International students can only open a special account for foreigners called a "Compte Courant". Each bank has a different policy, but usually a minimum sum (from € 100 to € 10,000) is required to open a bank account.
In general, the bank will issue you a credit card called "Carte Bleue Internationale Visa" which allows you to:
Take money from ATMs in both France (without commission) and abroad;
Pay your purchases in both France (without commission) and abroad;
Access to your bank account on the internet.
To open an account, you must provide:
An original proof of residency in your home country (for Monegasque banks);
Housing certificate (IUM) or copy of rental agreement;
Letter of introduction (IUM);
School certificate of the year.
IUM's estimates of other expenses (average per month) that may be incurred by students are as follows:
Books and supplies: €300/term;
Housing: €700 to €1,500/month;
Transportation: €1 to €40/month (public transportation);
Food: €200/month (restaurants not included);
Health Insurance: €45/month;
Cellphone: €20 to €70/month;
Telephone and Internet: €20 to €40/month;
Coffee: €1.50 to €2;
Bread (baguette): €1.00;
Stamp: €0.56 for Europe 20g;
Sandwich: €5 to €7;
Hamburger/French Fries: €7;
CD or DVD: €20;
Petrol Liter: Approx. €1.60.
Monaco Facts and Useful Links
Although it is the smallest state on the Mediterranean, the Principality of Monaco is internationally recognized as an economic center.
Monaco has 32,000 inhabitants from 125 nationalities, and covers an area of only 2 square km (less than 1 square mile).
The principality has been a member of the United Nations since 1993 and is also fully integrated in the Euro Zone.
4,500 companies operate in the Principality.
Activities include: international trade (with a turnover of 2.5 billion euros), the service sector, tourism, real estate, construction and engineering work and last but not least, the banking and finance sector, with over 70 establishments.
The Monegasque private sector generated a turnover of over 9 billion euros in 2002.
Monaco is one of the safest places in which to live and to do business.
Low taxation further encourages entrepreneurship and business development.
Contrary to what one may think, revenues from the Monaco Casino only represent around 5% of the Principality's GDP!
Monaco Tourism Office
Chambre de Développement Economique de Monaco
Jeune Chambre Economique de Monaco
City Out Monaco