You have to set up an account with a Serbian bank if you would like to register a company in the country, relocate to Serbia, buy real estate there, find a job, or apply for a residence permit. Below we provide general information about Serbian banks and discuss the main elements of the banking system in Serbia. The information will be of use to you if you are considering banking in Serbia.
Advantages of Serbian banks
- In addition to citizens of Serbia and locally registered companies, holders of legal residence permits as well as non-residents of Serbia can open bank accounts in the country.
- The banking system is relatively stable in the country.
- Bank commissions and fees are lower in Serbia than they are in most other European countries.
- All licensed banks in Serbia are authorized to make international money transfers; SWIFT transactions are available. Online banking applications have English versions, as a rule.
- Bank accounts can be opened in different currencies: the Serbian dinar (RSD), euro (EUR), US dollar (USD), Swiss franc (CHF), Turkish lira (TRY), pound sterling (GBP), and some others. However, individual restrictions may apply to the account currency.
- All bank accounts in Serbia are insured for up to 50,000 euros (the equivalent in Serbian dinars).
- Serbia is one of the few countries that do not participate in the automatic exchange of information within the MCAA CRS framework. This means that the Serbian fiscal authorities do not share non-residents’ fiscal information with the authorities of their home countries.
Please follow this link if you are interested in setting up a bank account in Serbia.
Characteristics of the Serbian banking system
- As a result of a series of mergers, there are only 20 banks in Serbia in 2024.
- A significant number of banks in Serbia are divisions of foreign banks (mostly European ones).
- Currency control is applied in Serbia. The People’s Bank (the central bank) exercises control over financial operations in foreign currencies including currency exchange operations. Transferring money from Serbia to another country has to be documented.
- Serbian banks prefer providing services to residents of Serbia and those who intend to acquire legal residence in the country soon. Most of them will take a non-resident customer onboard but he or she will have to go through serious due diligence procedures. Banks want to assess their risks related to various international sanctions. The requirements for setting up a non-resident bank account in Serbia differ from one bank to another. Moreover, they change all the time.
- Non-resident natural persons with bank accounts in Serbia are unable to make online money transfers.
- In 2019, Serbia signed an agreement with the USA related to the implementation of FATCA. It obliges all banking institutions in Serbia to identify US taxpayers in the country and share their financial information with the IRS.
Active Serbian Banks
Serbian banks can be divided into Serbian banks proper and division of international financial groups. Your choice will depend on the specifics of your business company, the characteristics of its beneficial owners, the bank’s policies, and other factors.
The table below lists the banks in Serbia that are owned predominantly by Serbians (private companies or the state).
| Bank | Description |
| AIK Banka | One of the largest banks in Serbia. In 2022, it also was the most profitable bank in the country. |
| ALTA Banka | Belongs to the Alta Pay Group DOO, a Serbian company. The bank is popular with non-residents of Serbia. |
| API Bank | Belongs to the AZRS INVEST d.o.o. Company. It used to be owned by a Russian banking company but it has been sold and renamed. |
| Banka Poštanska štedionica | More than 78% of the shares belong to the state of Serbia and the country’s postal service. Popular with non-residents. |
| EUROBANK DIREKTNA | Fully owned by the Serbian AIK Banka. |
| SRPSKA BANKA | More than 76% is owned by the state. |
International banks in Serbia
Most Serbian banks with foreign capital belong to banking groups based in EU countries (Austria, Czech Republic, Germany, Hungary, Italy, Slovenia, and Italy). There are also Turkish, Chinese, and UAE banks in Serbia. At the same time, all the foreign banks are Serbian legal entities and they are monitored by the People’s Bank of Serbia.
| Bank | Description |
| Addiko Bank | Belongs to the Austrian group Addiko Bank AG. |
| Adriatic Banka | Belongs to Adriatic Bank (Montenegro). |
| Banca Instesa | One of the largest banks in the country. 93% of shares are owned by the Italian group Intesa Sanpaolo. Ready to provide services to international customers. |
| Bank of China Srbija | The Chinese bank in Serbia. Has been in operation since 2017. |
| NLB Komercijalna Banka | One of the largest banks. Belongs to NLB Group (Slovenia). |
| OTP banka Srbija | One of the largest banks. Belongs to OTP Bank PLC (Hungary). Ready to provide services to international customers. |
| ProCredit Bank | Belongs to ProCredit Holding AG (Germany). |
| Raiffeisen banka | One of the largest banks. Belongs to Raiffeisen SEE Region Holding GmbH (Austria). Popular with international clients. |
| ERSTE BANK | Belongs to ERSTE GROUP BANK AG (Austria). |
| UNICREDIT BANK | One of the largest banks. Belongs to UniCredit SpA (Italy). |
| HALKBANK | Belongs to TURKISH HALK BANK INC (Turkey). |
| Mobi Banka | The first fully digital bank in Serbia. Belongs to a Czech financial holding. At least a residence permit is required to set up an account there, better a Serbian passport. |
| Mirabank | Belongs to a group of companies from the United Arab Emirates. |
| 3 Bank | Belongs to shareholders from Germany, the USA, Luxembourg, and the Netherlands. |
How to open a corporate bank account in Serbia
You can open a corporate bank account in Serbia for a local company, a foreign company, or a Serbian branch of a foreign company. Opening a bank account for a newly established company is one of the steps in the process of creating the company. The process consists of the following steps:
- Choice of a suitable bank;
- Preparation of corporate documents;
- Company registration with the Business Register and the Tax Service;
- Bank account opening;
- Activation of online banking applications.
Opening a corporate bank account in Serbia requires personal presence of the company director and all account signers. Remote bank account opening is possible but a temporary company director has to be appointed in this case. The temporary director will put his/ her signature on all the documents. No initial or security deposit needs to be made.
Banks normally take 2 to 3 weeks in Serbia to process applications for corporate services. However, the period can be longer if the bank requests some additional documents.
Each application for banking services is considered individually. Much will depend on the internal policies of the particular bank. Regrettably, these policies often change. In any case, you stand a much better chance for success if you have a Serbian residence permit. Obtaining one is not a difficult task at all. You will qualify for a residence permit if you purchase a piece of real estate in Serbia or register a company in the country. With some professional assistance, the task is going to be easy.
