Banking and bank accounts » Welcome to Serbia

Banking and bank accounts

There are many international banks operating in Serbia. Below you can find the list of the major banks that are currently here:

Western Europe: Banca Intesa, Unicredit, Erste, Raiffeisen bank, Societe Generale. Russia: Sberbank, VTB, Expobank. Turkey: Halkbank. UAE: Mirabank. China: Bank of China.

What is particularly attractive is that Serbia does not have CRS reporting, meaning that this is one of the few places where privacy still exists.

Why Banking in Serbia

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.

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Key benefits of Serbian banking system:

  • Stable & cross-functional banking system, 29 banks divided in 7 groups (Local, EU, Russian, American, Turkish, UAE & one bank from China)
  • Account available in USD, EUR, CHF, TRY, RUB, GBP, CAD, DKK, JPY, SEK.
  • Premium services like Letter of Credit, Bank Guarantee nonstandard SWIFT payments, also available.
  • Basic E-banking Services (support available in English), mBanking, Debit cards
  • Easy sale with Serbian banks E-commerce service.
  • Back to back (cash deposit) loans through Serbian legal entities
  • State deposit insurance
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    Documentation and procedures

    Documentation for opening bank accounts in Serbia is not complex, it consists of:

  • Bank forms
  • Personal documentation of physical persons, passports and proof of address (personal and corporate accounts) - depending on jurisdictions several types of documents can be required: Certificate of Incorporation, Certificate of Good Standing, Certificate of Incumbency, NAR-1, basic source of funds documentation etc.
  • Corporate documentation
  • Complete documentation must always contain the following information:

    • personal data of a legal representative of a foreign company
    • shareholders' personal data
    • number and value of shares
    • address of a foreign company
    • registration number of a foreign company
    • full name of a foreign company
    • tax number of a foreign company

    Procedure for bank account opening, depending on company's structure can last from 5-15 days.

    Serbian banking system in general

    The National bank of Serbia is the central bank of the country. Founded in 1884, the NBS aims to achieve and maintain price stability, as well as it formulates and implements monetary policies.
    NBS also manages foreign exchange services and supervises financial institutions and banks in Serbia.

    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.
    At the end of March 2018, the Serbian banking sector numbered 29 banks, and this hasn’t changed since the end of 2017. The organisational network consisted of 1,633 business units and employed a total of 23,095 persons. Banks could be divided in seven groups Local, EU, Russian, America, Turkish, Dubai and one Chinese bank. This gives us a freedom of choice and it guaranties good conditions due to the competition on the banking market.

    t is not widely known that after the collapse of Yugoslavia, its main successor Serbia, paid up all saving deposits in foreign currency to the banks owed by the government.
    This unique act was not recorded anywhere in old Eastern Bloc

    Since Yugoslavia was one of the leaders in the area of international trade, many bankers obtained practical knowledge in banking trade operations between Eastern and Western worlds.
    Commercial operations are the main business of banks in Serbia and those clients are highly welcomed.
    The best thing is that you get premium service for a fee that is less than in most banks located in European Union.

    National Bank

    State deposit insurance agency:

    “The deposit insurance system provides a guarantee that every depositor shall get a compensation for its total amount in RSD and/or foreign currencies (upon request) held in a savings deposit, current account and other bank accounts up to EUR 50,000 (insured amount: coverage level), regardless of the number of accounts of the individual depositor in a particular bank”

    In which bank can I open a bank account?

    However, bank compliance is still required. Opening a bank account for a company registered in Serbia is simple. For a foreign company opening a bank account will depend on the jurisdiction of the company. This is difficult to do on a global level, so we cannot give a guarantee that a Serbian bank will open an account. It is easier for a company from the EU to open a bank account and it has a greater chance of success. Is personal presence required in order to open a bank account? If so, which customers and which representatives of the company should visit the bank? We can open all accounts with power of attorney certified by a notary. What are the requirements for the initial deposit? What are the payment deadlines? Is it possible to withdraw cash from company’s accounts? There is such a possibility, but the transaction must be justified. All banks listed below have a branch office in other countries, except AIK Bank, which is a domestic Serbian bank.

    Do these Banks have a branch office in other countries?

    All Banks listed have a branch office in other countries, except AIK Bank which is a domestic Serbian Bank.

    Is there any possibility for opening a bank account in Serbia?

    For Serbian branch office of a foreign company, which does not have legal entity in Serbia, opening a bank account is possible. However bank compliance is still necessary. Opening a bank account for company registered in Serbia is straightforward. For a foreign company opening a bank account, this will depend upon the jurisdiction of the company. This is difficult to do worldwide, so we cannot give a guarantee that a Serbian Bank will open an account. For a company from the EU opening a Bank account is easier to do and has a greater chance of success.

    Is there a personal presence needed to open a bank account? If so, for which customers and which representatives of the company should appear?

    We can open all accounts with notarized power of attorney. The client must be present for personal account openings.

    What types of accounts can I open?

    All accounts are general-purpose accounts.

    What is the opening deposit?

    No initial deposit is required.

    What are the costs of incoming and outgoing payments, including urgent and internal payments?

    Up to 0.2% with a max of 200 euros for one payment.

    What are the deadlines for payments?

    1-2 days.

    Is it possible to receive cash from the company’s accounts?

    There is a possibility, but the transaction must be justified.

    What language is used for e-banking service?

    E-banking service is in English.



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