Opening a Bank Account in Serbia

Opening a Bank Account in Serbia 2023


With an ever-growing global economy, Serbia has become an attractive destination for individuals and businesses seeking opportunities abroad. The main aspect of this jurisdiction's attractiveness is the accessibility and simplicity of the process of opening a bank account. This article covers the basic steps, legal requirements and key points to consider when opening a bank account in Serbia in 2023.

Banking in Serbia

In 2021, Serbia had numerous operating banks, including state-owned, private, and foreign-owned institutions. The National Bank of Serbia (NBS) oversees monetary policy stability and regulates the country's banking sector.

Serbia offers solid infrastructure and a highly skilled workforce, positioning itself as an appealing location for foreign banking services. Key features include:

  • Premium SWIFT services for international payments.
  • Advanced electronic banking platforms with English language support.
  • Government-backed deposit insurance.
  • Local banks provide favourable conditions for business visas through Serbian investment programs.

While cryptocurrencies remain a complex regulatory issue globally, traditional Serbian banks currently do not participate in such alternative finance projects. Those exploring cryptocurrency business opportunities should consult specialized financial firms.

What does a Serbian bank account offer?

Investment opportunities
Various sectors of the country's economy, including manufacturing, technology and agriculture, offer significant investment opportunities. With a local bank account, you can seamlessly manage your investment portfolios and access local financial instruments, whether you are a foreign investor or a local entrepreneur.
Support local business
For international businesses operating in Serbia, a local bank account is an essential tool for day-to-day financial activities. It allows you to pay salaries, manage expenses and communicate effectively with local service providers.
Increase financial stability
Diversifying your financial assets across different countries and currencies is a key strategy for minimising risk. A Serbian bank account can be a valuable component of your international financial portfolio, contributing to your overall financial stability.
Convenience and cost-effectiveness
A Serbian bank account eliminates the need for costly currency conversions and international bank transfers. It reduces transaction costs and provides you with a convenient means of managing your finances, whether for personal or business purposes.

Types of accounts in Serbia

In Serbia, you can find various types of bank accounts to suit different needs. Plus, you can open an account in Serbia without a personal visit. Here's an overview of the main types of accounts available:

Personal BA for day-to-day transactions and saving costs:

  1. Savings accounts.
  2. Checking accounts.
  3. Term deposits.


  1. Business current accounts: designed for day-to-day financial transactions and facilitate payments, payroll, and other business transactions.
  2. Business savings accounts: help businesses build financial reserves for future needs.
  3. Foreign currency business accounts: essential for companies involved in international trade, allowing them to hold and transact in foreign currencies.

Foreign currency:

Serbian banks offer foreign currency accounts to individuals and legal entities involved in international activities. These accounts have several benefits, including:

  1. Allowing you to hold and transact in multiple currencies, reducing the impact of exchange rate fluctuations.
  2. Facilitating cross-border trade for businesses dealing with foreign partners.
  3. Providing access to foreign financial markets and investment opportunities.

Choosing the right account type depends on your specific financial needs and activities, whether you are an individual or a business owner. If you have any questions or require further information about a specific type of account, please feel free to ask.

Choosing a bank

  1. Open an account in Serbian Banca Intesa:
    1. Operating since 1991.
    2. Offers a wide range of services to individuals, SMEs and large companies.
    3. The largest bank in Serbia by total assets.
  2. Set up an account in Komercijalna Banka, Serbia:
    1. Started operations in 1970.
    2. Serves individuals, SMEs and large corporates.
    3. The third-largest bank in Serbia in terms of total assets.
    4. Offers various financial products, including current and savings accounts, debit and credit cards, term deposit accounts, consumer loans and more.
  3. Create an account in UniCredit Banka Serbia:
    1. Operates as a subsidiary of the Italian banking group UniCredit.
    2. Serves various customer groups, including private entrepreneurs and international companies.
    3. The second-largest bank in Serbia by total assets.
  4. Register an account with an OTP Banka Srbija:
    1. Established in 1990.
    2. Offers a wide range of banking services to individuals, financial institutions, SMEs and international companies.
    3. The 5th largest bank in Serbia.
  5. Register a bank account in Serbian Raiffeisen Banka:
    1. Established in 2001 with 100% foreign capital.
    2. Offers retail banking, SME banking, corporate banking, investment banking and asset management services.
    3. The 4th largest bank in Serbia.
  6. AIK Banka:
    1. Operating since 1976.
    2. Focuses on the agricultural sector and serves retail and SME customers.
  7. Register an account in Eurobank bank in Serbia:
    1. Entered the local market in 2003.
    2. Offers a wide range of standard banking services and innovative financial products.
    3. Serves over 500,000 account holders, including individuals and companies.
  8. Erste Bank:
    1. Established in 1864 as Novosadska Stedionica.
    2. The oldest bank and the 7th largest bank in the country by total assets.

Application process

Submitting information for verification

  • Common info include a valid passport or national identity card, proof of address (e.g., utility bills or rental agreements), business registration documents (if applicable), and your Taxpayer Identification Number (TIN).

In-person interview

  • A bank representative will conduct an in-person interview to understand your financial needs and desired services.
  • They will outline available account types and specific terms and conditions you must agree to.
  • These include fee schedules, account access policies, and adherence to local regulations.

Complete the application

  • This typically involves filling out a form with your personal or business details, reviewing and signing any necessary contracts, and providing any additional information or documentation requested by the bank.

Activating your account and making the first deposit

  • Once your application is approved, the bank will activate your account.
  • You may need to make an initial deposit, and the required amount may vary depending on the bank and the type of account you are opening.

Setting up online banking

  • You can set up online access to manage your finances, conduct transactions, and monitor your account online.
  • The fees are indicative and can vary depending on the specific bank and account type in Serbia.



International transfer

0.4% to min. €5

Account maintenance (in RSD)

€5 to €10

Account maintenance (foreign currency)

often free

Please be aware that different banks have different rules and procedures. It's advisable to contact the bank you are interested in beforehand to confirm their exact requirements and to schedule an appointment. Additionally, if you have any specific questions or need further guidance regarding opening a bank account in Serbia, feel free to ask.

To clarify the details of opening an account with a bank in Serbia in 2023, you can directly contact the experts of our company. We provide personalised consultations on choosing the best bank for opening an account, as well as direct support at all stages of opening an account in a foreign bank.

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