GSL / Offshore and International Law. Offshore companies registration. / Offshore Banking / Société Générale Private Banking (Monaco) SA

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

October, 2023

Last update

July, 2023
  • The bank specializes in investment products of the widest profile;
  • The bank opens savings (deposit) accounts;
  • an account can be opened by meeting with a representative of the Bank in Moscow;
  • 1,000,000 EUR is the minimum amount required to open an account, however the amount to be sought is 3,000,000 – 5,000,000 EUR;
  • 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
October, 2023
Last update
July, 2023
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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. It is a subsidiary registered in March 1996 with capital amounting €7.650.000.
Personnel
Total number of staff in Monaco is 240. “Russian Desk” has 8 employees.
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, €
    €1.000.000 is a minimum amount required for opening an account. However, it is recommended to maintain a minimum of €3.000.000-5.000.000
    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 €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 €7 and no more than €250)
    Incoming transfer, €
    Incoming transfer is free of charge
    Account maintenance, €/year
    Account maintenance fee is €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 €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, as the representatives of the bank often visit Russia (once a month). A client can meet with the representative of the bank in Russia or go to the bank at any time.
    Required
    Client’s passport, complete banking forms with the necessary information about the client. The Bank requires financial statements of the client’s company or Personal Income Tax Return (2-НДФЛ) as a proof of source of income.
    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.
    Offers
    Registration of a Societe Civile Particuliere (SCP) in Monaco. Service offer

    Monegasque SCPs are non-commercial organizations that enjoy a number of tax benefits due to a special tax regime. They are mostly used to purchase, hold and rent ...

    6900 EUR

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    Banks of Monaco

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    Société Générale Private Banking (Monaco) SA
    1 820
    N/A
    4
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