Serbia is developing very quickly, and so does its banking sector! In the past decade, Serbia has done a lot to become a lively business hub that attracts entrepreneurs and investors from all over the world, as well as digital nomads. Serbia is a natural bridge between the East and the West, a country on the verge of joining the EU, and a destination where you can get European-class banking at more affordable prices than on average in Europe. This is an opportunity not to miss out!
Is opening an account in Serbia easy? Well, there are certain challenges involved, and most people will need help. Read our article about opening a personal bank account in Serbia on our portal and ask our experts any questions you may have. We have a partner office in Serbia and we know every detail of opening a bank account there, which helps us give viable recommendations and provide support to you at every step, be it filling out the documents or an interview with the bank employee.
An account is an instrument that you have to get once to use it for a long time. It’s like a washing machine: you need a qualified worker once to install it properly, and then you just use it. If you try to install it on your own, you may succeed as well. And still, chances are high that it will not work as you expected as there are some details that only a qualified person knows. Rely on professionals – and benefit from their one-time assistance for a long time!
Serbian Banking System
Serbia used to be a real danger to the international banking system as it didn’t comply with the regulations that could prevent money laundering and financial crimes. It’s no wonder it was blacklisted by FATF and considered a jurisdiction with really high risks. It made a lot of efforts to introduce reforms and finally fulfill all the requirements associated with good banking practices, which resulted in the country’s removal from the blacklist in 2019. And it has been fully transparent and compliant ever since.
What can we say about the Serbian banking sector today? Well, it continues to get better and better, along with improvements in the overall business climate. The country’s economic growth is impressive, and the upward trend is highly likely to continue. Developed economies invest heavily in the Serbian economy (we can note China and Germany among major investors), giving impetus to its development. It’s time to join in and enjoy the fruits of their labor!
Opening a Bank Account in Serbia: Why?
Let’s start by looking at why you should open an account abroad. There are two major considerations: security and convenience.
Far-sighted people develop Plan B to have more security in their lives: they open a bank account abroad to diversify risks (what will you do if your home bank account is frozen for some reason?), start a business in a foreign country, invest in assets all over the world, and get second passports for the whole family. At our portal, we help people receive all of these services hassle-free.
The second reason is convenience: you may have some connections with Serbia. You often go there on business trips, or your child is studying there, or you have a relative you need to support in Serbia, and more. These are the personal reasons that often require opening a personal account with a local bank to make settlements more convenient.
Serbian banks offer a wide range of high-quality financial services, and they have expertise in working with non-residents.
Here are some advantages of Serbian banking:
- You can open an account in the local currency (RSD) or in the world’s major currencies
- Serbian banks independently insure their customers’ deposits and offer coverage of up to 50,000 euros
- You will easily send payments to local and international banks and receive funds from them
- You will be able to make a transfer in any of the world’s major currencies
- Get a debit or a credit card from the bank to withdraw cash and make other transactions conveniently
- You will have a personal manager who will work with you
- You will be able to use SWIFT and Eurogiro to transfer funds from a foreign account to a Serbian bank
- There are convenient online platforms and mobile apps that will help you manage your account online
Serbia seems to be a good choice, and its economy and banking are getting better and better with every year despite the crises that shake the world.
An Essential Peculiarity of Serbian Banks
Serbian banks are really happy to cooperate with non-residents – however, they require some cooperation on your part, too. They want to make sure that you are a reliable customer and that your transactions are not connected with dubious schemes. As a result, they look at the first several transactions really attentively.
In short, you will need to stay in touch with the bank in the first weeks (or months) as they may request explanations on your transaction, and it is important to provide them within 24 hours. Otherwise, the operation may be suspended. Several cases like this may result in account closing.
We know how inconvenient it may be for the majority of customers – fortunately, we can help. We have an office in Belgrade that you may provide as a second point of contact. If the bank cannot reach you on the phone, it gets in touch with us, and we usually resolve the matter to everyone’s satisfaction.
A pleasant bonus: the service is free for the first several transactions!
You will be able to extend it for a small additional fee.
The Procedure for Opening a Serbian Bank Account
- Follow the above link and contact our experts
- Pay for our support in opening a personal bank account in Serbia
- Prepare a package of documents in line with our recommendations and provide them to us for a thorough check
- Choose the date of visiting the bank (our representative will accompany you)
- Submit the documents and wait for the bank’s approval
- Enjoy a fully operational account!
Do you have any questions or doubts? Share them with our experts who will be glad to communicate with you. Click on the above link to read more information on Serbia, bank accounts, and other services we provide. Some of our services are free (like choosing a proper jurisdiction for you), so grab the opportunity!
