Bank account for Montenegro company and swift fees

[traveller79]

Hello people!

Thank you for nice forum, many very useful topics here.

I have been considering Montenegro company lately for many different reasons. However, I keep thinking about banking fees.

While it seems relatively cheap and easy to open the bank accoutn in Montenegro, it seems expensive to transfer money there. They have IBAN accounts, but they are not part of Sepa-system, so as far as I have understood, payer must make Swift payment. Correct?

If so, Mistertango for example asks minimum 50 euro for the transfer. This is rather expensive.

Also, I checked some banks, such as Citadele in Latvia, who ask 200 euro for account opening for non-EU company and also 50 euro per month for account maintenance. This is also quite expensive.

What kind of solutions you have found? I see Paysera has cheaper Swift fees (7 euro if I understood correctly, which is quite ok) but I am not sure if they are ready to open account for Montenegro company.

Possible work around would be to have bank account in Sepa country for cheap incoming payments from EU countries and then sending money daily/weekly/monthly to Montenegro bank (paying Swift fee at this moment).

Does any of you operate Montenegro company? Which local banks you would suggest (low fees on incoming Swift payments)? Do you have experience in operating with banks in Sepa countries?

 

[countryfree]

Montenegro isn't an AEOI country, so that calls for higher fees. Some banks in Montenegro charge you for incoming transfers, but some don't, so you need to shop around. Then you have to be organized and reduce your number of outgoing transfers.

 

[Tamarind]

Montenegro is mostly for money laundering, if transfer fees are too big for you, trust me they don't want you. Get a EMI in EU, much cheaper.

 

[diablo]

Where can you open an Montenegro Bank account? Any bank names please? can it be done remote or personal visit is required?

 

[countryfree]

Montenegro is mostly for money laundering, if transfer fees are too big for you, trust me they don't want you. Get a EMI in EU, much cheaper.

Montenegro is NOT for money laundering. It's no different from Germany or the Netherlands. This is a country with moderate taxation and a business-friendly environment. So that means, it's a much better place to run a business, than France or Italy, but that's all.

And you can't open a bank account remotely in Montenegro.

 

[Tamarind]

I lived in Montenegro and Albania, I know what I'm talking. Friendly to russian oligarchs and corrupted Gov officials of course, otherwise unless you run a local business with local people or pushing money back and forth to Russia through dubious privatisations, nothing to do there.

 

[countryfree]

I lived in Montenegro and Albania, I know what I'm talking. Friendly to russian oligarchs and corrupted Gov officials of course, otherwise unless you run a local business with local people or pushing money back and forth to Russia through dubious privatisations, nothing to do there.

OK, I think we're not talking about the same thing. I've been twice to Montenegro, checking banks and regulations for businesses, but I inquired as an average person, who is a small business owner. When you are a Russian oligarch with billions itching in your back pocket, I guess things can be different. I've been to Kotor and I've seen what Russian money can do.

 

[Tamarind]

True, you seen it for yourself, but its not a place I'd recommend to anyone to do serious banking, as in all Balkans, its the people you know, that matter to business.

 

[superman]

@traveller79
This one guy who in every post give his displeasure about balkan countries should be not your only source about information, if you read above posts this should be anyway clear as it seems he has a problem with some people there but don't realized that he will find the same in London, Geneve and so on but ok.

Montenegro and Serbia are top notch for low to mid amounts (up to low 6 figure) as long you don't deal with classic offshore destinations. This is from own experience and compared to various countries, plus you got as Bonus still non AEOI. As already told in some other posts, in case you want some more security, a better ebanking, more prestigous on price of AEOI then Liechtenstein and Switzerland is a good solution too.

I had run into some Issues with a handfull Banks outside, I got only one time in Serbia something to clearify it took me a 5 minute call compared to 4 weeks fight with hellenic bank to got our money, not to mention that the last years before all shut down there for every single transaction clarification was requested and questions without end.
One thing I must mention, that makes much difference in Monegero and Serbia but help to solve most the easy way there, you need to know how to treat the people there.

Anyway I'm not sure what you really wan't as you mention the Bank fees, some banks have really friendly fees. As you told you want the Bank account for you Montenegro company, did you already incorporated it? Then you know this is not cheap, the reg fee is a Big Mac Menu but the ongoing cost plus social fees for the director are not free.

@diablo
@countryfree
You can open it let's say some way of "remotely", it works with a POA that you give to a local who then opens it, has some risk factors but with some experience nothing heavy. Not much Banks accept this any more, as it was creatively used and yes some "discreete" solutions was done too.

 

[diablo]

Any reliable lawyer / law firm available there that we could give our PoA or are they all not to be trusted?

 

[traveller79]

Hello again and thank you for your replies.

No, I haven't incorporated yet. Yes, it's not cheap/free, but not crazy either.

With banking fees, I don't so much mean the fees charged by Montenegro banks (these are quite civilized), bu the cost of making Swift payments from EU banks.

Customers would prefer to make SEPA payments instead. This of course can be solved by opening the bank account to some SEPA country, but I imagine it also has negative impact on AEOI "invicibility". But let see, must consider different options.