Best way to send money to Montenegro from Canada | Finder Canada

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How to send money to Montenegro

Find out how you can save money and enjoy fast transfers when you send money to Montenegro from Canada.

When you need to send an overseas money transfer between Canada and Montenegro, you might think that the best way to complete the transaction is via your bank. While banks certainly offer a convenient option, they don’t offer a cheap one — the low exchange rates and high fees they charge simply work out to be too costly. Specialist money transfer companies tend to offer much better deals.

If you need to send money from Canada to Montenegro, do your bank balance a favour and shop around for the most affordable and convenient transfer option you can find. Read our guide to discover some important factors you should consider before hitting the send button.

Compare money transfer services below

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 15.00 0.664 EUR
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
CAD 1 Same day CAD 0.00 0.667 EUR
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
CAD 0 Within an hour CAD 3.99 0.668 EUR
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
CAD 1 1 - 2 days CAD 40.00 0.671 EUR
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Banks versus money transfer companies

Instead of sending funds through your bank, compare your options to see whether you can find a more affordable deal from a specialist money transfer company, such as OFX, Travelex, Wise, WorldRemit or CurrencyFair. These providers trade high volumes of foreign currency and can therefore offer much better exchange rates than the banks. They also tend to charge lower fees, so doing a quick comparison between transfer providers can save you a lot of money.

Case Study: Ivan Sends Money to Montenegro

Ivan’s wife Karina stayed behind in Montenegro while Ivan travelled to Canada to work for six months. With the bills piling up at home, Ivan wants to send his wife $1,000 Canadian dollars to help maintain the household. Instead of taking the poor exchange rate offered by his bank, Ivan decides to compare two specialist money transfer companies to see if a better deal might be available.

As the comparison table below shows, the first money transfer company offers a better exchange rate but charges a slightly higher transfer fee. In this case, paying the higher fee is worth the better exchange rate, since Ivan will be able to send the equivalent of around $8.50 more. Using the second transfer service will incur a cheaper fee, however the exchange rate is less competitive. Both services can send the funds within one or two business days.

Money transfer company 1Money transfer company 2
Exchange rateCAD$1 = 0.6476CAD$1 = 0.6401
Transfer fee$15$10
Transfer methodOnline bank account transferOnline bank account transfer
Processing timeOne to two daysOne to two days
Amount received (in EUR)€640.76€634.56
Today’s exchange rate CAD to EUR

How do I compare transfer companies when transferring and receiving money via Montenegro?

  • Exchange rates. Check the company’s website to see what exchange rates they offer. How do those rates compare to the provider’s competitors? As you can see above, even a small difference can mean extra money in your pocket.
  • Transfer fees. Make sure you’re aware of all of the hidden fees and charges that apply when you send a transfer. Some companies charge no fees while others will charge $4 to around $60 in some cases, so comparing your options is essential.
  • Transfer methods. Some companies offer online or in-branch transfers only, while others also provide over-the-phone and mobile app transfers.
  • Transfer options. Can you place forward contracts and limit orders to get a better exchange rate? Is there an option to set up repeat transfers so you can save yourself time?
  • Minimum and maximum limits. If there are limits on the amount the company allows you to send per transaction, will those limits hinder your transfer plans? Some companies charge both minimums and maximums, while others will not.
  • Processing times. How long will it take until your recipient can access the money you send? Some companies can send transactions that can be picked up by your recipient within minutes, while others may take three to five days to process.
  • Pickup options. While some companies provide online bank account transfers, others offer transfers with a cash pickup option.
  • Customer service. Check out the company’s reputation when it comes to delivering prompt and helpful customer service. If you ever need assistance with a transaction, will you be able to quickly access the help you need?

How do I send money to Montenegro from Canada?

  • Specialist transfer providers. Companies such as OFX and TorFX offer fast and affordable overseas transfers.
  • Cash pickup transfer companies. Have a look online to see if there’s a Western Union cash pickup location close to your recipient in Montenegro.
  • Bank transfers. Compare the cost of sending the transfer via your bank with the cost of using a specialist transfer provider.
  • International cheques. A safe but slow option is to post an international cheque to Montenegro. Also known as “snail mail”, this is the slowest method to send money overseas.

How do I receive money from Montenegro in Canada?

  • Specialist transfer providers. Compare transfer providers to see which ones offer transfers from Montenegro to Canada.
  • Cash pickup transfer companies. Western Union has multiple cash transfer locations in Canada and Montenegro.
  • Bank transfers. Your loved one in Montenegro could send a transfer from their bank account to your Canadian bank account.
  • International cheques. International guaranteed cheques are another transfer option, but they can take a long time.

Emergency cash transfers in Montenegro

When you need to get money to a friend or loved one in Montenegro as quickly as possible, an emergency cash transfer is the way to go. Some companies offer overseas transfers that can be completed within minutes, which is extremely convenient, but make sure you’re aware that these types of transfers will cost you more. High transaction fees and lower exchange rates usually apply, so review the full cost of a transaction before you send it.

Cash pickup locations in Montenegro/ Western Union branches in Montenegro

Western Union operates a substantial cash transfer network that includes several locations in Montenegro. Some popular pickup locations are listed below. Make sure you’ve got photo ID and a transaction reference number handy when you go to collect the funds. If it’s a large sum of money, you should consider calling ahead to make sure the branch has it on hand.

Western Union


  • Posta Crne Gore Doo
    Trg OruzjaKotor Posta Stari Grad Kotor, 85330 +381-11-3300300Open 7:30am to 8pm Monday to Saturday
  • Komercijalna Banka Ad Budva
    Trg Oruzja Bb Kotor,85330 +381-11-3300300Open 8am to 4pm Monday to Friday, 8am to 12pm Saturday


  • Posta Crne Gore Doo
    Bulevar S Kovacevica Bb Gintas Podgorica, 81000 +381-11-3300300Open 9am to 10pm Monday to Saturday, 9am to 8pm Sunday
  • Posta Crne Gore Doo
    Bratstva I Jedinstva BbPosta 8 Podgorica, 81000 +381-11-3300300Open 7:30am to 8pm Monday to Friday, 8am to 7pm Saturday

Tips for picking up cash in Montenegro

Regardless of whether you’re in Montenegro or Manitoba, it always pays to take a few simple safety precautions when picking up cash:

  • Only visit a transfer agent in a safe location
  • Avoid high-crime areas and avoid displaying your cash in public
  • Take a friend along with you to act as a deterrent to thieves
  • Don’t carry the money around with you for any longer than is necessary

What are the steps to send money to Montenegro?

Although the transfer process varies from one provider to the next, you will usually have to:

  1. Sign up for an account. This is free to do online when you provide your full name, proof of ID and contact details.
  2. Enter your transaction information. The second step is to provide full details of the transaction you are planning. This includes the amount you’re sending, where you’re sending it to and in which currency.
  3. Finalize your transaction. Check over the details of your transaction and if you’re happy with the exchange rate and fee you will receive, pay for your transfer. Most providers also offer an online tracking service so you can check when your transfer has been completed.

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