Even though Montenegro is not a member of the EU, the country is on the way to integration into the association, and the national currency of the is the Euro, while the activities of the financial system are adjusted in accordance with the requirements of European and international institutions. According to the data of the Central Bank of the country (CBCG), there are 11 financial organizations in the state, most of them provide services to non-residents, so that foreigners can easily open an account in them.
Erste Bank, Universal Capital Bank, Adriatic Bank, Hipotekarna banka, CKB are among the most popular banks in Montenegro with citizens and foreigners. These financial institutions are characterized by a high level of service and favorable conditions of cooperation, as well as the fact that there are no strict requirements for non-residents regarding mandatory residence and employment in the country.
All banks in Montenegro are known for their reliability, stability and a wide range of individual and packaged services. When deciding where to open an account, a potential client should consider not only loyalty to citizens of other countries, but also the cost of service, the list of possible payment transactions, their duration and complexity, lending, interest rates on loans and deposits, innovative technologies (remote cooperation, online banking, mobile applications), additional options (guarantees for business, assistance in investment management).
Advantages of opening a bank account in Montenegro for foreigners
The clients of local banks from third-party countries consider the following advantages of opening an account in Montenegro:
- Free entry into the country. The government have established loyal requirements for visiting the territory of the country by citizens of the European Union and some foreign countries. Foreigners with the right to visa-free entry to Montenegro do not need to obtain a permit to cross the border in order to open an account in a local bank, which greatly simplifies the process.
- Simplified procedure for opening an account. To conclude a cooperation agreement with the selected bank, the applicant must visit one of its branches in the country. To open a bank account, the applicant must provide a package of certain documents. Some financial institutions offer the possibility of applying online.
- Deposit protection. Government guarantees are available for funds up to 50,000 EUR. In case of bankruptcy of the organization, the funds within this amount are returned to the client at the expense of the non-profit structure Fond za zaštitu depozita. All banks in the country (including foreign branches) licensed by the Central Bank of Montenegro are included in the deposit insurance system.
- Priority of customer rights. In case of disputed issues, consumers of financial services may request the assistance of a special service established at the Central Bank of Montenegro. The relevant request can be sent to the address Centralna banka Crne Gore, Bulevar Sv. Petra Cetinjskog 6, Podgorica – in writing or by a personal visit.
What types of transactions are possible in Montenegrin banks?
While it is possible for a foreigner to open an account in Montenegro, the applicant should clarify this with a specific bank, as the rules are set separately by each organization. Most local financial structures serve clients from other countries. Foreign individuals have access to the following types of payment transactions:
- Deposit of personal funds to an account;
- Receiving payments by wire transfers from individuals and legal entities;
- Payments for goods and services, including online;
- Cash withdrawals from ATMs or bank tellers;
- Domestic or international transfers to other accounts (personal or third party);
- Investment in securities, real estate, commercial assets.
For non-residents – entrepreneurs, with the help of banks in Montenegro, the following types of payment transactions can be performed on behalf of legal entities:
- Deposit of cash and transfer of non-cash funds to the client’s current account;
- Receiving funds from counterparties according to the payment order;
- Transfer of funds from one bank account to another within an organization;
- International transfers;
- Business debit card transactions – payment for goods and services, cash withdrawals, replenishment of corporate telephone accounts, etc.;
To make payment transactions, the foreigner can go to a financial institution in person or use available instruments such as:
- physical plastic cards;
- contactless payments;
- checks;
- online banking;
- mobile applications.
The specific list of payment transactions depends on the client’s bank.
Types of accounts and payment cards of Montenegrin banks
Foreign clients of Montenegrin banks can open these types accounts:
- Transactional for individuals. Designed for making financial transactions in the country and abroad. Some banks can open separate accounts for domestic and international payments. Funds are credited on the income of the client, such as salary, pension, royalties, etc. This service is also available to minors (receiving scholarships, cash prizes at competitions, labor payment), in this case the contract is signed by the applicant’s legal representative. The client of the bank may dispose of the funds personally or authorize another person to perform the operations on the basis of a power of attorney.
- Settlement account for legal entities. It is intended for receiving cash receipts and performing financial operations necessary for conducting business. The account is managed by authorized persons.
- A savings account in which funds are kept for a certain period of time, at the end of which the client can withdraw them or renew the agreement. For depositing money, the bank pays its owner a fee at a fixed rate, which is calculated as a percentage of the deposit amount. Most financial organizations offer savings options on different terms. Deposit with immediate access allows the client to use the money, the interest rate is calculated on the balance. The classic option of placement implies payment to the account holder of the entire amount with interest at the end of the contract. Rent savings – a type of deposit where the client receives monthly interest and the principal is repaid at the end of the contract.
Every bank in Montenegro offers to issue such payment cards:
- Debit (Visa or Mastercard payment system). It is linked to a current account and is used to store only one’s own funds and to pay for goods and services in retail outlets in the country and abroad (including via the Internet), as well as to withdraw cash. Banks in Montenegro issue debit cards for individuals and companies, there are options in standard version or with a special chip for contactless payments.
- Credit (Visa or Mastercard payment system). This type of payment card is available to foreign clients only in some Montenegrin banks, e.g. Adriatic Bank, UCB. The client can use the amount within the approved credit limit. Repayment terms and interest rates are set separately by each bank.
The opportunities a Montenegrin residence permit opens up for you
- Do business in a country with a 9% tax rate in Europe;
- Simplified Schengen visa processing for a period of 2 to 5 years;
- Residency status for spouse and children up to the age of 18;
- European Union citizenship.
