Cost: from 2 999 EUR


Open a Sole Proprietor Bank Account in Montenegro Remotely

For medium-sized businesses looking to expand into European markets and grow, setting up a sole proprietor bank account in Montenegro is an offer worth considering. With the help of the International Wealth experts, the KYC and due diligence verification procedures will be a success, providing full support for those seeking to take advantage of Montenegro’s growing economy and strategic location.

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Don’t hesitate to get the International Wealth seasoned experts on board to set up a corporate bank account and enjoy fast and secure access to corporate banking!

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Montenegro bank account: potential for sole proprietor account holders

Montenegro banks stand out for their exceptional customer service. They provide tailor-made solutions to meet the banking needs of their customers. With a wide range of high-quality products and international transaction capabilities in various currencies, banks cater to businesses of all sizes.

Although restrictions on working with offshore jurisdictions do exist, the bank whose services the International Wealth experts recommend in Montenegro allows for transfers from customer accounts to the said regions as well as incoming payments. With EUR being the primary currency in Montenegro, the bank offers excellent conditions for international payments in multiple currencies.

Below, you will find the benefits foreign business people with a bank account in Montenegro enjoy:

  • investment and custody services
  • escrow service
  • money transfers and payment services
  • conversion operations (FX operations)
  • debit cards
  • other financial opportunities. 

The Montenegro bank we recommend makes currency exchange transactions, including, inter alia, forward, swat, and spot ones. It also offers a variety of investment, capital management, and trust management services for those seeking more comprehensive financial support.


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Terms and conditions to set up a bank account in Montenegro

To open a personal bank account in Montenegro, foreign entrepreneurs have to ensure that they meet the bank’s eligibility criteria. They also need to collect all the required documents, complete the application form, and receive a preliminary response from the bank’s compliance department.

The identification procedure can be completed in 2 ways: either at a bank’s branch or via a video call. No initial deposit is required, and the service terms are highly favorable for foreign entrepreneurs, freelancers, individuals, and non-resident companies.

Restrictions based on client’s country of origin 

Sole proprietors who have businesses domiciled in a specific country or whose residential address is in a C-category country may face certain challenges when setting up a bank account with the Montenegro bank. However, the bank offers separate tariffs for direct transfers and incoming payments to these countries.

Bank account types

Below, accounts you can set up with a Montenegro bank are listed:

  • current accounts (in different currencies)
  • investment accounts
  • card accounts
  • deposit accounts
  • escrow accounts.

Payment cards 

Montenegro banks offer a variety of debit payment cards that cater to both personal and corporate customer needs. The MasterCard debit cards have no currency restrictions and allow for outgoing transactions in both Euro (EUR) and US Dollar (USD).

To ensure limitless transactions with your Montenegro bank card, a separate sub-account is set up and linked to the card. This account gives flexibility and convenience to users, making it easy for them to perform transactions anytime, anywhere.

With extensive coverage worldwide, the MasterCard debit cards issued by the Montenegro bank can be used at any ATMs and points of sale abroad that display the Mastercard logo or accept the Mastercard cards, making it a reliable and convenient way to access your funds from anywhere in the world.

Investment account 

Below, the services are listed you can enjoy within this package:

  • Trading operations on stock exchanges on behalf of and at the expense of the client. The bank will buy and sell various investment assets, including stocks, derivatives, bonds, and funds, on local and international markets. 
  • Storage and management of financial instruments. Transactions will be carried out in the client’s favor on investment accounts opened in their name, and their assets will be securely stored. The bank will collect earnings from the use of financial instruments on behalf of the client and transfer them to their account. Clients will receive timely notifications of all asset movements.

Investment consulting services. Bank employees provide consultations on private investment issues and assist customers with building an investment portfolio that meets all the preferences specified.

To learn more about these subjects, we encourage you to arrange a personalized consultation with the International Wealth team of experts via our portal.

Montenegro bank and its tariff plans for individuals and foreign companies

As a sole proprietor, you have an opportunity to set up a bank account with a Montenegro bank either as a natural person or a legal entity. Please mind that the tariffs, conditions, and list of services provided by the Balkan bank may vary depending on the option chosen.

To learn what tariffs and terms the Montenegro bank comes with for legal persons, please refer to the article linked below: Apply for Corporate Accounts in Montenegro Remotely.

