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How is banking in Serbia, can we open an accoutn there?

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May 15, 2018
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#1
I read from time to time about Serbia as a banking destination but failed to find any agent or reliable service provider that can help to open a bank account there!

Does someone here know about a service that can help open an account with one of the major banks in Serbia?

Main requirements:
Remote opening would be great, so Internet banking in English is a must.
 
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#2
I don't know of any remote account opening possibilities, but people from the bordering countries open EUR accounts with a personal visit all the time. If you want to deposit above €10k you have to present papers from the serbian customs office that you brought in the funds officially. I only have infos about personal accounts:

OTP Banka ( https://www.otpbanka.rs/index_e.php ):

Account can be opened with only a passport and immediately. Some users report that incoming payments from company acconts are problematic, they request all kinds of papers (contract or certificate of origin), they don't like winnings from gambling sites. No problems with payments coming from accounts of private persons (for example EMIs that give you an individual IBAN for outgoing transfers). They are open on Saturdays too.

Sberbank (Volksbank) ( http://www.sberbank.rs/en/strana/1951/about-us )

Account can't be opened with Passport only. They require a short term serbian residence certificate from the police or hotel you are staying at. They don't provide a debit card for EUR accounts.

Intensa Banca ( http://www.bancaintesa.rs/code/navigate.aspx?Id=42 )

Passport only, market leading bank in Serbia. EUR accounts are free, with free debit cards.

Raiffeisen Bank ( http://www.raiffeisenbank.rs/code/navigate.aspx?Id=55 )

Passport only, EUR accounts free, debit card free for the first year €5/year from the second year.

In my previous post talking about larger than €10k deposits, I meant to say cash deposits. No need for customs papers obviously if you send the funds in via wire transfer.
 
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#3
That's actually interesting option. I didn't find them to be in the CRS treaty?
Can someone confirm for sure that they wouldn't report your account and balance to your country of residence (in the EU in my case)

Are they big on proving source of income or dont care much?
 
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#4
Serbia did not sign CRS and Serbian banks are actually pretty good, mostly owned by big European financial institutions. Personal visit is a must for pretty much every bank there. Personal account (non-resident) is opened easily, but corporate non-resident account is not easy to get, you need to have a very good business and be able to prove it.
 
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#5
Jessie said:
That's actually interesting option. I didn't find them to be in the CRS treaty?
Can someone confirm for sure that they wouldn't report your account and balance to your country of residence (in the EU in my case)

Are they big on proving source of income or dont care much?
Click to expand...

Yes they are non-CRS, they don't report. You can bring home €10k in cash to a bordering country per person. That's the whole point :).

The bank I know about that don't ask any questions about source is Hypo bank. Wouldn't trust them with more than €50k though (that is the amount for bank deposit insurance in Serbia) as they're motherbank in Austria has been having financial problems for years now.
 
#7
totlori9 said:
Yes they are non-CRS, they don't report. You can bring home €10k in cash to a bordering country per person. That's the whole point :).

The bank I know about that don't ask any questions about source is Hypo bank. Wouldn't trust them with more than €50k though (that is the amount for bank deposit insurance in Serbia) as they're motherbank in Austria has been having financial problems for years now.
Click to expand...

Hypo Banka does not exist in Serbia anymore, they are now called Addiko and is owned by a stable investment fund
 
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#8
Mark Rucken said:
Hypo Banka does not exist in Serbia anymore, they are now called Addiko and is owned by a stable investment fund
Click to expand...

My info about Hypo was three years old :), thanks for the update!

Mark Rucken said:
Hypo Banka does not exist in Serbia anymore, they are now called Addiko and is owned by a stable investment fund
Click to expand...

Can you throw in any extra info about the 4 banks I posted about, or any others you have experience having an account with?
 
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#10
Mark Rucken said:
No problem.

Back on topic, I heard OTP Bank Serbia (owned by Hungarian OTP Bank) is the most liberal when it comes to account opening for non-residents, so that could be an option for people interested to bank in Serbia.

