COREDO > Opening a Bank Account in Serbia

Opening a Bank Account in Serbia

Banking System of Serbia

Serbia is a developing jurisdiction in Southeast Europe with a stable banking system and growing integration into the European financial space. The country is gradually aligning its financial regulation with EU standards and offers convenient conditions for international payments, including access to SEPA and banking services for non-residents.

Since 2016, COREDO has been assisting clients with opening bank accounts in Serbia, providing full support at every stage of the process.

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Cost of the service
from 700 EUR

Types of Bank Accounts

Serbian banks offer several types of accounts depending on the client’s needs:

A corporate bank account

is intended for legal entities and enables settlement operations, supplier payments, salary disbursements, and foreign trade settlements. To open a corporate account, a foreign company does not need to have a branch or representative office in Serbia — a justified purpose is sufficient, such as a contract with a Serbian counterparty or planned investments.

A payment institution (PI) account

is an alternative for companies that require access to payment services without full banking services.

A personal bank account

is provided to individuals for managing personal finances, receiving transfers, and everyday transactions. Accounts are available in various currencies: RSD (Serbian dinar), EUR, USD, CHF, GBP, CAD, SEK, DKK, JPY, and others. Some banks offer multi-currency accounts, while others open a separate account for each currency.

All deposits in Serbian banks are insured by the Deposit Insurance Agency (Agencija za osiguranje depozita) for up to EUR 50,000 per depositor.

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 by No. 91/2019 and 2025 amendments). AML compliance oversight is carried out by the Administration for the Prevention of Money Laundering (Uprava za sprečavanje pranja novca, APML) — the financial intelligence unit of the Republic of Serbia, a member of the Egmont Group.

Amendments to the Law, which came into force on 14 March 2025, introduced restrictions on cash transactions with a threshold of EUR 10,000 for real estate, goods, and services transactions — operations exceeding this amount must be conducted via bank transfer. Enhanced requirements were imposed on digital asset providers regarding the application of Enhanced Due Diligence (EDD) for foreign clients.

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 — foreign citizens who have been in Serbia for less than one year — 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.

01

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.

02

Application submission.

Documents are submitted to the bank. Most Serbian banks allow remote account opening for non-residents based on a notarised power of attorney — personal presence in Belgrade is not required.

03

Compliance review.

The bank conducts KYC/AML procedures, including document verification and database checks.

04

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.

05

For individuals with a complete set of documents, the procedure takes one to three business days. For legal entities, verification timelines start from 14 business days and depend on the complexity of the corporate structure and the requirements of the selected bank.

COREDO Service Fees

Legal Entities

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Opening deposit	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The fee includes full support throughout the process, from the preliminary analysis to receiving account details. The deposit is transferred directly to the bank and is not a COREDO commission.

Required Documents

To open a corporate bank account in Serbia, the following documents are generally required: incorporation documents (articles of association, certificate of registration) with an apostille and a notarised translation into Serbian, identity documents of directors, beneficial owners, and authorised representatives, an extract from the commercial register of the country of registration, documents confirming the source of funds and the nature of business activities, financial statements for the most recent period, a completed bank questionnaire, and a notarised power of attorney for remote account opening.

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), 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 and established contacts with Serbian banks enable 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. Transparent pricing with fixed fees at each stage eliminates hidden charges. The possibility of remote account opening via a power of attorney relieves the client of the need to travel to Serbia in person.

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Our Experts

Daniil Saprykin

Head of Customer Success at COREDO. Coordinates the client support process at all stages of bank account opening and ensures prompt resolution of any issues that arise.

Pavel Kos

Head of Legal at COREDO. Has been with the company since 2017 and has led the legal team since 2020. Specialises in banking law, corporate structuring, and interaction with financial regulators.

Diana Šnajdr

Customer Success Manager at COREDO. Provides operational support to clients and coordinates interaction with banks during the document preparation and submission stage.

Frequently Asked Questions

Can non-residents open a bank account in Serbia?

Yes, Serbian banks accept non-residents — both legal entities and individuals. Foreign companies do not need to have a branch or representative office in Serbia. For individuals, the primary identification document is an international passport. COREDO assists in preparing the complete set of documents for successful completion of the review.

Is personal presence in Serbia required to open an account?

Personal presence is not required. Most Serbian banks allow account opening for non-residents based on a notarised power of attorney. COREDO arranges the entire process remotely, including document preparation and submission.

What currencies are available for bank accounts in Serbia?

Serbian banks offer accounts in a wide range of currencies: RSD (Serbian dinar), EUR, USD, CHF, GBP, CAD, SEK, DKK, JPY, and others. A number of banks provide multi-currency accounts with access to several currencies under a single agreement.

Is Serbia a participant in the automatic exchange of tax information (CRS)?

Serbia has signed the OECD Multilateral Competent Authority Agreement (MCAA); however, the automatic exchange of tax information under the CRS standard has not been activated with most jurisdictions as of 2025. This means that data on non-resident accounts is currently not transmitted automatically to the tax authorities of other countries.

How long does it take to open an account?

For individuals with a complete set of documents, the procedure takes one to three business days. For legal entities, timelines start from 14 business days depending on the complexity of the corporate structure and the internal procedures of the selected bank.

Submit Application

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.