Send money to Monaco from Canada
Monaco uses the euro and its banks sit inside SEPA, so a payment from Canada is one conversion and one credit. Grey turns your balance into euro at the moment you send and pays Credit du Nord Monaco, BNP Paribas Monaco or Societe Generale Monaco on an IBAN. The rate and the fee are shown together before you confirm, and transfers from a funded balance typically arrive within minutes.
CAD
EUR
-
Trusted by 3M+ people around the world
GOOGLE PLAY •22K REVIEWS
APP STORE • 12K REVIEWS
A small corridor, described honestly
Not many people send money from Canada to Monaco, and a page pretending otherwise would be no use to the ones who do. The list is short: a Canadian who owns or rents an apartment there and owes the building's charges, a crew member or hospitality worker through the yachting and event season, someone settling a school or clinic bill, a lawyer or agent holding funds against a transaction, a son or daughter who has taken a job on the Rock.
What those have in common is that the amount is known in advance and the date was set by somebody else. Nobody sends a monthly allowance to Monaco. They settle something that has already been invoiced, usually with a reference attached to it.
Monaco is not in the European Union, but it uses the euro and its banks are inside SEPA, which is the part that matters here. Your balance converts once, into euro, and the credit lands on an IBAN. There is no second conversion at the Monaco end and no local currency to think about.
Three steps to a Monaco IBAN
Sign up
Free to open, around five minutes, one valid identity document. Better done when the invoice arrives than on the evening it falls due.
Fund
No Canadian dollar balance sits on Grey. You hold euro, pounds or US dollars provided by Lead Bank, filled from a client, an employer abroad or a transfer you make yourself.
Send
Enter the Monaco IBAN, read the euro amount with the rate and the fee beside it, and confirm. The SEPA credit typically arrives within minutes.
What a transfer to Monaco costs
The comparison most Canadians have in mind here is a bank wire, because a payment to Monaco feels like the sort of thing a bank ought to be handling. A wire is priced as a wire, travels by SWIFT, and has its exchange rate set inside the bank rather than shown to you as a separate figure you agreed to.
The other habit worth naming is Interac e-Transfer, which is how nearly every domestic payment in this country gets made and which does not leave Canada. On a corridor used this rarely, that fact tends to come to light with a deadline already close.
One conversion, fixed at confirmation
Your money becomes euro once, on the Canadian side, when you confirm. Grey shows the rate and the fee first, and the euro figure sitting on that screen is the figure that reaches the Monaco account.
That matters more on a fixed invoice than on a casual transfer. If a notary, an agent or a building manager has quoted a euro amount, you want to agree to it knowing the amount you approved is the amount that settles.
A wire to Monaco, and the alternative to it
RBC, TD Canada Trust, Scotiabank, BMO and CIBC will all send euro to Monaco as a SWIFT wire. It is priced as a wire, it travels through correspondent banks, and the rate belongs to the bank rather than to a screen you approved. Grey converts once into euro, pays the IBAN over SEPA, shows the rate and the fee before you agree to either, and tracks the transfer from confirmation to settlement. On a payment with a date attached to it, knowing where the money currently sits counts for nearly as much as what it cost.
What your recipient in Monaco sees
A euro credit arrives on the IBAN and appears in their banking app like any other incoming payment. No Grey account is needed at that end and there is nothing to claim.
Euro into a Monaco IBAN
Credit du Nord Monaco, BNP Paribas Monaco and Societe Generale Monaco all take the credit on an IBAN. The figure shown in the app is in euro, because euro is what was sent.
Delivered over SEPA
Monaco sits inside the single euro payments area, so the credit travels the euro area's own rails rather than as an international wire. Sent from a funded balance, it typically lands within minutes.
GreyTag, if they use Grey
Anyone with a Grey account of their own can be paid by GreyTag instead, free and instantly, without a Monaco IBAN entering into it.
Getting money into the balance
Interac e-Transfer does not leave the country, so the question on this corridor is which currency you want to be holding before the euro goes out.
From a client
Invoices paid to you in euro make a Monaco payment a straight transfer, with no conversion standing in the middle of it.
From an employer abroad
Pay from a company outside Canada can land in the balance and sit there quietly until the date the Monaco payment is actually due.
From a transfer you arrange
Funding in advance is the sensible route for anything with a deadline, so the money is already in place when the invoice turns up.
Whichever balance you use, the euro figure reaching Monaco is stated before you confirm rather than worked out afterwards.
What Canadians actually send to Monaco for
Property charges
Building service charges, an agent's commission, a deposit on a lease. Quoted in euro, dated, and payable to a company rather than to a person you know.
Seasonal work and crew
Yacht crew, hospitality staff and event workers who spend part of the year in Monaco and need money moved into a local account while they are there.
Professional fees
A lawyer, a notary or an agent holding funds against a sale. The amount is fixed by the invoice and the IBAN usually arrives on the same page as it.
Family who live there
A son or daughter working in Monaco, a parent who retired to that stretch of coast. Occasional rather than regular, and usually urgent on the occasions it happens.
Four reasons cover nearly all of it, and not one of them is a monthly allowance.
Five things worth knowing about the Monaco route
Get the IBAN in writing from whoever is being paid, together with the exact euro figure and the reference they want quoted. On this corridor the details come off an invoice rather than out of a family conversation, which makes them easy to check and easy to mistype.
After that it is short. Open the account, fund a balance, enter the IBAN, read the two numbers, confirm. There is no relationship to prove, no branch appointment and no reason for the payment to take longer than the invoice allows.
FAQs
Does Monaco use the euro even though it is not in the European Union?
Yes. Monaco uses the euro and its banks sit inside SEPA, so Grey converts your balance once and credits euro to a Monaco IBAN.
Which Monaco banks can Grey pay into?
Credit du Nord Monaco, BNP Paribas Monaco and Societe Generale Monaco all receive the credit on an IBAN, as do other banks in Monaco.
Is an IBAN enough to pay building charges on a Monaco apartment?
Yes, along with whatever reference the building manager asks you to quote. Grey needs the IBAN, and the euro total appears before you confirm.
Can I top up in Canadian dollars before paying a Monaco invoice?
No. No Canadian dollar balance sits on Grey. You hold euro, pounds or US dollars provided by Lead Bank, then send euro to Monaco.
Will my euro be converted again when it reaches Monaco?
No. Monaco is a euro destination, so the euro you sent is the euro that lands. There is no second conversion on arrival.
Can Interac e-Transfer reach an account in Monaco?
No. Interac e-Transfer operates only within Canada. A payment to Monaco goes out as a euro SEPA credit from your Grey balance.
I am crew on a boat berthed in Monaco. Can money reach my account there?
Yes, provided you have the IBAN. The euro credit arrives like a domestic payment, whether the account is yours or somebody else's.
How fast does a SEPA credit reach a Monaco bank?
A funded Grey balance typically delivers within minutes. Getting money into that balance first is the slower half of the job.
Does the person in Monaco need a Grey account?
No. They need only their IBAN. The euro appears in their bank as an ordinary incoming credit with nothing for them to claim.
Is a wire from my Canadian bank not simpler for somewhere like Monaco?
A wire travels by SWIFT with the rate set inside the bank. Grey shows the rate and the fee first, then pays over SEPA.
Can I pay a Monaco lawyer or agent rather than an individual?
Yes. A company or professional account is reached by IBAN in exactly the same way, with the euro amount fixed at confirmation.
Get digital banking
at your fingertips
