Offshore Banking in Montenegro

12 January 2017, updated 17 April 2020

Despite carrying substantial risks and lacking innovative banking products especially in private and investment banking, Montenegro is becoming an increasingly popular offshore banking destination for several reasons:

However, there are also several drawbacks in offshore banking of Montenegro:

International Banking Services

During the recent years, banks in Montenegro have been attracting deposits from both Montenegrin residents and non-residents, from both natural persons and legal entities. Non-resident deposits account for about 20% of total deposits, while deposits of foreign companies - about 10% of corporate deposits. Loans to non-residents comprise about 2-3% of total loans. However, international banking services, provided to non-residents of Montenegro consist mainly of traditional retail and business banking.

Resident and non-Resident Deposits in Montenegro Corporate Deposits in Montenegro Resident and non-Resident Loans in Montenegro

9 banks (ouf of 13) offer non-resident accounts, usually to both natural persons and legal entities.

Crnogorska komercijalna banka AD Podgorica

Rank by Total Assets
1
Customer Rating
 (3.5; 4 ratings)
Country of Origin
HU Hungary

Crnogorska komercijalna banka (CKB) is a universal commercial bank providing retail, private and corporate banking products and services. CKB's mission is to change Montenegrin economy by bringing them closer to European one.

Crnogorska komercijalna banka AD Podgorica provides products and services in the areas of retail banking, private banking, SME banking, corporate banking. The range of products offered by Crnogorska komercijalna banka AD Podgorica includes current accounts, debit cards, credit cards, savings accounts, time deposit accounts, children savings accounts, consumer loans, car loans, mortgage loans, construction loans, safe deposit boxes. Crnogorska komercijalna banka AD Podgorica makes its solutions available to natural persons, companies.

Crnogorska komercijalna banka AD Podgorica is the 1st largest bank in Montenegro in terms of total assets. In 2019 its total assets were 816,57 mln EUR, providing the bank with the market share of 17.74%. In 2019 the bank's net income was 4,95 mln EUR.

ERSTE Bank AD Podgorica

Rank by Total Assets
2
Customer Rating
 (4.8; 6 ratings)
Country of Origin
AT Austria

ERSTE Bank is present in Montenegro since July 2009. ERSTE Bank offers a wide range of retail and corporate banking products and services to individuals and businesses, including loans, deposits, SWIFT international transactions, domestic payments, payment cards and e-banking.

ERSTE Bank AD Podgorica provides products and services in the areas of retail banking, business banking. The range of products offered by ERSTE Bank AD Podgorica includes current accounts, debit cards, credit cards, savings accounts, time deposit accounts, investment funds, trading accounts, consumer loans, car loans, mortgage loans. ERSTE Bank AD Podgorica makes its solutions available to natural persons, companies.

ERSTE Bank AD Podgorica is the 2nd largest bank in Montenegro in terms of total assets. In 2019 its total assets were 605,07 mln EUR, providing the bank with the market share of 13.14%. In 2019 the bank's net income was 12,27 mln EUR.

Podgorička banka AD Podgorica

Rank by Total Assets
4
Customer Rating
 (5.0; 5 ratings)
Country of Origin
HU Hungary

In February 2019, Societe Generale Montenegro was sold to OTP Bank (Hungary) and became Podgorička banka. Podgorička banka is a modern and dynamic financial institution which provides a wide range of banking services through its branch network to individuals and legal entities.

Podgorička banka AD Podgorica provides products and services in the areas of retail banking, SME banking, business banking, insurance. The range of products offered by Podgorička banka AD Podgorica includes current accounts, debit cards, credit cards, savings accounts, cash loans, consumer loans, car loans, mortgage loans. Podgorička banka AD Podgorica makes its solutions available to natural persons, SMEs, companies.

Podgorička banka AD Podgorica is the 4th largest bank in Montenegro in terms of total assets. In 2019 its total assets were 542,75 mln EUR, providing the bank with the market share of 11.79%. In 2019 the bank's net income was 8,68 mln EUR.

