Monaco is a microstate situated on the French Riviera, known for its wealthy populus. A beloved tourist destination for individuals in search of extravagance and glamour, Monaco has become known as a hotspot for the rich and famous: over 30% of the resident population are millionaires. Whether you are wanting to transfer $100 or $1 million dollars, we believe every customer deserves to reap the benefits of a safe, secure and speedy service; in this guide we will run through the best possible options for money transfers to Monaco.
After the Vatican City, Monaco is officially the second smallest sovereign state on the planet. The country’s lavish casinos, convenient railway connections to and from Paris, and cultural attractions – like the Monaco Grand Prix and Monaco Yacht Show – attract a steady stream of tourists throughout the year. The capital city of Monte Carlo is by far the most iconic location and this is where the grand Casino de Monte-Carlo can be found; opened in 1863 the casino was the first of its kind and is now one of Monaco’s most iconic landmarks.
Due to its lenient personal and business tax laws, Monaco has gained a reputation as a tax haven for the rich. Most notably, Monaco does not impose corporate income, net wealth or property taxes, and capital gains are not collected. As a result of the wealthy demographic living in Monaco, the real estate market is booming, with the average property costing an estimated €53,000 per square metre.
Monaco is located in between France and Italy, in central Europe however the country is not a member of the European Union (EU). Nevertheless, due to its links with France, Monaco uses the Euro (EUR) as its official currency and is a participating member of the Single Euro Payments Area (SEPA) scheme. To find out more about SEPA, read our full guide here.
The EUR had an average volatility rate of 0.25% against the USD for the last 90 days. This is a normal volatility rate, and the EUR has been fluctuating similarly for a long time now. You can reasonably expect only normal fluctuations in exchange rates to continue going forward, barring any unforeseen circumstances.
The fastest way to send money to Monaco is through Western Union’s fast option. Western Union’s fast option will see to it that your money reaches its Monacan destination in a matter of minutes. Cash pickups are the fastest and easiest method to organize, while bank transfers take longer. The main downside to Western Union’s fast option is the fact that it is more expensive than most of the competition. You can usually expect to pay more with Western Union.
The cheapest way to send money to Monaco is through OFX. This is because OFX only charges you a small percentage of each transaction. There are no upfront fees and the service is undoubtedly the cheapest on the market. Furthermore, it typically only takes a day or two for your money to reach its destination.
The main drawback to OFX is that it carries a minimum transfer size requirement which is significantly higher than any of the competition. Despite this, their rates cannot be beaten, particularly when you send more money at once. The more money you send through OFX in a single transfer, the cheaper the transfer becomes.
If you don’t like the minimum transfer size requirement, Wise offers a similarly cheap deal.
The easiest way to send money to Monaco is through Wise. Wise makes sending money to Monaco exceptionally easy. After you set up your account, all you need to do is follow these simple steps:
1) Tap in the amount of money to be sent
2) Tap in the destination
3) Pay Wise for the transaction
4) Wait one or two days for the funds to arrive at their Monacan destination
OFX also offers you the overall best way to send money to Monaco. OFX offers you the best-rounded option for sending money to Monaco, especially where cost is concerned. Their wait times are short and their platforms are easy to use, making OFX good enough at everything you need in a money transfer service. When it comes to the rates you’re paying, if you send a large amount of money at once, you can be sure you’re getting the best rates by a large margin.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com