Serbia: how a non-resident can open a bank account

Serbia: how a non-resident can open a bank account

Any foreign person, both natural and legal, can become a client of the Serbian bank. Advantages include fast and inexpensive transactions and the ability to manage the account from anywhere in the world. Non-residents with a power of attorney can also open an account in a bank in Serbia.

Reasons open an account in Serbia

A non-resident can use a bank account for all kinds of popular transactions, including payments, receiving/withdrawing money, etc. Local banks issue Visa or MasterCard cards, which are accepted almost everywhere in the world. Money can be easily transferred from your Serbian card to the cards of citizens of different countries.

Any bank in Serbia allows opening a savings account. It comes in handy in a variety of situations, for example, if you just need to keep your savings safe. Pension money in an account in Serbia will not depend on your obligations and financial activities in another country.

Another plus is a dedicated account that you can use to invest in the stock markets and make other similar transactions.

Also, it's worth noting that the bank fees in Serbia are quite low. Of course, they ary from bank to bank but transactions are generally charged at 0.4% or at least €5. The maintenance fee for a Serbian dinars account is from €5 to €10. It is free of charge for USD and EUR accounts.

When do you need a bank account in Serbia

  • If you plan to live in Serbia, or want to obtain a residence permit, you cannot do it without an account in a local bank. With its help, you will make daily transactions, and your employer will deposit your paychecks to the card.
  • If you are opening a company or a representative office in Serbia, you need a bank account for daily operations. You might need it for future investments if you have not registered a company yet.
  • If your business partner is a resident of Serbia, it will be convenient, useful and practical to have a bank account in Serbia. You will save time and money for both yourself and your partner since you will not have to go through procedures related to international transfers. It is also important to mention the low fees for local transactions..

The individual: how to become a client of the bank

An individual can become a client of the Serbian bank by visiting the branch in person or by giving a power of attorney to our company. It is necessary to provide an international passport and certificate of residence registration.

It takes a few days to open an account. When the application is approved, you will be contacted by a manager. Then you will set up an appointment to open a bank account. As a non-resident, you will need to sign specific papers, pick up copies of contracts, etc. As soon as you do this, the bank account will become active.

In a few days, you will receive your bank cards. If you plan to use it only in Serbia, you can order a DinaCard. If you plan to make transactions in other countries, you will need to get a MasterCard or Visa.

Opening a business account

Foreign companies can open a bank account through a legal representative with a power of attorney. Thus, the CEO may not be present at the procedure.

The company must obtain approval from the bank by providing the following papers:

  • Corporate documents (articles of association, extract from the Registry, etc.).
  • Information about the real owners.
  • Characteristics of the business activities.
  • Photocopies of documents of directors, owners, and other workers.
  • PIB - Tax Identification Number obtained in Serbia (not always needed). A legal entity must prove that it operates within the country to obtain it. In order to obtain it, a legal entity must prove that it operates within the country. Additionally, there must be a tax representative who should be a Serbian resident.

It takes a few days to verify the data, and the account will be opened if everything is in order.

How to become a client of a Serbian bank quickly

To open a bank account in Serbia 2022, contact IT-OFFSHORE consultants.

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