Prva banka Crne Gore AD Podgorica

Rank by Total Assets
6
Customer Rating
 (4.0; 6 ratings)
Country of Origin
ME Montenegro

Prva Banka Crne Gore (First Bank of Montenegro) traces its roots back to 1901 when Niksic Saving Bank was founded which became the first bank in Montenegro. In 2007 after more than a century the bank changed its name to Prva Banka Crne Gore. Prva Banka Crne Gore operates as a modern universal bank providing retail, corporate and investment banking products and services at fair prices to individuals, business entities and public sector.

Prva banka Crne Gore AD Podgorica provides products and services in the areas of retail banking, corporate banking, investment banking. The range of products offered by Prva banka Crne Gore AD Podgorica includes current accounts, debit cards, credit cards, savings accounts, cash loans, consumer loans, mortgage loans, bank guarantees. Prva banka Crne Gore AD Podgorica makes its solutions available to natural persons, companies.

Prva banka Crne Gore AD Podgorica is the 6th largest bank in Montenegro in terms of total assets. In 2019 its total assets were 392,21 mln EUR, providing the bank with the market share of 8.52%. In 2019 the bank's net income was 1,22 mln EUR.

Universal Capital Bank AD Podgorica

Rank by Total Assets
7
Customer Rating
 (5.0; 5 ratings)
Country of Origin
ME Montenegro

Universal Capital Bank started its operations in 2007, mainly focusing on business customers. In 2012 Universal Capital Bank expanded its services and commenced engaging in personal banking. In April 2016 Universal Capital Bank opened a branch office in Dubai. Universal Capital Bank operates as a universal commercial bank providing retail, corporate and investment banking products and services to both private individuals and corporate customers.

Universal Capital Bank AD Podgorica provides products and services in the areas of retail banking, corporate banking, investment banking. The range of products offered by Universal Capital Bank AD Podgorica includes current accounts, debit cards, credit cards, savings accounts, time deposit accounts, cash loans, refinancing loans, micro loans, student loans, trading accounts. Universal Capital Bank AD Podgorica makes its solutions available to natural persons, companies.

Universal Capital Bank AD Podgorica is the 7th largest bank in Montenegro in terms of total assets. In 2019 its total assets were 317,18 mln EUR, providing the bank with the market share of 6.89%. In 2019 the bank's net income was 3,24 mln EUR.

Addiko Bank AD Podgorica

Rank by Total Assets
8
Customer Rating
 (3.0; 2 ratings)
Country of Origin
AT Austria

Addiko Bank was established in 2015, when Advent International and the European Bank for Reconstruction and Development acquired Hypo Alpe Adria with its Southeast Europe banking network from Heta Asset Resolution. Addiko Bank repositioned itself as a specialist consumer and SME banking group with a focus on growing its consumer business and SME lending activities as well as payment services, offering unsecured personal loan products for consumers and working capital loans for its SME customers funded largely by retail deposits. Addiko Bank’s mortgage business, public lending and large corporate lending portfolios are gradually reduced over time, thereby providing liquidity and capital for the gradual growth in its consumer business and SME lending.

Addiko Bank AD Podgorica provides products and services in the areas of retail banking, SME banking, business banking. The range of products offered by Addiko Bank AD Podgorica includes current accounts, debit cards, savings accounts, time deposit accounts, credit cards, consumer loans, car loans, mortgage loans. Addiko Bank AD Podgorica makes its solutions available to natural persons, SMEs, companies.

Addiko Bank AD Podgorica is the 8th largest bank in Montenegro in terms of total assets. In 2019 its total assets were 227,33 mln EUR, providing the bank with the market share of 4.94%. In 2019 the bank's net income was 3,37 mln EUR.

Lovćen banka AD Podgorica

Rank by Total Assets
9
Customer Rating
 (2.8; 6 ratings)
Country of Origin
ME Montenegro

Lovćen banka AD traces its roots back to 2011 when MFI Kontakt started its lending business. In 2014 Lovćen banka was established and expanded its activities to provide banking products and services. Lovcen banka AD oeprates as a universal commercial bank, providing retail and corporate banking products and services to individuals, micro-, small- and medium-sized enterprises as well as other businesses.

