Personal Bank Account

Personal Bank Account For Non-Residents

Serbian banking system has lots of benefits, due to the fact that Serbia is located at the crossroads of Western Europe, Turkey and far on to the Middle East.

Foreign citizens in Serbia can easily open a bank account if they respect all the conditions imposed.

personal bank account in Serbia can give you access to a wide spectrum of banking services. Besides, if you are interested in it, you can also acquire professional consultations from best European financial advisors. They can help you plan your finances and optimize your financial flows, as well as suggest investment opportunities from both local and international markets.

You will have to pay a personal visit to Serbia in order to open a personal bank account here. We will gladly assist you with visiting the bank, filling out the forms and completing other necessary documents. Each case is different – there is no standard checklist, and no one bank that is best for all our clients.

For all our customers we provide an online personal account on our website, where you can track the whole process of our work, upload documents and receive statements.

Process of opening bank account in Serbia

As a non-resident, a natural person can open a bank account in Serbia by personally initiating the procedure in the bank. This is especially important for people who apply for temporary residence in Serbia on the basis of employment, since their salary is paid through this account.

After the request for opening and maintaining the bank account is filed at the bank, it takes a few days for the bank to approve the client.

Upon approval, you would be requested to come to the bank again to sign all of the documents and collect a copy of your contracts. From that day, your bank account is active. It usually takes the bank a few days to issue the cards you choose. Depending on the tariff package, users can get a Dina card, which is a means of payment that can be used in Serbia, and a Master Card, or Visa card, which can be used in other countries.

Fees for opening a non-resident bank account and transaction costs

Overall, the banks operating under the regulations of the Republic of Serbia have lower transaction costs for international transfers. Although they differ from bank to bank, a common example would be 0.4% or a minimum of 5 EUR.

Also, the bank fees for maintenance of an RSD bank account are exceptionally low, ranging from 5 to 10 EUR, whereas the maintenance of a foreign currency bank account is free of charge.

Documentation for opening bank accounts

  • Personal documentation of physical persons, passports and proof of address
  • Internal Bank forms
  • In case you want to do the process remotely we need a specialized Power of Attorney and a copy of your passport. In case you will be present for the opening we just need your passport, and we will help you fill the bank forms. Some banks may ask for additional documents, like origin and proof of funds.

Features, Differences, Tips, Pitfalls, and Best Serbian Banks for Non-Residents

Top questions about opening bank account:

Is it possible to open an account as individual person (not a company) and can you assist with this as well?

It is possible to open an account as individual person and we do provide assistance with this.

There are two ways of handling the account opening procedure in case of individuals:

1. with the personal presence of the client in Serbia

2. without the personal presence of the client, when we act based on power of attorney verified and sent by client.

How long does it take to open an account?

In case of individuals, opening process takes around 4 days, while card issuance additional 7-10 days.

In what currencies can I open the bank account?

You can open an account in RSD, USD, EUR, CHF, TRY, RUB, GBP, CAD, DKK, JPY, SEK.

Do banks in Serbia work through SWIFT?

Yes, banks in Serbia support the SWIFT payment system.

How can I manage my non-resident bank account?

There is no need to worry, as you can manage your bank account from anywhere in the world. Namely, the bank can issue debit cards, Visa, Master Card or DINA Card, which you can use at any convenient ATM, as well as for payment.

Serbian banks also offer online banking and mobile banking, with which your access to the account is always at your disposal.

You can always transfer money from the non-resident bank account to your other bank accounts in Serbia or any foreign country.

Is it illegal to have an offshore/foreign bank account?

Having a non-resident bank account is legal in Serbia, however, the repercussions are carried by the client, and they differ from country to country, depending on the regulations in each foreign state.

Furthermore, whether your country will be notified of the fact that you have a non-resident account opened in Serbia and what other information it expects regarding the account activity depends on the foreign country in question.

For that matter, Serbia is a member of the Egmont group, and participates in the activities of the Eurasian group for the prevention of money laundering. The activities in these bodies imply general cooperation and commitment to preventing money laundering within their members.

On the other hand, Serbia has the most specific cooperation with the US, given the fact that the two countries entered the bilateral treaty regarding the recognition of the FATCA regulations in Serbia.

As a country striving to become a member of the European Union and a member of the European Council and its Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, over the years, the Republic of Serbia has adopted several regulations on the foreign currency transactions, international transfers among which the most important one is the Law on the Prevention of Money Laundering and the Financing of Terrorism. Under this Law, apart from keeping the data on their clients, the information on the bank account beneficiary and transaction activities are also kept for 10 years.

Despite the different requirements and obstacles that can be found on the way to a non-resident account in Serbia, the fact is that more and more people are choosing this option.

Is there a minimum deposit in the bank account?

There is no minimum deposit in Serbian banks.

Is it possible to transfer money from Serbia to Russia or is there a risk that these transfers will be blocked because of the sanctions?

Bearing in mind the current situation regarding sanctions, transactions from Serbia to Russia (and vice versa) are possible mostly in RUB and EUR currency. We recommend our clients not to transfer funds in USD.

Are there currently any sanctions in force against Russia, Russian companies or individuals limiting them to open bank accounts?

Serbia as a country has not introduced any type of sanctions toward Russia,  Russian companies or individuals,  however majority of banks operating in Serbia are extension of EU banks, which despite lack of sanctions will follow guidelines dictated by their country of origin. Luckily several banks without EU origin here do accept Russian clients, most notably API Bank and Expo Bank.

Is Serbia in the CRS system?

No, Serbia is not a part of the CRS system.

Is it possible to open a merchant account in Serbia?

Yes, it is possible.