Leave an application and get a consultation with an immigration specialist
How to open a Montenegrin bank account as a foreigner
In most cases, to open an account in a bank in Montenegro, a non-resident must personally visit the representative office of the selected financial organization in any city of the country where it operates. An individual should submit an application and passport to conclude an account opening agreement. Some banks may require additional documents, including proof of the non-resident’s connection with Montenegro or proof of the legal origin of income. The owner of a foreign company, in addition to the application, must submit a dossier that includes:
- Certificate of registration of the legal entity with the competent body of the country where the registered office is located;
- Articles of Association and other organizational and administrative documents of the company;
- Certified signature of an authorized representative and seal of the organization;
- Identification form for Politically Exposed Persons (PEL);
- Copies of identity cards of the owners and managers of the company;
- Certified list of persons having access to the account;
- Other documents as required by the specific bank.
Once the application is processed, a contract is signed with the client. The client then has access to banking services.
Some financial organizations (e.g. Erste Bank) offer individuals the possibility to open an account remotely. A non-resident applicant can apply to the bank online, for which the following are necessary:
- Go to the official website of the Montenegrin bank, where such a service is offered.
- Select the tab “Apply for account opening online”.
- On the indicated page, read the terms and conditions and, if they are reasonable, click on “Open an account”.
- Select and mark the best package of services.
- Click “Continue”.
- Fill out the form and follow the further instructions.
Based on the results of the review of the application, the applicant receives a notification of the decision of the financial organization – approval of the application or refusal of the service. If the decision on the application is positive, the client agrees with the administration on the list of services and other details of the agreement.
Best banks in Montenegro to open an account
List of banks in Montenegro with the best terms for foreigners:
- Adriatic Bank. The bank is part of the structure of the American group Adriatic Capital LLC. Foreigners can open current and deposit accounts in the bank, use debit cards on favorable terms, credit cards are available only to employed regular customers.
- Hipotekarna banka. Offers services to customers (including non-residents) in the form of single transactions or comprehensive services under an agreement. Access to payment instruments is granted to an individual or a legal entity after signing an account agreement. The bank issues debit and credit cards with various terms and conditions, carries out international transfers in the Western Union system, offers package options for businesses to minimize the risks of non-payment of obligations to counterparties.
- Erste Bank. It is part of Erste Group – an international financial structure with 200 years of history. The bank has been operating in Montenegro since 2009 and is currently one of the largest financial institutions in the country. Foreign clients can open current accounts and deposits, use debit cards.
- Universal Capital Bank (UCB). The bank has been operating in Montenegro since 2007 and actively participates in the development of the financial and tourism sectors of the country’s economy. Non-residents can open an account with the bank to receive a regular monthly income. Credit products are offered to pensioners, including foreigners without residence permits. Debit cards are available only to citizens of the country and foreigners who are residents of the country, credit cards are available to all clients of the bank.
- Crnogorska Komercijalna Banka (CKB). The bank belongs to the OTP Group and has 35 branches and 115 ATMs in the country. Individuals and legal entities (including non-residents) have access to current accounts, deposits, debit cards, international transfers in the Western Union system.
How to choose a bank to open an account with
Choosing a bank in Montenegro to open an account depends on the needs of the client. High interest rates on deposits, loan opportunities, free cash withdrawals, low service fees, convenient international transfers – these are the main factors based on which the applicant makes a choice in favor of one or another financial institution.
The best banks in Montenegro according to specific criteria are presented in the table below.
| Criterion | Bank | Indicator |
|---|---|---|
| Best terms of account opening | CKB Banka | Free opening regardless of being permanently employed |
| Lowest costs for maintaining a current account | Erste Bank | For individuals 0,99 € (0,49 € for pensioners) per month, free of charge for minors |
| Individual online account opening | Erste Bank | Confirmation of customer data is done via telephone |
| Profitable overdraft | Erste Bank | Amount – 300% of salary or pension, 0% rate |
| The most advantageous use of a debit card | Erste Bank | Free issue Fee for payment at POS terminals – €0 |
| Adriatic Bank | No commissions for payment for goods and services (including international transactions) | |
| Free cash-out | Erste Bank | Withdrawing money from Erste ATMs – 0 € |
| Hipotekarnabanka | Cash withdrawal at the cash desk and ATMs of the bank – 0 € | |
| Adriatic Bank | All ATM transactions at Adriatic Bank, Hipotekarna Bank and Universal Capital Bank – 0 € | |
| Lending to foreigners | UCB | Loans to non-resident pensioners Credit cards for all bank clients |
| Adriatic Bank | Credit cards for all regular customers who can provide collateral for borrowed funds | |
| Business assistance | Hipotekarnabanka | Letters of guarantee and documentary credits to mitigate risks of nonperformance to competitors |
| Profitable deposit | Adriatic Bank | For individuals, fixed term deposit up to 100,000 € for 3-24 months at a rate of 1% to 2.9%; savings deposit for 1-5 years, at a rate of 2.2-3%. |
| Convenient international transfers | Hipotekarnabanka | Western Union Receive-send, more than 200 countries |
| CKB Banka |
Top banks based on reviews of the ones who had moved to Montenegro
Foreign clients of banks in Montenegro say that the most favorable terms for opening accounts are offered by Adriatic Bank and Hipotekarna banka, so consumers of financial services most often choose to cooperate with them. It is quite easy to make international transfers in foreign currency through Adriatic Bank.
According to customer reviews, both of these banks have the most convenient online service, but not all functions are available by default. When signing an account agreement, the applicant should clearly specify which services he/she wants to use.
Opening a Montenegrin bank account is one of the steps in the process of becoming a legal resident for any purpose, such as starting your own business in the country.
