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Open a private bank account in Montenegro

Open a private bank account in Montenegro Published: 12.avg.2023

The company "Galerija Jadrana" LLC from Budva, provides its clients with high-quality support in opening personal bank accounts in Montenegro. The cost of our services for opening a personal account in Montenegro is 1452.00 euro, all taxes are included, we are working on the result. We have an excellent business reputation, as well as extensive experience and practical knowledge in the field of banking law and finance of Montenegro.


personal bank account in Montenegro services for opening private bank account in Montenegro payment cards and electronical banking

Opening accounts in Montenegrin banks for non-resident individuals

Our Montenegrin Company "Galerija Jadrana" LLC, assists in opening accounts for non – resident individuals in popular Montenegrin banks or international banks with a subsidiary in Montenegro with a high rating, and in obtaining Bank cards for the client. Since 2020, many Montenegrin banks have tightened the procedure for opening personal accounts; the applicant is required to have a Montenegrin residence permit. Our company provides consulting services and acts as an intermediary between the client and the Bank. We are residents and citizens of Montenegro, have administrative resources and a good business reputation in the banking sector of Montenegro, so we can help open an account for applicants who do not have a residence permit in Montenegro. We have an agreement with the management of some banks in Montenegro to open personal non-resident accounts for our clients who do not have a residence permit in Montenegro. This is a legal practice, the right of the bank, at its discretion, to open an account to a non-resident on our recommendation. For our clients and business partners, it is a privilege, an individual approach, they appreciate it, they successfully use accounts and e-banking services. The only restriction for non–resident accounts is that account balances should not exceed 100,000 euro.

The main advantages of opening personal accounts in Montenegrin banks:

- Montenegro is one of the few countries that has not signed an agreement on the automatic exchange of financial information with other countries (Multilateral competitive Authority Agreement, MCAA), except with the United States – FATCA agreement.

- In Montenegro, used the IBAN code (International Bank Account Number). If you want to receive a money transfer to your personal Bank account from the EU countries, you need to have an IBAN code in your Bank details. For example, Russian banks do not use it, so they cannot provide it. The legislation of the Russian Federation does not require its banks to create such codes, so they simply do not exist, the SWIFT identifier is used. 

- Receiving debit Bank cards that are linked to the current account. You can transfer funds in euro, Swiss francs, and British pounds to a Montenegrin currency account, and receive payment for services from European banks. Through the Bank Client service, you can transfer them to your current account, and withdraw funds from your account through ATMs anywhere in the world, and you can also pay with a Bank card for goods or services. Using the Bank Client service, you can transfer funds from your currency account to your current account – an internal account that is in euros and is linked to the client's Bank card. IBanking interface-managing your account through the Client Bank, very convenient, in two languages (Serbian and English),

- Confidentiality of customer service and protection of Bank data in Montenegrin banks is at the highest level. Excellent customer service and individual approach to each client,

- Guaranteed amount of Deposit Protection in Montenegrin banks is 50,000 euro, and is carried out by the Montenegrin Deposit Protection Fund (Fond Zastite Depozita). Deposit Protection applies to all banks in Montenegro, and applies to deposits and accounts of legal entities, entrepreneurs and citizens – residents and non-residents.

The presence of the applicant is mandatory. Opening an account and obtaining access to an account – activation of on-line banking occurs immediately, and obtaining a bank card (VISA or MasterCard) takes from 5 to 10 working days.

For convenience, the Bank opens two accounts for the applicant at once, which are connected to each other:

- Current – an internal account that is linked to a debit card, and

- Multi-currency, international account.

The cost of services

The cost of our company's account opening services is 1452.00 euro, and an additional one-time bank tariff is charged for opening a non-resident account in the amount of 500.00 euro to 1500.00 euro. The tariff depends on the bank and the country of the applicant.

Our company's services when opening accounts include:

- VAT,

- Correspondence with the Bank's management about opening an account for the applicant and our recommendations,

- Support of the client at all stages in the Bank – assistance in filling out questionnaires, interpretation, consultations, communication with the Bank's programmers when registering the Bank Client service, ordering and receiving a ready-made debit card and checking its activation,

- Assistance in purchasing a Montenegrin SIM card-post paid and connecting to roaming (the number is needed to receive SMS messages to activate the account and connect roaming).

The documents required to open a current bank account as a foreigner include (send us to an email):

1. Copy of passport,

2. Completed Bank application form for opening an account, and a PEP sample (provided by our company);

We send these documents by email to the Bank with our recommendations. We usually get a response from the Bank within one business day, and if the compliance Department of the Bank has approved the account opening, we start the account opening procedure.

Procedure for opening a personal Bank account in Montenegro: 

- Signing an agreement for the provision of services for opening a personal account in Montenegro, and payment of 50% of the amount for opening an account,

- We make an appointment at the bank on the exact date and time,

- Full payment of our services on the first day of account opening

For more information about opening a personal Bank account in Montenegro, please contact us on: +38267378403 (Viber, WhatsApp, Telegram) or send us an email: prevalitana@t-com.me