How to make an application to the Department of Budget and Treasury in the event of a refusal to open a bank account

Any person of Monegasque nationality, who is resident or in the process of moving to Monaco, or financial agent appointed by a candidate in an election, may open a bank account in the Principality with a banking establishment of his or her choice.

If the establishment of your choice refuses to open a bank account, you will be issued with a declaration of refusal. You will then be informed that you may apply to the Department of Budget and Treasury for a banking establishment to be designated to open an account for you.

In order to make an application to the Department of Budget and Treasury in the event that the chosen establishment has refused to open a bank account, you must provide:

• A copy of the complete application submitted to the banking establishment
• A sworn statement to the effect that you do not have an open deposit account in Monaco for personal purposes
• A declaration of refusal to open an account issued by the banking establishment
• A sworn declaration stating whether you have been subject to, or have not been subject to, proceedings related to excessive debt in the last 5 years
• If you are in a financial difficulties: a sworn declaration certifying that you are being assisted by the Monegasque social services

The documents to be provided must be duly sent by post or email to the Department of Budget and Treasury:

Direction du Budget et du Trésor
12 quai Antoine 1er
BP 512
MC 98015 Monaco Cedex

Phone: (377) 98 98 87 73
Email: dbt@gouv.mc

The Department of Budget and Treasury will designate a banking establishment to provide deposit and payment account services within 15 working days of receipt of the required documents.

The banking institution so designated will be obliged to open a bank account, except in the cases provided for in Article 8 of the Act. no. 1.492 of 08 July 2020.