Banking System of Montenegro

The banking system of Montenegro is business-oriented, and provides great economic freedom and monetary balance to all its citizens and investors.

The banking system of Montenegro has fully stabilized, and now has about 15 banks, which operate successfully inside and outside the country.

Montenegro is the only country in the world to use the euro as its domestic currency, although it is not yet a member of the European Union.

The European Commission has allowed Montenegro to continue to use the euro as its official currency, as part of its integration into the European Union, and thus made an exception.

One of the benefits of the Montenegrin banking system is that most banks charge symbolic monthly account maintenance fees of just a few euros. Account maintenance, and standard fees and charges for international money transfers, usually cost around one euro, and rarely exceed 5 euros.

In order to improve the regulation and security of the banking sector, as well as contribute to the confidence of citizens in the banking system, the Government of Montenegro passed a new Law on Deposit Protection. This law passed regulations on the basis of which the government provided a generous fund of money, which now guarantees payment in case of emergency, to all private and legal entities in the amount of up to 50,000 euros.

There are two types of accounts you can open in a Montenegrin bank

If you need an account for payments made within the borders of Montenegro, an account for national payment transactions will suffice.

In the second case, when you need to make payments and withdrawals outside the country, the solution for you is to open an account for international payment transactions.

The procedure for opening an account in a Montenegrin bank as a natural person is extremely simple, and believe it or not, the only document you will need is a passport.

In the past, there was the option of opening a remote account, however, today banks require personal presence when opening an account. It is important to note that some banks require proof of a relationship with the state, from a potential account holder, when opening the same.