At the moment, Montenegro has under 20 banks. The banking system of Montenegro has been flexible toward foreigners thus far, and if you need to open a private bank account here, you can do so easily. You will not need any papers, tax numbers, or a temporary residency in MNE, just a valid passport. This means that this option is available for any tourist. It takes approximately 30 minutes to open a bank account!
A bank account in Montenegro can be opened only by the applicant themselves, and it is not possible to go through Power of Attorney.
Although it looks straightforward, some details should be mentioned to clear up any questions.
Montenegrin banks have a two-level system of payment: an account for payments inside MNE (national account) and an account for payments outside the country (international account). All transfers abroad can be done only from the account for outside payments, as well as all transfers from abroad which will reach the same account.
If you want to make transfers to/from Montenegro...
1. Transfers from Montenegro
If you are looking to transfer your money from Montenegro, you will need to deposit money into your Montenegrin account for inside payments, and then move them to the account for outside payments. This operation is free, and the bank does not take a fee. Once your money is in your international account, you can make the transfer abroad.
2. Transfers to Montenegro
Transfers from abroad will reach your account for outside payments. If you want them in cash, it is necessary to move them to your national account.
There is no fee for opening an account and no fee for international accounts. The servicing fee for your account for inside payments is about 1-2 euro per month. Some banks will take a fee for closing an account (up to 15 euro). Some banks will also take a fee when you withdraw cash from a different bank. For example, when you withdraw cash from an ATM that is different from your bank.
You can get a VISA or MasterCard debit card for any of your accounts, and it will take you approximately two weeks to receive. Electron or Maestro cards are not always valid for online payments. Other cards are usually available for foreigners with residency and under certain conditions, so it is important to check all card options with your bank. A servicing fee for debit cards ranges from 2 to 10 euro per year.
You can activate the services of online banking, SMS-notifications, and ask your bank to send you e-mail notifications.
Please keep in mind that Montenegro does not yet actively work with PayPal. This means that though it is possible to create an account, it is not possible to cash out your money from PayPal.