Money Matters & VAT

Business

Currency

The Euro is the official currency of Monaco. It is based on the decimal system. There are one hundred cents to each Euro. Euro notes come in denominations of 500, 200, 100, 50, 20 and 10. Coins come in denominations of 1, 2 Euro, 50, 10, 5, 2, 1 cents. The Euro sign is €. For a current exchange rate, please use our currency converter.

Money Exchange

You can change money at the hotel or at the nearest banks. Bank hours are 9:00AM to 12:00PM and 2:00PM to 4:00PM. Banks are closed on weekends and national holidays except for “Credit Foncier de Monaco” near the Casino, which is open daily for 12:00PM to 11:00PM including Sundays and holidays.

Traveler's Cheques

Traveler’s cheques in $USD should be exchanged at banks or exchange offices, as very few businesses will accept them.

VAT Refund

To benefit from a VAT (valued added tax) refund, the unitary purchase price inclusive of tax from any single store must be at least 175 €. At the time of purchase the salesman can either refund VAT immediately, either collect the tax directly and wait for the reception of the stamped “export sales invoice” from Customs to be refunded at the departure airport. In both cases, an “export sales invoice” (“Bordereau de Vente” in French) will be given to you. Look for shops with a duty free stickers in their windows.

For Insurance and Financial Services- Both the French and Monaco VAT can be reclaimed from Monaco when using a Monaco-based DMC. Please note that Insurance and Financial companies are not eligible to reclaim French VAT in France. The only way to recuperate French VAT is via Monaco.

Attention meeting and incentive planners/travelers: Do you know that visiting Monaco for business purposes is now more affordable thanks to legislation that allows the refund of VAT on certain business expenses? For specifics on this great savings opportunity, please visit CEI website www.cei-vat.com