Opening a Bank Account in Montenegro

Types of Bank Accounts in Montenegro

In Montenegro, there are various bank accounts available for individuals and businesses, each with its own unique features and advantages. Some of the most common types of bank accounts include; if you are interested in creating any bank account, our company formation representatives in Montenegro can assist you:

Current Account: A current account is a standard bank account used for daily banking activities such as depositing and withdrawing money, paying bills, and making transfers;

Savings Account: A savings account is a bank account that allows you to save money and earn interest on your balance. Interest rates vary depending on the bank and the type of account;

Fixed Deposit Account: A fixed deposit account allows you to deposit a lump sum of money for a fixed period, typically ranging from one month to several years. The interest rate is usually higher than a savings account, but you cannot withdraw your money until the fixed term ends;

Foreign Currency Account: A foreign currency account allows you to hold money in a currency other than the local one, such as USD or EUR;

Business Account: A business account is designed for companies and allows them to manage their finances, including making and receiving payments and accessing credit facilities;

Online Account: An online account is a type of current or savings account that can be managed entirely online, without the need to visit a bank branch.

It is recommended that you research the features and fees of each account type and choose the one that best suits your needs. Or you can get information by contacting our company formation specialists. Also, if you are interested in a Montenegrin virtual office, our agents can help you get one.

Popular Banks in Montenegro:

1. Erste Bank.
2. Prva banka Crne Gore.
3. Hipotekarna Banka.
4. Lovćen banka.
5. NLB Banka.
6. Ziraat Bank.
7. CKB Banka.

According to the Central Bank of Montenegro, 15 commercial entities in the country have a license for financial activities, and only 6 of them are resident entities. In 2016, the "Bank of the Year" award in Montenegro was given to Erste Bank by the international magazine The Banker (a publication of the Financial Times Group).

Every company in Montenegro must have at least one commercial bank account. To open a bank account in Montenegro, a company director must have and present the following documents:

• all legal documents for the company;
• identity documents for all company participants (passports, proof of residence);
• confirmation of the well-being and solvency of the company's shareholder/beneficial owner (movable/immovable property, personal assets/liabilities);
• the CV of the shareholder/beneficial owner;
• a certificate from the shareholder's/beneficial owner's bank;
• statements for the company's bank account, contracts with counterparties, invoices.

Banks have the right to request additional documents.

Opening a Bank Account in Montenegro: Required Documents

1. Agreement on the opening and maintenance of the account.
2. Bank card with the director's signature and/or the signature of the authorized representative (to be obtained and signed at the bank branch). A copy of the bank card will be given to the company director after signing the contract with the bank.
3. OP (signature certification) - form certified at the Basic Court.
4. A document regarding the taxpayer identification number (PIB) issued by the Montenegrin tax office.
5. The tax number of the company in Montenegro (PDW).
6. The company's articles of incorporation.

To apply for commercial Internet banking (national and international), some banks request an additional notarized passport and the certified signature of the company director.

Types of Montenegro Bank Accounts

It is possible to open several types of bank accounts in Montenegro for a registered company.

1. The company's national bank account, including internet banking services and the TAN Number System.
2. The company's international bank account, including:
   • The account number;
   • Swift code;
   • IBAN number;
   • Internet banking and TAN Number System service.
3. National bank card with MasterCard or Visa. Used for national payments, provides access to local ATMs, and works in almost every country.
4. International commercial VISA card.

Non-resident natural persons can open a bank account in Montenegro:

1. National (national currency account and savings account).
2. International in Euros (Giro Konto). An international private bank account in US dollars or British pounds must be used separately and incurs additional costs.
3. Credit card. A Visa Electron debit credit card can be used all over the world.

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