This jurisdiction located on the Balkan Peninsula is not exactly ideal for non-resident or foreign clients to have on their list of countries that provide benefits for opening a bank account. Serbia presents troubling and even limiting challenges in terms of banking services for non-residents.

Not all banks accept non-residents as clients, which is the first consideration you should take into account. Being a non-resident also limits many of the banking services, being a non-resident, you may be restricted for example with the mobile banking service, so you will have to go to the bank agency to make a transaction, this may occur at least the first 12 months of your account.

In case you are considering to open a corporate account for a company in Serbia, you should know that you will not be able to do so, because, for the Serbian authorities, non-resident companies are classified as high risk, so most banks do not incorporate them as clients. 

As a security measure, it is common for banks in Serbia to freeze accounts if they detect any suspicious activity. Banks in Serbia contact the client to request information regarding compliance, and the client must respond within 24 hours, and if no response is received, the bank may freeze the account.

Another disadvantage of this jurisdiction is that you will not be able to open a bank account remotely in Serbia. The language barrier is another limitation for non-residents.

If you are aware of these disadvantages for non-residents and are considering opening a bank account in Serbia, here are the minimum requirements you will need to present.

Two forms of identification issued by the Government as passport is one. Accepted proof of address, employment letter to prove source of income, declaration to prove source of wealth, personal references and the well-known white card, which is nothing more than proof of tourist registration with the local authorities.

The validity of the documents cannot exceed three months; they will have to be presented in the Serbian language by a translator authorized by the bank.
The Serbian banking system is very strict and you should be careful not to be rejected, because there is a possibility that you will not be able to apply again or apply for a bank account and you will be blacklisted as a client, which means that you will not be able to apply in the future.

To be successful and not be rejected as a client remember to study the options presented by the banking market in Serbia, to know if the banks meet your requirements and always comply with the required documentation.

If you would like to learn more about the requirements for opening a non-resident account in Serbia, please contact Foster Swiss consultants, they are available to provide you with all the financial services you require.

Remember that confidentiality and discretion are the adjectives that best represent us. Consult a financial advisor for more information, info@fosterswiss.com