Have you ever considered Serbia as a good banking destination? If not, then it’s time to do so! You will find a lot of local banks and international branches here that provide top-quality services comparable to the best European banks. The good news is that the service fees are lower than on average across Europe, so you will get good value for your money! You can open an account in the local currency (RSD, or Serbian dinars) or any other currency of your choice. You will be onboarded by Serbian banks even if you are a non-resident, but you will need to pay a personal visit to the bank.
Serbia is a country that is definitely worth discovering, and you can visit our portal Serbia Wealth Info to find more articles focused on local business, banking, tax optimization, asset protection, relocation, lifestyle, obtaining a residence permit, and so on. You will also be able to get in touch with our expert to discuss all your needs and preferences and find the best solution available in your situation. Use the live chat during business hours to ask questions and schedule a preliminary free meeting or get in touch using the contact information on top of the portal page. We will give you professional advice and help you open an account (or set up a company) at a reasonable fee!
Reasons to Open a Personal Account with a Serbian Bank
Serbia is a stable country whose economy is rapidly developing and steadily growing, and it cooperates with all parties without being engaged in any international conflicts. Serbian banks offer a wide range of high-quality financial services and have a lot of experience cooperating with non-residents.
Here are the main takeaways from opening a personal bank account in Serbia:
- You will be able to send/receive payments from foreign and local bank accounts
- An account can be opened in RSD or any other currency
- You can get debit/credit cards from the bank to make your payments in a more convenient way
- Your deposits will be insured for up to 50,000 euros (Serbia has its own deposit insurance system as it is not yet an EU state)
- You will have an opportunity to work with a personal manager
- You will be able to use a wide network of ATMs across the world to withdraw cash in RSD or other currencies
- Internet banking/mobile apps are available to manage your funds from wherever you are
- Finally, transfers can be made in the most widespread currencies (RUB, USD, CAD, AUD, SEK, EUR, and others) using SWIFT and Eurogiro system
Sounds good? Please click on the above link to contact us and ask your questions.
Documents To Be Submitted
Here is a list of documents to be provided by a non-resident who wishes to open a bank account with a Serbian bank:
- A passport or any other ID.
- A document that proves the legal origin of funds.
- Completed bank forms (these need to be filled out during your personal visit to the bank in two languages, English and Serbian. We will help you if you don’t know any Serbian).
- Proof of residence (bank statement/utility bill issued no more than 3 months ago).
- If you are a resident of an EU country, a residence permit/ID card
These are the basic documents that will be required in all cases, but the bank may request additional ones at its discretion.
We will provide our representative to accompany you during your visit to the bank. You will need to agree on the date of your arrival at least 10 days in advance to make sure our expert is available. Our representative will help you correctly complete the bank forms and answer the questions asked by bank employees to reduce the risk of being turned down to a reasonable minimum (no one can give you a 100% guarantee that the bank will onboard you – except for scammers).
A Peculiarity of Working with Serbian Banks
The banks in Serbia are very hospitable when it comes to cooperating with customers! However, there is one thing they want: you will have to prove that you are reliable. With that in mind, the bank employees will monitor the first transactions you make – and they will be very attentive to them.
What does it mean for you? Well, you have to keep in touch with the bank at all times (at least in the first month) to provide supporting documents and/or explanations as to your transaction within 24 hours. Failure to do so may entail transaction freezing, and you will have to answer even more questions after that.
Well, that may sound a bit tough, but you have to show your loyalty and reliability at the start, and the bank will show the same to you afterward! This point is truly important, and we know how inconvenient it may be for our clients to comply with this requirement. With that in mind, we offer a really good service: you can provide the contacts of our office in Belgrade, and the bank will contact it if it cannot reach you. We will answer all the questions, and your reputation will be preserved!
We will support the first few transactions (the most critical ones!) for free, and then you can extend the service for a reasonable fee.
Bank Fees
Our experts will provide updated information to you, but you may expect the following commissions for the banking services:
- Maintenance fee for a currency account: RSD 50 and more on a monthly basis.
- Maintenance fee for an account in RSD: RSD 250 on a monthly basis.
- Internal transfers within Serbia are free.
- Transfer to a legal entity’s account in the bank costs 0.1% of the amount, and this fee cannot be lower than RSD 200.
- Transfer in foreign currency to a personal account in another bank comes at 0.3% of the amount (at least RSD 300).
- External transfer within Serbia costs 1% of the amount.
- Transfers abroad come at 10 euros for amounts up to 5,000 euros, 20 euros for amounts up to 50,000 euros, and 30 euros for any amount above that.
- Receiving money from abroad will cost RSD 20 for amounts up to 100 euros, 0.2% (at least RSD 200) for amounts up to 5,000 euros, and 0.15% (at least RSD 5,000) for amounts above 5,000 euros.
Interested in opening a personal account in Serbia? Please click on the above link to get in touch with us and take a few simple steps to start the procedure!