A list of the top banks in Monaco

Moving to Monaco or planning to spend a lot of time there? Whether you’re working, setting up a business or simply enjoying an extended holiday, it could be useful to have a local bank account.

In this guide, we’ll run through a list of the top banks in Monaco. The majority are aimed at private banking customers, offering services like wealth and asset management. We’ll give you the lowdown on your options if this is something you’re interested in.

But first, let’s take a quick look at the banking sector in Monaco.

Banking in Monaco (an overview)

Monaco is known as a private banking hub, attracting super-rich clients from all over the world due to its wealth management expertise and zero personal income tax rates.

It has a decent number of banks relative to the size of the micro-state, but pretty much all are specialised banks. They focus on private banking, wealth and asset management services, with limited options for retail banking apart from mortgages.

If you are able to find a personal account for everyday use, you’ll usually need the following documents to apply:¹

• Your passport

• Proof of address

• Proof of income

• Origin of deposit (for private banking)

• Business activity documentation (for business accounts).

As you’d expect from private banks, there are likely to be a number of fees attached when you start a relationship with a bank in Monaco. These vary depending on which services you use.

For retail accounts, you may encounter fees such as maintenance charges, debit card fees and international transfer fees.

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Top 10 banks in Monaco

Now, let’s take a look at the biggest banks in Malta, so that you can start to compare options.

It’s worth bearing in mind that all of the banks on our list aim their services at wealthy private banking clients. Monaco is quite unusual in that it doesn’t have any retail or universal banks offering everyday current accounts.

This means that you’ll need to meet eligibility requirements (i.e. minimum income or savings) in order to become a customer.

Read on for more info on each below.

Bank name	Operational HQ
Barclays Bank Monaco	Monte Carlo
CMB Monaco	Monte Carlo
Bank Julius Baer	Monte Carlo
CFM Indosuez Wealth	Monaco City
UBS Monaco	Monaco City
Société Générale Private Banking	Monte Carlo
Edmond de Rothschild	Monte Carlo
EFG Bank	Monte Carlo
J. Safra Sarasin	Monte Carlo
BNP Paribas Wealth Management	Monte Carlo

Barclays Bank Monaco

You’ll be familiar with global banking brand Barclays, as it has a significant presence on the UK high street.

In Monaco, Barclays Bank is a private banking specialist, which means that it doesn’t offer retail products like it does in the UK. It’s currently the largest bank in the micro-state in terms of assets.

Its services include bespoke credit arrangements, personalised current and savings accounts, wealth advisory services, investments and portfolio management.

CMB Monaco

Compagnie Monegasque de Banque or CMB is owned by Mediobanca, which is an investment bank based in Italy. It started its Monaco operations in 1976, and today focuses on private banking, financing and investment banking.

CMB Monaco aims its products at high net worth individuals and asset managers, so it’s not the bank to choose if you’re looking for an ordinary current account.

But the bank can help with everything from wealth management to investment advisory services.

Bank Julius Baer

Formerly ING Bank, Bank Julius Baer had a rebrand and got its new name in 2010. It’s a global banking brand, and one of the largest banks in Monaco in terms of assets.

The bank focuses on providing international private banking services to clients based outside of Monaco. It also offers wealth management, planning, Lombard lending, investment advisory and precious metal operations services.

It doesn’t have any retail products such as standard current accounts available.

CFM Indosuez Wealth

Credit Foncier de Monaco (CFM) Indosuez Wealth was established in Monaco in 1992. It’s part of the Credit Agricole Group based in France. It’s known as one of the world’s largest cooperative financial institutions.

In Monaco, CFM Indosuez Wealth provides private banking, credit solutions and wealth management services to high net worth individuals and families. It also offers services to entrepreneurs, intermediaries and institutions.

And again, it doesn’t have any everyday current accounts available for retail customers.

UBS Monaco

Part of the global investment bank UBS Group based in Switzerland, UBS Monaco has been operating in the country since 1956. It provides comprehensive wealth management solutions to individuals, families and corporate clients.

The bank’s services include wealth planning, investments, securities-backed financing, real estate financing and even corporate aircraft financing.

UBS Monaco doesn’t offer normal current accounts for personal retail customers.

Société Générale Private Banking

Part of the French-owned Société Générale Group, the Monaco arm of the bank opened in 1997. Today’s iteration of the bank was formed in 2022 by bringing together the Société de Banque Monaco (SDBM), a subsidiary of Credit du Nord, and Société Générale.

As you’d expect from the name, Société Générale Private Banking is focused on wealth management and private banking.

It aims its services at ultra-high net-worth individuals, offering everything from investment and portfolio management to pension and succession planning. The bank also offers real estate and even yacht or jet finance.

You can’t open an everyday current account at the bank, not unless you meet high minimum income or wealth requirements.

Edmond de Rothschild

Edmond de Rothschild is part of the family-owned financial group Edmond de Rothschild based in Geneva, Switzerland. In Monaco, the bank specialises in private banking and asset management for ultra-high net-worth individuals and families.

It also provides corporate finance, fund administration solutions and private equity services for large businesses and institutions.

It’s not possible to open a standard current or savings account at Edmond de Rothschild Monaco.

EFG Bank

Formerly EFG Eurofinancière d'Investissements and now known simply as EFG Bank, the bank moved into Monaco after a key acquisition. It bought Banque Monégasque de Gestion from UniCredit Private Banking in 2006.

Today, EFG Bank offers a full suite of private banking solutions to individuals and institutions. This includes asset management, investment advisory services, trade execution, structured products and wealth planning.

EFG doesn’t have any normal current accounts available.

J. Safra Sarasin

Swiss private bank J. Safra Sarasin was founded in 1841, making it one of the oldest banks with a presence in Monaco.

The bank targets its services at high net-worth individuals, offering private banking, asset management, securities trading and market analytics.

However, it doesn’t have any retail banking products such as current accounts.

BNP Paribas Wealth Management

Lastly, we have BNP Paribas Wealth Management, part of the French-owned global financial services giant BNP Paribas.

As you’d guess from the name, it’s a private bank focused on ultra-rich clients. In Monaco, the bank provides tailored wealth management solutions, backed by the expertise of its global banking group. Services include portfolio management, asset allocation, credit leveraging and succession planning.

BNP Paribas Wealth Management doesn’t have any everyday current accounts available.

Best online bank accounts and money management alternatives in Monaco

A bank isn’t the only way to manage your money overseas. There’s also the option of using a money app or digital account.

There aren’t too many of these available in Monaco, partly due to the country not being part of the EEA.

However, it is possible to open an account in Monaco with the French neobank Lydia, which offers app-managed personal accounts and cards.

Wise – Money for here, there and everywhere

If you want to send money internationally, or use your debit card when you travel, you’re probably looking for the most cost-effective way.

The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account online, and you can send money worldwide in 40+ currencies for low fees and great exchange rates. It’s not a bank account but offers many similar features.

You can even get an international debit card for spending in over 150+ countries, including Monaco. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee*, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

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And that’s it - our rundown of the top banks in Monaco, including some of the world’s leading private banks.

There aren’t any real retail banking options in the country, so you may struggle if you’re looking for an everyday account. But for some of the best wealth management services in the world, you’ll be spoilt for choice in Monaco.

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Sources used for this article:

1. B2B Pay - How to open a bank account in Monaco

Sources last checked on 07-May-2024.