Opening a Bank Account in Montenegro
Opening a bank account in Montenegro might be an interesting choice, if you are looking for a bank account with IBAN that does not exchange account information with other countries (no CRS and AEOI) and offers electronic & mobile banking options.
We can introduce you to our banking partners
We have a network of partner banks that we closely cooperate with, and depending on your individual needs, we can come up with a tailored solution for you.
In order to open a bank account in Montenegro, we need to schedule a meeting with a banking representative, and you need to come personally to visit the local bank branch in person. Bank accounts cannot be opened remotely in this country.
If you are from a «problematic» country, let us know beforehand. Each bank is different and some decide on a case-by-case basis.
According to your country of citizenship or residency, it can be really hard to open a bank account, and there is a lot of paperwork involved.
Adriacom’s bank account introduction service is for everyone that wants a bank account without any hassle so that they can bank safely and securely in a country that does not take part in the automatic exchange of information (AEOI).
As you might already have heard, it is becoming increasingly difficult to find safe and independent banking destinations. Especially in safe and stable countries. Montenegro has joined NATO and is on an economic growth track with increasing international foreign investments.
Banks in Montenegro accept almost all foreign citizens (except clients that are on the UN sanctions list).
No minimum balance is required. You can use your private bank account for savings, receiving of remittances, daily on- and offline banking.
Transferring funds in and out of your bank account
Montenegro uses a dual account system. There are two account types.
(1) National Bank Account
This is your bank account that is used to make payments inside Montenegro. You can pay your bills, taxes, and fines with this account.
(2) International Account
As the name suggests, this type of account is used to transfer money abroad and to receive money from abroad. If you want to withdraw cash from the international account, you would first need to transfer it to your national account. This is done instantly though.
The transfer is free of charge. All banks offer electronic and mobile banking, and transferring money between accounts (incl. Credit cards) is hassle-free.
Advantages of a Montenegrin Bank Account
- Montenegro offers strong banking secrecy laws. It is a crime to disclose banking information.
- not part of CRS
- deposits are guaranteed up to 50,000€ per bank client (even non-residents)
- Very low fees
- Own IBAN and online banking in English
- Visa or Mastercard available
Banks operating in Montenegro
There are currently (2020) 13 banks operating in Montenegro, and most of them belong to well-financed international commercial conglomerates.
| Operating Bank | Total Assets in million € | Market Share in % |
|---|---|---|
| CKB (Crnogorska Komercijalna Banka) | 691,36 | 15,69 |
| Podgoricka Banka | 530,46 | 12,04 |
| ERSTE Bank | 520,34 | 11,81 |
| Hipotekarna Banka | 506,84 | 11,50 |
| NLB Banka | 489,04 | 11,10 |
| Prva Banka | 396,08 | 8,99 |
| Universal Capital Bank | 266,83 | 6,05 |
| Addiko Bank | 237,93 | 5,75 |
| Lovcen Bank | 170,32 | 4,11 |
| Komercijalna Banka | 142,22 | 3,43 |
| Zapad Banka | 90,81 | 2,19 |
| Ziraat Bank | 66,27 | 1,60 |
| Nova Banka | 25,91 | 0,62 |
| Overview | Loans | Mortgages | Credit Cards |
|---|---|---|---|
| , https://adriacom.me/wp-content/uploads/2020/01/CKB-1-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/CKB-1.png, CKB bank montenegro |  | | |
| , https://adriacom.me/wp-content/uploads/2020/01/podgorickabanka400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/podgorickabanka400x97.png, podgoricka banka montenegro | | | |
| , https://adriacom.me/wp-content/uploads/2020/01/erste400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/erste400x97.png, erste bank montenegro | | | |
| , https://adriacom.me/wp-content/uploads/2020/01/hipotekarnabanka400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/hipotekarnabanka400x97.png, hipotekarna banka montenegro | | | |
| , https://adriacom.me/wp-content/uploads/2020/01/nlbbanka400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/nlbbanka400x97.png, nlb banka montenegro | | | |
| , https://adriacom.me/wp-content/uploads/2020/01/prvabanka400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/prvabanka400x97.png, prva banka montenegro | | | |
| , https://adriacom.me/wp-content/uploads/2020/01/universalcapitalbank400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/universalcapitalbank400x97.png, universal capital banka montenegro | | | |
| , https://adriacom.me/wp-content/uploads/2020/01/addikobank400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/addikobank400x97.png, adiko bank montenegro | | | |
| , https://adriacom.me/wp-content/uploads/2020/01/lovcen400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/lovcen400x97.png, lovcen bank montenegro | | | |
| , https://adriacom.me/wp-content/uploads/2020/01/komercijalna400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/komercijalna400x97.png, komcercijalna banka montenegro | | | |
| , https://adriacom.me/wp-content/uploads/2020/01/zapadbanka400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/zapadbanka400x97.png, zapad bank montenegro | | | |
| , https://adriacom.me/wp-content/uploads/2020/01/ziraat400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/ziraat400x97.png, ziraat bank montenegro | | | |
| , https://adriacom.me/wp-content/uploads/2020/01/novabanka400x97-300×73.png, https://adriacom.me/wp-content/uploads/2020/01/novabanka400x97.png, nova banka montenegro | | | |
Frequently asked questions about bank accounts in Montenegro
Of course, it is legal to have a bank account in a foreign country such as Montenegro. This does not mean that you can use this account for illegal activities as this could lead to criminal punishment. But, it is always a good decision to diversify your risk when banking. Holding some parts of your money outside your home country (or continent) in another currency is a hedge against unforeseen developments in your home country that could lead to bail- ins, expropriation, or freezing of your assets.
A bank account in Montenegro offers you safety and secrecy, and yet a practical way of doing your banking. You can bank from your mobile phone and pay worldwide with your credit cards.
Montenegro is steered towards Western integration and needs to fulfill more and more institutional safety standards. Since its independence in 2006, Montenegro has proven to be the leading nation in the west Balkans economically and managed to attract huge investments from abroad. The political system is stable and there are no conflict potentials with any of its neighboring states.
This is why it is safe for you to open a Montenegrin bank account.
The Common Reporting Standard (CRS) is a system that has been put in place by countries worldwide to basically end banking freedom and anonymity. Montenegro does not take part in the CRS.
No. In order to open a bank account, you do not need to show a consumer bill or other proof of address. You will only need to give them an address where to send the credit card (and PIN) to.
Since 2019 the Montenegrin banking laws have changed, and it usually is not possible to open accounts for non-residents. However, we have banking partners that would still open an account for you being introduced by us.
If your business requires a low-tax, low-cost destination, located strategically in the heart of Europe, expand or migrate your company to Montenegro.
We will guarantee you professional and safe handling of your matter, a quick and effective company opening process and top-notch support that will save you both money and energy.
