Why and how to open a bank account in Monaco?
Do you want to open a bank account in Monaco? You are right ! Monaco benefits from a very safe and efficient banking system that contributes significantly to its international reputation. As part of your real estate project, know that our real estate agency will accompany you in the process of opening a bank account and we will put you in contact with the right professionals. This article shows you how to open a bank account in Monaco and gives information about banks in Monaco.
Banks in Monaco
The Monegasque banking system began to develop from the end of the 19th century. At the time, French deposit banks were the first to settle on the Rocher. Since the 1970s, the sector has been structured by taking advantage of the unique political and social stability of the Principality. Nowadays, the Monegasque banking center is one of the strong points of the Rocher and contributes greatly to its attractiveness on the international scale. In total, more than 2,500 people work in the banking sector in Monaco. They put their unique expertise and know-how at your service.The banking offer proposed in Monaco is very diverse. Indeed, the sector has more than forty banks and sixty portfolio management companies and funds. Among these banks, there are historic Monegasque institutions, the major French banks and agencies of the main international banks. Asset management companies, meanwhile, are able to offer leading services to their offshore and onshore clients: wealth management, business services... They have a strong reputation for the diversity of their mutual and investment funds. In addition, very often, they benefit from a local management consisting of entrepreneurs, which promotes the establishment of a personalized relationship with customers. The account managers are thus able to offer customized products that will meet the needs of the most sophisticated clients.
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Open a bank account in Monaco
The Monegasque banking system offers many advantages. First, it offers a favorable framework for taxes, financial investments and professional secrecy. Moreover, it is an extremely rigorous system that grants its customers a great deal of flexibility. For example, you will certainly appreciate that there are no ceilings to be respected in Monegasque banks for your deposits, withdrawals or transfers of money. In addition, most banks offer you an ultra secure service for managing your portfolio remotely (e-banking). Finally, it is a very stable sector that is regulated by several recognized administrative bodies such as:- Commission for the Control of Financial Activities (Commission de Contrôle des Activités Financières - CCAF),
- Financial Circuits Control and Information Service (Service d’Information et de Contrôle sur les Circuits Financiers - SICCFIN),
- Monegasque Association of Compliance Officers (Association Monégasque des Compliance Officers - AMCO),
- Monegasque Association of Financial Activities (Association Monégasque des Activités Financières - AMAF).
