Banking Services in Serbia: Opening a Personal Account in a Serbian Bank

Not only citizens of the country but also non-residents can open a personal account in a Serbian bank without the need to present a local residence permit. We offer a service for opening a personal account with a bank in Serbia and accept payments in EUR, USD, GBP, and other currencies.

Why Serbia

The Serbian banking system is overseen by the National Bank of Serbia, ensuring thorough supervision and control, thus enhancing the stability and dependability of financial institutions.

Opening a personal bank account in Serbia is a straightforward process for non-residents, making it a popular choice for foreign investors and individuals seeking convenient and stable banking services.

The Serbian banking system offers several additional benefits, such as:

• Interest rates. Favorable interest rates on deposits can benefit clients seeking to preserve and grow their capital.
• Comparatively low operating expenses. The cost of banking services, such as account maintenance and transaction processing, is often much lower than in other Western financial institutions.
• Innovative technologies. Many Serbian banks actively implement innovative solutions such as blockchain and artificial intelligence, improving service quality and operational security.
• Deposit protection. Serbia has a deposit insurance system that safeguards customers’ funds in case of a bank’s bankruptcy, boosting confidence in the banking system.

Having an account in a Serbian bank allows non-residents to access European and global financial markets. Serbia has free trade agreements with the European Union and other countries.

The SWIFT (Society for Worldwide Interbank Financial Telecommunications) system enables international banking operations across countries, including Serbia, facilitating interbank transactions.

How to Choose the Best Bank

For an account in a Serbian bank to provide the maximum benefit to its owner, it is necessary to choose the right bank. The credit and financial institution with which we offer cooperation was selected among all others according to the following criteria:

• reputation and reliability
• list of services and products
• availability of commissions and tariffs
• the ability to remotely manage accounts
• favorable conditions for non-residents
• security
• support for innovative technologies

An important criterion is the quality of customer support in this bank. A personal manager services non-resident clients, significantly speeding up task resolution.

Read on: VIP Offshore Banking: Details.

Why do you Need a Personal Account with a Serbian Bank?

A personal account with a Serbian bank can be used to send and receive international transfers. This is ideal for paying for goods and services abroad and receiving funds from international customers or partners. Individuals who own property in Serbia can also use the account to pay for utilities, rent, taxes, and other expenses.

A bank account can also be an investment instrument for investing in Serbian real estate, stocks, and bonds. Serbia offers numerous investment opportunities with potentially high returns.

You can manage your account from anywhere in the world using online banking. With the help of the tool, you can:

• make payments
• check the balance
• perform other transactions

Serbian banks provide currency conversion services, which can be advantageous for managing currency risks and conducting transactions in different currencies.

With a personal account at a Serbian bank, you can quickly transfer funds within the country.

Having opened an account with a bank in Serbia, you can expect the following advantages when cooperating with us:

• insurance of deposits for up to 50,000 euros
• the ability to withdraw funds in RSD or another currency at ATMs
• the ability to make transfers in the most significant currencies: USD, EUR, GBP, CAD, AUD, CHF, NOK, SEK, CN
• Use SWIFT and Eurogiro systems
• order the issuance of credit or debit cards
• resolve issues with the personal manager

In addition, payments from local and foreign banks can be sent and received. A particular application is provided for account management.

You may also be interested in opening an account with a bank in Liechtenstein.

Personal Presence

A personal presence is necessary to open an account at a Serbian bank.

• Personal identification
• Signing the documents
• Discussion of account opening details

Sometimes, a bank may request additional documents or information that can be better delivered in person to speed up the process.

Documents for Opening an Account 

A non-resident will be required to produce the following documents:

• profile: passport
• European residence permit (if any, optional)
• documents confirming the address of residence abroad and in Serbia (utility bill, bank statement)
• a document confirming the legal origin of funds
• completed application form (can be completed on-site with our help)

Sometimes, the bank may ask for extra documents such as a certificate of employment or income, taxpayer identification number, photos of specific dimensions, and more. The bank may also inquire about the reason for opening the account.

We need to finalize the date for the visit to Serbia and the bank with our representative at least ten days before submitting the documents. Our representative will assist the client throughout the entire process.

Our representative will help you fill out an application to open an account and assist in answering any questions from the bank employees. This will minimize the likelihood of being refused to open a bank account. It’s worth noting that the Serbian bank is happy to work with clients from Russia and Belarus.”

