Banking & Finance
Banking services, currency exchange, and financial advice for expatriates in Montenegro.
Overview
Montenegro uses the Euro (€) as its official currency. The banking system operates differently from many Western countries, so understanding local nuances is key for expats. This page covers opening bank accounts, local banking practices, currency exchange, and finding financial advice.
Bank Directory & Opening an Account
Opening a bank account as a foreigner is generally straightforward but requires specific documentation.
- Passport: Valid passport is essential.
- Proof of Address: Rental contract, utility bill, or police registration/white card.
- Proof of Income/Funds: Some banks may require proof of income or source of funds.
- Temporary Residence Permit: Mandatory for long-term residents. Some banks allow basic accounts with just a passport and white card for shorter stays.
- Personal Presence: Usually required to open the account in person.
Currency Exchange
- Official Currency: Euro (€).
- Exchange Offices (Mjenjačnice): Found in cities, tourist areas, airports. Compare rates and check for fees.
- Banks: Also offer currency exchange, often with good rates for larger amounts.
- ATMs: Widely available. Watch for withdrawal fees from both local and home banks.
- Credit/Debit Cards: Visa/Mastercard widely accepted. Some places are cash-only. Contactless payment is growing.
- International Money Transfers: Banks, Western Union, Wise, Revolut (if available). Compare fees and rates.
Financial Advisors & Tax Information
Understanding the local tax system and seeking professional advice is important for expats.
- Personal Income Tax: Flat rate, often around 9-15% on most income.
- Corporate Tax: Relevant for entrepreneurs.
- Property Tax: Annual tax for property owners.
- VAT: General rate is 21%.
- Look for firms with expat experience or English-speaking staff.
- Tax regulations can change—consult a qualified professional for personalized advice.
Disclaimer: This page provides general guidance. Banking services, financial regulations, and exchange rates can change. Always check with official sources and financial institutions for the most up-to-date information.