Documentation required for Opening a Bank Account – Individuals

Opening a bank account for individuals in Montenegro is a straightforward process, regardless of whether you are a resident or non-resident, and whether you have permanent or occasional income. Below is an overview of the key steps and required documentation.

WHAT DOCUMENTATION IS REQUIRED?

Before starting the procedure, prepare the following documents:

• Identification document – ID card or passport
• Residence permit – mandatory for foreigners
• Application form for opening an account
• PEL form
• Lease agreement

HOW LONG DOES THE PROCESS TAKE AND WHAT ARE THE COSTS?

• Account opening fees: vary depending on the bank. Some banks do not charge for account opening, while others may charge up to 100€.
• Account maintenance fees: range from 1€ to 5€ per month, depending on the service package you use.
• Processing time: an account can be opened on the same day, while in some cases the procedure may take 7 to 10 days.

IMPORTANT NOTES

• You can open and use giro accounts in multiple banks at the same time.
• Foreigners in Montenegro cannot open a giro account without a residence permit.

How Can We Help?

At Perfectum, we provide comprehensive support throughout the process of opening a giro account – from consulting to full preparation of documentation.