Monaco — SEPA and IBAN Guide

Note: It is not an EU member; it uses the euro under a monetary agreement and is within SEPA scope.

Monaco and SEPA: general status

Monaco is both within the SEPA geographical scope and uses the euro under a monetary agreement with the EU. This means that euro transfers within Monaco and between Monaco and other euro-area countries can be carried out under SEPA standards (IBAN + BIC, common rules). Even so, a bank joining the SEPA schemes and offering that service to all its customers are separate things; the exact fees and conditions vary by bank.

Monaco IBAN structure

Monaco IBANs are 27 characters long. The structure consists of the following parts: the first 2 characters are the country code (MC), the next 2 characters are the check digits (calculated with the MOD-97 algorithm) and the remaining 23 characters are the country-specific national part (BBAN) — containing fields such as the bank code, branch code and account number. You can check the structural validity of a MC IBAN with the IBAN validation tool. Remember: a mathematically valid IBAN does not prove that the account actually exists or is active.

Sending and receiving euros with Monaco

Because Monaco uses the euro as its currency, a currency conversion is generally not needed for euro transfers to/from here; if the transaction is a genuine SEPA transfer, an intermediary bank deduction in the SEPA chain also typically does not arise. Even so, it is not correct to say "SEPA = completely free": fees can vary by bank, account plan and transaction type (SCT / SCT Instant). For instant sending, check your bank's SCT Instant support.

To see whether a transfer will actually be SEPA or SWIFT, the estimated total cost and the amount that will reach the recipient, you can use the SEPA Route & Real Cost Calculator. The results are for information only and must be verified with the relevant bank before giving a payment instruction.

Institutions registered in the SEPA schemes in Monaco

According to the European Payments Council (EPC) official participant register, 14 payment institutions (banks/PSPs) in Monaco are registered in at least one SEPA scheme (data version: 2026-06-12). Scheme breakdown:

Important: being registered in a scheme does not mean the institution offers the service to all its customers (scheme participation ≠ customer availability ≠ operational status). You can search all participants by name or BIC in the EPC Participant Lookup tool.

Summary

Monaco is within the SEPA geographical scope and uses the euro under a monetary agreement with the EU. When these two come together, euro transfers can run under SEPA standards without currency conversion. The exact fees, limits and operational conditions vary by bank; uncertain information is marked as "Not verified" on this site.