In a place like Monaco, if you don't have a bank account here, you're in danger! It's no secret that the principality is one of the most expensive places out there. And if you don't have your own bank account here, no matter how quick or how long your stay here is, you'll likely go bankrupt before you go back. While it may seem like such a hassle to open an entirely new bank account, believe that it's a necessary step to take. You can ensure that you'll be able to handle your money properly and wisely with one! No question about it!
Who's Allowed To Open A Bank Account in Monaco?
Well, first things first, can you even open a bank account in Monaco? Is it like
their healthcare system wherein you need to be a resident in order to gain access? The answer to that is no! You don't need to move here or become a citizen of the principality in order to set up your own local bank account. In fact, in some very rare cases, you can even open your account before you actually go to Monaco yourself. That alone should tell you that, even without becoming a resident, you can still open your own bank account here.
Required Documents To Show
So, what documents will you need in order to open a local bank account in Monaco? The first thing is, of course, a valid passport. While banks in other countries like
France or
Singapore are good with any other type of identification, here in Monaco, they only require a valid passport. After that, you also have to show proof of employment and source of income, which can often be one and the same. And in most banks in Monaco, when you've become a resident, they'll require you to show proof of that as well, whether via your most recent utility bills or rental contract.
Online Banking in Monaco
Now, for banking in general, it's better to go for banks that have their own online platforms. Nowadays, online banking is slowly becoming the norm, making it easier for you to go about your transactions without having to physically go to a nearby branch of your bank. However, here in Monaco, unfortunately, online banking isn't as common here yet. Many of the local institutions here do not have their own online systems. And if they do, the process of registering for one is often complex and time-consuming. If you really want to do online banking here, go for the international banks that also operate in the principality. They're often the ones that have strong digital platforms.
Banking Fees You'll Face in Monaco
Since Monaco is one of the most expensive places in the world, it's no surprise that banking here can also cost you more than you've bargained for. All banks in the city-state impose their own fees for various reasons, be it for transactions, money-exchanges, and the like. The most common of which is using an ATM, which can cost around €1.00 to €6.00, depending on the bank. If you use an ATM of a bank where you're not registered, the fee can cost even more than that. Furthermore, maintenance fees are also common among Monégasque banks, with the price ranging from €2.00 and €50.00, depending on your account type and how much you have in there.
International Money Transferring in Monaco
Seeing as you're visiting or moving to Monaco from your home country, it's likely that you'll be transferring money internationally, right? If that is the case, you also ought to know that most banks in Monaco charge around €20.00 for international money transfers. Though it's commonly the fixed fee, it can go up depending on how much you transfer. In this regard, it's oftentimes better to transfer money internationally through online portals such as
PayPal,
Transferwise, and the like. Though they also impose their own fees, rest assured your money will be safe through these sorts of platforms.
Monaco's Best Banks
Finally, there's the question of which bank should you go to in Monaco? For easy international money transfer and a strong online platform, international banks are often the best options. The likes of
HSBC and
Barclays operate in Monaco and you can even set up your account from your home country as long as you have your own local account there. But if you prefer a local Monégasque bank,
BNP Paribas is highly recommended. With a heavy focus on private banking and an easy setup procedure, it's the best institution for foreigners staying in Monaco.
When you go to Monaco, either get a local bank account or go home! Don't think that you can survive your stay here without getting one. Without a local Monégasque bank account, you're setting yourself up to go bankrupt even before your stay is through!
Saving up and handling your money in a bank account takes you one step closer to getting a
luxurious home in Monaco. Wouldn't you want that?
