Montenegro is not a member of the European Union, but it uses the euro as its official currency. This means that individuals who open a bank account in Montenegro can enjoy the benefits of the eurozone, including free movement of capital and access to the European payment system. If you are interested in opening a bank account in Montenegro, you are welcome to get in touch with our company formation agents.
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Types of bank accounts in Montenegro
There are several types of bank accounts available in Montenegro for individuals and businesses, each with its own features and benefits. Here are some of the most common types of bank accounts, if you are interested in setting up any bank account, our company formation agents in Montenegro can help:
- Current Account: A current account is a standard bank account used for day-to-day banking activities, such as depositing and withdrawing money, paying bills, and making transfers;
- Savings Account: A savings account is a bank account that allows you to save money and earn interest on your balance. Interest rates vary depending on the bank and the account type;
- Fixed Deposit Account: A fixed deposit account allows you to deposit a lump sum of money for a fixed period, usually ranging from one month to several years. The interest rate is typically higher than that of a savings account, but you cannot withdraw your money until the fixed term expires;
- Foreign Currency Account: A foreign currency account allows you to hold money in a currency other than the local currency, such as USD or EUR;
- Business Account: A business account is designed for companies and allows them to manage their finances, including making and receiving payments and accessing credit facilities;
- Online Account: An online account is a type of current or savings account that can be managed entirely online, with no need to visit a bank branch.
| Quick Facts | |
|---|---|
| Types of bank accounts | Personal, corporate, and savings bank accounts are available for opening in Montenegro. |
|
Document requirements for natural persons |
– valid ID/passport, – proof of local address, – other documents. |
|
Documents required for companies |
– Articles of Association, – Registration Certificate, – company seal, – information about the representative in the relation with the bank. |
| Address requirements for foreign citizens (YES/NO) | Yes, this is a mandatory requirement to open a bank account as a foreigner in Montenegro. |
| Requirements to travel to Montenegro (YES/NO) |
No, you can issue a power of attorney in this sense. |
| Remote bank opening possibility (YES/NO) |
Yes, some bank accounts can be set up at a distance. |
| Timeframe for opening the account (approx.) |
For individuals one day, for companies it can take a few weeks. |
| Legal representative requirement (YES/NO) |
Yes, in the case of companies and for natural persons who cannot be physically present in Montenegro. |
| Services attached to the accounts |
– debit/credit card, – overdrafts/loans, – preferential/ no fees in certain cases. |
| Types of banks to open accounts with | Local and foreign banks are available for various banking services in Montenegro. |
| Merchant bank account availability (YES/NO) |
Yes, for online companies. |
| Foreign currency availability (YES/NO) |
Yes, bank accounts can be opened in different currencies. |
| Access to online banking services (YES/NO) |
Yes. |
| Advantages of a Montenegrin bank account |
– access to bank accounts in euros (the country adopted this currency), – quick opening process, – access to online banking services. |
| Bank account opening service availability (YES/NO) | Yes, you can rely on our Montenegrin agents. |
It is advisable to research the features and fees of each type of account and choose the one that best suits your needs. Or you can also get in touch with our company formation specialists for information. Furthermore, if you are interested in a Montenegrin virtual office, our agents can help you get one.
How can foreigners open bank accounts in Montenegro in 2025?
Foreigners can open a bank account in Montenegro, but the process may vary depending on the bank and the type of account they want to open. So, it is recommended to get in touch with our company formation specialists in Montenegro. They can help businessmen in opening a corporate bank account. However, here are also some general steps you can follow to open a corporate bank account in Montenegro:
- Choose a bank: The first step is to choose a bank in Montenegro that offers corporate banking services;
- Prepare the documents: You will need to prepare the necessary documents, which may include a copy of your passport, proof of address, tax identification number (if applicable), and the company’s registration documents;
- Schedule a meeting: Contact the chosen bank and set up a meeting to discuss the account opening process. It is important to inquire about the bank’s specific requirements and procedures for opening a corporate account;
- Attend the meeting: Attend the meeting with the bank representative and provide them with the necessary documents. They may ask for additional information or documentation, so be prepared to provide it;
- Wait for the approval: The bank will review your application and make a decision to approve or deny your request for a corporate account. If approved, you will be provided with the account details and any other necessary information.
Please note that some banks may have specific requirements or restrictions based on the type of company or business activity. It is recommended to seek the advice of our Montenegro company formation agents before proceeding with the account opening process. They can assist you throughout the proceedings of corporate bank account formation.
Furthermore, if you are interested in starting a branch office in Montenegro and need assistance for opening a corporate bank account for it in 2025, our company formation agents can assist you.