Bank rates for sole proprietors, freelancers, and self-employed foreigners

Service charge (EUR)Sole proprietors from abroad
Account setupEUR 540
Setting up an additional bank accountEUR 50
Account maintenance, since the 7th month EUR 15
Maintenance of an additional bank accountEUR 15
Account closure0
Escrow account setup0.35%, min EUR 150 
Escrow account maintenanceEUR 50

NB: Please note that bank tariffs and tariff plans are subject to change. We recommend that you contact the International Wealth team to ensure that you have the most up-to-date information available.

How to set up a sole proprietor account with a European bank

When it comes to opening a sole proprietor account with the Montenegro bank, it’s essential that you are prepared for the procedure. This typically involves gathering all of the required documents and ensuring that they are properly certified before you submit the said documents to the Montenegro bank. Depending on the bank you choose, the specific documentation required may vary slightly, so it’s always best to check it with bank officials directly.

Once you have all of your documentation in order, the next step is to schedule an interview with the bank. While this may seem like an additional hurdle, it’s an important step that helps to ensure the safety and security of your funds. Remember that a remote interview is always an option, so you don’t have to travel anywhere to set up your bank account.

  1. To access banking services in Montenegro, the initial step is to submit a preliminary application with accurate information to the bank. Along with the application, a beneficiary’s resume and a statement of account for the last 12 months for a sole proprietor, company, or individual should be provided to the financial institution.
  2. Upon receiving the preliminary decision from the customer due diligence department of the Montenegro bank, it is imperative to promptly and accurately prepare and submit the necessary documentation. During this phase, all documents must be translated into the language of the country you apply for a bank account in or English (if specified), notarized, and apostilled. 
  3. Get acquainted with the list of documents sole proprietors, individuals, and self-employed Montenegro non-residents require to set up a bank account with the Montenegro bank in 2023:
    1. sole proprietor certificate
    2. extract from the unified state register of legal entities (issued within the last 3 months)
    3. statements from servicing banks issued within the last 12 months
    4. financial statements for the last 2 reporting periods
    5. foreign passport (notarized copy) and a copy of the national passport, if available
    6. documents certifying the applicant’s residential address
    7. documents certifying the origin of funds, i.e., tax returns of the sole proprietor
    8. CV containing the applicant’s contact info
    9. bank forms.
  4. Once you have submitted all the requested documents, the bank will require you to undergo an interview with a bank manager. This interview is a crucial step, as it allows the bank to verify the accuracy and completeness of your information and documentation. The manager may ask you questions about your business, your financial history, and your reasons for opening a bank account in Montenegro.

Once you have submitted the necessary forms, the bank will review the information provided to assess its quality, completeness, and accuracy.  Based on this evaluation, the bank will decide whether to proceed with the account setup for a foreign sole proprietor.

Set up a bank account as a foreign sole proprietor and self-employed freelancer in Montenegro: procedure to follow

  1. To initiate the procedure, e-mail your application to In your email, be sure to include the specific name of the service you are interested in so that the International Wealth team could provide you with the most accurate and efficient information and support possible.
  2. Discuss all details with the International Wealth expert.
  3. Once you receive an invoice, proceed with the payment. For your convenience, International Wealth offers several payment options, including credit cards, SEPA/SWIFT bank transfers, and e-wallets such as ЮMoney, WebMoney, and Qiwi. For those who prefer cryptocurrency, we also accept Bitcoin payments. Traditional methods like Western Union or MoneyGram are also an option. 
  4. Follow our recommendations to complete the bank forms, gather and notarize the required documents, and prepare for the interview.
  5. Wait for the response and gain access to online banking and banking products in Montenegro. NB: your presence in the bank is not required therefor.

You are welcome to contact the International Wealth experts for a consultation about the services you require if you have any questions. To make it possible, please, message us via the International Wealth online chat or use the contact info above.

What advantages does a Montenegro bank account offer to sole proprietors, when compared to corporate accounts?

Various business services are available in both traditional and investment banking, with minimal commissions that are comparable to those charged for individual accounts. Furthermore, the process of opening an account with the Montenegro bank has been streamlined.

What are the currency options for a sole proprietor looking to open an account with the Montenegro bank?

EUR and USD are the main currencies to set up an account with the Montenegro bank for a sole proprietor. Other currency options are available as well.

Can I remotely set up a bank account with the Montenegro bank as a sole proprietor?

Sole proprietors from abroad have the option to fill out forms and prepare required documents themselves, guided by International Wealth experts. To open an account, potential customers need to interact with bank representatives to submit the application forms, undergo identification, and sign a corresponding agreement. Communication between the bank officer and the client takes place via a video conference, which is a convenient and secure option.

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