Documentation required for Opening a Bank Account – Individuals

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

1. WHAT DOCUMENTATION DO YOU NEED?

Before you begin the process of opening a bank account, you need to prepare the following documentation:

•  Identification document – ID card or passport

• Residence permit – for foreigners

•  Application for opening a bank account – Provided by the bank.

• PEL form (a form confirming whether the person opening the current account is a politically exposed person) – Provided by the bank.

• Lease agreement (requested by some banks)

2. HOW LONG DOES THE PROCESS TAKE AND HOW MUCH DOES IT COST?

Fees for opening a bank account vary from bank to bank, so opening a bank account can be free or can cost up to 100 eur.

Fees for maintaining bank account can range from 1 to 5 euros, depending on which banking services you will use.

The process of opening a bank account takes between 7 and 10 days.

NOTE: Your can open a bank account in several banks.

NOTE: Foreigners in Montenegro cannot open a bank account if they do not have a residence permit.

Perfectum Agency offers support throughout the process of opening a bank account.

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