Montenegro Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in montenegro, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Trade Financing
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Methods of Payment

Large importers regularly receive goods under short-term supplier credits that average about three months.  Longer-term financing may be sought for larger purchases but is more difficult to obtain. The following instruments are used in Montenegro for payments abroad: remittances, documentary collections, checks, and letters of credit. For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

Banking Systems

Montenegro has a high level of banking penetration relative to the size of its population. As of 2024, the vast majority of Montenegrin citizens have access to banking services. According to the Central Bank of Montenegro, over 90 percent of adults have a bank account, and electronic banking, mobile apps, and card payments are widely used. Banking services are available across the country, although access may be somewhat more limited in rural or mountainous areas. The banking sector in Montenegro is fully privatized with 11 privately owned banks operating in the country. The banking sector operates under market terms. Foreign investors can get credit on the local market, and they have access to a variety of credit instruments since most of the banks in Montenegro belong to international banking chains. The largest foreign banks operating in Montenegro include OTP Group (Hungary), which operates as CKB and holds assets exceeding €1.5 billion. Erste Bank (Austria) and NLB Banka (Slovenia) follow, each with assets ranging between €500 million and €1 billion. The remaining smaller foreign banks operate independently and are not part of major international banking groups.  According to Central Bank of Montenegro, the banking sector remained solvent and liquid.   Non-performing loans accounted for 4.3 percent of the total loans in Montenegro.

Montenegro remains one of the few countries that does not belong to the eurozone but uses the euro as its official currency without any formal agreement. This limits the Central Bank’s authority in monetary policies, leading it to focus on controlling the banking system and maintaining the payment system in its role as the state’s fiscal agent.

In 2024, Montenegro achieved a significant milestone in its financial integration with the EU by being officially included in the geographical scope of the Single Euro Payments Area (SEPA). On November 21, 2024, the European Payments Council (EPC) approved Montenegro’s inclusion, allowing the country’s payment service providers to begin the process of adhering to SEPA payment schemes. This development enables Montenegrin banks and financial institutions to participate in SEPA schemes such as (i) SEPA Credit Transfer (SCT), (ii) SEPA Instant Credit Transfer (SCT Inst), and (iii) SEPA Direct Debit (SDD).  The adherence process for these institutions is set to commence in April 2025, with the Operational Readiness Date scheduled for October 5, 2025.

Foreign Exchange Controls

There are no currency or payment restrictions related to the use of the Euro in Montenegro.

US Banks & Local Correspondent Banks

There are no U.S. bank affiliates in Montenegro. The Addiko Bank has some U.S. ownership in its structure through Advent International. Several banks in Montenegro (currently CKB, Erste Bank, NLB, Hipotekarna Bank, and Addiko Bank) have a correspondent relationship with U.S. banks. 

For additional information, visit the U.S. Department of State Investment Climate Statements.

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