In order to send a SWIFT payment to MONTENEGRO it is highly recommended to meet the following recommendations:
In November 2024 European Union has accepted Montenegro into SEPA, however certain time is required to roll-out the implementation.
Information provided by the Beneficiary: Remitter should obtain all required bank information from the Beneficiary (e.g. SWIFT BIC, IBAN, and beneficiary bank address). For additional information, please refer to the Central Bank's website at www.cbmn.org/eng.
Country Requirements/Restrictions
Montenegro has adopted the Euro as its official currency, despite not being a member of the European Union (EU). Two type of accounts are being used in Montenegro - transit and checking. The beneficiary must have an active transit account (devizni račun) in order to receive the payment. This account must be used for the SWIFT transfer, normally in IBAN format.
Payment Formatting Rules for EUR
Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address of the ordering customer. Use of initials can delay receipt of funds by the beneficiary.
Beneficiary Customer (SWIFT MT103 F59): Include account number (IBAN), full name (no initials), and address of the beneficiary customer. Use of initials may delay receipt of funds by the beneficiary. IBAN numbers for beneficiaries with accounts in Montenegro must be included in the payment instructions.
Beneficiary Bank (SWIFT MT103 F57): Include SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank. SWIFT BIC is 8 or 11 alphanumeric characters: xxxxMExx or xxxxMExxxxx.
For the following financial institutions in MONTENEGRO you can find a list of their correspondent banks with the currencies and nostro accounts. Also you will find an instructions how to track the payments and other useful information which will help you to send/receive a SWIFT funds transfer or investigate a status of existing payment.