Currency exchange in Montenegro: safe ways and the best rates

Where to Exchange Money in Montenegro

Where to Exchange Money in Montenegro

  1. Banks (Reliable but not always the best rates)
    The largest banks in the country (Prva Banka, Hipotekarna Banka, CKB Bank) offer official currency exchange. They operate Monday to Friday until 7:00 PM, and on Saturdays until 1:00 PM. Commission fees range from 1% to 3%.

  2. Licensed Exchange Offices (Menjačnica)
    In tourist areas (Budva, Kotor, Podgorica), there are many exchange offices offering good rates. Always check for a license from the Central Bank of Montenegro.

  3. Telegram Channels for Exchange (Risky but potentially profitable)
    Recently, Telegram channels have appeared offering exchange rates better than banks. However:

  • High risk of fraud
  • No legal guarantees
  • Recommended only for small amounts
  • Always meet in public, crowded places
  1. ATMs
    Allow you to withdraw euros using foreign cards. Be aware of your bank’s commission (usually 1–3%).

Which Currencies Are Best to Exchange?

Recommended to bring:

  • Euro (no exchange needed)
  • US Dollars (good rates)
  • British Pounds (acceptable rates)

Not recommended:

  • Russian Rubles (rates 10–15% worse than official)
  • Other CIS currencies

How to Avoid Becoming a Victim of Fraud

  • Never transfer money in advance via Telegram channels
  • Check banknotes carefully upon receipt (especially €50 and €100 notes)
  • Compare rates with the official Central Bank website (www.cb-cg.org)
  • Avoid “too good to be true” offers
  • Always meet in public places (shopping centers, cafés)

Alternative Options

  • Western Union — safe international transfers (commission 2–5%)
  • Bank Transfers — suitable for large sums
  • Cryptocurrencies — some exchange offices accept BTC, USDT

Useful Tips

  • Exchange large amounts at banks
  • For quick exchange, use verified Telegram channels with real reviews
  • Keep exchange receipts
  • Rates are always worse in tourist zones
  • Carry your passport — it may be required for large transactions

Important: The Central Bank of Montenegro warns about the risks of unofficial exchange. All transactions over €15,000 must be declared.