Banks in Monaco

IMSEE counted 25 banks in Monaco in 2025. Banks provide deposit accounts, current accounts, savings accounts, payment cards, cash services, transfers, direct debits and account statements. Some institutions also offer private banking, corporate banking and wealth-management services; investment decisions and investment risks belong primarily to the Investing topic rather than to ordinary banking access. The Autorité de contrôle prudentiel et de résolution (ACPR) in France handles prudential supervision and licensing under the Franco-Monegasque agreement. The Autorité monégasque de sécurité financière (AMSF) supervises anti-money-laundering, counter-terrorist-financing and anti-corruption controls. The Commission de contrôle des activités financières (CCAF) supervises financial-market and investment activities and can receive regulatory complaints against supervised financial professionals, but it is not a general private-law mediator for bank disputes. A resident or non-resident individual, or an authorised representative of a legal entity, can apply for an account. The bank normally requests valid identity and address documents and completes customer due diligence. This can include information about the beneficial owner, the economic background, the origin of funds, politically exposed person or sanctions status and expected transactions. Banks must monitor relationships continuously and may request updated documents or report suspicious transactions. A non-resident can seek an account in Monaco as a practical banking option, but non-resident status does not create a general legal right to account opening. The local Droit au compte procedure applies when an eligible applicant lacks a deposit account. It covers a Monegasque person, a person or organisation domiciled in Monaco, a person settling in Monaco with a récépissé, a legal entity being formed and certain campaign-finance representatives. After a refusal, the bank must provide a written attestation without charge. The Direction du Budget et du Trésor can then designate a credit institution, with the procedure using a 15-working-day decision period after complete documents. Basic services can include account management and closure, a RIB, monthly statements, cash deposits and withdrawals, payment of cheques and transfers, direct debits, a payment card and up to two bank cheques per month; designated-bank tariffs cannot exceed comparable customer tariffs. A person carrying on a professional activity must maintain a deposit account with a credit institution established in Monaco for each activity. The same requirement applies to companies such as SA, SNC, SCS, SCA and SARL. The bank contract determines account-management charges, minimum balances, card fees, transfer fees and interest. Monaco has no single standard banking tariff or savings rate for all institutions. The euro is Monaco's legal currency. Monaco participates in the Single Euro Payments Area (SEPA), so banks can support SEPA credit transfers, SEPA direct debits and card payments. Cheques are not SEPA payments but may remain available as a local bank service. Instant transfers depend on the bank and payment corridor because the EU instant-payments regulation of 2024 is generally not applicable to payment-service providers established in Monaco. A RIB is the bank-information statement used for payment domiciliation; an IBAN identifies the account internationally and a BIC identifies the bank. Payment cards, cash withdrawals and ATM access depend on the issuing bank and the account contract. Online banking can provide remote balance and transaction management when the bank offers that service, but Monaco does not impose identical digital functions on every institution. Send identity copies and online card data only through secure systems, limit access to account information and keep transaction records that help trace disputed payments. The Fonds de garantie des dépôts et de résolution (FGDR) protects eligible deposits at credit institutions based in Monaco and relevant third-country branches. The standard limit is EUR 100,000 per depositor and per credit institution, with accounts at the same institution aggregated. Standard compensation is targeted within seven working days; certain temporary situations can receive protection up to EUR 500,000 under the applicable rules. Deposit protection does not cover the market risk of securities or investment products. For a problem, contact the adviser or the bank's own complaints service under the account contract and general terms. The CCAF's regulatory complaint role does not replace a private-law claim or guarantee compensation. The cited framework does not establish a general local equivalent of private-law bank mediation for every banking dispute.