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monaco banks

Posted by wkonline - Created: 14 years ago
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hi..

need to open a bank account in monaco to apply for residence..

most bank web sites:
http://www.offshore-advisor.org/banking/monaco/abn-amro-bank.htm
talk about private banking..

I need a simple current/savings a/c...

need  a bank recommendation.. with branches in the US too.

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10 replies (Showing replies: 1 to 10)

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Posted by pearson5 - 14 years ago

Check out Credit Lyonnias - I hear they want "just" 100 K euro (if you want residency that is)

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Posted by szozu - 14 years ago

"i'm having a hard time finding an "ordinary" bank where I can open a simple US type savings a/c.
If you search for "monaco banks".. all you get is private banks.. which have investment management etc.. which i don't need.."

That's why my original suggestion was to go to the yellow pages site. It brings up loads of ordinary banks. After all, the Monegasques who collect your rubbish and sell you your daily newspaper need to have a place to sock away their sous as well.

Lana

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Posted by mike-179830 - 14 years ago

Yes, try the French "high-street" banks such as Banque Populaire (which I know does this sort of thing and also has an English-speaking service).

Details here:

http://riviera.angloinfo.com/af/54/**************
Mike

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Posted by TonyP-191937 - 14 years ago

I would guess the foreign banks will all be private banks.

Try the high street French banks, BNP, Banque Populaire and so on,

Tony

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Posted by wkonline - 14 years ago

i'm having a hard time finding an "ordinary" bank where I can open a simple US type savings a/c.
If you search for "monaco banks".. all you get is private banks.. which have investment management etc.. which i don't need..
all i need is a local monaco bank letter..

does hsbc/abn amro have normal bank a/cs.. as well as private banks in monaco?

 

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Posted by szozu - 14 years ago

I said that I worked in private banking, but never said that I worked in Monaco, although the bank I worked for does have a Monaco branch. Each bank can decide what lowest limits to set in order to open an account.

Private banking is mostly about portfolio management and personal service, but it also provides a means for the very rich to transfer money from one country to another. I got used to seeing accounts that had $10,000,000 - $20,000,000 in them PLUS portfolios. I also worked in other large financial institutions where a single business trip for one person could end up costing more than the annual salary of their secretary!

That said, there are plenty of ordinary banks in Monaco for ordinary people.

Lana

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Posted by wkonline - 14 years ago

szozu - which private bank in monaco will take 500k US as the opening balance?

if citi requires 1m euro min. just to open an a/c... that's way out of my reach..

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Posted by szozu - 14 years ago

Unless things have changed, Citibank's role in Monaco is exclusively private wealth management. Once when I inquired at Citibank World Headquarters in New York as to whether Citi in Monaco provided ordinary banking services as well, I discovered that they were unaware of the bank's presence in Monaco and could find no record of it, so obviously it's exculsively for "high net-worth individuals." If that fits your profile, then go for it!

I used to work in private banking and even an account of $500,000 was considered mighty small potatoes.

Lana

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Posted by Liam-189659 - 14 years ago

Try Citibank, at the back of the Casino. but I to tried to open a MC account also, but they usually require €1m to open!!

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Posted by szozu - 14 years ago

Go to www.pagesjaunes.fr

Put in "banque" for activité and then "monaco" for localité. That will bring up a list of banks, both private and for (the) hoi poloi.

Lana