Banking
Monaco — Banking: Opening an Account
Monaco has a statutory right to a bank account (Act no. 1.492 of 8 July 2020), but the government's guidance lists only Monegasque nationals who live in or are moving to Monaco, and financial agents appointed by election candidates, as eligible. The official pages do not extend this right to foreign residents, non-residents or companies, so for most expatriates opening an account depends on each bank's own acceptance criteria, which are not published officially. Where the right applies, the bank has 15 working days from receiving a complete file to answer, and if it refuses it must issue a certificate of refusal so the person can turn to the Department of Budget and Treasury, which assigns a bank.
VerifiedGovernment / official sourceGovernment of Monaco — MonServicePublic (right to a bank account, Act no. 1.492 of 8 July 2020)Last reviewed: 2026-10-23
Key facts
- The right to a bank account (Act no. 1.492 of 8 July 2020) is described by the government as covering Monegasque nationals resident in or moving to Monaco, and financial agents appointed by election candidates.
- The official pages do not say that foreign residents, non-residents or companies have this right; other applicants depend on each bank's own criteria.
- Where the right applies, the bank has 15 working days from receipt of all required documents to respond.
- If the bank refuses, it must issue a certificate of refusal, and the applicant can contact the Department of Budget and Treasury, which assigns a bank to open the account.
Timelines
- Bank's response once the file is complete: 15 working days
Required documents
- Copy, both sides, of a valid photo ID issued by a public authority
- Proof of address dated within the last 3 months
- If moving to Monaco: provisional receipt showing a residence-permit application was filed with the Police Department
- If the account is for professional activity: an official document attesting to that activity
- Sworn statement that you have no open personal or professional deposit account in Monaco