Lovćen banka AD Podgorica provides products and services in the areas of retail banking, business banking. The range of products offered by Lovćen banka AD Podgorica includes current accounts, debit cards, credit cards, savings accounts, cash loans, overdrafts, consumer loans, mortgage loans, safe deposit boxes. Lovćen banka AD Podgorica makes its solutions available to natural persons, SMEs, companies.

Lovćen banka AD Podgorica is the 9th largest bank in Montenegro in terms of total assets. In 2019 its total assets were 198,74 mln EUR, providing the bank with the market share of 4.32%. In 2019 the bank's net income was 1,88 mln EUR.

Zapad banka AD Podgorica

Rank by Total Assets
10
Customer Rating
 (5.0; 3 ratings)
Country of Origin
UA Ukraine

Established in 2015, Zapad banka AD Podgorica is a full-service universal bank, providing retail and corporate banking products and services to individuals, small and medium enterprises and other business entities. Zapad banka AD Podgorica offers personalized services, adapted to customer specific needs. Zapad banka AD Podgorica allow the customers to manage their funds in a simple and efficient way.

Zapad banka AD Podgorica provides products and services in the areas of retail banking, business banking. The range of products offered by Zapad banka AD Podgorica includes current accounts, debit cards, time deposit accounts, overdrafts, cash loans, consumer loans, car loans, mortgage loans, refinancing loans, safe deposit boxes. Zapad banka AD Podgorica makes its solutions available to natural persons, companies.

Zapad banka AD Podgorica is the 10th largest bank in Montenegro in terms of total assets. In 2019 its total assets were 162,08 mln EUR, providing the bank with the market share of 3.52%. In 2019 the bank's net income was 244 101,91 EUR.

ZIRAAT Bank Montenegro AD Podgorica

Rank by Total Assets
12
Customer Rating
 (5.0; 3 ratings)
Country of Origin
TR Turkey

Ziraat Bank is a Turkish universal bank, prodiving retail, private, corporate and invesment banking products and services to domestic and international clients (private individuals, SMEs and companies).

ZIRAAT Bank Montenegro AD Podgorica provides products and services in the areas of retail banking, corporate banking. The range of products offered by ZIRAAT Bank Montenegro AD Podgorica includes current accounts, payment cards, time deposit accounts, overdraft loans, cash loans, housing loans. ZIRAAT Bank Montenegro AD Podgorica makes its solutions available to natural persons, companies.

ZIRAAT Bank Montenegro AD Podgorica is the 12th largest bank in Montenegro in terms of total assets. In 2019 its total assets were 83,04 mln EUR, providing the bank with the market share of 1.80%. In 2019 the bank's net income was 294 223,79 EUR.

Opening Bank Account in Montenegro

Normally, the banks require the following documents to open a non-resident account for a natural person:

To open a corporate account, a bank in Montenegro will normally need:

Montenegrin banks do not allow online account opening, and it's necessary to visit a branch of the chosen bank; all of the banks provide online banking services to access the account.

NameDocumentsProcedureRemote AccessWebsite Languages
Crnogorska komercijalna banka AD Podgoricapassport
ID card
application form
1. visit bank branch
online banking
SMS service
phone
GBEnglish
MEMontenegrin
ERSTE Bank AD Podgoricapassport
ID card
application form
1. submit online application
2. get a callback from the bank
3. visit bank branch
online banking
mobile app
RSSerbian
Podgorička banka AD Podgoricapassport
ID card
application form
PEP form
1. visit bank branch
online banking
mobile app
SMS service
GBEnglish
MEMontenegrin
Prva banka Crne Gore AD Podgoricapassport
ID card
application form
PEP form
1. visit bank branch
online banking
mobile app
GBEnglish
ITItalian
MEMontenegrin
Universal Capital Bank AD Podgoricapassport
ID card
application form
1. visit bank branch
online banking
GBEnglish
MEMontenegrin
Addiko Bank AD Podgoricapassport
ID card
application form
1. visit bank branch
online banking
mobile app
MEMontenegrin
Lovćen banka AD Podgoricapassport
ID card
application form
PEP form
1. visit bank branch
online banking
mobile app
GBEnglish
MEMontenegrin
Zapad banka AD Podgoricapassport
ID card
application form
PEP form
USA form
1. visit bank branch
online banking
mobile app
GBEnglish
MEMontenegrin
ZIRAAT Bank Montenegro AD Podgoricapassport
ID card
application form
PEP form
1. visit bank branch
online banking
GBEnglish
MEMontenegrin
TRTurkish
 

