When it comes to entrusting your money and using a convenient method of its management, the choice of a jurisdiction and a bank becomes crucial. Serbia is one of the destinations that we highly recommend if you want to open a personal or corporate bank account. The Balkan country has a robust banking sector that provides high-quality services (on a par with the best European banks) at prices that are much lower than in Western European countries. You will be able to set up an account in RSD (Serbian dinars) or in other currencies. Serbian banks work with US dollars, euros, pound sterling, and other popular currencies. Non-residents are welcome, and they don’t need to have a residence permit in order to set up an account with a local bank. However, a personal visit to the bank is a must. If you need more information or an expert who will help you set up a Serbian bank account, please click on the link to the portal.
Reasons to Open a Bank Account in Serbia
Serbia is a financial, logistics, and trading center that willingly accepts non-resident customers who need banking services. The country cooperates with all states and remains neutral under the present-day circumstances.
The banks in Serbia will offer their clients a wide range of high-quality services. The banking sector is well-developed, and the local institutions have a lot of experience in catering to the needs of Serbian residents and the citizens of other countries.
Here are the main takeaways of setting up a personal bank account in the Republic of Serbia:
- You will be able to address all issues with your personal manager.
- Cash can be withdrawn in Serbian dinars and other currencies at ATMs across the globe.
- Banks issue debit and credit cards for convenient payments with really favorable service conditions.
- You will be able to make seamless transfers to any country in the most popular currencies, including CNY, SEK, NOK, CHF, AUD, CAD, RUB, GBP, EUR, and USD.
- It will be easy to send and receive payments from local and foreign bank accounts
- Deposits up to 50,000 euros are fully insured (Serbia is not an EU member yet, and it has its own insurance system)
- You will be able to manage the funds on your account from wherever you are using a convenient banking platform or a mobile app.
- Transfers from accounts abroad to your Serbian account can be made using SWIFT or Eurogiro.
Documents To Be Submitted
Here is a list of basic documents you will need to open a bank account with a Serbian institution:
- Proof that your funds come from legal sources.
- A passport or any other ID.
- Duly completed bank forms (these are filled on-site in the bank in two languages, English, and Serbian).
- Proof of residence (you can provide a bank statement or a utility bill with your name and address on it issued no more than three months ago).
- If you are an EU resident, you will need to submit an ID card or a residence permit from the relevant EU state
The bank may request additional documents if it has to check something.
If you see some potential problems, you can have an expert who will be near you to help you fill out the forms in Serbian if you don’t know the language or instruct you on how to answer the bank manager’s questions.
A Peculiarity of Working with Serbian Banks
Any Serbian bank will be ready to work with you no matter what country you come from – on the condition that you are a reliable customer. However, you have to win this reputation in the first weeks.
What should be done? Well, you will need to stay in touch with the bank during the first month all the time and provide documents or explanations they may need within 24 hours. If you fail to do so, your transaction may be frozen, and the bank will have even more questions.
And though such close attention to your transactions does not last for a long time, many customers find it a little inconvenient to stay in touch on a 24/7 basis. Fortunately, there is a way out: you can appoint a local office in Belgrade as a second point of contact. If they cannot reach you, they will get in touch with our employees to get answers to all the questions. The good news is that the service is free for the first transactions (which prove to be the most critical), and then you can extend it for a small fee.
Interested in the opportunity? Feel free to click on the link above and discuss the details with an expert using the live chat or any other means of communication.
Bank Commissions
The rates can be changed at any time, so you’d better follow the link and ask an expert for updates. However, approximate commissions are as follows:
- Monthly maintenance fee (an account in foreign currency) – RSD 50 and more
- Monthly maintenance fee (an account in RSD) – RSD 250
- Transfers in euros within Serbia:
- Internal transfers are free
- Transfer to a business account in the bank comes at 0.1% from the amount, but cannot be less than RSD 200.
- Transfer to a personal account in a foreign currency to another Serbian bank costs 0.3%, but no less than RSD 300
- External transfers (that is, transfers to the account opened with another provider of payment services) come at 1%.
- Transfers to foreign countries:
- Amounts up to 5,000 euros come at 10 euros
- Amounts up to 50,000 euros come at 20 euros
- Amounts over 5,000 euros come at 30 euros
- Receiving transfers from foreign countries:
- Up to 100 euros: RSD 20
- Up to 5,000 euros: 0.2%, but no less than RSD 200
- More than 5,000 euros: 0.15%, but no less than RSD 5,000
Conclusion
Serbian banks are really convenient instruments that will keep your finances in order. If you want to have an account with a European bank without the need to make high deposits or pay high fees (like in Switzerland), we highly recommend Serbian banking. Please follow the above link to learn more or discuss your questions with an expert.