How to set up banking in Montenegro as a foreigner
Opening a bank account in Montenegro as an expat: difficulty level, required documents, digital banking options, and international transfer tips.
Cash or card? Local bank or digital? In Montenegro, the answer depends on where you live and how long you're staying.
Banking Overview in Montenegro
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Montenegro
Foreigners can open bank accounts in Montenegro. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Montenegro. While you may be able to send money to Montenegro, full local account features may not be available. Check their website for the latest on Montenegro-specific services.
N26
N26 is not currently available in Montenegro. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Montenegro, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Montenegro is approximately €1,267 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
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Get Your Free VerdictFrequently Asked Questions
How do ATM withdrawals work in Montenegro?
ATMs are widely available in Montenegro. Your bank's ATM network is usually free; out-of-network ATMs may charge €1-5 per withdrawal. International cards may incur additional fees.
Are there any fees for maintaining a bank account in Montenegro?
Many banks in Montenegro charge monthly maintenance fees ranging from €2 to €15. Some offer free accounts if you maintain a minimum balance or receive a regular salary.
Can I open a bank account in Montenegro as a foreigner?
Yes, foreigners can open bank accounts in Montenegro. The difficulty level is rated as medium. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
What happens to my bank account if I leave Montenegro?
Most banks in Montenegro allow you to keep your account open even after leaving, though some may require an address in Montenegro. It is advisable to switch to a basic or non-resident account to avoid unnecessary fees. Close standing orders and direct debits before leaving.
Can I get a credit card as an expat in Montenegro?
Credit card availability for expats in Montenegro depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Start with a debit card and apply for credit later.