How to open a bank account in Société Générale Private Banking (Monaco) SA

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

September, 2014

Last contact

November, 2024

Last update

June, 2024

the bank specializes in investment products of the widest profile;
the bank opens savings (deposit) accounts;
EUR 1 000 000 is the minimum amount required to open an account, however the amount to be sought is EUR 3 000 000 – EUR 5 000 000;
the term for opening an account – case by case (check with the consultant);
the bank finances the purchase of luxury real estate on the Cote d’Azur;
the bank provides assistance in the purchase of megayachts

GSL rating

Beginning of cooperation

September, 2014

Last contact

November, 2024

Last update

June, 2024

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

Not rated

Global rating

4

Countrywide rating

39

Countrywide rating of the head bank

267

Global rating of the head bank

Year of foundation

1903

History

Société Générale Bank opened its first branch in Monaco in 1903. Afterwards, a few more branches were opened. In 1996 Société Générale Group established a limited liability subsidiary in Monaco, which specializes in asset management. Then Societe Generale Private Banking was opened in Monaco. At present, Société Générale Private Banking (Monaco) is represented by the retail branch of Societe Generale Bank and Societe Generale Private Banking

Personnel

Total number of staff in Monaco is 240. There are English-speaking staff

Bank’s shareholders

SGBT Luxembourg (99,8%) and Bank's directors (0,2%)

Confidentiality

AML legislation is strictly observed

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Minimum requirements

1 000 000

Minimum balance, €

N/A

Transactions permitted per month

1 000 000

Initial deposit of funds, €

3

Deadline for the initial deposit, month

Minimum balance, €

EUR 1 000 000 is a minimum amount required for opening an account. However, it is recommended to maintain a minimum of EUR 3 000 000 - EUR 5 000 000

Transactions permitted per month

The Banks does not provide commercial operations serivce for the client. However, a small amount of private operations is allowed per year to meet personal requirements. To handle a great deal of private operations, the Bank assists with opening an account in the retail branch of SG in Monaco

Initial deposit of funds, €

Initial deposit is EUR 1 000 000

Deadline for the initial deposit, month

Initial deposit should be made within the first 3 months, otherwise the account will be deactivated

How fast payments are executed

Payments are usually executed within 2 days from the date of valuation, however it is possible to execute a payment on the same day

Tariffs and services

50

Outcoming transfer, €

0

Incoming transfer, €

500

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Outcoming transfer fee is 0,1% of the amount of transfer (but no less than EUR 7 and no more than EUR 250)

Incoming transfer, €

Incoming transfer is free of charge

Account maintenance, €/year

Account maintenance fee is EUR 500 per year

Distant access to the account

Private eBanking, operates in passive mode and is accessible only for the purposes of monitoring the balance. Digipass is provided for confidentiality (pass fee is included in account maintenance fee)

Financial products

The Bank specializes in investment products of multiple types. The Bank also finances purchase of luxury property in Cote d’-Azur. The Bank assists with the purchase of megayachts

Credit/debit cards

The Bank does not issue credit cards, however, it offers its issue through the retail branch of SG in Monaco

Hold mail

Keeping of bank statements is EUR 600 per year

Account opening procedure

Days to open for incoming transfers

case by case

Days to open for outcoming transfers

case by case

References

Not necessary

Purpose of the account

Savings

Visit to the bank

Visit to the bank is not required. A client can go to the bank at any time

Required

Client’s passport, complete banking forms with the necessary information about the client

Types of accounts

Savings

Opening procedure and Due Diligence

It is possible to open an account without visiting the country where the bank is located

Chances to open an account

Predictable

Business description

Rather detailed – along with the business description it is required to provide information about sources of income.

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