Banking in Serbia for Expats: Reliability, Requirements, and Whether It’s Worth It

If you are moving countries, you need a reliable way to receive income, pay bills, and manage savings. Serbia is no exception. A frequent question we hear is: Are Serbian banks reliable, can foreigners open accounts, and is it actually worth banking here? This article walks through the system as it stands today—who regulates it, how deposit protection works, what digital banking looks like, the typical requirements for opening both personal and business accounts, and where expats tend to hit friction. We also share how our team guides clients to realistic timelines and “foreign-friendly” institutions with solid English support.

Serbian banks operate under the National Bank of Serbia (NBS) with strict prudential oversight. In practice, this means capital adequacy, liquidity, and risk controls broadly aligned with EU norms. The market is composed of roughly 29 commercial banks, and most are foreign-owned—you’ll encounter names like Raiffeisen (Austria), UniCredit (Italy), OTP (Hungary), and others. The international ownership footprint has generally translated into modernized systems, improved governance, and more consistent risk management.

A practical reliability marker is the sector’s capital base and loan book quality. In recent years, non-performing loan ratios have been brought down into the low single digits (circa 3–4%), reflecting tighter underwriting and active portfolio clean-ups. For customers, this tends to indicate healthier balance sheets and less stress in the banking system overall.

Serbia offers deposit insurance up to €50,000 per depositor per bank. For many newcomers, this is reassuring, though high-net-worth clients will understandably ask, “What about amounts above that?” The standard approach is distribution—spreading funds across multiple banks and using cash-management strategies appropriate to your personal risk tolerance.

Serbia exited the FATF “grey list” in 2019, a milestone that reflects progress in anti-money-laundering and counter-terrorist-financing controls. Practically, banks now scrutinize sources of funds more tightly and insist on documentation. The upside: better global alignment and fewer correspondent-banking frictions. The trade-off: stricter compliance for customers—especially foreign entrepreneurs and globally mobile families.

Serbian retail and business e-banking has caught up significantly. Mobile and desktop apps from the larger international banks tend to be stable, with:

• QR-code bill payments

• Instant local transfers

• Multi-currency views

• Card management tools

That said, user experience varies. State-owned or smaller regional banks may lag on app quality or English interfaces. Customer service can also be inconsistent. The same bank branch can feel either delightfully efficient—or very bureaucratic—depending on the staff you meet that day. This isn’t unique to Serbia, but it is something to anticipate.

The short answer

Yes, foreigners can open accounts, but the path you take determines what you can actually do with the account.

1. Non-resident account (passport + white paper)
   If you arrive without a Serbian ID card (temporary residence card), some banks may open a basic account using your passport and your “white paper” (the registration slip you receive when you register your stay within 24 hours of arrival).
   Limitations: You often won’t receive a card or e-banking access. Transactions typically must be done in person at the branch. For some travelers or property owners who only need a local account number for occasional use, that may be enough—but it’s not a full modern experience.

2. Resident account (temporary residence or citizenship)
   With a temporary residence ID, you can usually open a full-service personal account with cards and full e-banking. This is the route most expats ultimately pursue. If you plan to run a company, you will additionally open a business account.

Documents you should expect to provide

• Passport

• Proof of stay or residency (white paper or temporary residence card)

• Proof of income / origin of funds (varies by bank)

• For business accounts: company documents, business description, and sometimes invoices or contracts to evidence real activity

Country-specific considerations (e.g., U.S. citizens)

Banks have discretion to decline customers. For U.S. persons, FATCA compliance adds extra forms and ongoing reporting. Some banks are comfortable with this; others prefer to avoid the added complexity. If you are a U.S. citizen, expect additional questionnaires and be prepared that not every bank will onboard you.

• Personal account (with residence card): Often same day to 48 hours.

• Business account: Expect compliance review and verification steps. 1–2 weeks for approval is common, followed by about a week for card issuance.

The key variable is how clearly your file explains who you are, where funds come from, and what you will use the account for. Clear, complete documentation speeds things up.

