Transferring Money from Montenegro to Türkiye

Summary: Montenegro joined SEPA operationally in October 2025; this notably sped up and cheapened intra-European euro transfers. However, Türkiye is not a SEPA member, so transfers from Montenegro to Türkiye are not subject to SEPA “internal” transfer rules. This article explains the real picture and the options.

What did SEPA bring, and not bring?

• Brought: speed, low cost and standardization for euro transfers within the SEPA area (~40 countries, including all EU members). The first €200 per day is free for individuals; low fees up to €20,000.
• Did not bring: it did not “newly” put Montenegro on the euro (it already uses the euro), did not on its own grant EU membership, did not change tax rules. And it did not include Türkiye in SEPA.

Türkiye is not in SEPA — what does that mean?

A transfer from Montenegro to Türkiye does not work like a SEPA “internal” transfer. This does not mean the transfer is entirely expensive or impossible; but SEPA’s low/free tariff advantage may not apply to transfers going directly to Türkiye.

Practical options

• International bank transfer: a classic international transfer from your Montenegrin bank to an account in Türkiye. Fee and exchange rate vary by bank.
• Currency/transfer services: in some cases alternative transfer services may be advantageous on cost/rate.
• For companies: companies with regular Türkiye–Montenegro money flow should structure the transfer in advance from an accounting and tax perspective (double-taxation treaty, transfer pricing).

Things to watch

• Keep the amount, frequency and source documents (compliance) in order.
• Compare exchange rates and fees before the transaction.
• Mind the tax impact in intra-company/inter-company transfers.