How to open an account and get a card in Serbian banks?

In 2023, Russian citizens, for various reasons, continue to open accounts in foreign banks. Someone wants to get a card for hassle-free payments abroad, someone needs it to apply for a residence permit. In the European zone, many opt for Serbian banks. This is facilitated by low commissions (compared to the commissions of financial institutions in neighboring countries), a relatively simple opening procedure and not only.

I would like to note right away that an account in banks in Serbia is opened mainly for the purpose of further legalization, for example, the acquisition of real estate (for the subsequent obtaining of a residence permit) or, relocants on a run visa and tourists from neighboring Montenegro come to open an account, where it is impossible to open a bank account without a residence permit .

If a card is required to pay for purchases abroad, or transfer money to Europe from the Russian Federation, they often open an account in Kazakhstan, where it can be opened remotely, or in Armenia, where there is a maximum number of possibilities for replenishing a card from the Russian Federation. Serbia is mostly about moving.

Who has the right to open a bank account other than Serbian citizens and permanent residents?

At the moment, non-residents have no serious obstacles to opening an account with a local financial institution. However, in modern realities, banks are afraid of falling under sanctions and are more serious about checking documents of foreigners. The rules governing the procedure for opening an account by non-residents change daily.

For a positive outcome, you will need to carefully study them, choose a bank that is loyal to the Russians, and correctly prepare a package of documents. The main task is to convince the financial institution of its intention to stay in Serbia for a long time and, accordingly, the need to open an account in a local bank.

If I am a citizen of the Russian Federation, but at the same time I have a residence permit of another country, will this give an advantage?

No, unfortunately this will not increase the chances of a positive decision.

Is the account of a resident and a non-resident different?

Yes, non-residents are offered special accounts that do not have the ability to make transfers from account to account. At the same time, you can pay with a bank card online and offline without restrictions.

I received a residence permit in Serbia. When can I open a resident account?

After a year of residence in the country.

In what currencies can I open an account?

Many currencies that are relevant for Russian citizens are available to choose from – euros, dollars, pounds, Russian rubles, etc. Multi-currency accounts are rare.

What documents will you need to provide?

The standard package of documents includes:

original passport (a bank employee will make a copy on the spot);
SIM card of a Serbian mobile operator (needed to connect to Internet banking; sold without presenting an identity document at the Moj kiosk);
a certificate of registration at your place of residence (“white cardboard”, you must live in an apartment or house, prepare an appropriate document with a seal from the police, electronic registration will not work);
documents confirming the legal origin of your assets and financial viability: for example, you can provide an employment contract, income statement, etc. (not all banks initially require it, but it’s better to have it with you);
statement of the turnover of funds in your other bank account for the last six months.

Some banks request a more extended package of documents.

Which Serbian banks open accounts for non-residents and how to choose the right one among them?

There are 21 banking structures in Serbia. Poštanska Štedionica, Alta Banka, Api Bank, according to some data from Expobank, are the most willing to cooperate with Russians.

According to the experience of compatriots, it is difficult or impossible to open accounts with: Banca Intesa, Erste Bank, Unicredit, OTP Banka, NLB, Naša AIK Banka, Credit Agricole, Komercijalna Banka, Halkbank, Addiko Bank.

However, most of the banks from the list above are ready to open accounts for Russians who have already become residents of Serbia. For example, OTP Banka. Despite the fact that the financial institution checks the submitted documents for a long time, the chances of getting approval are quite high.

Postanska Stedionica

It is one of the adequate options for citizens of the Russian Federation (similar to Post Bank). It should be borne in mind that different branches treat our compatriots differently and in some they may not open an account. This is due to the lack of English-speaking employees in some offices and the personal unwillingness of a particular bank employee to provide you with a service.

It is recommended to find out in advance the branches that open accounts for non-resident Russians without any problems, and immediately contact them. For example, in Belgrade they recommend an office located at Vase Čarapića 18. To save time, it is better to come in the morning, but it is better to be mentally prepared for the unhurriedness of employees.

Alta Banka

The second interesting option with an individual approach to the Russians. For citizens of the Russian Federation, a special conference room has been created at the head office of the bank, in which employees who speak Russian work. At the entrance there is a board with an up-to-date list of documents for opening an account. In this bank, you need to present not only the original of the foreign passport, but also a copy of the Russian-internal one (pages with a photo and registration)

API Bank

Formerly VTB Bank. For opening an account, it is required to pay a lump sum fee of 6 thousand dinars, an additional monthly payment for banking services in the amount of 1.2 thousand dinars, a commission is taken for each transaction. It is also worth noting that the conversion of rubles into dinars at the rate of this bank is very disadvantageous for the client. The account can only be topped up in cash. The financial institution does not accept SWIFT transfers. In this regard, we recommend that you consider this bank for opening an account only if other banking structures refuse.

