Personal bank account for non resident

Opening a personal bank account in Serbia is a significant step for effective financial management, especially if you plan on an extended stay or business engagement in the country. The process can be complex and may require substantial effort. Our company offers professional assistance to streamline the account opening process, ensuring your comfort and convenience

Why you should open a personal bank account in Serbia?

1. Stable banking environment: Serbia features a well-regulated banking sector with a robust legal framework, ensuring the security of your funds. Continuous improvements in financial institutions provide a reliable banking experience. 20 banks divided in 7 groups (Local, EU, Russian, American, Turkish, UAE & one bank from China)

2. Strategic location: 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. Located at the crossroads of Europe, Serbia offers easy access to international markets and the possibility to transfer funds in USD, EUR, CHF, TRY, RUB, GBP, CAD, DKK, JPY, SEK, CNY, and many other currencies. A bank account here can facilitate cross-border transactions to support your personal or business needs.

3. Growing economy: Serbia’s rapidly developing economy presents numerous opportunities for investment and growth. Recently, Serbia was awarded a BBB credit rating by S&P, placing it on the list of countries with an investment rating. Having a local bank account can be beneficial for personal and business ventures in this dynamic market.4. Absence of CRS Reporting: Serbia’s lack of participation in the Common Reporting Standard (CRS) makes it an attractive destination for those seeking financial privacy. Without the obligation to report financial account information to foreign tax authorities, individuals and businesses can conduct their banking activities with greater confidentiality. This unique environment positions Serbia as one of the few places where privacy still exists in the financial landscape.

5. Comprehensive Banking Services: Serbian banks provide essential services such as e-banking (with English support), mobile banking, and debit cards, ensuring convenient access to your accounts and transactions. In addition to basic offerings, banks also provide premium services like Letters of Credit, Bank Guarantees, and nonstandard SWIFT payments, giving customers greater flexibility for their financial needs. Serbia is becoming part of SEPA from 2025.

6. 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.

7. Back-to-Back (Cash Deposit) Loans through Serbian Legal Entities: Back-to-back loans are a financing mechanism that allows businesses to access funds secured against cash deposits held in a bank. In Serbia, this process involves a legal entity that deposits cash into a bank account, which then acts as collateral for the loan. This arrangement benefits businesses by providing quick access to liquidity without the need for extensive credit checks. It can be an attractive option for companies looking to finance operations or investments while minimizing risk. The terms are typically favorable, and the interest rates may be lower compared to unsecured loans, making it a viable solution for many Serbian businesses.

8. Easy Sale with Serbian Banks’ E-Commerce Service: Serbian banks offer robust e-commerce services that enable businesses to sell their products and services online effortlessly. With these services, companies can set up secure online payment gateways, allowing customers to make purchases directly from their websites. This feature not only simplifies the transaction process but also enhances customer experience by offering various payment options. Additionally, these services often include tools for managing sales, tracking inventory, and analyzing customer behavior, which can help businesses optimize their online presence and increase sales. By leveraging these e-commerce solutions, businesses in Serbia can expand their market reach and improve their overall sales strategy.

Bank Account Opening Procedure

1. KYC and Choosing the right bank:
   The first step involves “Know Your Customer” (KYC) checks, which are necessary for identity verification and compliance. During this stage, you’ll want to select a bank that best fits your needs. Consider factors such as fees, services offered, and the bank’s reputation. It’s important to ensure that the bank aligns with your financial goals.
2. Forms and questionnaires:
   Once bank is chosen, we will complete various forms and questionnaires. These documents will require personal and financial information to establish clients‘ identity and assess their banking needs.
3. Bank correspondence:
   After submitting the forms, there may be ongoing correspondence with the bank. This could involve answering additional questions or providing further documentation to support We stay responsive to ensure the process moves smoothly.
4. Meeting and signing contract with bank:
   The final stage is getting approval and meeting with a bank representative in person. During this meeting, we will review the account terms and conditions. Once everything is satisfactory, client signs the contract, officially opening his account.

Once account is opened, the bank may provide client with a Master or Visa debit card, enabling convenient fund management.

Important Note: While account information can be accessed via Internet banking, banking (wire) orders must be executed in person or through a power of attorney at the bank due to currency control regulations for non-resident personal accounts.

Count on us!

1. Extensive experience and expertise: Our team possesses a wealth of knowledge in the private banking sector, with significant experience in both Western and Eastern European markets. This unique perspective allows us to provide tailored financial solutions, ensuring you receive exceptional service and insights.
2. Personalized consultation & basic strategy for banking operations: We prioritize understanding your financial needs and goals. Our experts offer personalized advice on the best account options, whether for savings, current, or other account types.

3. Paperwork and application support: We simplify the document gathering process, ensuring you have all necessary paperwork completed accurately and efficiently, so you avoid last-minute complications. We are dedicated to making the account opening process as simple and convenient as possible.

For any questions or to utilize our services, please contact us for further information and consultation.