Why do people open accounts abroad? Well, there are multiple reasons for that, but all of them can be roughly subdivided into three categories: security, convenience, and opportunities. If your bank account back home is suddenly blocked, an offshore bank account will come in useful while you are solving the problem with the home bank. A foreign bank account may be simply more convenient if you need to make settlements abroad or give you more opportunities if you, for example, want to take part in any investment projects.
Is it difficult to get a foreign bank account? That depends. Some people are prepared to venture on their own and fail, others are ready to study the laws and regulations of the foreign country before they make any steps, and most people simply find a reliable consultant who helps them open an account without much hassle. In this article, we will discuss the Serbian banking experience. Read a full article on our portal before you decide to open an offshore bank account in Serbia – and book a session with our experts if you feel that you need help. We have local representatives in Serbia and we helped hundreds of individuals and legal entities to benefit from Serbian banking!
Reasons to Open an Offshore Account
Here is a list of typical situations in which it would be more convenient to have an offshore bank account:
- You go abroad to get a higher education, undergo treatment, spend your retirement years, or simply work
- You are planning a relocation abroad for an indefinite period of time
- Your business trips are really frequent
- You regularly travel abroad for some personal reason, be it to meet your loved ones or simply to have a good rest
- You have a person abroad that receives regular support from you
- Your freelance job means that you get payment from all over the world in different currencies
- You have (or are planning to acquire) some assets in other countries
You may need different bank accounts for these purposes. There are a lot of foreign banks that will be happy to provide services to non-residents (not all of them, though).
Some other considerations behind opening a bank account may be connected with personal finances management:
- You need enhanced personal assets protection (and an account back home is hardly suitable for this purpose)
- You want a safe savings account where you will accumulate your passive income from different sources
- You need to diversify your assets to be ready for any emergencies in the political, economic, or social sphere
- You need more privacy than you can get back home
The list is not exhaustive, but most people have some of these needs and satisfy them by opening a bank account abroad.
Why Serbia?
Serbia is a European country that is on the verge of accession to the EU. It is a financial and logistics center that attracts customers from all over the globe. You will get European-quality banking services at lower fees than on average across Europe. Serbia boasts quite a well-developed financial sector that works successfully with residents and non-residents alike.
Here is what you get if you open a personal bank account in Serbia:
- An account in local currency(RSD) and international currencies
- Your deposit will be insured for up to 50,000 euros
- You will be able to make and receive payments from Serbian and foreign accounts using SWIFT or Eurogiro
- Transfers are available in all major currencies of the world
- You can get a debit or credit card if you want
- You will be able to withdraw cash at any ATM
- You will have a personal bank manager
Serbian banks offer convenient apps that enable you to manage your settlements online.
Package of Documents for a Serbian Account
Be prepared to provide the documents below to open a bank account with a Serbian bank:
- Passport (or any other ID document instead)
- If you are a resident of the European Union, provide a residence permit or an ID card
- Proof of residence (a utility bill or a credit card statement will do. The documents should be no more than 3 months old)
- Document that proves the legal origin of funds
- Bank forms (you will need to fill them out in two languages, English and Serbian. Our consultants will help you)
These are the basic documents, and the bank sometimes requests additional ones.
Peculiarities of Serbian Banks
There is one important aspect we would like to discuss here. It is not that difficult to open an account with a Serbian bank, but you will have to show that you are a reliable customer. Serbian banks look at the first few transactions very closely to make sure you are trustworthy.
The first several weeks or months are critical. You will have to keep in touch with the bank and provide any documents or explanations they may require within 24 hours. If you don’t cooperate, your transaction may be blocked, and you will have to answer more questions from the bank. If several transactions are blocked, the bank may refuse to provide services to you.
We understand that it is a bit difficult for customers to stay in touch all the time. That’s why we offer a convenient service to you: you will provide our Belgrade office as the second contact to the bank, and it will reach us in case it cannot get you on the phone. We will resolve the matter instead of you to everybody’s satisfaction.
What is more, we offer this service free of charge for the first transactions, and then you can renew it for an additional fee.
Can I Open an Account Online?
Nowadays, virtually anything is done online, especially after the pandemic. However, not all Serbian banks are prepared to open accounts for their customers remotely. Fortunately, we can offer such options to you: we have our representatives on-site who will save you the cost of traveling to Serbia just to show up at the bank. Contact our specialists to find out more details.
If you are interested in offshore banking opportunities, click on the above link, and you will find much more information on our portal! Get in touch with us if you have any questions or need any help.