Expobank

They mainly issue cards (currency – dinars) of the Serbian national payment system DinaCard. You can also open an account in euros, but in most cases it will not be possible to issue a card for it. First you just need to come to the office to submit an application, then it will be considered for some time. As a rule, the decision is made by the main office in a couple of business days, but sometimes you have to wait about a month. To confirm the legality of income, you can provide an employment contract with a Russian employer (translation from Russian is not required). At the same time, the certificate of average wages must be prepared in English and drawn up on the official letterhead of the organization.

Raiffeisenbank

Probably the ideal bank for non-residents since it has a wide network of ATMs and a fairly convenient (compared to other financial structures) mobile application. Provides the ability to open accounts in Serbian dinars. You will not be able to open a currency account. The main nuance: from August 2022, only non-residents who have an employment contract with a Serbian company will be able to use the services of Raiffeisenbank.

As additional documents, the bank requires to provide: a questionnaire of politically (in)significant persons, official confirmation of employment. If within a couple of days after submitting the application you were not notified of the decision made, then we recommend that you look at the bank branch where you submitted the documents yourself. Maintenance of two personal cards will cost 350 dinars per month, two business cards 500 dinars.

Mobi banka

In this bank, it will be possible to open an account only for those who have already received a residence permit. We recommend that you consider this option, since, unlike other local banks, an account is opened fairly quickly. Employees immediately provide the necessary papers with an account number, etc., while a plastic card is delivered a little later to the address indicated in the White Cardboard. Unfortunately, not every office will be able to open an account due to the reluctance of employees to spend extra time working with foreigners.

What is the step by step process of opening an account?

Required:

Prepare a package of documents (list above) and come with it to the selected bank;
Fill out the KYC questionnaire in English (the process takes about half an hour, if you have any questions, you should contact bank employees who speak English or Russian);
Submit an application for opening an account to a specialist on a first-come, first-served basis (questionnaire + package of documents);
Wait for the decision of the financial institution. Verification of the questionnaire takes about two weeks. Notification of the results, as a rule, does not come by mail and phone. Therefore, we recommend that you visit the bank again after two weeks and find out the status of your application;
With a positive decision, a service contract is signed;
Issuance of a bank card (there are no non-personalized cards in Serbia, so you will have to wait about two weeks for it; if you wish, you can speed up the process for 10 euros)

Do I need to notify the Russian tax service about opening an account in a Serbian bank?

Yes, you must do this within a month after the opening and then annually report on the movement of funds, regardless of the amount received and debited. If this is not done, you will have to pay a fine.

Can I transfer money from a personal account to a business account?

This opportunity is available to those who have already lived in Serbia for more than a year and become a resident. The rest, it remains to simply withdraw money from a personal account through an ATM, and then using it, simply put it on a business card. At the same time, it will be possible to withdraw only dinars from an ATM. You can exchange currency directly in the banking mobile application. When paying for purchases abroad (i.e. not in Serbia), dinars will be debited from an individual’s card (currency conversion is carried out automatically), euros from a business card.

How can an individual transfer funds from his account?

As we have already mentioned above, non-residents are prohibited from carrying out such operations directly. However, you can use third-party services:

Paysend- makes transfers through Visa and Mastercard systems, by card number in RSD and EUR, you can transfer 1000 EUR per year without KYC, 5000 EUR per year with a passport (can be verified in Russian), 15000 EUR together with utility bills.
PayPal – you need to link a Serbian bank card, limits are 4000 USD per payment, 10000 USD per year without KYC, 60000 USD with KYC.
Raiffeisenbank (transfer via ATM) – carried out in dinars, there is a limit of 100,000 RSD per day. The account number is entered and cash is credited to the account through an ATM.

How to send a SWIFT transfer to a non-resident from your bank account at Raiffeisenbank?

According to the bank’s rules, a non-resident can make a SWIFT transfer only by personally visiting a bank branch. You need to have a passport and details of the recipient of the transfer with you. You sign a transfer order, which indicates from which account the money will be debited, the amount and commission. After some time, the funds will be transferred.

I became a resident, how can I change my bank status?

In fact, foreign citizens become residents of Serbia after a year of residence in the country and re-obtaining a residence permit. It is important to notify the bank about the change in status in a timely manner – this will make it possible to use a large number of services. For example, you can pay bills through a QR code, transfer money from your account.

You will need to provide: