In search of a trustworthy bank to protect your savings? International Wealth will guide you through opening a personal bank account in Serbia! Note that you can opt for an account in RSD or any other currency. Serbian banks work with multiple currencies, including EUR, USD, GBP, and more. No residence permit is necessary, which makes it easy for non-residents to open an account. However, you will have to visit the bank in person to finalize the process.
Why Serbia is the ideal choice for personal banking
A key player in global trade, logistics, and finance, Serbia renders services to clients worldwide. With its cooperative approach, the nation creates a welcoming atmosphere for global enterprises.
Serbian banks are known for their high-quality services and extensive experience with both local customers and non-residents. Here are the advantages of opening a personal bank account in Serbia:
- Account Flexibility: You are welcome to open an account in RSD or any other currency.
- Deposit Protection: Deposits are insured up to EUR 50,000 and managed independently as Serbia is not part of the EU.
- Payment Capabilities: Customers can send and receive payments from local and international accounts.
- Currency Transfers: There is an option to transfer funds in major currencies like USD, EUR, GBP, RUB, CAD, AUD, CHF, NOK, SEK, and CNY.
- Banking Convenience: It is possible to use debit and credit cards and withdraw cash in RSD or other currencies at ATMs.
- Personalized Assistance: Clients may choose to have a personal manager.
- International Transfers: SWIFT and Eurogiro are used to transfer funds from foreign accounts.
- Digital Management: Managing accounts via Internet banking and mobile apps is an option.
The above Serbian bank gives you access to a strong financial system designed to meet various customer needs.
Documents necessary to set up a bank account in Serbia
To open a bank account in Serbia, you’ll need the following documents:
- Identification: A passport or another valid ID.
- EU Residency: A residence permit or an ID card from the respective European country.
- Proof of Residence: Typically, this is a utility bill no older than 3 months.
- Proof of Funds: Documentation showing the legal origin of your funds.
- Bank Forms: Completed on-site at the bank in both English and Serbian.
The bank may request additional documents if necessary. We will assist you in accurately completing the forms and addressing any questions from the bank staff to minimize the refusal risk. However, the final decision always rests with the bank.
Tips for new clients: successful banking in Serbia
Serbian banks welcome customers from anywhere in the world, but it’s important to establish yourself as a trustworthy client. The process begins with making initial transactions after you establish an account.
In the first few weeks or months, maintaining regular communication with the bank is crucial. You must provide explanations and necessary documents for transactions within 24 hours of the bank’s request. Failure to do so may result in your transfer being frozen, and you might face additional inquiries. In the case of repeated issues, the bank may close your account.
To avoid this unfortunate outcome, stay in touch with the bank. If you anticipate any personal or business circumstances that might prevent you from doing so, consider using International Wealth services. You can designate our office in Belgrade as an additional point of contact. If the bank fails to reach you, they will contact us, and we will help resolve the matter. This way, you will maintain a good reputation with the bank.
The above service is free for the first few important transactions. After that, you can continue using it for an extra fee.
Serbian bank account fees: detailed breakdown
The bank’s commission rates vary based on the date of inquiry. To get the latest pricing, request the updated price list and schedule a consultation with International Wealth experts. Below, you will find the details regarding the fees and transfers associated with personal bank accounts in Serbia.
The monthly fee for a currency account starts from RSD 50, while for an RSD account, it is RSD 250. Internal transfers are free of charge. Transferring funds to the account of a legal entity within the same bank incurs a fee of 0.1% of the amount, with a minimum charge of RSD 200.
For transferring funds to a personal account in foreign currency at another Serbian bank or to the currency account of a family member up to the third degree of kinship, the fee is 0.3% of the amount, with a minimum charge of RSD 300. External transfers to a payment account with another payment services provider are subject to a 1% fee.
For international transfers, the charges are as follows:
- Up to EUR 5,000: EUR 10.
- Up to EUR 50,000: EUR 20.
- Over EUR 50,000: EUR 30.
Receiving funds from abroad comes with the following fees:
- Up to EUR 100: RSD 20.
- Up to EUR 5,000: 0.2% of the amount, with a minimum charge of RSD 200.
- Over EUR 5,000: 0.15% of the amount, with a minimum charge of RSD 5,000.
Your guide to opening a personal bank account in Serbia
With International Wealth, setting up a bank account in Serbia for your personal needs is a breeze. Here’s what you should do:
- Consult with Experts: Contact the International Wealth expert team to get answers to your questions and access our services.
- Pay for Service: Pay the support fee for opening a personal bank account in Serbia (starting from EUR 3000).
- Prepare Documents: Gather all necessary documents and coordinate with the International Wealth team to be sure everything is in order.
- Schedule Your Visit: Arrange a date to visit the Serbian bank. You must be there in person, and an International Wealth representative will accompany you.
- Complete Bank Forms: Fill out the required bank forms, submit your documents, and await the bank’s decision on your account application.
- Activate Your Account: Once the application is approved, start using your new Serbian bank account.
Do you need further recommendations or expert support with your Serbian baking needs? Get in touch with us to make it possible!