The world is facing a wide number of groundbreaking transformations that will change how we do business, trade and communicate. In an era marked by supply chain crisis, pandemics and financial instability, companies and individuals that ensure access to markets and financial solutions will come one step ahead of the rest.

In this context, just a few jurisdictions have conditions to serve as the crossroads of the West and the East. In this article we will talk to you about one of our favorite options to open a bank account in Europe: Serbia.

If you saw Serbia in a map, you may note that this small nation is in the heart of the Balkans, serving as the bridge between Western and Eastern Europe. Also, Serbia has a thriving economy enhanced by its privileged position.

In a nutshell, some of the perks of opening a bank account in Serbia are:

-An stable banking system composed by 29 multinational and local banks

-Accounts available in many currencies, such as USD, RUB, EUR, DKK and GBP.

-A fast and simple creation process. Opening a personal account in Serbia does not require a large amount of money.

-A wide set of basic e-banking services, debit cards and customer support available in English.

-The Serbian banking system is known as one of the most stable, developed and organized in the Balkans.

-Fees are often much lower in Serbian banks than in most EU banks.

Serbia is the ideal place to open a bank account for companies and individuals that aim to have a crossroads between Europe and Asia. In this article we will explain to you the detailed process to open a bank account in Serbia.

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Why Serbia?

The typical Serbian bank offers really attractive services to international clients, providing world-class services at competitive rates. Below we will mention some of the advantages that Serbia has to offer.

-Non residents can open an account relatively easily.

-Many multinational banks have operation in the country.

-Most Serbian banks offer multi-currency debit cards.

-Banks often have staff who speak English and other languages (Russian, Spanish, French, Chinese)

-Serbian banks offer an increasingly wider set of financial services, often at a lower rate than competitors in other jurisdictions.

Another highlight is the economy, which has been thriving in recent years. In Serbia, highly profitable potential investments are arousing everyday in many sectors.

Serbian banks pose a challenge to other European financial institutions thanks to its know-how, low fees and flexible system, which makes them really competitive in the regional market.

The Serbian Banking System

Serbia´s banking system is composed of the National Bank of Serbia (NBS) i.e the Central Bank, commercial banks, and other financial organizations.

Overall, there are 29 banks. Eight banks are in domestic ownership, while the rest are in ownership of big European and Asian financial institutions. The 29 banks are divided in seven groups: Local, European, Russian, American, Turkish, Chinese and Arab banks. This diversity means that our clients have many options, so they can select the bank which adapts better to their needs. It's even possible to open accounts in local or foreign currency, like US dollars, euros, rubles, British pounds or even Japanese yen.

Serbia is a nation that arose after the collapse of Yugoslavia, one of the leading hubs of international trade in the Cold War. Therefore, Serbian bankers still preserve much of that know-how. 

Serbian banks serve as a bridge between both regions, bringing services to both European and Asian companies and individuals at a fraction of the fee that you would pay in other European banks.

How to open a bank account in Serbia?

Every citizen of the world has the right to open a company or a bank account in Serbia. Although the requirements to open an account vary depending on the bank, in many financial institutions, you can open a local or a foreign currency account with little more than your passport and a constancy of residence. 

However, if you deposit more than 10.000 euros, you have to demonstrate to the Serbian authorities that the origin of the funds are legitimate, in order to avoid money laundering. 

Bank accounts for individuals

Opening a bank account in Serbia is a simple process. Below we will tell you the required documentation for individuals:

-Bank forms

-Copy of the ID or passport

-Proof of residential address (individuals or corporate account) less than three months old.

-A proof of provisional address in Serbia.

Documents must be apostilled and have a certified translation into Serbian.

Bank accounts for companies

A corporate account in Serbia can be created with the following documentation:

-Company Registry

-Certificate of incumbency

-Certificate of Good Standing

-A power of attorney for opening the bank account

-A description of the economic activities of the company

-Copy of passports of the company shareholders and main officers.

The whole process for opening a bank account in Serbia can take between 5 and 15 days.

About our partners

Our partners in Serbia are a long-standing consulting firm composed by some experienced international bankers. These people are constantly monitoring current global business tendencies in order to give world-class advice to their clients.

The key in this job is to always be one step ahead and with our partners you will always have proactive and innovative recommendations for your financial needs.

Opening a bank account in Serbia can be a reliable tool for covering a wide set of financial tools, especially if you are doing business or have financial exposure in Europe or Anatolia.

Our Serbian partners can help you in opening a bank account in Serbia, providing a world-class service in the whole process.

Open a Bank account in Serbia. Contact us now!

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