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Money and Banking


Montenegro Hostel Ltd

tel. + 382 69 039 751, e-mail: montenegrohostel@gmail.com

 

 

 

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MONEY AND BANKING

The official currency of Montenegro is the Euro even though the country is not a part of the Eurozone. Montenegro used the Deutschmark from 1999 to protect against the instability of the Yugoslav Dinar and the influence of Yugoslav ex-president Milosevic switching to the Euro in 2002.

Serbian Dinars are not accepted and it could be difficult to exchange them.

Only Komercijalna Banka exchange the  Serbian  Dinars in Montenegro.

Only CKB Banka exchanges the Croatian Kunas in Montenegro.

None of the banks in Montenegro does not exchange Albanian Leke and Macedonian Denars in Euros.

Banks and large post offices will exchange, though always with a commission charge. The larger hotels also have exchange bureaus. You will find several exchange booths in Podgorica ad Tivat airports, on major bus and train station. Currency changes usually deal with US Dollars and Swiss Franks. Purchasing the British Pounds and other currency might be more difficult as exchange offices rarely have sufficient amounts available.

Montenegro is still generally a cash economy. Credit cards are accepted in a growing numbers upmarked hotels, travel agencies, restaurants and larger stores, but corner shop, bars and other smaller stores will only accept cash. It is a good idea to carry enough cash for your daily needs. Amongst international credit cards the most accepted are Visa, Maestro and Master card. Cash dispensers (ATMs) are few and far between but are most often to be found next to the bank.

Bank accounts are easily opened with a valid passport but you should carefully inquire which bank to choose as some charge for withdrawals.

Cash transfers to0 and from abroad are somewhat difficult: all international transfers to and from Montenegro are required to pass through cleaning banks in order to keep control of the number of Euros in the country, which means that transfers can take anything from 5 to 10 working days. Commissions for this kind of transfer are hefty and differ significantly from bank to bank. For fast money transfers there are several branches of Western Union in banks of Montenegro.

 

Banking hours are 8:00-16:00 on workdays, and 8:00-14:00 on Saturdays.

 

Montenegro Hostel Team

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