Cheers
Click to expand...

They also have branches and ATMs in nearly all bordering countries with Hungary. So you can use free ATM withdrawals from their ATMs in other countries as well (at least this is true when you open an EUR account at OTP Bank Slovakia, needs to be confirmed if it is true for OTP Banka Serbia as well or not).
 
#11
It seems that Serbian bank are well similiar to the Montenegro banks:
Addiko present in both countries, OTP too ( just in called CKB in ME), same insurance scheme, opening procedure, etc.
What is interested here is what plans of Serbia is about coming to the EU, because Montenegro announce coming to EU in2025 and for sure if will sign CRS before that date.
Could we expect Serbia to do the same?
 
#12
John Spectre said:
It seems that Serbian bank are well similiar to the Montenegro banks:
Addiko present in both countries, OTP too ( just in called CKB in ME), same insurance scheme, opening procedure, etc.
What is interested here is what plans of Serbia is about coming to the EU, because Montenegro announce coming to EU in2025 and for sure if will sign CRS before that date.
Could we expect Serbia to do the same?
Click to expand...
Serbia and Montenegro will probably join EU at the same time, but 2025 is so far away and God knows what will be with banking and finances by then that I do not even think about it.
 
#14
negon said:
So for the next 6 years we may be fine if you find a bank in Serbia that let us open a bank account?
Click to expand...

I think so.

I'll ask around about opening a personal account with a power of attorney in a few banks.

BTW does anyone know if any of the EMIs provide a local (individual or not) IBAN in serbia? Would be handy to transfer between the EMI and the personal serbian account....

Quick update. I have contacted the first and so far only internet-only bank of Serbia, Telenor bank. On their website they offer online account opening (both via PC or mobile apps) and they do accept foreigners. However in person I was told that the online account opening is only possible for serbian residents. Non residents can only open the account visiting one of the local Telenor shops with a passport and sadly just like Sberbank above, they require the short term serbian residence permit (they call it residence tax for whatever reason:) ). They are open to do the account opening via a local agent with a POA and a notarized passport copy, but still need the residence permit. So it will be a no go remotely :(.

OTP Bank has already implemented online account opening in their hungarian branches for hungarian clients only, but sadly OTP Banka Serbia hasn't even implemented such a thing for their own residents. Haven't asked them about remote opening with a local agent. Will do next time...

I'll keep on trying next week!
 
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#15
totlori9 said:
I think so.


BTW does anyone know if any of the EMIs provide a local (individual or not) IBAN in serbia? Would be handy to transfer between the EMI and the personal serbian account....
Click to expand...

Actually i was wondering if they even do SEPA?

So far from what I read here Serbia seems like a great option, but SWIFT wires can be cumbersome.
Actually most EU EMIs don't even support SWIFT.
 
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#17
As far as I can see, all posts were talking about personal accounts. A more interesting question from my perspective is: will any of these banks open business accounts for classic offshore companies (assuming the UBO is sitting right in front of them with his/her passport and full documentation)?
 
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#19
totlori9 said:
They do SWIFT, they're not SEPA. Do you live far from the serbian border?
Click to expand...

I live in Sofia, so I'm very close. I could actually do weekend trips every week with couple of friends and bring back 10k each.

As long as those banks don't start asking stupid questions.

Nyep said:
As far as I can see, all posts were talking about personal accounts. A more interesting question from my perspective is: will any of these banks open business accounts for classic offshore companies (assuming the UBO is sitting right in front of them with his/her passport and full documentation)?
Click to expand...

Yes that is of great interest to me as well. I have friends there and will ask.
 
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#20
Jessie said:
I live in Sofia, so I'm very close. I could actually do weekend trips every week with couple of friends and bring back 10k each.

As long as those banks don't start asking stupid questions.
Click to expand...

You can always have more than one personal accounts in more than one bank, and you can show them the source of funds with your contract I mentioned in the other thread.

Jessie said:
Yes that is of great interest to me as well. I have friends there and will ask.
Click to expand...

Well do tell if you find out!
 
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