Open a Personal Non-Resident Bank Account in Montenegro Remotely

A personal non-resident bank account in Montenegro may give global citizens access to various opportunities and privileges. If you wish to start using your personal account as soon as possible, be sure to use our services to the full! 

Benefits of the Montenegro Personal Bank Account for Foreigners

The bank in Montenegro recommended by our offshore banking experts is a multi-purpose bank. The Montenegro bank offers its clients a great choice of products, and both conventional and more exciting banking services! 

The bank is rather special compared to other financial institutions. Why? It ensures an individual approach to every customer taking into consideration their requests and priorities, providing customized service. Basically this gives it a “private banking” feel even on smaller accounts.

Having opened a personal account with the bank in Montenegro, foreign customers will receive an offshore toolkit allowing them to control their own money and other assets online easily and efficiently. Here is the list of services available to the customers:

• e-banking;
• domestic and international transfers in different currencies;
• loans/deposits;
• debit cards;
• currency exchange;
• investment account;
• FX transactions;
• SWIFT system payments;
• English-speaking support;
• escrow accounts.

How Can I Open a Personal Bank Account in Montenegro?

You’ll be happy to hear that the bank does not impose any strict requirements on its customers, beyond normal international KYC standards. No initial deposit or a minimum balance is required. It is sufficient simply to meet the standard legal requirements of the bank, provide a complete set of documents and pass the identity verification procedure.

Restrictions on opening a personal bank account in Montenegro 

Difficulties in obtaining an approval to open a personal non-resident bank account in Montenegro are likely to be experienced by investors from a number of countries, including the obvious ones like DPRK, Sudan, but also more surprising countries like Brunei, Costa Rica, countries of the Caribbean, and British dependent territories. If in doubt, contact us for a full list of restricted countries.

Types of accounts:

• Personal current or checking account;
• Deposit account;
• Debit card account;
• Investment account. 

Customers receive MasterCard Standard Debit type cards issued by the bank in Montenegro. It is a multi-currency card linked to your bank account. It allows you to freely access your money in any currency regardless of the bank’s business hours. Non-residents have special current accounts to which their payment cards are linked, so in case your card is stolen or compromised, your main nest-egg is still safely protected.

The main currencies of Montenegro payment cards are euro (EUR) or U.S. Dollar (USD). Using your debit card you can make contactless payments, withdraw cash from ATMs, and of course pay for goods and services at the sales outlets, overseas included.

The bank also offers debit card holders a convenient service of setting “no limit” on the card. When the card is issued, a separate sub-account is opened for cash transactions on the debit card only. The card limit, if any, is set by the card holder. 

Currencies

The bank maintains operating accounts in the currency officially used in Montenegro, which is the euro, as well as U.S. dollars, Russian rubles and Ukrainian hryvnias amongst others. 

Rates

Fees, EUR	Non-Residents
Account opening	540
Additional account opening	50
Account maintenance starting from the 7th month	15
Current account closing	0
Additional account maintenance (monthly)	10

Investment services to foreigners in Montenegro

Foreign clients, having opened a personal account with a bank in Montenegro, can also count on the availability of investment services. Bank customers benefit from personalized private banking services. 

Procedure of opening a Montenegro personal account

In order to open a personal account with this Montenegro bank, non-residents will need to fill out the bank forms and prepare a set of documents required by the bank. Identity verification is carried out during a personal visit to one of the branches in Montenegro or abroad. Alternatively, it is possible to open an account via video-conferencing. 

The set of documents required by the bank includes the following:

• A copy of your passport. The original may be presented at the time of your identity verification and the interview with the bank representative. Alternatively, it is also possible to sign the forms and get identified during a Skype/WhatsApp video conference.
• Copy of your national ID card.
• Information on your current residential address.
• Bank statements from other banks for the last 6 to 12 months.
• Documents confirming the source of wealth and of your funds that are going to be transferred to your Montenegro account.
• Resume (CV) in English with your contact details: cell phone and email. If you own any companies or businesses, this should also be specified. 

What should a non-resident do to open a personal account in Montenegro?

Here are some details of the online identity verification:

• If you choose remote identity verification during the first conference call, you will need to show your original passport and, if relevant, also the original national ID. At the same time, since the customer identity verification is not done in person, it will be necessary to send a notarized and apostilled copy of your passport to the bank (except for the countries where an apostille is not required – contact us for details). We can assist you with certification of documents by apostille for an extra fee, or you can arrange to do it locally.
• In addition to customer identity verification, you will be given bank forms that you should print out in advance of the call, to be signed during the second video conference call.  

Should you have any questions regarding opening a Montenegro bank account, please feel free to email us at info@offshore-pro.info.