OPENING A NON-RESIDENT BANK ACCOUNT IN SERBIA

WHAT IS A NON-RESIDENT BANK ACCOUNT?

In accordance with the legislation of the Republic of Serbia, a bank account of a non-resident is a bank account, the user of which is an individual or legal entity permanently residing or staying in a foreign state.

In this regard, the concept of a non-resident relies on the citizenship of an individual or the place of management of a company, but on a registered center of life or business.

A non-resident bank account in Serbia can be opened in dinars or any other currency.

WHO CAN OPEN A NON-RESIDENT BANK ACCOUNT IN SERBIA?

A non-resident account user in Serbia can be an individual, as well as a legal entity such as a company, branch, representative office, etc.

WHAT ARE THE ADVANTAGES OF A NON-RESIDENT BANK ACCOUNT IN SERBIA?

1. Regular transactions
A non-resident bank account can be used for all common transactions such as receiving payments, ordering transfers, withdrawing money, etc.

The bank issues Visa or Master cards that can be used anywhere in the world. In the offer of a particular bank, you will most often find only one of these cards, which you should pay attention to before opening an account if the type of card you receive is important to you.

2. Savings account
A non-resident can open a savings account in the Republic of Serbia. Maybe you are planning to retire in another country, so you want to keep your pension fund safe in another country. Thus, it will be preserved and will not depend on your obligations and activities in your country of residence.

On the other hand, the transaction fees for transferring this money to a third country may be lower in Serbian banks than in banks in your country of residence.

3. Special-purpose account in Serbia
A dedicated account can be used if you are interested in investing in the stock market or other similar investments.


Benefits for companies with international/cross-border interest and cooperation in Serbia

If you have a long-term business partner in Serbia and your cooperation requires mutual payments or investments, having a non-resident bank account that you can manage, even remotely, is very useful and practical. You will save time and money both for yourself and for your partners, because you will not have to spend time on international transfer procedures and pay large commissions for this transfer. Thus, opening a non-resident account in Serbia will reduce your costs and make international project and business cooperation more convenient and profitable.

However, if the foreign company is still not operating in Serbia, a non-resident bank account can be useful for future investment in Serbia.

Non-Resident Bank Account Opening Fees and Transaction Costs
In general, banks operating under the laws of the Republic of Serbia have lower transaction costs for international transfers. While they vary from bank to bank, a common example would be 0.5%.

NON-RESIDENT BANK ACCOUNT MANAGEMENT

You can manage your bank account anywhere in the world. Namely, the bank can issue Visa or Master Card debit cards, which can be used at any suitable ATM, as well as for payment.

Serbian banks offer both internet banking and mobile banking, with which your account access is always available.

You can always transfer money from a non-resident's bank account to other bank accounts in Serbia or any other country.

OPENING A NON-RESIDENT BANK ACCOUNT IN SERBIA FOR INDIVIDUALS

As a non-resident, an individual can open a bank account in Serbia by personally initiating the procedure at the bank. This is especially important for persons applying for temporary residence in Serbia on the basis of employment, as their wages are paid through this account.

After submitting an application for opening and maintaining a bank account, it takes several days for the bank to approve the client.

After approval, you will be asked to come back to the bank to sign all the documents and pick up copies of the agreements. From this day on, your bank account is active. Usually the bank issues the cards you have chosen within a few days. Depending on the tariff package, users can receive a Dina card, which is a means of payment that can be used in Serbia, and a Master Card or Visa card, which can be used in other countries.