Offshore Bank Accounts in Montenegro

Current accounts are normally called transaction accounts in Montenegro and can be either for domestic payments or for international payments. Current accounts are offered in domestic currency (EUR) or in foreign currencies (CHF, GBP, USD). Current accounts are often offered as a 'package' with a payment card and online access included.

NamePackageCurrenciesPaymentsCard Providers
Crnogorska komercijalna banka AD Podgoricaaccount
card
online access
EUEUR
USUSD
domestic
international
MasterCardMasterCard
VisaVisa
ERSTE Bank AD Podgoricaaccount
card
online access
EUEUR
USUSD
CHCHF
GBGBP
domestic
international
MasterCardMasterCard
Podgorička banka AD Podgoricaaccount
card
online access
EUEURdomestic
international
MasterCardMasterCard
VisaVisa
Prva banka Crne Gore AD Podgoricaaccount
card
online access
EUEUR
USUSD
domestic
international
MasterCardMasterCard
VisaVisa
Universal Capital Bank AD Podgoricaaccount
card
online access
EUEUR
USUSD
domestic
international
MasterCardMasterCard
VisaVisa
Addiko Bank AD Podgoricaaccount
card
online access
EUEURdomestic
international
MasterCardMasterCard
Lovćen banka AD Podgoricaaccount
card
online access
EUEURdomestic
international
MasterCardMasterCard
Zapad banka AD Podgoricaaccount
card
online access
EUEURdomestic
international
MasterCardMasterCard
ZIRAAT Bank Montenegro AD Podgoricaaccount
card
online access
EUEUR
USUSD
domestic
international
MasterCardMasterCard
 

Offshore Account in Crnogorska komercijalna banka AD Podgorica

Opening an account in Crnogorska komercijalna banka AD Podgorica can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card

Identity Verification

branch visit

While onboarding a private individual Crnogorska komercijalna banka AD Podgorica will ask him/her to provide the following documents: passport or ID card. For corporate clients Crnogorska komercijalna banka AD Podgorica will ask to provide corporate documentation as well as information about controlling persons. Crnogorska komercijalna banka AD Podgorica may request additional documentation or information depending on the case. Crnogorska komercijalna banka AD Podgorica performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, SMS service, phone.

Account Currencies

EUEUR
USUSD

Card Providers

MasterCardMasterCard
VisaVisa

Offshore Account in ERSTE Bank AD Podgorica

Opening an account in ERSTE Bank AD Podgorica can be done in a few steps:
1.
Submit online application
2.
Get a callback from the bank
3.
Visit bank branch

Required Documents

passport or ID card

Identity Verification

branch visit

While onboarding a private individual ERSTE Bank AD Podgorica will ask him/her to provide the following documents: passport or ID card. For corporate clients ERSTE Bank AD Podgorica will ask to provide corporate documentation as well as information about controlling persons. ERSTE Bank AD Podgorica may request additional documentation or information depending on the case. ERSTE Bank AD Podgorica performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Mobile App (Erste mBanking Crna Gora) Supported Languages
GBEnglish
RSSerbian

Account Currencies

EUEUR
USUSD
CHCHF
GBGBP

Card Providers

MasterCardMasterCard

Offshore Account in Podgorička banka AD Podgorica

Opening an account in Podgorička banka AD Podgorica can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card

Identity Verification

branch visit

While onboarding a private individual Podgorička banka AD Podgorica will ask him/her to provide the following documents: passport or ID card. For corporate clients Podgorička banka AD Podgorica will ask to provide corporate documentation as well as information about controlling persons. Podgorička banka AD Podgorica may request additional documentation or information depending on the case. Podgorička banka AD Podgorica performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app, SMS service.

