMB offers a “Welcome Package” for new residents, which includes a current account, a debit card, and online banking services. The account is available in several currencies, including euros, US dollars, and British pounds.
Typical Bank Opening Hours
Bank opening hours in Monaco are usually from 9:00 am to 4:30 pm, Monday to Friday. Some banks may have extended hours during the summer months.
Areas of Concern
One area of concern for expats in Monaco is the high cost of living. Banks in Monaco may also have high fees and charges for their services, so it’s important to compare different options before choosing a bank.
Opening a Bank Account
To open a bank account in Monaco as an expat, follow these steps:
- Choose a bank that meets your needs and make an appointment with them.
- Bring the necessary documents, which may include your passport, proof of address, and proof of income.
- Complete the application form provided by the bank.
- Provide any additional information or documents requested by the bank.
- Wait for the bank to process your application.
It’s important to note that opening a bank account in Monaco may require a significant initial deposit, and the bank may require you to maintain a minimum balance in your account. Additionally, some banks may require you to provide references or undergo a credit check before opening an account.