It’s true that foreign non-residents can open accounts with Montenegro banks. And, if you’re wondering if banks here issue IBANs to their customers, you’ll be happy to know, they do. But, whether opening a euro international account, specifically a euro IBAN account, or a traditional account here is worth your time, is a different story.
Don’t get us wrong… Montenegro is incredibly beautiful and well worth a visit. In fact, if you’re spending time in the Balkans, it’s a must-see.
Unfortunately, ancient ruins, imposing fortifications, and breathtaking vistas are not the building blocks of a sound banking system.
But, that doesn’t mean that Montenegro banks still don’t offer value to the right clients.
In this article, we’re going to discuss why Montenegro banks could be interesting to you, how to apply for accounts as a foreign non-resident, and how you can unlock some unique benefits in this tiny Balkan nation.
KEY TAKEAWAYS
- Banking in Montenegro isn’t for everyone
- Montenegro is a suitable banking option for specific clients
- An in-person visit is likely required to open accounts in Montenegro
- Non-residents must be able to demonstrate clear ties to Montenegro to open a bank account
Montenegro Banks for Foreign Non-Residents
Foreign non-residents can open accounts with Montenegro banks. However, you usually need to demonstrate clear ties to Montenegro. Additionally, remote account opening options are very limited. And, depending on your reasons for wanting to open with Montenegro banks, there are probably better options available to you elsewhere.
That said, if Montenegro banks are at the top of your list… you’ve come to the right spot.
But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Non-Resident Banking Starter Guide. It’s designed to help non-residents open an international bank account in top banking hubs around the world.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Should You Open a Bank Account in Montenegro?
- What Are the Benefits of Opening Accounts in Montenegro?
- What Are the Challenges of Opening Bank Accounts in Montenegro?
- How to Open a Bank Account in Montenegro
- Ready to Open an Offshore Bank Account?
Should You Open a Bank Account in Montenegro?
The burning question you’re probably asking yourself is whether you should open accounts with Montenegro banks or not.
Well, several client groups can consider opening accounts in Montenegro. We’ll discuss these and the associated benefits below.
But first, if you don’t plan on physically visiting Montenegro, don’t do any business in the country, don’t require euros, don’t plan to obtain residency or citizenship, and you can open bank accounts elsewhere, then Montenegro banks may not be for you.
In fact, if you’re looking for a gateway into EU banking as a non-resident then you might open a bank account in Poland instead.
For individuals who require European banking and are struggling to open elsewhere in the EU, Montenegro can be a useful banking option to consider.
This is a solution for many non-EU clients who want access to euros and banking outside of CRS, though this is changing in 2023.
With that said, let’s take a look at some of the client groups that could benefit from opening with Montenegro Banks.
Clients That May Want to Bank in Montenegro Include Those
- Requiring a euro bank account
- Struggling to open elsewhere in Europe
- In need of a European IBAN to send and receive transfers
- Members of the Unlucky Passport Club
- Actively engaged in business in Montenegro
- With clear personal and economic ties to Montenegro
- Willing to travel to Montenegro in person
- Looking to invest in Montenegro real estate
- Acquiring citizenship by investment in Montenegro
- Obtaining residency in Montenegro
Again, if you fall into one of the above categories then Montenegro banks might be worth considering or even necessary.
With this in mind, let’s take a look at the specific benefits you might be able to unlock if you decide to open accounts with Montenegro banks.
What Are Benefits of Opening Accounts in Montenegro?
Now that we’ve covered the different client groups that can benefit from opening accounts here, let’s take a look at the actual benefits you could unlock.
Of course, the specific benefits that one client group may unlock from opening accounts with Montenegro banks may be completely different than the next client group.
So, depending on your specific client profile and what you’re looking to get from banking in Montenegro, the benefits you can unlock here can vary.
Benefits You Can Get From Montenegro Banks
- Certain Montenegro banks accept foreign non-residents
- Foreign businesses with ties to Montenegro can open
- Certain banks accept offshore companies
- Access to euro bank accounts outside of the EU
- Accessible European bank accounts with an IBAN
- Deposit insurance up to 50,000 euros
- Accepting of citizens from the Unlucky Passport Club
Now, depending on your client profile, this benefits list could look short… or acceptable.
In other words, if you can access more established banking hubs, you will likely be able to access a much longer list of benefits elsewhere.
But, if you are struggling to open accounts and you need access to any of the benefits listed above, Montenegro banks may be exactly what you’re looking for.
Similarly, foreign non-residents who are struggling to maintain euro accounts elsewhere may look to Montenegro banks as backup banking options.
Montenegro Banks Are Not EU Banks
Montenegro is not part of the EU or the Eurozone. But, in 2002 it adopted the euro as its national currency. That said, Montenegro doesn’t actually have a formal agreement with the EU to use the euro, it essentially adopted the euro unilaterally.
This is obviously an opportunity for anyone looking to transact in euros but who is struggling to open elsewhere.
In fact, for Eastern European, Russian, or CIS citizens who are struggling to open with banks in the EU, Montenegro banks could be a suitable option.
Additionally, unlike many other “backup” jurisdictions, Montenegro banks have 50,000 EUR in deposit insurance. That said, we never suggest relying on deposit insurance to protect your assets in even the best banking hubs. Montenegro is no different.
All things considered, if you want to move forward with Montenegro banks, you need to know how to navigate the account opening process. And, that means understanding and overcoming the challenges of opening accounts here.
If you’re expecting to make frequent domestic transactions, it’s important to understand how to identify the bank and branch through a bank address sort code, which you can learn more about at this link.
What Are the Challenges of Opening Bank Accounts in Montenegro?
Banking in Montenegro used to be very easy for foreign non-residents. Anyone could walk into a bank here and open an account. Even with zero ties to the country.
But times have changed…
Today, in almost all cases, you’ll have to physically visit a branch to open a bank account. And, unfortunately, that won’t guarantee approval as a foreign non-resident. Similar to other banking jurisdictions, including the banking sector of Serbia, banks in Serbia also almost require an in-person visit to open an account.
In addition to an in-person visit, many Montenegro banks will also require proof of ties to the country before opening. Of course, accepted ties will vary from bank to bank.
But, in most cases, economic ties typically include company ownership or employment. Whereas, personal ties typically include residency or property ownership.
So, if you’re a foreign non-resident with zero ties to Montenegro and no intention to visit… Montenegro banks might not be for you.
But, there are a few other challenges you’ll need to overcome when opening accounts with Montenegro banks as well. We’ll take a closer look below.
Challenges of Banking With Montenegro Banks:
- Finding a Montenegro bank that accepts foreign non-residents
- In-person visit is required at most banks
- Account opening process can be time-consuming
- Clients report delays in receiving debit cards & bank statements
- Common for each bank to have different requirements
- Must be able to demonstrate clear ties to Montenegro
Like most places, finding a bank that will accept your client profile is a challenge.
But, even if you can find a suitable bank, you will still need to overcome bank-specific requirements and (in most cases) attend in-person meetings.
That said, some of these challenges can be avoided if you apply with the right bank, branch, and banker.
How to Open a Bank Account in Montenegro
As mentioned, opening accounts with Montenegro banks is challenging, can be very time-consuming, and requires you to show up in person.
But, opening accounts with Montenegro banks as a foreign non-resident is still possible.
To do so, you need to know which bank, branch, and even banker is best suited to your client profile. And you need to understand each bank’s account opening quirks and requirements before you apply.
Unfortunately, this isn’t an easy task. Especially on your own.
That said, if you’re in the market for a Montenegro bank account and you’re looking for an immediate solution, we can help.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
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+ Plus, FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
