Over the last hundred years Montenegro, a country in Southeastern Europe, has adopted a series of different currencies: from the Yugoslav Dinar to the Deutsche Mark, Montenegro’s financial history is peppered with various foreign currencies. However, since the new millennium, the country has settled on using the Euro as its official currency. In a bid to simplify the process of sending money to Montenegro from overseas, we will run through the most efficient, low-cost options for our customers.
Located on the Adriatic Sea and known as a Balkan country, is the popular summertime destination of Montenegro. Although the country is not yet a member of the European Union (EU) it is in the process of joining and has been using the Euro as its official currency since 2002.
With a vast coastline of 293 km, Montenegro boasts more than 100 stunning beaches and is therefore a big hit with tourists from around the world. Montenegro attracts its highest number of visitors during the summer months of June, July and August, and in 2019 the majority of tourists were visiting from central Europe or the Middle East.
Whether you are vacationing in Montenegro and need to transfer money across the border for your trip, or you may have family and friends located there who you need to send money to, we want to find the best value deals for this international corridor.
The current exchange rate for the Euro (EUR) is 1.01991 EUR per American Dollar (USD) as of the time this was written. The EUR reached a high of 1.0421 EUR per USD and a low of 1.0174 EUR per USD during the last 90 days. The average exchange rate for the last 90 days was 1.0306 EUR per USD.
The EUR had an average volatility rate of 0.25% against the USD for the last 90 days. This is a normal volatility rate, and the EUR has been fluctuating similarly for a long time now. You can reasonably expect only normal fluctuations in exchange rates to continue going forward, barring any unforeseen circumstances.
The fastest way to send money to Montenegro is through Ria Money Transfer’s fast option. With Ria Money Transfer’s fast option, your money should reach its destination in a matter of minutes. Their rates are quite good as well, as sending money through Ria Money Transfer’s fast option is cheaper than using most of their slower competition. Ria Money Transfer customers sometimes complain that their service is a bit difficult to use do to random hassles. Regardless, you can be sure you’re getting a good deal in terms of cost and speed.
The cheapest way to send money to Montenegro is through OFX. OFX charges a small currency conversion fee that depends on the amount of money being transferred. The more money you send through OFX, the better the deal is. On the lower end, OFX takes about 1% of the transfer’s total value. However, as you send more money, this rate declines to the eventual lowest possible rate of 0.4%. The only catch is that OFX does carry a minimum transfer amount, and it can bother some customers.
If the current minimum transfer amount is not agreeable to you, TransferWise is about as cheap as OFX for smaller transactions.
The easiest way to send money to Montenegro is through TransferWise. TransferWise makes sending money to Montenegro exceptionally easy. After you set up your account, all you need to do is follow these simple steps:
1) Tap in the amount of money to be sent
2) Tap in the destination
3) Pay TransferWise for the transaction.
4) Wait one or two days for the funds to arrive at the Montenegrin destination
The overall best way to send money to Montenegro is through OFX. OFX offers the best rates available while also making the money transfer process relatively easy. The company focuses on international currency conversions, but also sends money at great rates. With OFX, you can expect the lowest costs and good service on a regular basis. The waiting times aren’t too bad either, at just one or two days before your money reaches its Montenegrin destination.
Despite using the Euro as their currency and being located in Europe, Montenegro is not part of the SEPA zone. This means SEPA transfers cannot be sent to Montenegro and customers based within the country cannot benefit from the Single Euro Payments Area scheme. Find out more about SEPA transfers in our guide on the subject.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com