Choosing a good destination and bank to entrust your money to may be challenging: on the one hand, there are a lot of offers around. On the other hand, you need a bank that will satisfy your financial needs and is reputed enough to trust it. Serbia is a good banking jurisdiction, and we highly recommend it! As for the bank, Postal Savings Bank in Belgrade may be exactly what you need, and we will tell you more about the conditions it offers in this post. Serbian banks provide the same services as most European banks, but the fees are much lower. This may change when the country joins the EU (it is planning to do so in 2025) – however, you can enjoy reasonable fees while they are applicable. All you have to do is to act now!
We would like to invite you to our portal to read an article on personal banking in Serbia and discover the country in more detail (business, lifestyle, expat life, investment in real estate, obtaining a residence permit, and so on). Serbia is not the only destination we cover, of course, so you are sure to find something for yourself! You can also get in touch with our expert for a free session to discuss the issues you would like to resolve and get qualified advice. If you need practical assistance with opening an account (or starting a business) in Serbia, we will be glad to help you at a reasonable fee.
Why Opt For Serbia?
It is a wise move to open a foreign account as you will comply with the basic diversification principle and probably get access to better banking services than you have back home. But why choose Serbia as a banking destination?
Well, first of all, Serbia is a financial, trading, and logistics center whose importance is rising with every year, and it provides services to customers from all over the world. Serbian banks offer high-quality services that the overwhelming majority of customers are satisfied with, and the banking industry is developed enough to cater to the varying needs of residents and non-residents.
Here are the main benefits of setting up a personal bank account in Serbia:
- You can open an account not only in Serbian dinars but also in foreign currencies to work with customers from across the world.
- You will have an opportunity to enjoy seamless payments from/to local/foreign bank accounts.
- Serbia has its own system of deposit insurance that differs from the European Union: you will get all your money back if the bank fails for amounts not exceeding 50,000 euros.
- You can withdraw cash at ATMs across the globe in Serbian dinars and any other currency.
- Money transfers can be made in the most widespread currencies.
- You can have a personal manager who will work with you personally.
- If you need a debit or a credit card to make payments more conveniently, the bank will be glad to provide them to you.
- Funds can be transferred from a foreign account to a Serbian one using SWIFT and Eurogiro systems.
- There are convenient mobile apps and Internet banking that will enable you to manage your funds online on a 24/7 basis.
Sounds good? Please get in touch with us if you have any questions at this stage, and we will help you!
Documents Required
Let’s look at the list of documents you will need to open a personal account in Serbia:
- A passport or any other ID document
- Proof of the legal origin of funds
- If you are an EU resident, you will need to submit a residence permit or an ID card
- Proof of residence address (a utility bill or a bank statement no older than 3 months)
- Completed bank forms (you will need to fill them out on-site in Serbian or in English).
This is usually enough, but the bank has the right to request any other documents.
Our representative will accompany you during your visit to the bank to make sure everything is going as planned. However, you will need to agree on the date of your visit at least 10 business days in advance to make sure our representative is available.
We will make sure you complete the forms correctly and answer the questions asked by bank employees to reduce the risk of being turned down to a minimum. However, nobody can give a 100% guarantee as the final decision is made by the bank.
One Peculiarity of Serbian Banks
Serbian banks welcome residents and non-residents alike, but you have to win the reputation of a reliable customer in the first month by making the first transactions.
During this period, you have to stay in touch with the bank as they may demand explanations and/or documents related to your transaction, and you have to provide them within 24 hours. If you fail to do so, your transaction may be frozen, and the process of “winning the trust” may be extended.
Sounds inconvenient? We have a way out!
All you have to do is to provide the contacts of our office in Belgrade as a second point of contact. If the bank fails to reach you, it will call us and receive all the information it needs – and thus your reputation will not be tarnished in any way. We provide this service for free in case of the first (most critical) transactions, and you can extend it for an additional fee if you need to.
Bank Fees
Here are some approximate amounts, but we strongly recommend that you get in touch with our expert to get updated information:
- The monthly fee for RSD account maintenance is RSD 250
- Internal transfers in euros are free
- Transfer to a legal entity’s account comes at 0.1% of the amount (but no less than RSD 200)
- Transfer to a personal account in a foreign currency in another bank in Serbia costs 0/3% of the amount (but no less than RSD 300)
- External transfer costs 1%
- Transfers abroad cost 10 euros if the amount is less than 5,000 euros, 20 euros for amounts between 5,000 and 49,999 euros, and 30 euros for amounts of 50,000 euros and more
You can click on the above link to see all the approximate fees, read the steps required to take, and get in touch with our expert for assistance in Serbian personal account opening.