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

Guide to opening a bank account for foreigners in Montenegro: list of all the banks (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.

Table of Contents

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:


Important Sources and Useful Information

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).

Order an E-Sim for Montenegro and other destinations

Buy a Montenegro E-Sim before arrival for the most convenient way to stay online during your trip!

Order an E sim for Montenegro and other destinations. Banner with image of a woman travelling.

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:

* 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
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!

Order an E-Sim for Montenegro and other destinations

Buy a Montenegro E-Sim before arrival for the most convenient way to stay online during your trip!

Order an E sim for Montenegro and other destinations. Banner with image of a woman travelling.

Montenegro Featured Tours and Activities

Budva Guides

Lustica Guides

Montenegro General Knowledge Guides

Montenegro Car Rental Guides

Tours Montenegro Digital Nomad Visa

Wednesday, March 29

Tours in Montenegro: Uncover the Adriatic’s Best-Kept Secret

Discover Montenegro’s tranquil beaches, medieval cities, rugged landscapes, and vibrant culture on our expertly curated tours. Book now to explore the Adriatic’s hidden gem!

Car Rental in Montenegro

Monday, April 10

Car Rental in Montenegro: Find the Best Deals and Explore at Your Own Pace

Discover the best Montenegro car rental options and secure the best deals for your journey. Rent a car in Podgorica, find cheap car rentals, and explore Montenegro’s beauty with ease.

Relocation Services in Montenegro

Friday, April 22

Relocation Services In Montenegro

We offer all the services you need to relocate to Montenegro. House purchase. Montenegro Temporary Residency. Montenegro Company Formation. Car rental in Montenegro. Property Management in Montenegro. Real estate in Montenegro. Tours in Montenegro. Montenegro lawyers and accountants.

Read more Montenegro Blogs

1 2 3 4 5 6 7 8

Scroll to Top