Banking System of Serbia
Types of Bank Accounts
Serbian banks offer several types of accounts depending on the client’s needs:
Client Requirements
Serbia adheres to international standards in the area of anti-money laundering (AML) and combating terrorist financing. The primary regulatory act is the Law on the Prevention of Money Laundering and Terrorist Financing (Zakon o sprečavanju pranja novca i finansiranja terorizma, Official Gazette RS No. 113/2017, as amended). AML compliance of banks is supervised by the National Bank of Serbia (Narodna banka Srbije, NBS). The Administration for the Prevention of Money Laundering (Uprava za sprečavanje pranja novca, APML) is the financial intelligence unit of the Republic of Serbia, a member of the Egmont Group.
Sellers of goods, real estate and services may not accept cash payments of EUR 10,000 or more — such amounts must be paid into a bank account. Since 6 December 2024 the same limit has applied to individuals receiving cash under loan or real estate sale contracts. Further amendments in force since 14 March 2025 brought new categories of obliged entities under the law and updated the rules on digital assets.
Serbian banks are required to carry out client identification (KYC — Know Your Customer) before establishing business relationships. For corporate clients, this includes verification of beneficial owners, confirmation of the source of funds, and the nature of business activities. Non-residents — including foreign citizens in their first year of stay in Serbia — may open accounts subject to compliance with established procedures.
Account Opening Process and Timelines
The procedure for opening a bank account in Serbia with COREDO’s support includes the following stages:
Preliminary client analysis (Client Analysis).
COREDO specialists assess the client’s profile, analyse the business structure, and determine the optimal bank and account type based on the specifics of the client’s activities.
Document preparation.
A complete set of documents is compiled in accordance with the requirements of the selected bank and NBS regulations. Notarisation and apostille certification are arranged where necessary.
Application submission.
Documents are submitted to the bank. Where the selected bank accepts a power of attorney, the account is opened through an authorised representative and personal presence in Belgrade is not required.
Compliance review.
The bank conducts KYC/AML procedures, including document verification and database checks.
Account opening.
Upon successful completion of the review, the account is activated, and the client receives account details and access to online banking and the mobile application.
Account opening timelines depend on the completeness of the documents, the complexity of the corporate structure and the requirements of the selected bank.
Required Documents
For a foreign company, the National Bank of Serbia’s rules on non-resident accounts require an extract from the register of its home country, submitted as an original or certified copy not older than three months. The extract needs a certified translation into Serbian and is resubmitted at least once a year. The bank also receives a specimen signature card of the persons authorised to dispose of the funds and, unless that person is present, a signature certified by a competent body. COREDO’s basic package adds identity documents of directors, beneficial owners and representatives, the source of funds, recent financial statements, the bank questionnaire and, where a representative opens the account, a written power of attorney.
For individuals, the standard set includes: a valid international passport, proof of residential address (a bank statement or utility bill no older than three months). The standard set also includes documents confirming the origin of capital (income certificate, tax declaration) and a completed bank questionnaire.
The specific list of documents may vary depending on the bank, account type, and client profile. COREDO specialists assist in compiling the document package in accordance with the requirements of the specific bank.
Advantages of Working with COREDO
COREDO provides clients with a number of significant advantages when opening a bank account in Serbia. Professional experience since 2016 enables effective process support and minimisation of the risk of rejection. COREDO specialists provide full support at every stage — from the initial analysis to obtaining access to the account. Each stage has its own fee set in advance; bank and payment institution fees are not included, and the final price may vary with the complexity of the case. Where the bank accepts a power of attorney, the account is opened without the client travelling to Serbia.
Our Experts
The COREDO team has been operating since 2016 and supports clients in opening accounts with banks and payment institutions.
Frequently Asked Questions
For an individual consultation on opening a bank account in Serbia, contact COREDO specialists. We will analyse your profile and offer the optimal solution tailored to the specifics of your business.
