Find the best way to send money from the UK to Montenegro

Transferring money internationally to Montenegro from the UK can be easy if you've done it before. But do you know how to transfer money to Montenegro the best exchange rate?

It can be tricky to figure out the best foreign exchange rate from your transfer, because each bank and money transfer service charges you differently.

However, after comparing over 20 different banks and money transfer services, Exiap found money transfer services consistently give you the best exchange rate. Their rates are closest to the interbank rate or market rate shown on google.

Get the
best exchange rate

Use our comparison table to find the best money transfer service when you transfer your British Pounds.

How to transfer money to Montenegro from the UK in 3 easy steps

With a money transfer service
Sign up online to transfer money to Montenegro from UK

1

Sign up online It takes 5-10 minutes to type in your personal details, verify your identity with photo id and set your account with passwords. You don't have to be a regular customer.
Provide details to transfer money to Montenegro from UK

2

Provide money transfer details Tell them how many British Pounds you want delivered. Enter the bank information of the person you are sending money to. Send the funds requested.
Make payment to transfer money to Montenegro from UK

3

Money is delivered Money is delivered to the Montenegrin bank account and you are updated regularly via phone or email. They're very good at keeping you informed of where you money is.

How long does it take to transfer money from the UK to Montenegro?

Money transfer services can take 0 - 3 days

It takes 0 - 3 business days to convert your British pounds to Euros and deliver them to a local bank account. Quite often the money transfer is delivered the next working day. When using a money transfer service like Wise (formerly known as TransferWise), they tend to quote arrival time in hours not days.

Unlike banks, money transfer services keep you updated on the movement of your funds. This includes the estimated arrival time of your funds to the account you're sending money to.

How long does it take to transfer money to Montenegro from the UK?

What are the costs to make an international money transfer?

What are the costs to make an International Money Transfer?
  1. Exchange rates - The better the exchange rate, the more money you get in Montenegro. Money transfer services that offer better rates will usually charge you a separate transfer fee.
  2. Transfer fees - These can range anywhere between GBP £0 to £5. Some online transfer companies like OFX offer fee-free transfers for sending large amounts of money. Banks charges for transfers can be up to £50.

Total costs are lower with money transfer companies than banks because they charge less transfer fees and give better exchange rates plus they don't charge additional fees such as receiving fees.

What information will you need to make a money transfer to Montenegro?

What information will you need to make a money transfer to Montenegro?
  • Your personal information. Your full name, address, phone number and date of birth. For security reasons they need your photo id scanned or photographed. You can use your phone to take a photo and send
  • How you wish to pay: Your bank account details, account numbers and address or debit/credit card details
  • The full name and address of the person you wish to pay
  • Montenegrin bank account details: Name on the account, the IBAN or SWIFT code and international bank account number
Helpful hints

- Make sure your photo is of a high quality so they can see the picture. Make sure the id is valid and within the expiry date.
- You can't give your work/office address or PO box address.

How to choose the best money transfer company to make your international money transfer

To make the best international money transfer for your personal situation taking the following into consideration will help you make the best choice.

1. Transfer speed

If you need your money abroad in under 3 business days it's best to transfer funds with a money transfer company. A bank will take between 3-5 business days to transfer your converted GBP to EUR to Montenegro. Although bank transfer speeds are improving, they are inconsistent.

2. Right product or service for your situation

Are you making a personal or business money transfer? You might need a foreign exchange products to manage your currency risk so you can lock in the exchange rate, like a forward or spot contract or you might want to look at using a foreign currency account to make your transfer.

 

How to choose the best money transfer service for you
3. Minimum or maximum amounts

These limits will vary with each money transfer company or bank. Under £1000 there are plenty of money transfer companies competing for your business. For larger amounts of money, it's best to find a provider with a higher limit.

4. Good customer service

Look for a service that works for you, whether you need 24/7 support via phone, email or online chat. Check out Trustpilot or our reviews to find out what other customers think.

5. Frequency

If you need to make regular payments overseas its best to look for a money transfer service who can make this easy for you either by automating international payments or having a good mobile app.

Find the money transfer company with the best rate for you

To get the best exchange rate when transferring money to Montenegro from the UK, it's always better to use a money transfer service.

We recommend the following 4 money transfer companies:

  1. Wise: Best for smaller amounts
  2. TorFX: Best for large money transfers
  3. Currencies Direct: Best for Fee Free transfers
Best Money Transfer Service Options

1. Wise (formerly known as TransferWise)

Wise offer the best exchange rates for smaller amounts (under £15,000) and are the most transparent about the small fee it charges and the exchange rate you will receive on your currency exchange. It's incredibly simple to set up an account or make a transfer using their app.

Best Features
  • Transparent fees and offer the best rates online
  • Quick online set-up
  • Very fast transfers to a bank account
  • Simple mobile phone app

2. TorFX

TorFX is a money transfer company that's especially good for online users who are looking to send large amounts to El Salvador. This is because they offer good exchange rates for larger transfers. However, they may not be the best option for smaller transfers.

Best Features
  • Good exchange rates and lock-in rate for larger amounts
  • Fee-free currency transfers, regardless of the amount
  • Excellent customer support
  • Mobile phone app

3. Currencies Direct

Currencies Direct generally don't charge a fee for sending money. Instead, they offer you a slightly worse exchange rate than the interbank rate. It's still better than the rates banks charge.

Their high quality customer service and access to quality information means Currencies Direct is a strong contender for larger transfers.

Best Features
  • No fees for money transfers and excellent exchange rates for larger amounts
  • Comprehensive website online with a wide variety of services to help with your transfer
  • Easy to get in touch with account managers for exceptional help
  • They’re loved by customers, scoring 4.8 out of five on Trustpilot

Is my money safe online?

How do I keep my money safe when I transfer money from the UK online?

One of the main questions people ask us is “will my money be safe online?" The answer is yes for money transfer services and banks in the UK.

Money transfer services need to be regulated by Financial Conduct Authority (FCA) to send money from the UK. They have very stringent guidelines to be allowed to send money.

These money transfer services implement strict verification processes to ensure they fully identify all of their customers. They also invest in identity protection, fraud prevention and encryption to create a secure connection with your browser when you register and login into their online services.

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By Justin Rampono Updated April 9th, 2021