Points to Keep in Mind

It’s important to note that to gain the bank’s trust, you need to demonstrate positive activity. This can be achieved by making regular transactions with your bank account, especially in the initial days. Serbian financial institutions take their reputation seriously, and the institution we seek to collaborate with is no different. This responsibility and commitment are crucial for maintaining a smooth banking relationship.

We advise you not to ignore any messages or requests from the bank. If you receive a request from them, staying in touch with bank employees is essential. They can help clarify any information or request additional documents related to your transactions. It’s best to respond within the first day after receiving the request. Delaying your response may raise suspicion with the bank and could result in your account being blocked.

Why a Serbian bank may require additional information on transactions:

• Serbian banks must comply with international standards and norms as they are part of the global financial system
• Compliance with the regulations of the National Bank of Serbia is necessary to avoid sanctions and fines
• Stringent risk management measures include additional screening of non-residents, as these clients typically lack local history and have connections to foreign jurisdictions
• Compliance with international sanctions and requirements established by international organizations (UN, EU, and Financial Action Task Force)
• The fight against money laundering and terrorist financing requires more thorough verification of transactions by non-residents to prevent the use of the Serbian banking system for illegal purposes
• Fraud protection includes preventing the use of false or stolen documents

Compliance with the KYC procedure requires banks to identify and verify their clients, understand the nature of their activities, and determine the source of funds.

When the institution detects a suspicious transaction, it promptly contacts the client to request clarification. Therefore, it is recommended that you stay in touch and regularly check the bank’s official mailbox for any communication.

To ensure no correspondence is missed, you can designate our Belgrade office as an additional communication channel with the bank. This means our employees will monitor all requests and address any issues with the bank to uphold the client’s reputation.

By the way, we process the initial critical transactions for free. Subsequent transactions will incur an additional fee.

Tariffs and Fees of the Serbian Bank

Primary data at the time of publication of the article:

• monthly payment for a foreign currency account — from 50 RSD
• monthly payment on account in dinars — 250 RSD
• transfers in euros within the bank — free of charge
• fee for external transfer of funds in euros to the account of another bank — 1%
• transfer in euros to the company’s account — 0.1% of the amount, but not less than 200 RSD
• transfer in euros to own account or account of third parties in another bank — 0.3%, but not less than 300 RSD

Fees for outgoing international transfers:

• an amount of more than 50,000 EUR — 30 EUR
• up to EUR 50,000 — EUR 20
• up to EUR 5,000 — EUR 10

Fees for incoming international transfers:

• amount more than 5,000 EUR — 0.15% of the total amount, but not more than 5,000 RSD
• amount up to 5,000 EUR — 0.2% of the amount, but not less than 200 RSD
• amount up to 100 EUR — 20 RSD

The exact pricing needs to be clarified with our experts, as the bank’s tariffs and fees are subject to change.

Stages of opening an account with the Bank of Serbia:

1. You are contacting our portal experts to request the opening of an account at the suggested Serbian bank. The application will be processed promptly.
2. In the next step, you will need to pay 3,000 EUR for our services.
3. The necessary documents are being gathered and prepared. Our experts assist with completing the application correctly and review all other documents to minimize the risk of rejection.
4. Please note that your visit to Serbia is scheduled for document submission and in-person communication with the bank’s staff. Our representative will accompany you throughout the process to assist with any questions and form completion if needed.
5. Arrival in Serbia, submission of documents, and filling in all necessary documents.
6. Obtaining approval from the bank and opening an account.

You can immediately use a personal bank account opened in a Serbian bank. Conducting simple and transparent transactions in the first few days is essential to build trust with the financial institution.

If you need to open an account at a Serbian bank, please get in touch with the experts on our portal. The entire process will be quick, and you will have the opportunity to experience all the benefits of a banking instrument integrated into the international financial system. We can also assist in opening accounts for companies if needed.

It’s important to note that foreign banks are increasing their requirements for applicants from other countries due to global crises and stricter international regulatory policies. As a result, it’s becoming more challenging for non-residents to open a bank account in Serbia without professional assistance. Thorough document preparation, understanding of details, and language support from our representative can significantly improve the likelihood of a successful outcome. Contact us today for more information!