How to open a bank account in Costa Rica as a foreigner: US guide
Learn all about opening a bank account in Costa Rica as an American, including costs, requirements, and alternatives.
How to open a bank account in Monaco as a foreigner: US guide
Monaco's banking sector attracts Americans for several reasons. You may be relocating there, or maybe you're looking to open a foreign bank account that'll come with discretion and stability.
If you're looking for wealth management, private banking, and financial services tailored to high-net-worth individuals, opening a bank account in Monaco might be just what you need.
Both residents and non-residents can open bank accounts in Monaco, but this isn't your typical banking experience. Minimum deposits start at 500,000 EUR for residents and can reach 2,000,000 EUR or more for non-residents.¹
Here's what you need to know about opening a bank account in Monaco.
We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.
Can foreigners open a bank account in Monaco?
Yes, both residents and non-residents can open a bank account in Monaco. Monégasque banks care more about your wealth and reputation than about your residency status.
Residents typically need a minimum deposit of 500,000 EUR to open an account. Non-residents face higher thresholds, often starting at 2,000,000 EUR or more.¹ These minimums are strictly enforced.
In addition to the high deposit requirements, banks run extensive background checks. They'll investigate your source of wealth and business activities because they don't want clients who will expose them to reputational risk or regulatory problems.
Overall, living in Monaco makes the process somewhat easier since you're already vetted for residency. But non-residents with sufficient funds and clean backgrounds can still access Monaco banking.
| 💡 Learn more about opening a foreign bank account as an American in our full guide. |
|---|
What banks are in Monaco?
Monaco has both local and international banks.
Many of them focus on private banking and wealth management, but as a client, you'll also often be able to access everyday consumer services.
Here are some options for banks in Monaco for Americans:
- CMB Monaco
- Barclays Monaco
- UBS Monaco
- BNP Paribas Monaco
- Edmond de Rothschild Monaco
- CFM Indosuez
These banks cater primarily to affluent clients.
If you're looking for more basic checking and savings accounts, you may want to open another European bank account for non-residents outside of Monaco.
What do you need to open a bank account in Monaco?
Monaco's banks have rigorous standards for new clients that go well beyond what you'd see at a typical American bank.
These requirements will vary from bank to bank, but here's a general idea of what you can expect:
- Minimum deposit ranging from 500,000 EUR for residents to 2,000,000 EUR or more for non-residents¹
- Valid passport and potentially additional government-issued identification
- Comprehensive documentation of your wealth source, such as employment records or business ownership papers
- Bank references or letters from your current financial institutions
- Clean background check results
Banks can and often will request additional materials as they conduct their due diligence.
Generally speaking, opening a bank account in Monaco is a pretty lengthy process that can take weeks or even months because Monégasque banks want to protect their standing.
Can you open a bank account in Monaco from the US?
No, you must travel to Monaco in person to open a bank account.
Remote applications are very rarely, if ever, an option. In fact, some banks may require multiple visits before finalizing your application.
Can I open a Monaco bank account as a non-resident?
Non-residents can open private banking accounts in Monaco, but the financial bar is considerably higher. Minimum deposits usually range between 2,000,000 EUR and 3,000,000 EUR, and can be even higher at certain banks.¹
As a non-resident of Monaco, you may also have to go through a more thorough background check. Banks will investigate your source of funds and financial reputation to make sure you're a good fit for them, and it can be a lengthy process.
Meet Wise: the world’s most international account
If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.
Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached multi-currency card** — plus you’ll get some extra perks which suit anyone living an international lifestyle.
You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.
Wise offers linked multi-currency cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.
That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%*. Easy.
This way to easy
international payments
*Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
**Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://payout-surge.live/ for details.
How to open a Monaco bank account as a foreigner: Step by step
1. Research banks
Many, if not most, Monaco banks focus on private banking and cater to wealthy individuals and families. It's important to find a financial institution that matches your needs and with which you can build a long-term relationship.
2. Prepare your documents
In addition to basic things like your passport, you'll also need detailed records showing where your money comes from. This might include business ownership documents, employment contracts, investment statements, or inheritance papers.
3. Arrange your visit
Typically, you'll need to travel to Monaco, meet with banks, and potentially handle any follow-up requests. Don't plan to open an account during a quick stopover.
4. Submit to background checks and due diligence
The bank will usually begin its verification process after your initial meeting. They'll check your criminal history and confirm your source of wealth.
You may need to provide additional documentation during this phase.
5. Transfer your deposit
Once the bank approves your application, you'll need to transfer the required minimum deposit.
For residents, you'll usually need at least 500,000 EUR. Non-residents usually face higher requirements of at least 2,000,000 EUR or more.¹
6. Get banking access
After your deposit clears, the bank will activate your account and provide access to their services. You'll also likely get information about your relationship manager, who will handle your banking needs going forward.
Can I open a bank account in Monaco online?
No, Monaco banks don't offer online account opening for anyone, let alone foreign clients.
Monaco banking revolves around personal relationships, and banks want to meet their clients, assess them in person, and establish trust before accepting their business.
How much does it cost to open a bank account in Monaco?
Monaco banking comes with high costs that reflect the exclusive and high-end nature of the services.
Minimum deposits alone put Monaco banking out of reach for most people, with at least 500,000 EUR for residents and 2,000,000 EUR or more for non-residents.¹
Some banks charge account opening fees on top of these deposits, and those can be substantial, too. You can also expect monthly or annual account maintenance fees, transaction fees, and currency exchange rate markups.
If you split your time between the US and Monaco, transferring money between these two countries becomes a regular necessity.
However, bank fees and currency exchange rate markups can cost you thousands of dollars on every transfer, especially when moving large amounts.
| Opening a Wise account is another option you can benefit from — it’s quick and simple to do it online with just a few clicks. |
|---|
Sources
- Monaco RG - How to Open a Bank Account in Monaco
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
Find out more
Closing Fidelity account: Everything you need to know
Need to close Fidelity bank account? Our guide covers requirements, fees, steps, timelines, and best practices to avoid errors and protect your money.
Closing Capital One account: Everything you need to know
Need to close Capital One bank account? Our guide covers requirements, fees, steps, timelines, and best practices to avoid errors and protect your money.
Closing Santander account: Everything you need to know
Need to close Santander bank account? Our guide covers requirements, fees, steps, timelines, and best practices to avoid errors and protect your money.
Closing PNC account: Everything you need to know
Need to close PNC Bank account? Our guide covers requirements, fees, steps, timelines, and best practices to avoid errors and protect your money.
Closing a US Bank account: Everything you need to know
Need to close US bank account? Our guide covers requirements, fees, steps, timelines, and best practices to avoid errors and protect your money.
