Banking Made Easy: Your Guide to Opening a Bank Account in Montenegro for Foreigners in 2024

How to open a bank account in Montenegro in 2024?

Do you want to know how to open a bank account in Montenegro?
Navigating the world of banking in a foreign country can be a daunting task, but with our comprehensive guide to opening a bank account for foreigners in Montenegro, you’ll be well-prepared to embark on this financial journey. Montenegro’s banking system has undergone significant advancements in recent years, making it easier than ever for non-residents to access and manage their finances in this picturesque Balkan country. Whether you’re relocating, investing, or simply seeking a convenient way to manage your transactions, we’re here to help you understand the process of opening a bank account in Montenegro and explore the best options available to suit your unique needs.
Whether you want to open up a personal bank account in Montenegro, or an account for your company, it is certainly possible. Of course, you must state a justifiable reason for that, for example, you are employed, you practice a certain activity in Montenegro or you wish to buy a property in Montenegro.
If you are wondering where to start, you are in the right place. We have prepared a guide to opening a bank account for foreigners in Montenegro, as well as a list of banks that provide an opportunity for non-residents to open their bank account.

IMPORTANT – Please note that as of January 2023, most banks in Montenegro will not open any bank account for a foreigner without already having a residence permit. Therefore, if you are a digital nomad or remote worker in Montenegro and you are only here as a tourist, you most likely will not be able to open a bank account.

Find apartments and houses for rent in Montenegro here.
Learn more about living in Montenegro and temporary residency in Montenegro!
Are you looking for the best destinations for digital nomads in Montenegro? Then read this article – Discover the Best Places for Digital Nomads in Montenegro

If you are interested in longer-term solutions to relocating to Montenegro, visit the following pages:

• Emigrate to Montenegro: Residence Permit & Tax Residency Guide
• Relocation Services in Montenegro
• 10 Reasons You Should Register a Company in Montenegro in 2024
• Montenegro Residency by Company Formation (2024) – A Comprehensive Step-by-Step Guide
• Montenegro Company Formation & Residency Services – Fully Managed Solution
• Montenegro Residency in 2024 – The Complete Guide

Important Sources and Useful Information

• Central Bank of Montenegro
• Montenegro Banking Law
• Central Bank of Montenegro Law – PDF Download
• Wikipedia – Central Bank of Montenegro
• Statistical Office of Montenegro – MONSTAT

First of all, you need to know that you can open a current or transactional bank account free of charge at the counter of almost any bank in Montenegro and that the opening procedure is similar in all of them. The process of opening a current (“tekući”) or foreign currency account (“devizni” – a foreign currency account is used to send and receive money to/from abroad) in a bank for an individual is simple. Some fees generally apply for international money transfers.

The account can be opened by an individual, residents, and non-resident with permanent or occasional income. For a start, it is enough for the person to enclose an identification document – an ID card or a passport. Also, by the legal regulations on the prevention of money laundering, the person must fill in the PEL form (a form which confirms whether the person opening a bank account is a politically exposed person).

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Opening a personal bank account in Montenegro

The business rules of Montenegrin banks are more or less the same. You can choose the best for yourself by directly inspecting the efficiency of the staff, the crowds in the branches, the commissions‘ size on certain services, the availability of ATMs, and so on.

Documentation required to open a current account:

• Valid identification document (passport or ID)
• Proof of employment in Montenegro (may be an employment contract), or any proof of business activity in Montenegro
• Statement of residence with a third party/lease agreement or rent / List Nepokretnosti if he/she owns property

* The bank reserves the right to request additional documentation.

In most banks, opening an account is free of charge, while in some, it is charged (around 5 euros). The same is the case with monthly account maintenance. (≈ 1 euro)
Once you open an account, it is necessary to consult with the staff from the bank counter about a few little things – to order a debit or credit card and to unlock/confirm the limit of daily withdrawal if it is needed. To unlock online use of your card as well.

When withdrawing money from an ATM, if you do not use the cash machine of your subsidiary bank, a commission of 3 euros is paid with the withdrawn amount. To start e-banking, e-mail or SMS info, it is necessary to submit a special request.

Opening a bank account in Montenegrin banks for foreign legal entities

In Montenegro, there are numerous advantages to establishing a bank account of a foreign legal entity. Some of them are:

• Montenegrin banks are not obliged to exchange data on their clients with other countries
• Although it is not a member of the European Union and the Eurozone, the official currency of Montenegro is the Euro

The average procedure for opening an account for non-resident legal entities takes two weeks. It is desirable for an authorized person of the company to come to the bank in person, but this is not always obligatory. Some banks accept a proxy for the company, which can also be an agency hired for these needs. In case the bank refuses to open a non-resident’s account, it does not have to state its reasons. From the experience of some clients so far, it is known that Montenegrin banks do not take risks in front of their partners – correspondent banks and do not open accounts for companies from risky countries and classic offshore destinations. The circumstances, such as the company’s involvement in offshore affairs, are strictly checked. The next important factor is the currency in which the company operates – some banks consider dollar transfers problematic. 

Requirements for Opening a Bank Account in Montenegro

• Signatures of persons authorised to allocate funds on the account
• Agreement on opening and maintaining a current and foreign currency account of a foreign legal entity
• Data on persons who will pick up statements and issue execution orders with the Bank – for the account of a non-resident
• Excerpt from the register of a foreign legal entity, issued by the competent authority of the country where the registration was made – not older than three months + translation by a certified court interpreter
• Identification document of the legal representative (proxy/procurator)

Finally, a list of banks whose services are most used:

Hipotekarna Banka
NLB banka
CKB banka
ERSTE Banka
Addiko Banka
Prva Banka
Podgorička Banka AD Podgorica

And a tip for the end. If you have a problem with the services of the chosen bank, or you feel that things could go smoother, remember that the process of closing an account is easy. You can always try another one. Living in Montenegro is all about choices!