Montenegro might not be the first place you think of moving to as a digital nomad or an immigrant, but it is becoming more popular. Programs designed to attract exactly those kinds of newcomers, the culture and the lifestyle in Montenegro are encouraging more people to think outside the box. 

If you’re one of the people who are considering this move, you might be wondering how you can do things like open a bank account. Here’s all details about how to open a bank account in Montenegro.

How to Open a Montenegro Bank Account as a Nomad

The good news is that even if you haven’t finalized your plans to move to Montenegro, you can still open a bank account from abroad. 

Montenegro allows non-resident foreigners to open personal bank accounts completely online. So, it’s quick and easy to get a bank account with chequing, savings, e-banking, investments, currency exchange and more – even if you’ve never been to Montenegro! 

How to Open a Bank Account in Montenegro?

Most people can open a personal bank account in Montenegro without too much trouble. You can apply online, provide the required documents, and answer a few questions. That’s usually all it takes to get a new bank account in Montenegro from most parts of the world.

How Can I Open a Personal Bank Account in Montenegro?

Restrictions

Montenegro’s banking system welcomes nomadic clients from most parts of the world, but there are some countries that have restrictions. These include Sudan, Costa Rica, Brunei, and others. You can find a complete list of restrictions on bank websites. 

It might still be possible to open a bank account in Montenegro if you are from one of those countries – but there will be more application and management requirements. 

Montenegro does also require people opening bank accounts to complete a form stating that they are not a politically exposed person. This is part of the anti-money laundering system in Montenegro. You can still open a bank account if you are involved in politics, but the process will be different. 

Required Documentation

Most people will only need a few simple pieces of documentation to open a bank account in Montenegro – although most banks can and do request additional information when they think they need it. 

Generally, you will need to provide:

• A valid ID, in the form of a passport or some other kind of government issued photo ID
• Proof of employment in Montenegro if you are working locally
• Proof of business activities in Montenegro if you are running a business
• Proof of address, like a lease or the title deed of a property you own

Many banks will require you to make a small deposit when you open your account.

Bank Rates in Montenegro

There’s usually no fee to open a bank account in Montenegro, although sometimes you will need to make a small deposit on the day. 

Many accounts have account fees that are usually under two Euros per month – although there are also some no fee account options. So, if you don’t want to pay fees, it’s a good idea to shop around. 

If you use your ATM card to withdraw cash from a different bank’s ATM, you will probably be charged a fee, but withdrawing from your own bank’s ATMs is usually free. 

If you decide to close your account, some banks might also charge a fee to do that. This can be as much as 15 Euros. 

Also, you can find more information about tax system in Montenegro here.

Procedure of Opening a Bank Account in Montenegro

If you want to open a bank account in Montenegro, the first thing you should do is shop around to find a bank that has the kinds of products and services you need, and whose fees and services meet your needs. 

Once you have chosen the bank you want to work with, you need to make an appointment, and gather the documents you will need to have to open the account. These include:

• A copy of your passport and the original – the bank will want to keep the former, but might want the latter to confirm that the copy is accurate and not altered
• A copy of another form of government ID, like a national ID card if you have one
• Proof of your address in the form of a lease, title deed or recent utility bill
• Bank statements from your other banks for 6 to 12 months
• Documents that prove where your money comes from – like most countries, Montenegro wants to make sure that your money comes from legal, above-board sources like a job or a business
• Your resume with contact details 
• Proof of ownership of any businesses

Sometimes, banks in Montenegro will want to have additional information. Make sure you ask for a  complete list when you make your appointment. 

If you want to access credit services like loans or credit cards, you will probably be asked for additional information too, including your credit score and other information. So again, if you’re hoping to access those services, make sure you ask before you arrive for your appointment. 

List of Banks in Montenegro

There are many different banks in Montenegro. Some are national, while others only operate in specific areas. It’s usually best to opt for a larger, national bank so that when you travel around the country, it’s easy to access banking services. So we listed some of the biggest banks in Montenegro:

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

Most big banks have well designed and comprehensive online banking portals too – so you’re not likely to need to go into a branch too often. There are also plenty of ATMs in big cities and towns, and you can pay for goods and services with your card in most places, just like you can in any other developed country. 

FAQ

Do bank staff speak English?

That really depends on where you do your banking. In big banks and big cities, most banks will have at least a few staff members who are fluent in English. In smaller cities and towns, you might struggle to find a bank that can help you in English – so be sure to ask when you contact the branch! 

Who can open a bank account in Montenegro?

Businesses and individuals who are resident or non-resident can open bank accounts in Montenegro. The process may differ slightly, but not too much. 

Can I use my bank card online?

If you want to be able to use your bank card online, you need to make sure it’s a VISA or Mastercard. Other brands and types of cards like Maestro or Electron might not work on all online stores. 

Does PayPal work in Montenegro?

Sort of. You can have a PayPal account in Montenegro, and you can use it to shop online, but you can’t cash out your money. So, you can’t use PayPal to run a business or sell goods or services. There are, however, other payment processors that do work in the country. 

Do you have to be 18 to open a bank account in Montenegro?

If you want to open your own bank account without having a parent or guardian co-sign your application, then yes, you need to be 18 to open a bank account in Montenegro. However, there are youth accounts available, so if you have children, you can open bank accounts for them too. 

What are banking hours in Montenegro?

Most banks in Montenegro are open from 8am to 8pm during the week, and from 8am to 3pm on Saturdays. This can vary from bank to bank and even from branch to branch, so be sure to check what your bank’s hours are. 

Are banking services easy to access in Montenegro?

That depends where you are. Big cities and tourist towns on the Adriatic coast have plenty of banking facilities available. Small towns and those in the interior are not as well serviced. So, if you regularly need to do in person banking, choose a branch that’s in a larger population centre! 

Is the Montenegro banking system stable?

The banking system in Montenegro is considered to be very stable and liquid, and provided you choose one of the bigger banks, it’s as safe as banking at any bank in your home country. 

What is the currency in Montenegro?

Montenegro, like much of Europe, uses the Euro as its currency. So, if you’re considering a move from a Eurozone country that also uses the Euro, you won’t have to worry about any currency conversion issues. 

Contact Us

Smart Citizenship has been helping people to move around the world for many years. 

We specialize in golden visa and immigration by investment, but we’ve helped our clients to do many other things, from purchasing property to choosing the most family friendly city when they immigrate. 

Whether you want to know more about moving to Montenegro or need help choosing the right bank, we’re happy to provide tips and advice. So, contact us, and find out more about how our team can help make your big move as smooth and easy as possible.