Bank Accounts in Serbia: the Good and the Not-So-Good

In the past, Serbia posed big risks to the global financial system because of money-related crimes like money laundering. So, it was put on the FATF blacklist as a place with high-risk financial activities. Yet, things changed for the better in 2019 when Serbia took effective measures to fix these issues. As a result, it got removed from the above blacklist. This showed that Serbia was committed to meeting international standards and being financially responsible.

Today, Serbia’s banking sector has turned around a lot and continues to get better. The overall business environment has also improved significantly, leading to strong economic growth. This positive change is largely because major countries like China and Germany have invested in Serbia, showing they believe in its economic potential.

Opening accounts in Serbia as a non-resident: maximize your finances

Opening a retirement fund or savings account can be highly beneficial for those about to spend extended periods of time in Serbia. Not only will it grant easy local access to your money, but also protect you from unpredictable exchange rate fluctuations.

Once you’ve maintained a Serbian bank account for at least 12 months, new opportunities arise. You can receive local payments, conduct transfers, and enjoy more withdrawal options.

Ever heard of Serbian endowments? They work like quasi-private foundations, offering privacy, asset protection, and tax planning advantages. Local banks are well-acquainted with these structures. It is a great choice if you plan to use a Serbian endowment for your banking needs.

Looking for multi-currency options? Serbian banks have got you covered. Alongside Serbian Dinar accounts, they provide access to a range of global currencies. If you seek a less traditional banking jurisdiction with currency diversity, Serbia could be the answer.

Although the benefits of a bank account in Serbia are many, you should keep in mind that these offerings vary between banks. So, be sure to check if the bank you choose provides the specific services, products, and benefits that suit your preferences before applying for an account.

With the right information and selecting the most suitable bank, opening a bank account in Serbia as a non-resident is completely within reach.

Banking in Serbia as a non-resident: know the challenges

Like in many other countries, opening a bank account in Serbia as a foreigner can be tough. Some of these challenges might worry you because they have the potential to limit what you can do with your account.

For example, if you don’t have an address in your home country, it could be hard for you to open an account in Serbia. Even if you manage to open one, there could still be some limitations on how you can use it in the future.

This is why it’s important to know about these challenges beforehand if you’re thinking of opening a bank account in Serbia as a foreigner. After all, caution is the parent of safety, and being informed will help you handle them better.

When you want to open a bank account in Serbia as a non-resident, be aware of the fact that not all banks there accept foreign customers. Some banks may even ask for an address in your home country, even if you don’t live there right now. To make things easier, it’s a good idea to do some research before choosing a bank and pick one that has experience with non-resident customers.

If you’re a foreigner in Serbia, you might face some restrictions on your banking services. For example, certain banks might not let you use online or mobile banking for the first 12 months after you open an account with them. If you need these services, think carefully about which Serbian bank to go with.

When you want to transfer money from your account, you may have to go to a physical bank branch. So, if you need online or mobile banking, keep that in mind when choosing a bank.

For non-resident business bank accounts in Serbia, the options are likely to be limited. Serbian banking regulators often see foreign non-resident companies as high-risk, so they put restrictions on letting them open accounts.

Just like banks in other countries, Serbian banks can freeze your account if they notice anything suspicious. In Serbia, they take it even a step further: if the bank contacts you with questions about following rules and you don’t reply within 24 hours, they can freeze your account. This is why staying in touch with the bank is crucial. However, we realize that certain situations, be they personal or business-related, might make it challenging. If you find yourself in such a situation, you can take advantage of our company’s services and appoint our Belgrade office as an additional contact point. If the bank is unable to reach you, they will contact us, and we’ll step in to help resolve any issues and protect your relationship with the bank.

In most cases, you can’t open a bank account in Serbia without being there in person. Sometimes there are exceptions, but it’s better to be ready for opening the account face-to-face.

In Serbia, they use their own money called the Serbian Dinar. So, if you’re looking for a bank account in Europe to transact in EUR, Serbia might not be the best choice. Yet, if you plan to live or work in Serbia, you’ll need an RSD account to get paid and handle your expenses.

The language might be a problem because people in Serbia mainly speak Serbian. Finding a banker who speaks your language might not be easy, but you can ask others who have opened bank accounts successfully for recommendations or focus on big cities like Belgrade.

Understandably, it might be a challenge to set up a bank account in Serbia if you are not a resident. In this situation, expert assistance will come in handy. With years of experience under their belt, Our professionals are always ready to come to the rescue. Regardless of how challenging your circumstances may be, they have a solution for every need.