Multi-currency under one roof

One of the strongest advantages is the ability to hold multiple currencies under the same client relationship—RSD (Serbian dinar), EUR, USD, and in some cases other currencies. That’s useful if you’re paid from abroad or hold savings in different denominations.

Global reach

Banks issue IBANs and SWIFT codes, and standard Visa/Mastercard debit cards work internationally. For families and entrepreneurs dealing with payments in and out of the EU, this is straightforward.

Privacy posture

Serbia is not part of the OECD’s CRS (Common Reporting Standard) for automatic exchange of information. That means less automatic data sharing than in many jurisdictions. Note that legal obligations (tax filings, controlled foreign corporation rules, etc.) in your home country still apply. Privacy is not a substitute for compliance; it simply reduces ambient data dissemination.

Fees and workarounds

• Maintenance fees are generally low relative to many Western markets.

• Incoming international transfers can be costly depending on the bank’s fee schedule and foreign correspondent charges. Many clients mitigate this by routing payments through Wise or Payoneer and then transferring locally, while still maintaining a Serbian bank as their anchor account for bills, payroll, and official transactions.

Strategic location

Serbia sits at the gateway to the EU with strong connectivity across the Balkans and Europe. For businesses serving clients in multiple markets, this can be operationally convenient.

Branch roulette
The experience you get can depend on the branch and the person you meet. We maintain a current view of “foreign-friendly” branches with English-speaking staff who are used to expat documentation and can move efficiently.

“Paper logic”
Serbian banks often ask for additional proofs you may not expect (e.g., employment letters, contracts, invoices, or utility bills). We ensure your file anticipates those asks so your first submission is complete.

U.S. person onboarding
If FATCA applies to you, we steer you toward banks that handle these cases routinely to avoid last-minute declines.

Business compliance
New companies are vetted. We help present your business purpose, activities, and transaction profile in the language banks expect, which shortens approval timelines and reduces back-and-forth.

Plan B for inflows
If international incoming fees are biting into margins, we can model a Wise / Payoneer + local account hybrid so you keep costs predictable while retaining the benefits of a Serbian bank relationship.

Personal accounts

• Ideal for daily living: rent, utilities, cards, local transfers

• Full app access when you hold temporary residence

• Straightforward once your source-of-funds story is clear

Business accounts

• Require company docs and a clear business profile

• Compliance teams assess activity legitimacy, not just paperwork completeness

• Timelines are longer; two to three weeks to be fully operational (including cards) is common

Both cities host branches of the major international banks and are well-equipped for expats. Belgrade offers more branch density; Novi Sad often feels less crowded with staff having more time per client—something many of our clients appreciate during initial onboarding. In either city, the choice of branch and banker matters more than the city itself.

For most expats, yes—provided you approach it with realistic expectations:

• If you want full e-banking and cards, plan to secure temporary residence.

• Prepare thorough documentation for personal and business profiles.

• Expect compliance questions and embrace them—they’re a sign of a system that wants to be taken seriously.

• Budget for some international transfer costs or use a hybrid payments setup.

Serbian banking has matured meaningfully. With the right bank and branch, it can feel on par with much of the EU for day-to-day use—and often at lower ongoing fees.

Serbian banking has come a long way. The sector is supervised by the National Bank of Serbia, foreign-owned banks are prevalent, non-performing loans have declined, and digital banking is broadly modern. The system is not perfect—customer service can be variable, and compliance questions can feel rigorous—but for residents and serious business owners, Serbia delivers a functional, multi-currency, globally connected banking experience with manageable costs.

If you want full functionality, plan for temporary residence and a complete documentation pack. For entrepreneurs, expect 1–2 weeks for business account approval. With the right bank and branch—and a file prepared for success—most expats find Serbian banking absolutely worth it.

When you are ready to proceed, book a paid consultation and we will map the fastest, cleanest route to getting your accounts live.

 and we will map the fastest, cleanest route to getting your accounts live.