Requirements for opening a bank account in Montenegro
The requirements for opening a bank account in Montenegro in 2025 may vary depending on the bank and the type of account you want to open. However, here are some general requirements that you will need to meet:
- Valid identification: You will need to provide a valid passport or other government-issued ID to open a bank account in Montenegro. The ID should have a photo and signature, and it should be current and not expired;
- Proof of address: You will need to provide proof of your current address, such as a utility bill, rental agreement, or bank statement. The document should be recent, usually not more than three months old;
- Proof of income: You may need to provide proof of your income, such as a pay stub, employment contract, or tax return. The bank may also require additional information, such as the source of your income;
- Minimum deposit: Some banks may require a minimum deposit to open an account. The amount required may vary depending on the bank and the type of account you want to open;
- Additional documentation: Depending on the bank and the type of account you want to open, you may need to provide additional documentation, such as a reference letter from a bank in your home country, a residency permit, or a business registration certificate.
It is advisable to consult the bank you want to open an account with to confirm the specific requirements and documentation needed. Or our company formation consultants in Montenegro can also offer you updated information in this regard. With their assistance, you can open a corporate bank account in Montenegro without unnecessary delays.
In addition to this, the services of our agents are also at your disposal if you want to open a D.O.O in Montenegro.
How to set up a personal or current bank account in Montenegro
If you have a residence permit or own property in Montenegro, you can open a personal bank account as foreign citizen. For this purpose, you will need to file the following papers with the chosen bank:
- a passport copy;
- a verified rental agreement or the title to the property as evidence of housing in Montenegro;
- a copy of the Montenegrin residency permit;
- an employment contract copy.
The process of opening an account takes a few days, sometimes even less, and the bank staff will ask you for personal details such as your residential address, phone number, and email address. After that, they will scan your passport.
Debit cards, mobile banking, and online banking are all common services in Montenegro. Please mind that you must request each solution separately. Your employment situation, your financial details will all be included in the personal account application form.
You can rely on our local consultants if you need more information on how to set up a Montenegrin bank account as a foreigner in 2025.
Corporate bank account opening solutions in Montenegro
The Montenegrin company formation procedure is conditioned by having a local bank account. For this purpose, you will need to open a business or corporate account.
Please be aware that opening a bank account for your business is subject to stringent due diligence requirements, and you should also prepare for potential additional documentation requests from banks. The necessary documentation is listed below:
- a passport photo of the shareholder and director;
- copy of a national identification card or Montenegro residency permit;
- a certified rental agreement as evidence of current residence address;
- the Articles of Association;
- the Corporate Stamp Certificate;
- a list of the authorized signatories.
The account opening paperwork must be signed in person by the company director. In order to enter Montenegro, non-citizens must first get a residence permit. Montenegro provides both local and foreign accounts, each of which must be requested separately during the opening process.
You can rely on us for representation during the corporate bank account opening process in Montenegro until one of the directors meets with the bank representatives.
Particularities of the Montenegrin banking system
Montenegro relies on a dual-account banking system. There are two types of accounts that can be created in this country, each of which has unique features, as follows:
- the national account which enables payments to be made within Montenegro. It is a current account that uses the euro as denomination. It can be used to pay, taxes, and bills;
- the international account which is used to send money abroad and receive money from foreign countries. However, you will first need to transfer money to your domestic current account if you want to withdraw money from the foreign account. Multiple currencies are available to keep account balances in the international account, and there is also a currency exchange cost for such transactions.
Another particularity of Montenegro’s banking industry is that is already uses euro as a national currency without being an EU member state. As a result, Montenegro’s Central Bank doesn’t print any money.
Banking industry projections
The banking industry in Montenegro is undergoing rapid digital transformation as banks are implementing new technologies to increase operational effectiveness and improve customer experience. In the following years, these measures are expected to lead to:
- a net interest income in the banking sector rise of USD 486.60 million by the end of 2025;
- 2025 is also expected to deliver a market volume of USD 451.60 million for traditional banks in Montenegro, which are also the most common types of banks in the country;
- a net interest income annual increase of 0.58% between 2025 and 2029, with a market value of USD 497.90 million at the end of 2029.
The country provides excellent monetary stability and economic independence. In Montenegro, both foreign and domestic businesses are treated equally. 100% of a domestic company may be owned by foreign corporations, and they are free to repatriate their profits and dividends. Moreover, there is no foreign investment screening in Montenegro.
Please contact our Montenegro company incorporation agents if you want to learn about the types of bank accounts in this country. Besides this, our agents can also help you set up a bank account in Montenegro.