In recent years Montenegro has seen its banking sector grow, which has helped to rebuild the trust among consumers in banks. Credit cards and bank cards are widely accepted for payment in most shops and restaurants. Despite not being in the Eurozone, Montenegro uses the Euro as its primary currency. Whether you are relocating to Montenegro, or simply looking for a convenient way to make transactions, this article will guide you through the options available to meet your banking needs.
Choosing a Bank in Montenegro
In Montenegro there are 11 (eleven) banks which operate in the market. Selecting the right bank is important depending on an individual’s preferences. For example, people may differ on the bank account type they want, the frequency of money transfers wanted, residency status, and other financial needs. It is important to examine historical performance and stability to ensure the bank chosen provides the best experience possible.
Montenegro’s banks offer low fees, typically under €1 monthly, however there might be extra costs for international transactions. The activity of the banks is regulated and supervised by the Montenegro Central Bank.
Main banks in Montenegro include:
- Erste Bank.
- Prva banka Crne Gore.
- Hipotekarna Banka.
- Lovćen banka.
- NLB Banka.
- Ziaraat Bank.
- CKB Banka.
Types of Banking Services
Most of the banks in Montenegro offer similar services. An individual can open many different types of accounts, such as personal account, savings account, foreign currency account, student accounts, and more. All banks offer lending products such as personal loans, housing loans and credit cards. As a foreigner, the best way to go would likely be opening a basic account as that gives the most needed and basic features. Some services of this account include the debit card, 24-hour service, withdrawals/deposits, e-statements etc.
Opening a Personal Bank Account
Opening a bank account in Montenegro is now a facilitated procedure thanks to major improvements in the banking sector, where non-residents can efficiently manage their finances. While some banks ask for more information, if necessary, the general requirements include application for residence permission, employment letter, proof of accommodation and ID or Passport.
Opening a Business Bank Account in Montenegro
When opening either a personal or business bank account in Montenegro physical presence is required. Opening a business bank account involves strict due diligence requirements, and additional documentation may be requested. The required documents include:
- National ID and/or residency permit copy
- Certified rental agreement
- Articles of Association
- Corporate Stamp Certificate
- list of authorized signatories.
The company director must sign the account opening paperwork in person. Non-citizens need a residence permit to enter Montenegro. Certain banks may require an additional step, which involves obtaining a notarized passport and a confirmed signature from the company’s director. It’s important to note that local and foreign accounts must be requested separately during the opening process.
Opening a Bank Account for Foreign Legal Entities
Foreign companies can open a bank account in Montenegro and the procedure requires the following documents:
- Complete details of the legal entity, including name, address, registration number, phone/fax, and description of activities.
- Decision on the company’s registration, either the original or a copy certified by relevant institutions, not older than three months.
- Certified copy of the passport of the legal entity’s owner or original power of attorney for authorized directors with specimen signatures.
- Original power of attorney for an authorized person, along with its Montenegrin translation, to manage funds on behalf of the legal entity.
- Certified copy of the passport (for non-resident) or ID card (for resident) of the authorized person.
- Original and Montenegrin translation of Memorandum and Articles of Association.
- Original form of verified signatories, notarized in Montenegro.
- Beneficial Owner Declaration.
- Covering letter explaining the company’s business activities.
When deciding on the bank that meets your needs best, it is important to receive the best banking experience. Picking a bank and account type is crucial for each individual as everyone has different preferences and financial situations. With the innovation of technology, anyone can bank online with ease. Our firm specializes in international taxation, and our team is ready to assist with any related matters. If needed, we can connect you with top professionals to support your business activities in Montenegro. Please feel free to contact us.
