Banking and Transfer Management - Monexperts
What is the Montenegrin Banking System Like?

The banking sector in Montenegro has been fully privatised with 13 private banks operating in the country. The banking sector operates under market conditions. Foreign investors can get loans on the local market and access various credit instruments, as the vast majority of banks in Montenegro are owned by international banks.

A new set of laws has been adopted and some of the existing laws have been amended to improve the regulation of the banking sector, provide a higher level of deposit security and increase confidence in the banking sector itself. The Law on the Protection of Deposits has been adopted to bring local legislation on the protection of deposits to European standards. A deposit protection fund has been established in accordance with the legislation. Deposits are guaranteed up to 50,000 euros.

The Montenegrin Government is co-operating closely with IMF and is primarily focused on the country’s financial integrity. However, it complies with IMF guidelines regarding restrictions on payments and transfers of existing international transactions. Montenegro has a banking application that is fully compatible with the SWIFT System.

Montenegro is one of the few countries that does not belong to the eurozone but uses the Euro as its official currency without any formal agreement. Due to its limited authority in monetary policies, the Central Bank is focused on controlling the banking system and maintaining the payment system acting as the financial agent of the state. The Central Bank also regulates the process of establishing a bank.

Can I Open a Bank Account After I Set Up a Company?

After the establishment of your company in Montenegro, you must have a bank account on behalf of your company. Two types of accounts can be opened at Montenegrin banks, national (local) and international. Local bank accounts allow domestic transfers and EFT transactions, but cannot transfer to international accounts. Therefore, an international bank account with a valid IBAN number for international transfers is opened separately and international transfers can be made with the instruction to be carried out at the bank. In addition, transfers between national and international accounts can be carried out with the instruction. People with work and residence permits in Montenegro can also open a personal bank account and have national and international bank accounts.

What is the Official Currency of Montenegro?

The euro has been used as the official currency in Montenegro since 2002. Montenegro is one of the few countries that does not belong to the eurozone but uses the Euro as its official currency without any formal agreement with the European Central Bank. Credit and debit cards are used in most shops and restaurants.

What is Online Banking and Mobile Banking like in Montenegro?

In Montenegro, some banks offer online banking services via web browser and mobile phone applications. Only local accounts can intercommunicate through online banking and mobile banking services. While digital banking provides basic services such as wire transfers and EFT transactions and invoice payment transactions to other account numbers opened in Montenegro; for more advanced transactions such as international money transfer, account opening, loan applications, deposits, currency trading, card application, insurance and tax payments, you need to go to the bank.

Is It Forbidden to Use Cryptocurrency in Montenegro?

Montenegrin law and regulations do not explicitly prohibit the use of cryptocurrencies, but they also do not provide a framework for the use of cryptocurrencies. There is also no regulation on the sale of Bitcoin or other currencies. However, there are some regulations regarding money transfer and money laundering using cryptocurrency. In Montenegro, you can consult our Montenegro Experts team about international payments, money transfers, real estate purchases from abroad and other curiosities with cryptocurrency.