Banking difficulties for non-residents | Serbia

Banking difficulties for non-residents

In recent time, non-residents have reported increasing difficulties when working with banks in Serbia. This has been particularly problematic for individuals who need to transfer funds to accounts abroad, or who rely on e-banking to conduct financial transactions. Some of the challenges that non-residents face when working with banks in Serbia include the need for a “fresh” white card from the Ministry of Internal Affairs, restrictions on using e-banking to initiate transactions, and the need for confirmation from tax authorities when transferring funds abroad.

„Fresh“ white card

One of the most significant challenges facing non-residents in Serbia is the need for a “fresh” white card from the Ministry of Internal Affairs. This card is essentially a document that verifies a person’s identity and residency status in Serbia. Non-residents who wish to conduct any tipe of transaction with banks in Serbia must have a valid white card, and the card must be “fresh” (i.e., issued within the last month).

This can be a cumbersome process for non-residents who do not live in Serbia full-time, as it requires them to rent an apartment every time they visi Serbia and get a „white card“ from the Ministry of Internal Affairs in person, as a tourist „white card“ is not valid for the banks.

E-banking restrictions

Another challenge facing non-residents in Serbia is the restriction on using e-banking to initiate transactions. Most of the banks in Serbia do not allow non-residents to use e-banking to initiate transactions. This can be particularly problematic for individuals who need to transfer funds quickly and efficiently, as it often means that they must visit a bank branch in person to initiate the transaction. This can be a time-consuming process, particularly for non-residents who do not live in Serbia full-time or have a residence permit.

Transferring funds abroad

Finally, non-residents in Serbia may also face challenges when transferring funds abroad. In many cases, banks in Serbia require confirmation from tax authorities before allowing a non-resident to transfer funds to an account abroad. This can be a significant problem for non-residents, as it requires them to navigate complex tax regulations and may result in delays or additional costs.

In summary, working with banks in Serbia can be challenging for non-residents, particularly when it comes to transferring funds abroad or using e-banking to initiate transactions, that is why it is highly recommended to obtain a residence permit in one of several ways, most popular being company formation and real estate investment, and get full access to Serbian flexible banking system.

Welcome to Serbia can offer full legal and administrative support in the process of obtaining temporary residence in Serbia, as well as professional advice and solutions to all bank-related matters in Serbia.

Contact us for more information at nb@welcomtoserbia.org or +381 60 1849443 (Whatsapp, Viber, Telegram).

Nina Barudžija

Client Advisor