Personal bank account for non resident
There are many international banks operating in Serbia. Below are a 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.
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 benefit, being that Serbia is on direct crossroad from West Europe to Turkey and far on to the middle east.
Key benefits of Serbian banking system:
Documentation and procedures
Documentation for opening bank accounts in Serbia is very simple, it consists of:
depending on jurisdictions are Certificate of Incorporation, Certificate of Good Standing, Certificate of Incumbency, NAR-1, basic source of funds documentation etc. The complete documentation must always contain the following information:
- personal data of the legal representative of the foreign company
- personal data of the shareholders
- number and value of shares
- address of the foreign company
- registration number of the foreign company
- full name of foreign company
- tax number of a foreign company
Procedure for opening bank account, depending on the structure, lasts 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, and formulates and implements monetary policies. It also manages foreign exchange services and supervises financial institutions and banks in Serbia.
Serbian banking system has lots of benefits, being that Serbia is on direct crossroad from West Europe to Turkey and far on to the Middle East. At end-March 2018, the Serbian banking sector numbered 29 banks, which is unchanged relative to end-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 clients a freedom of choice and it guaranties good conditions because of the competition in the banking market.
It is not widely known that after the collapse of Yugoslavia, it’s main successors Serbia, paid up all savings deposits in foreign currency in banks owed by the government. This unique act was not recorded anywhere in old Easter block.
Since Yugoslavia was one of the leaders in area of International trade, many bankers obtained practical knowledge in banking trade operations between Easter and Western worlds. Main business of banks in Serbia are commercial operations and such clients are highly welcome. The best thing is that you get premium service for a fraction of a fee that you will pay in most banks in European Union.
State deposit insurance agency:
“The deposit insurance system provides for a guarantee that every depositor shall be reimbursed for its total RSD and/or claims in foreign currencies arising out of the savings deposit, current account and other bank accounts, held with every bank, up to EUR 50,000 (insured amount – coverage level), regardless of the number of accounts of the individual depositor opened with the particular bank”
Frequently asked questions
Can a non-resident open a personal account in Serbia?
Yes, it is possible to open a bank account like a non-resident person.
Is it mandatory to be present when applying for a personal bank account?
No, it's not necessary. It is possible to do the process remotely.
Are there multi-currency accounts in banks in Serbia?
Certain banks have multi-currency accounts, while other banks open separate accounts for each requested currency.
How much does it cost to maintain a bank account?
From 5 EUR to 10 EUR per month, in some banks it can be less than 5 EUR.
Is there a limit to the amount sent to the account?
Banks in Serbia do not set a limit when it comes to the amount of the transaction.
Do banks in Serbia work through SWIFT?
Yes, banks in Serbia support the SWIFT payment system.
Is there a minimum deposit in the bank account?
There is no minimum deposit in Serbian banks.
Does the bank receive payments from Offshore jurisdictions?
Yes, payments from offshore jurisdictions are accepted in Serbian banks.
Does the account have to be authorized by Serbian citizen?
No, that is not necessary.
Is it possible to open an account in USD currency?
Yes, it is possible.
Is it possible to open an account in JEN currency?
Yes, it is possible to open accounts in Serbian banks in almost all foreign currencies.
Is it possible to activate e-banking for a personal account?
Yes, it is possible.
Is there support for the bank's clients in English?
Yes, there is support in English.
Is it possible to transfer money from a personal account in Serbia to a personal account in another country?
Yes, it is possible.
What includes supporting documentation required for money transfer?
It is usually sufficient to attach an invoice and / or a contract with the sender / recipient.