Banking system and services for foreigners in 2025
Montenegro uses the euro as its official currency, which simplifies settlements; however, until 2025 the country was not a full participant in European payment systems. The situation changed dramatically on January 1, 2025, when Montenegro joined SEPA (Single Euro Payments Area). There are 11 commercial banks operating in the country, whose activities are regulated by the Central Bank (CBCG).
Overview of major banks
The choice of bank depends on your goals: running a business, receiving a salary, or simply withdrawing cash. The main players in the market:
- CKB (Crnogorska Komercijalna Banka) — owned by the Hungarian OTP Group.
- Pros: Largest network (115 ATMs), best mobile app.
- Cons: Queues at branches, above-average fees.
- Erste Bank — part of the Austrian Erste Group.
- Pros: High reliability, stable international operations.
- Cost: Service fee 1–3 euros per month.
- Hipotekarna Banka — local bank.
- Pros: Loyal to non-residents, free incoming transfers, minimal fees (outgoing 0.1% or fixed 10–20 euros).
- Adriatic Bank and Zapad Banka.
- Pros: Oriented toward expats and business. Adriatic allows account opening via a notary and often provides a personal manager. Zapad is suitable for corporate clients.
- NLB Banka — Slovenian group, traditionally strong in working with legal entities.
Account opening: procedure and documents
Since 2022, banks’ policies toward foreigners (KYC) have become stricter. Having a residence permit (VNH/boravka) is a standard requirement for opening a personal account in most large banks (CKB, Erste).
Is it possible to open an account without a residence permit?
Yes, but selectively. Banks Adriatic, Zapad and sometimes Hipotekarna may open an account for a non-resident if there are strong ties to the country (property purchase, long-term rental, company registration) or through a personal visit to the manager.
Document package for individuals
- International passport (valid).
- Notarized translation of the passport (if it is not in Montenegrin/English).
- Proof of residence address ("White Card" or rental agreement, utility bills not older than 2 months).
- Sometimes: a bank statement from the country of origin confirming income or an education diploma.
Fees and commissions
Fees are regulated by the market but controlled by CBCG for transparency.
- Account maintenance: 1–3 euros per month for individuals, up to 5 euros for companies.
- Deposits: Insured by the state up to 50,000 euros. Deposit rates: 2.4–3.5% per annum.
- International transfers (non-SEPA): Usually 0.1–1% of the amount + fixed fee (10–40 euros).
- Conversion: When paying by card in a currency other than euro, conversion losses can reach up to 10%.
ATMs and cash withdrawals
ATMs are widely available in tourist centers (Budva, Kotor, Podgorica). The withdrawal limit usually amounts to 300–500 euros per transaction.
- Withdrawal with a local card: Free at your bank’s ATMs.
- Withdrawal with a foreign card: Fixed fee of the ATM-owning bank (about 5 euros) + your bank’s fee (1–4%).
- Best networks: CKB (115 machines), Erste (~80), NLB (~60).
SWIFT and international transfers
All banks support SWIFT. The Montenegrin IBAN consists of the country code ME, two check digits, and an 18-digit account number.
- Within the SEPA zone (Europe): Fast and cheap (up to 1.99 euros).
- Outside the SEPA zone (including the Russian Federation): Standard SWIFT. Fees depend on the correspondent bank and transfer type (OUR, SHA, BEN).