Where to Exchange Money in Montenegro
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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%.
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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.
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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
- 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.