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INFOrmation

Banking in Monaco

Information on opening a Monaco bank account (what documents to provide), the main retail banks and a banking jargon guide.

The major retail banks in Monaco are:

Opening an Account

The following is needed to open an account:

  • EU citizens: Proof of identity (a valid passport or ID card)
  • Non-EU citizens: Proof of residence (Carte de Séjour)
  • Proof of Monaco address: a utility bill, rental agreement or property deeds
  • Proof of earnings or status: Contract of employment/proof of earnings/proof of status
  • Reference: from other banks where accounts are held (usually only required for loans and overdrafts)
  • In some cases, a birth certificate

Opening an account can be done in a day and methods of making payments (cash cards and cheque books) will usually arrive within a week to ten days of the account being opened.

Accounts may be held in joint names.

  • Note that an account held by two parties will have the words "et" or "ou" between the names. In the case of an account held in the names M et Mme Xyz, both account holders must sign a cheque, while in the case of an account in the name M ou Mme Xyz, either account holder may sign.

Monaco banks will charge for certain items, for example in some a fee is payable to have an account, there's a fee to have a card (and second card), there may be a charge for the internet banking facility and for transactions in certain banks.

Banking Terminology

Listed alphabetically
Actionnaire You are an actionnaire as soon as you possess one action (share) in a company.
Agios The amount of interest and commission paid on your overdraft (découvert) or on your loan (prêt) in alignment with a pre-established rate.
Apport initial The sum of money that you give as a deposit when you take out a loan with the bank or credit company.
Avis d'opération Form/slip informing a client of the operation carried out on his account, for example depositing or withdrawing cash.
Chèque A cheque. 
Code Valeurs Identification code for shares and stock market actions.
Code personnel Online banking: your secret code for access to your account information.
Compte Titres Account grouping your stocks and shares and where you can buy and sell.
Compte destinataire Transferring funds: the receiving account (the one to which you are sending the money).
Compte inactif An account that has shown no movement for a period of 12 months.
Compte-joint Account in the name of several people allowing each to draw cheques and carry out other bank actions.
Cours The value of a share at a precise moment.
Crédit Loan.
Crédit revolving Loan that remains constantly topped up to a certain limit even after debits.
Date de valeur Date at which the bank considers the debit or credit is valid.
Date opération The real date that you make a debit or credit. (The Date de Valeur is determined from this date).
Différé du prêt This corresponds to the period during which you suspend loan repayments temporarily. You reimburse only the interest and the insurance at this time.
Droits à prêt The amount that you can borrow depending on the sum you have saved with a special account for example a PEL (see below).
Débit différé Delayed debit, for example with a credit card where your debits are grouped together and taken out of your account at the end of the month.
Débit immédiat Immediate debit. If you have a credit card, your debits are immediately deducted from your account.
Découvert Overdraft. This will be for an agreed period, check this as it can be as little as 15 days.
Dépôt à terme/
compte à terme		 Blocked account where you set the term at which you receive interest and can take out your money.
Echéancier This is the detail of, for example, the repayments of a loan with the interest calculated in function to the loan amount. Can also be the details your monthly utility payments/tax payments etc. over the full year.
Facilité de caisse Exceptional/occasional very short term overdraft facility.
Intérêts Interest on your accounts or loans.
Mandataire Person to who you give power to operate your account in your name.
Mensualité Monthly payment or repayment.
PEL  Plan Epargne Logement is a savings account which has tax benefits and allows you to borrow money to buy property after the fixed four year term, or is continued for up to another ten years.
Prime d'Etat This is a sum paid annually by the State into your bank to reward the sums you have paid into a PEL. This is paid if certain conditions are respected, for example the length and regularity of payments into the account.
Prélèvement
automatique		 Automatic direct debit authorised and signed for by account holder.
Procuration Proxy or power of attorney to carry out bank operations on behalf of someone.
RIB Relevé d'Identité Bancaire. Form given by the bank and also at the back of your chequebook, which establishes your bank and account identity, giving all the details. 
Renouvellement automatique Automatic renewal of your chequebook.
Taux Rate of interest.
TIP Titre Interbancaire de Paiement is the authorised permission to debit your account of the sum asked for by provider.
Titulaire Account holder.
Versement Paying a sum of money into your account.
Virement Transfer of a sum of money to another account.

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