Monaco is a small independent city-state on the French Riviera, known for its luxurious lifestyle and high cost of living. In this article, we’ll explore the local currency, compare the cost of living to the UK and USA, break down costs for different households, and explain the most common forms of payment in Monaco.
Local Currency
The local currency in Monaco is the euro (EUR), which is the same currency used in France and many other European countries.
Cost of Living Comparison
Monaco is known for having a high cost of living, and it’s often considered one of the most expensive places to live in the world. According to Numbeo, a website that compares the cost of living between cities, Monaco’s cost of living is 51.35% higher than London’s and 61.61% higher than New York’s.
Cost Breakdown
The following is a breakdown of costs for singles, couples, and families of four in Monaco.
Housing
Monaco is known for being one of the most expensive places to live in the world, and housing costs reflect that. Monthly rent for a one-bedroom apartment in the city center can cost around €3,000-€4,000, while a three-bedroom apartment can cost upwards of €10,000 per month.
Food
As Monaco is a small city-state, the cost of food is generally higher than in other parts of Europe. Eating out at a mid-range restaurant can cost around €50-€100 per person, while a meal for two at a high-end restaurant can cost upwards of €300. Grocery shopping is also relatively expensive, with a liter of milk costing around €1.50 and a loaf of bread costing around €2.50.
Utilities
Utility costs in Monaco are also quite high. A monthly bill for electricity, heating, and water for a 85m2 apartment can cost around €150-€200 per month. Internet and mobile phone plans are also expensive compared to other European countries.
Leisure
Monaco is known for its luxurious lifestyle, and leisure activities can be expensive. Going to the movies can cost around €15 per person, while a day at a spa can cost upwards of €200. However, there are also many free and low-cost options for leisure activities, such as hiking in the nearby mountains or visiting public beaches.
Transport
Transportation costs in Monaco can vary depending on the mode of transportation. Taking a taxi can be expensive, with the minimum fare starting at €15, and a short trip within the city center costing around €20-€30. Public transportation, such as buses and trains, is more affordable, with a single bus or train ride costing around €2.
Clothing
As Monaco is known for its high-end fashion, clothing costs can be quite expensive. A pair of jeans from a mid-range store can cost around €100, while a high-end designer dress can cost upwards of €1,000.
Household Goods
Household goods, such as furniture and appliances, are also relatively expensive in Monaco. A basic washing machine can cost around €500, while a mid-range sofa can cost around €2,000.
Forms of Payment
The most common forms of payment in Monaco are cash and credit cards. Some businesses may also accept debit cards, but it’s always a good idea to check beforehand. Contactless payment methods, such as Apple Pay and Google Wallet, are becoming more popular, but may not be accepted everywhere. It’s also important to note that many businesses in Monaco require a minimum purchase amount for credit card transactions.