Do you need a trustworthy bank to manage your finances? International Wealth will gladly assist you in opening a personal bank account in Serbia. You have the option to establish an account in RSD or other currencies like EUR, USD, RUB, and GBP. Non-residents are welcome, as no residence permit is required, but keep in mind that you will have to visit the bank in person.
Advantages of Serbian banking for non-residents
A key trading, logistics, and financial hub, Serbia offers services to clients worldwide. The country embraces a cooperative policy with all parties, which makes it an attractive destination for banking.
Serbian banks provide high-quality services and have extensive experience working with both local residents and foreigners. For your convenience, here are the benefits of opening a personal bank account in Serbia:
- Account Options: Open a personal bank account as a non-resident or local resident in RSD or other currencies.
- Deposit Insurance: Deposits up to EUR 50,000 are insured by Serbia independently as it is not yet part of the EU.
- Payment Flexibility: You can send and receive payments from local and international accounts.
- Currency Transfers: Customers are welcome to make transfers in major currencies, including USD, EUR, GBP, RUB, CAD, AUD, CHF, NOK, SEK, and CNY.
- Convenient Banking: You have an opportunity to access debit and credit cards, withdraw cash in RSD or other currencies at ATMs, and manage your account via Internet banking and mobile apps.
- Personalized Service: A personal manager will assist you if necessary.
- International Transfers: There is an option to transfer funds from foreign accounts using SWIFT and Eurogiro.
One thing is for sure: opening a personal bank account in Serbia offers a blend of convenience, security, and flexibility, and hence is a smart choice to manage your finances.
Your checklist for setting up a bank account in Serbia
To open a personal bank account in Serbia, you will need the following documents:
- Identification: A passport or another valid ID.
- EU Residents: A residence permit or an ID card from the respective European country.
- Proof of Residence: Typically, it is a utility bill no older than 3 months.
- Proof of Legal Origin of Funds: Documentation showing the source of your funds.
- Bank Forms: Completed on-site in both English and Serbian.
The bank may request additional documents if necessary.
Assistance from International Wealth
We will assist you in accurately completing the forms and addressing any questions from bank employees to minimize the risk of refusal. However, the final decision rests with the bank.
A representative from International Wealth will accompany you during your bank visit. Please schedule it at least 10 working days in advance.
Build a reliable reputation with Serbian banks
Serbian banks are open to working with clients globally, but establishing yourself as a reliable client is crucial. This begins with your initial transactions after the account is set up.
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Stay in constant communication
During the first few weeks or months, maintain regular contact with the bank. Be prepared to provide explanations and/or documents regarding transactions within 24 hours of any request. Failure to do so may result in your transfer being frozen and additional questions from the bank. Repeated issues could lead to an account closure.
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Use International Wealth services
To avoid potential communication issues, especially if personal or business matters might prevent you from staying in touch, consider using International Wealth services. Appoint our Belgrade office as an additional point of contact. If the bank cannot reach you, they will contact us, and we will help resolve the matter, ensuring that your reputation with the bank remains intact.
NB: This service is free of charge for the first few critical transactions, with the option to extend it for an additional fee.
Banking costs in Serbia: what to expect
Opening a personal bank account in Serbia comes with various fees. For a currency account, the monthly fee starts from RSD 50, while for an RSD account, it is RSD 250.
When it comes to EUR transfers within Serbia, internal transfers are free. However, transferring funds to the account of a legal entity within the same bank incurs a fee of 0.1% of the transfer amount, with a minimum charge of RSD 200. Transferring funds to a personal account in foreign currency in another Serbian bank or to a currency account of a family member up to the third degree of kinship costs 0.3%, with a minimum fee of RSD 300. External transfers to accounts with other payment service providers are charged at 1%.
For international transfers, the fees are as follows:
- Up to EUR 5,000: EUR 10
- Up to EUR 50,000: EUR 20
- Over EUR 50,000: EUR 30
Receiving funds from abroad also incurs charges:
- Up to EUR 100: RSD 20
- Up to EUR 5,000: 0.2% of the amount, with a minimum fee of RSD 200
- Over EUR 5,000: 0.15% of the amount, with a minimum fee of RSD 5,000
We hope the above information is useful for you to understand the costs associated with managing your bank account and conducting transactions in Serbia.
Steps to open a bank account in Serbia
To make things easier for you and potentially reduce your stress, the International Wealth team has come up with a simple algorithm for you to seamlessly set up an account with a Serbian bank:
- Consult with Experts: Reach out to International Wealth experts to get answers to your questions and access our services.
- Service Payment: Pay the support fee for opening a personal bank account in Serbia.
- Document Preparation: Gather and prepare all necessary documents, then coordinate with the International Wealth team for approval.
- Schedule Your Bank Visit: Set a date for your visit to the Serbian bank. You must be present in person, and our representative will accompany you.
- Submit Forms and Documents: Complete the bank forms, submit your documents, and await the bank’s decision.
- Activate Your Account: Once approved, start using your Serbian bank account.
Further questions? Reach out to International Wealth!
Need further info? You are welcome to email our consultants or reach out to International Wealth through any other method that is convenient for you.
