Opening a Bank Account in Montenegro as a Foreigner

Non-residents can open a bank account in Montenegro. Although the typical paperwork and procedure will be covered in this article, there will be additional documentation and steps that depend on why the bank account is being opened. That’s why contacting TEKCE experts for clear information about documents and costs would be a good choice.

TEKCE customers work one-on-one with real estate experts and lawyers throughout the entire process. Additionally, customers can manage the process from their homes by giving a power of attorney to TEKCE company lawyers.

What is the Process for Opening a Bank Account in Montenegro?

The first step in opening a Montenegro bank account is to look around for a bank that offers the services and products you require, as well as affordable rates. However, it can be a bit tiring because there are so many options. That's why we recommend that you work with an expert.

Once you have decided which bank in Montenegro you want to work with, you need to set up a meeting and gather the paperwork.

Required Documents for Opening a Bank Account for Foreigners in Montenegro

As we previously stated, the required paperwork can change based on why a person wants to open a bank account. But all applicants must submit the following documents:

• A copy of your passport and the original.
• A national ID card.
• Proof of your address in the form of a lease, title deed, or recent utility bill.
• Bank statements from your other banks for 6 to 12 months.
• Documents showing your source of income – Montenegro wants to ensure that the money you receive originates from legitimate, ethical sources like a job or a business.
• Your resume with contact details.
• Proof of ownership of any businesses - If any.

Most banks offer free account opening services, however a few charge about 5 euros. Additionally, many can charge 1 euro each month for account maintenance.

FAQ about Banking Services in Montenegro

Here are the most asked questions about opening an account in Montenegro.

Q: What are the requirements for opening a bank account in Montenegro as a foreigner?
A: The required documentation includes a copy of your valid passport and the original, a national ID card, proof of your address, bank statements from your other banks for 6 to 12 months, documents showing your source of income, your resume with contact details, and proof of ownership of any businesses if any. You should remember that you need to submit additional documents.

Q: Can non-residents open a bank account in Montenegro?
A: Yes. There are many options for bank accounts in Montenegro for non-residents.

Q: Can I open a bank account online in Montenegro?
A: Yes. Montenegro allows non-residents and digital nomads to open personal bank accounts.

Q: What types of bank accounts are available in Montenegro?
A: There are two types of accounts: national accounts and foreign accounts. Paying for bills, taxes, and fines within the country is done using national accounts. The home currency, the Euro, is the only one supported by national accounts in Montenegro. International accounts are used to transfer financial assets into and out of the country, like receiving money from abroad or transferring money overseas.

Q: Can property owners in Montenegro open a local bank account?
A: Yes. There may be additional documentation.

Q: Which currency is used in Montenegro?
A: Like much of Europe, Montenegro uses the Euro as its official currency.

Q: How much does it cost to open a Montenegrin bank account?
A: Most banks offer free account opening services, however a few charge about 5 euros.