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Monaco Local Reference INFOrmation

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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.

Related reference INFOrmation on AngloINFO Monaco:

· Auto-Entrepreneur

· Banking, Cheques & the Carte Bleue in France

· Divorce in France

· Exchange Rates

· Financial & Legal Discussion Forum

· Foreign Exchange Options

· French Capital Gains Tax on Property, Shares & Goods

· French Income Tax: Being Tax Resident in France

· French Property Capital Gains Tax FAQ

· French Social Security Organisations

· French Tax Payment Deadlines

· French Taxes: Wealth, Inheritance, Gift and Property Tax

· Getting Married in France

· Glossary of Foreign Exchange Terminology

· Inheritance Law in France

· Lost/Stolen Bank/Credit Cards, Cheques & Mobile Telephones

· Pensions for Britons Retiring in France

· Qualifying for French Disability Benefits

· Residency Permit (Carte de Sejour) in Monaco

· Residency Permit (Titre de Sejour) in France

· Starting a Business in France

· Succession and Inheritance Tax in France

· Wills in France

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