A practical currency and money guide to travel, living and doing business in Montenegro and the Euro (EUR).
What's in this Montenegro currency guide:
The official currency of Montenegro (country code: ME) is the euro, with symbol € and currency code EUR.
The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.
The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.
Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.
Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.
There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.
The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.
The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.
Recently it's almost impossible to come across a travel section without someone trumpeting Montenegro as the new 'it' destination. With its rugged mountain views and glistening seaside ports, it’s surprising that the charm and allure of Montenegro has been reserved for locals or those visiting from other Balkan states. Thanks to new cruise ship routes, high-end hotel openings, and a flood of interest from off-the-beaten-path travel enthusiasts, Montenegro is quickly becoming the place to go on the Adriatic. From sweeping views to a fresh focus on food—and ample outdoor activities to keep your heart pumping—this often-overlooked country might be the most surprising place you visit in recent years.
The official currency of Montenegro is the Euro. Credit cards are widely accepted throughout the country. There are ATM machines in almost every city. MasterCard, Maestro and Visa cards can be used for payment in many shops and gas stations. Other cards are accepted in some of the Banks in Montenegro.
The prices in Montenegro are not equal all year round. They are often changing according to demand, season, place etc. The prices are significantly higher during the main season at the coast than the prices in inland or during the off-season time. They are adjusted in compliance with measures and purposes of the Montenegrin authorities.
The local bus network is extensive and reliable. Buses are usually comfortable and air-conditioned; they’re rarely full. It’s usually not difficult to find information on services and prices from the bus station. Most have timetables prominently displayed, although they’re not always up to date.It’s a bit cheaper to buy your ticket on the bus rather than at the station, but a station-bought ticket theoretically guarantees you a seat. Reservations are only worthwhile for international buses, at holiday times, or where long-distance journeys are infrequent.
Most Montenegrin towns, even Podgorica, are small enough to be travelled by foot. Podgorica is the only city to have a useful local bus network, costing 80c per trip. Taxis are easily found in most towns. If they’re not metered, be sure to agree on a fare in advance. Some Budva taxis have their meters set at extortionate rates, so ask to be let out if you suspect something's amiss.
Independent travel by car or motorcycle is an ideal way to gad about and discover the country; some of the drives are breathtakingly beautiful. Traffic police are everywhere, so stick to speed limits and carry an International Driving Permit. Allow more time than you’d expect for the distances involved as the terrain will slow you down. You’ll rarely get up to 60km/h on the Bay of Kotor road, for instance. As long as you have registration/ownership papers with you and valid insurance cover, there should be no problem driving your car into Montenegro.
The trains are old and can be hot in summer, but they’re priced accordingly and the route through the mountains is spectacular.
There are no regular ferry services within Montenegro, but taxi boats are a common sight during summer. They can be hailed from the shore for a short trip along the coast or to one of the islands. They’re harder to find outside the high season; look for them at the marinas. Some boats advertise set cruises, but normally they operate on an ad hoc basis.
It's not even 300km from tip to toe, but Montenegro's coastline crams in some of Europe’s most spectacular seaside scenery. Mountains jut sharply from crystal-clear waters in such a way that the word 'looming' is unavoidable. Ancient walled towns cling to the rocks and dip their feet in the water like they're the ones on holiday.
When the beaches fill up with Eastern European sunseekers, intrepid travellers can easily sidestep the hordes by getting off the beaten track in the rugged mountains of Durmitor and Prokletije, the primeval forest of Biogradska Gora, or in the many towns and villages where ordinary Montenegrins go about their daily lives. Hike, horse ride, mountain bike or kayak yourself to somewhere obscure and chances are you'll have it all to yourself. This is, after all, a country where wolves and bears still lurk in forgotten corners.
Montenegro’s ski season lasts from roughly January to March, with the peak time being around New Year. The best-equipped ski resort is near Kolašin, but the most reliable skiing is in Durmitor National Park, where there are slopes close to Žabljak with options for beginners or serious skiers. There are also small ski centres near Nikšić and Rožaje in the east. Cross-country skiing can be undertaken in Lovćen and Durmitor National Parks.
Here we list some key points for expats and businesses to consider when managing financial dealings in Montenegro:
Understand Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in Montenegro. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Montenegro. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Montenegro. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Montenegro, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
The exchange rate of euro (EUR), or the amount of EUR that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest EUR/USD rate plus recent trend, chart, forecasts and historic rates.
10 Mar 2023
|1% ▲||2 Week|
24 Dec 2022
|0.9% ▲||3 Month|
24 Mar 2022
|2.2% ▼||1 Year|
25 Mar 2018
|12.9% ▼||5 Year|
26 Mar 2013
|16.3% ▼||10 Year|
29 Mar 2003
|0.1% ▲||20 Year|
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Montenegro or planning a trip or maybe living there, so will need to exchange and spend Euro.
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It is important to note that the exchange rate of the euro can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect EUR exchange rates before making any financial decisions.