Account Currencies

EUEUR

Card Providers

MasterCardMasterCard
VisaVisa

Offshore Account in Prva banka Crne Gore AD Podgorica

Opening an account in Prva banka Crne Gore AD Podgorica can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card

Identity Verification

branch visit

While onboarding a private individual Prva banka Crne Gore AD Podgorica will ask him/her to provide the following documents: passport or ID card. For corporate clients Prva banka Crne Gore AD Podgorica will ask to provide corporate documentation as well as information about controlling persons. Prva banka Crne Gore AD Podgorica may request additional documentation or information depending on the case. Prva banka Crne Gore AD Podgorica performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.

Account Currencies

EUEUR
USUSD

Card Providers

MasterCardMasterCard
VisaVisa

Offshore Account in Universal Capital Bank AD Podgorica

Opening an account in Universal Capital Bank AD Podgorica can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card

Identity Verification

branch visit

While onboarding a private individual Universal Capital Bank AD Podgorica will ask him/her to provide the following documents: passport or ID card. For corporate clients Universal Capital Bank AD Podgorica will ask to provide corporate documentation as well as information about controlling persons. Universal Capital Bank AD Podgorica may request additional documentation or information depending on the case. Universal Capital Bank AD Podgorica performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking.

Account Currencies

EUEUR
USUSD

Card Providers

MasterCardMasterCard
VisaVisa

Offshore Account in Addiko Bank AD Podgorica

Opening an account in Addiko Bank AD Podgorica can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card

Identity Verification

branch visit

While onboarding a private individual Addiko Bank AD Podgorica will ask him/her to provide the following documents: passport or ID card. For corporate clients Addiko Bank AD Podgorica will ask to provide corporate documentation as well as information about controlling persons. Addiko Bank AD Podgorica may request additional documentation or information depending on the case. Addiko Bank AD Podgorica performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.

Account Currencies

EUEUR

Card Providers

MasterCardMasterCard

Offshore Account in Lovćen banka AD Podgorica

Opening an account in Lovćen banka AD Podgorica can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card

Identity Verification

branch visit

While onboarding a private individual Lovćen banka AD Podgorica will ask him/her to provide the following documents: passport or ID card. For corporate clients Lovćen banka AD Podgorica will ask to provide corporate documentation as well as information about controlling persons. Lovćen banka AD Podgorica may request additional documentation or information depending on the case. Lovćen banka AD Podgorica performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.

Account Currencies

EUEUR

Card Providers

MasterCardMasterCard

Offshore Account in Zapad banka AD Podgorica

Opening an account in Zapad banka AD Podgorica can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card

Identity Verification

branch visit

While onboarding a private individual Zapad banka AD Podgorica will ask him/her to provide the following documents: passport or ID card. For corporate clients Zapad banka AD Podgorica will ask to provide corporate documentation as well as information about controlling persons. Zapad banka AD Podgorica may request additional documentation or information depending on the case. Zapad banka AD Podgorica performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.

Account Currencies

EUEUR

Card Providers

MasterCardMasterCard

Offshore Account in ZIRAAT Bank Montenegro AD Podgorica

Opening an account in ZIRAAT Bank Montenegro AD Podgorica can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card

Identity Verification

branch visit

While onboarding a private individual ZIRAAT Bank Montenegro AD Podgorica will ask him/her to provide the following documents: passport or ID card. For corporate clients ZIRAAT Bank Montenegro AD Podgorica will ask to provide corporate documentation as well as information about controlling persons. ZIRAAT Bank Montenegro AD Podgorica may request additional documentation or information depending on the case. ZIRAAT Bank Montenegro AD Podgorica performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking.

Account Currencies

EUEUR
USUSD

Card Providers

MasterCardMasterCard

See Also

External Links

  1. Central Bank of Montenegro (external ref)