Commercial banks operating in Montenegro have recently informed their customers about changes in fees, including those for correspondent banking services.
The fees will be lower as a result of the introduction of the SEPA system — the Single Euro Payments Area — which uses the euro as its currency and will begin functioning in Montenegro this October. This change applies to both individuals and legal entities, as stated in notifications sent to clients, according to Dan.
The new service price list will take effect on October 6.
Lower Fees for Individuals and Businesses in Montenegro
According to Commercial banks in Montenegro, fees for both individuals and businesses will be lower than before.
From that date, commercial banks will adjust fees for individuals, businesses, and correspondent banking services, as well as schedules for executing transactions.
Banks have also informed customers that, from October 6, an updated list of fees for services to individuals, businesses, and correspondent banking will be in effect. These changes specifically define fees for SEPA international payments.
Access to a Market of 41 Countries
From October 6, Montenegro’s citizens and businesses will gain affordable, fast, and secure access to the shared European payments market — the SEPA zone — which includes 41 countries. This covers all EU member states as well as Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra, Vatican City, the United Kingdom, Montenegro, Albania, Moldova, and North Macedonia.
New SEPA Fee Structure in Montenegro
- For individuals:
- SEPA payments up to €200 → No fee.
- SEPA payments via electronic channels up to €20,000 → €1.99 fee.
- SEPA payments via electronic channels over €20,000 → €25 fee.
- SEPA payments up to €200 → No fee.
- For individuals and businesses:
- SEPA payments up to €20,000 → €3.99 fee.
- SEPA payments over €20,000 → €50 fee.
- SEPA payments up to €20,000 → €3.99 fee.
- For SEPA incoming transfers (individuals and businesses):
- Up to €20,000 → €1.99 fee.
- Over €20,000 → €25 fee.
- Up to €20,000 → €1.99 fee.
Benefits of SEPA in Montenegro
Within the SEPA system, consumers, companies, and other payment service users in participating banks can send and receive euro payments under the same basic conditions, with the same rights and obligations, both within individual SEPA countries and between SEPA countries.
SEPA users can choose the best payment service provider regardless of the provider’s country of origin. This promotes healthy competition in the EU internal market and removes legal, commercial, and technical barriers that still separate national markets.
Economic Impact for Montenegro
A month ago, the Council of the Central Bank of Montenegro (CBCG) adopted a set of decisions bringing concrete benefits for citizens and businesses. These included three regulations aimed at freeing the movement of money, speeding up domestic and international transactions, and introducing European-level prices and standards.
According to CBCG, the annual savings for citizens and businesses — effectively a reduction in bank fee revenue — will amount to €13.9 million, meaning more than €50 million in direct savings by the expected EU membership date. This is capital that will remain in the domestic economy, contributing to lower prices, higher liquidity, and greater competitiveness.
