Find the best ways to transfer money to Monaco

The exchange rate plays a key role in determining how much EUR your recipient in MC will get.

For example, in the past month average rate for USD to EUR was 0.9279 EUR.

Since USD-EUR exchange rates fluctuate with market conditions, waiting a couple of days could result in a better rate, giving your recipient more EUR.

If you need to make an urgent transfer, we recommend using Revolut, which has consistently offered the best rates for Euro over the past six months.

The most cost-effective way to fund your transfer to Monaco is through a Bank transfer with Revolut, which is 0.2% cheaper than the second-best service.

The way you fund your transfer to Monaco impacts the cost, speed, and how much EUR the recipient will receive.

Based on our data from the last six months for a $2,000 transfer from the US to Monaco, the following are your best options:

• Revolut with bank transfer deposit costs $0 and has a 0.05% markup.

• Instarem with a debit card deposit costs $0 with 0.83% markup.

• Instarem with a credit card deposit costs $0 with 0.83% added to the EUR exchange rate.

We advise against using Debit card, as they tend to be the most expensive option for EUR transfers.

Credit card transfers may incur cash advance fees and higher interest rates on EUR.

CC deposits also tend to be more expensive. For example, Instarem charges $0 for credit card deposits, while a bank transfer via Revolut costs $0.

Whenever possible, avoid transfers via the SWIFT network to MC. SWIFT transfers to Monaco are slower and come with higher fees.

Instead, look for a cheaper option such as ACH or account balance.

Money transfer companies often have min and max limits on how much EUR you can send.

The amount you transfer can also affect the fees and the EUR exchange rate you receive. For instance, Revolut is the best choice for sending large amounts to Monaco.

Additionally, there may be government-imposed restrictions, commercial limitations, and other factors that influence the amount of EUR you can send.

This is why it’s really important to compare your options when transferring money to Monaco.

The speed of sending Euro to Monaco depends on factors like the amount, timing, deposit, and withdrawal method chosen. Typically, faster transfers come with higher fees.

For example, based on a $2,000 transfer to Monaco:

Use Regency FX for fastest transfers

Of the 6 companies offering EUR transfers, Regency FX consistently offers the fastest delivery times across all deposit methods, appearing 2 times in our searches over the past 6 months.

For bank account & card deposits use Regency FX

Regency FX offers fast and affordable Euro transfers, with fees of around $0 for bank deposits and $Instarem for debit card deposits, plus a small 0.25% markup on top of the EUR rate.

For credit card transfers use Instarem

Based on our six-month search data, Instarem takes up to one day to send EUR via credit card, with a fee of $0 and 0.83% markup.

For urgent transfers use cash transfer

If you need money urgently, we recommend cash pickup services through providers like Western Union or MoneyGram.

Avoid the SWIFT network

Avoid using SWIFT transfers for EUR transfers. Due to intermediary banks on the way to Monaco, SWIFT is slower and comes with higher fees.

There are a few different ways to move money to Monaco:

Money transfer services

You can transfer money online using an FX broker (managed service) such as OFX or an online-only company (self-managed) such as Revolut.

Based on our six-month analysis, Revolut stood out as the top money transfer company servicing Monaco, appearing in 100% of EUR transfers in our search system.

Mobile apps and e-wallets

Most money transfer services that accept Monaco offer mobile transfer apps, which often have better deals on EUR exchange rates.

You can check our guide on the best money transfer apps to find one that suits your needs.

Cash transfers

Cash transfers to Monaco are sent in person through services like Ria Money Transfers, MoneyGram, or Western Union.

Transferring Euro as cash is almost always instant but requires the recipient to visit a nearby agent in Monaco to collect the EUR.

Bank wire transfers

You can transfer Euros via your bank.

We strongly recommend not using your bank to wire EUR directly to Monaco due to high fees and slow transfer times.

Instead, use the bank transfer deposit option with Revolut and send EUR from there.

There are multiple ways to receive money in Monaco. Picking the right one can save you on fees and speed up the EUR transfer process. Here are your options:

Deposit to the bank account

To deposit money directly into a recipient’s bank account in Monaco, we recommend Revolut. They appeared in 100% of EUR searches as the cheapest option for bank transfers to Monaco.

The card transfer will also land in the recipient’s bank account in Monaco. Use Instarem to deposit with a debit card at just $0 per transfer.

Cash pickup and delivery

If the recipient in Monaco needs EUR urgently or doesn’t have access to a bank account in Monaco, cash pickup or home delivery are good options.

Mobile and digital wallets

You can receive EUR directly into digital wallets like PayPal, though this often comes with more limitations and costs more compared to services like Revolut.

When sending money to a bank account or e-wallet in Monaco, Euro will arrive without any involvement from the recipient.

However, if you're sending EUR as cash or transferring large amounts to Monaco, the recipient may need the following:

• Government-issued ID: A national ID of Monaco, a valid passport, or driver's license.

• Sender’s details: The sender's personal details such as full name and address.

• Transfer Details: The amount of EUR being received.

• Confirmation No.: This is usually given at the time of transfer.

• SWIFT Code / IBAN: Occasionally required for bank transfers.

The exact documents required may vary depending on the money transfer company and the transfer method used.

When sending bigger amounts to Monaco, companies may request proof of funds such as bank statements and address verification with the utility bill in line with AML (Anti-Money Laundering) policies.

We recommend using Revolut to send large amounts of Euro.

There may be tax obligations and government-imposed limits or restrictions on EUR transfers/payments to MC.

Some EUR transfers could be subject to taxes such as gift tax or commercial tax.

Even if no limits or taxes apply, certain EUR transfers (especially large sums of Euro) may need to be reported to the tax authorities in Monaco or in your country.

When unsure, it’s best to consult with a tax professional in Monaco or your home country to ensure compliance with the regulations.