Why do you need a Montenegro personal bank account?
Security and privacy for your money. Montenegro has a good level of banking secrecy (Montenegro does not participate in CRS or AEOI). Individuals appreciate Montenegro bank accounts for the privateness as well as protection they provide.
If you are a non-resident, and by that, you are a person with permanent residency in a country that is not Montenegro, or your legal entity, i.e. a private enterprise registered abroad, you can open your bank account quickly.
The only document needed to get a Montenegro bank account is a valid passport.
To open a bank account in Montenegro you will have to visit your local bank branch in person.
There are two types of bank accounts at Montenegro’s banks, which depend on the type of transaction:
National accounts, which are for making payments within Montenegro, and
International accounts, for moving money into or out of the country.
Funds you move into Montenegro will land in your international account. You’ll have to transfer money to your national account in order to pay bills or withdraw cash.
As a foreign citizen, you can open an account with your name. As a bank account holder, you can freely raise or pay in their account cash in EUR or foreign currency that is convertible into Montenegro in unlimited amounts. Also, you can receive payments to your account and perform non-cash payments and transfers, following foreign exchange regulations.
As a non-resident, you must come to the bank’s branch and provide your passport for the opening of all these types of accounts. A worker will ask you for some extra information that is not available on your passports, such as the exact address of your home or contact information. This is how the procedure is completed, and you have opened an account in only a few minutes.
There are more bank account options for private persons: current account (to receive payments), current account (general purpose – for personal payments), savings account and foreign currency account.