Serbia is an excellent country for banking as the quality of services is high, while the prices and fees are much lower than in other European countries. Serbian banks have taken over a lot of banking business (including personal and commercial accounts) from Luxembourg, Latvia, Cyprus, Switzerland, Austria, and other countries that are known better. If you are interested in Serbia as a destination for starting your business or opening an account, we have a lot of practical information on the country for you that you can find here. You can also talk to an expert to discuss any possible issues you may have.
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Banking Sector in Serbia
Here are the main reasons why Serbian banking seems attractive to an increasing number of people:
- The account opening procedure is pretty straightforward
- You can choose a major brand bank for that purpose
- You will not need to deposit an exorbitant amount to get a fully operational account
- You will be able to manage your account using a convenient online platform or a mobile app
- You can obtain a multicurrency debit card in RSD, EUR, or USD
- The bank charges are much lower than in other European countries
- Customer support is multilingual, so you will talk to a specialist in your language
The quality and the range of services provided by Serbian banks are quickly growing. Personal banking is less developed than commercial and retail banking, but the situation is changing.
Open a Personal Account in Serbia
A personal bank account with a Serbian bank will guarantee a wide range of banking services and the possibility of getting professional advice from the best financial consultants. It will help you competently plan your finances, optimize your cash flow, and take advantage of investment opportunities available in local and international markets.
Opening a personal bank account in Serbia requires a personal visit to the country. If you are a non-resident, you will not have an opportunity to open an account remotely. This is done in rare cases with the help of a local lawyer who acts on the basis of a power of attorney, but this practice is not favored by most banks.
Here are the documents required to open a personal bank account in Serbia:
- Passport
- Proof of your residence address (a utility bill issued no more than three months ago or a residence card that contains an address)
- “White card” is proof of your temporary address in Serbia. You can get it at the hotel.
If you use professional assistance, the account will be opened very quickly on the condition that everything goes as planned (that is, all your documents are in order). Your visit to the bank does not usually take more than one or two hours, but you’d better plan a 2-3-day stay in Serbia to be on the safe side.
Corporate Accounts for Non-Residents
First of all, if you have a residence permit, your relations with Serbian banks will be considerably simplified. You can easily obtain it by establishing a company here or investing in local real estate (by the way, this is a very profitable investment – please ask the portal expert for details). If you open your account as a resident, you get much fewer questions from the bank and are subject to much less scrutiny. Non-resident banking is having a hard time.
Second, it is much better to delegate the opening procedure to a reliable agent. The matter is that banks prefer working with agents as the latter:
- will check the documents thoroughly and thus reduce the amount of work for the compliance department
- Will work as a point of contact for the bank. Financial institutions want to work with customers that someone recommended to them so that they can turn to this person if something bad happens.
This is a recommendation but in no way an obligation.
Here are the documents required to set up a business bank account in Serbia:
- an apostilled extract from the Company Registry issued no more than three months ago (original and translation into Serbian).
- Certificate of Good Standing.
- An apostilled Certificate of Incumbency was issued no more than three months ago (original and translation into Serbian).
- A Power of Attorney (notarized and apostilled) to open a business account
- All company beneficiaries, owners, and directors are required to provide passports.
- A description of the business activities the company is going to engage in (in Serbian).
- Company Charter, By-Laws, and other corporate documents (originals and their translations into Serbian).
The requirements may differ from bank to bank, so you’d better be prepared to submit additional documents upon request.
Peculiarity of Serbian Banks
There is one thing to be mindful of when you work with Serbian banks. As soon as you have successfully opened your account, be sure to stay in touch with the institution for the first month. The matter is that the bank will use the first transactions you complete to make sure you are a reliable customer. It means that they will be looked at very carefully, and the bank may request additional documents proving the lawful nature of transactions or call you to ask questions.
If they cannot reach you using any means of communication, they will give you the status of a suspicious client and may even close your account if the same happens once again.
What can you do? There are two ways to deal with that, and they are based on vigilance and convenience. In the first case, you can simply keep in touch on a 24/7 basis and be prepared to submit documents or explanations within 24 hours. The second option is about convenience: you can order a service from our local office in Belgrade. You will simply specify it as the second point of contact, and they will reach an office employee if they cannot get in touch with you. The latter will answer the questions, and your reputation will be intact.
The service is free for the first few critical transactions, and then you can extend it for a small fee. If you are interested, simply click on the above link and talk to an expert about it.
Does Serbian banking look attractive? We are open to your questions and will be happy to provide professional assistance.
