Banking

Monaco — Banking: Opening an Account

Opening a bank account in Monaco is a highly personalized, thorough process that requires satisfying stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. Most local banks target affluent individuals and require a substantial initial deposit, which typically ranges from €500,000 to €1,000,000 to establish a relationship. While non-residents are legally permitted to open accounts, they face higher scrutiny and must demonstrate a clear connection to the Principality, such as an ongoing real estate transaction, active business, or a pending residency application. Physical attendance at the bank is almost always mandatory to complete the account opening procedures.

Association Monégasque des Activités Financières (AMAF) · Last verified 2026-07-17

Key Facts

  • Banks typically require a minimum initial deposit of €500,000 to €1,000,000.
  • Applicants must provide certified proof of identity, source of wealth, and residential address.
  • An in-person meeting with a bank representative is standard practice to open an account.
  • Proof of funds must be documented extensively to comply with global AML guidelines.
  • Non-resident account openings require proving a clear link or upcoming move to Monaco.
  • Monegasque banks issue standard corporate accounts, but require extensive local business proof.
  • A formal reference letter from a reputable foreign bank is routinely requested.

Deposit Protection

Deposits held in Monegasque banks are protected by the French Deposit Guarantee and Resolution Fund (Fonds de Garantie des Dépôts et de Résolution — FGDR), since Monaco's banking system is structurally integrated with France and local bank branches/subsidiaries are mandatory members of this scheme. The guarantee covers deposits (current accounts, savings books, joint accounts) up to €100,000 per depositor per institution, with investment securities covered separately up to €70,000. Compensation is paid within seven working days of a bank's default. Source: Fonds de Garantie des Dépôts et de Résolution (FGDR).

Related Topics

best-banks
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