Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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How to send money to Montenegro
Here’s how to send a quick, affordable and secure money transfer to Montenegro.
There are lots of companies and banks that offer money transfers to Montenegro, and by comparing exchange rates and fees, you can find the best deal for your next transfer.
Compare international money transfers to Montenegro
What's in this guide?
What’s the best way to send money to Montenegro?
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Montenegro. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.
Digital money transfer services
Companies like WorldRemit and OFX specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Montenegrin bank account, often in as little as a day or two.
Cash transfers
Services like MoneyGram and Western Union allow you to transfer cash for pickup at a local branch in Montenegro— often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees.
Banks
Montenegro uses the euro. The euro is a popular currency, so your local bank may be able to exchange them. If your bank supports the euro, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Montenegro.
Let’s crunch the numbers: Sending $10,000 to Montenegro
Let’s say you need to send $10,000 to family in Montenegro. Here’s what you might face as far as fees and exchange rates as of 13 Dec, 2020.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | 49.80 HKD | 8.00 HKD | $65 + additional correspondent bank fees |
| Exchange rate | 1.00 HKD = 0.106295 EUR | 1.00 HKD = 0.1055 EUR | 1 HKD = 0.09282 EUR |
| Transfer speed | 1 day | Minutes | 2-5 days |
| Amount received | 1,057.66 EUR | 1,054.57 EUR | 922.15 EUR |
| Verdict |
|
|
|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient in Montenegro. If you go with the digital money transfer service, your recipient ends up with 135.51 EUR more than the bank offers. If speed is crucial, or your recipient wants to pick up cash, a cash transfer can typically have your transfer to Montenegro in as little as an hour. Confirm there is a cash pickup location near your recipient before sending.
How to send money to Montenegro online
Sign up and send money with a digital money transfer specialist in four steps:
- Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
- Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Montenegrin bank account information.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Montenegro. Some money transfer providers send a text or email when your transfer is complete.
What are the ways that I can send money to Montenegro
- Bank transfers. Many major banks will allow you to send money to Montenegro.
- Money transfer providers. Providers like CurrencyTransfer can help you quickly and easily transfer your money online.
- Providers with cash pickup. Western Union and MoneyGram allow you to send funds for cash pickup at agent locations.
- PayPal. Electronic payment giant PayPal allows you to send money from the HK to Montenegro.
- Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or HK Post.
How to get the most out of your money transfer to Montenegro
Weigh costs and fees against convenience to learn how to compare money transfer providers that send to Montenegro to best meet your needs:
- Exchange rates. The HKD-EUR relationship fluctuates often, so using a service that allows you to lock-in exchange prices may help you save money down the line if the euro rises against the HK dollar.
- Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger HKD-EUR exchange rate.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of euros you’re sending to Montenegro.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Montenegro.
- Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you’re sending is a valid strategy for saving money.
- Transfer methods. Whether you want money sent to a Montenegrin bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfer to Montenegro
When urgency trumps cost to get your money to Montenegro quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
How to send money to Montenegro without a bank account
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
Montenegro’s exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Montenegro’s exchange rate is flexible compared to the HK dollar, and the HKD-EUR relationship typically changes daily. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Documents needed for sending to and receiving money in Montenegro
To send money to Montenegro from Hong Kong, you’ll need government-issued ID and other documents, while documents needed to pick up money in Montenegro may differ by company.
Documents to send money from Hong Kong
To send money from HK to Montenegro, you’ll need documentation and details that include:
- Identification. Most services require a driver’s license, passport or other government-issued ID.
- Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
- Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number and Montenegrin bank account information.
Documents to receive money in Montenegro
To pick up money in person, documentation can include:
- Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, an MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID. An Montenegrin Passport, Montenegrin ID or similar official ID that is valid in the EU may be required to pick up your transfer.
- Amount sent. You may need to know how much was sent, usually within 10% of the total.
- Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
Bottom line
Sending your hard-earned money to Montenegro shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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