How to open a bank account in Bank of Serbia

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June, 2020 June, 2021 March, 2021

GSL reference about the bank

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

Primary requirements:
- the bank opens checking and savings accounts;
- the bank has a representative in Moscow and Kiev - if it is not possible to visit Belgrade, you can go through the identification with a representative;
- preference is given to financial reporting jurisdictions, but at the same time there is no prohibition on opening accounts for offshore companies (individual consideration procedure);
- the bank does not open accounts for such activities as online commerce, payment systems, companies dealing with cryptocurrency;
- check with the consultant for the date of opening an account;
- the bank does not process payments in the CIS in dollars. And in other directions USD payments will be extremely problema

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated N/R
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    Year of foundation 2018
    History The bank changed its name after it was purchased by a private investor in the summer of 2018
    Personnel The bank has Russian-speaking staff. Staff also speak Serbian and English
    Bank’s shareholders The bank is wholly owned by a private investor
    Confidentiality Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    N/A No restrictions 0 0 No restrictions
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    Minimum balance, € No minimum balance requirements for business accounts
    Transactions permitted per month No restrictions
    How fast payments are executed Same day or next day

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    125 0 430 N/A N/A
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    Outcoming transfer, € Transfers to other banks within and outside Serbia, bank fee is paid by the payer (OUR) - 0.25% (min. RSD 3,000 (~EUR 25.5); max. RSD 60,000 (~EUR 510.5))
    Incoming transfer, € No fees are charged on incoming transfers
    Account maintenance, €/year Monthly account maintenance fee is RSD 4,200 (~EUR 35.7). Monthly inactive account maintenance fee is RSD 12,000 (~EUR 102).
    Processing of account opening application within 7 business days – EUR 500.
    Account closing on the customer’s initiative – RSD 12,000 (~EUR 102), account closing on the bank’s initiative – RSD 60,000 (~EUR 510.5)
    Distant access to the account Internet banking is available. The cost of the initial package (SMART-card and card-reader) + a one-time fee for certification of e-banking services per user - RSD 9,000 (~EUR 76.6) + delivery/shipping costs
    Financial products Digital banking and latest financial technologies are key elements of the bank’s long-term strategy. The bank forms a portfolio of loans and settlement services for companies and offers an individual approach and a wide range of the most popular services for individuals
    Credit/debit cards VISA BUSINESS

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
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    Visit to the bank You can open an account without visiting the bank - there is a representative in Moscow and Kiev
    Required Completed bank forms. Copies of passports of beneficial owners and account signatories, proof of address (Utility Bill). Standard set of corporate documents.
    There is no need to translate documents into Serbian. After the bank opens an account for the client, it independently translates a number of documents into Serbian and debits the commission from the client's account. If a company has a complex ownership structure or if it is a partnership, then a full package of corporate documents must be provided for each company in the structure.
    The Incumbency and Good Standing Certificates must not be older than 3 months at the date of submission to the bank.
    In addition, it is necessary to provide: company’s business description (in English) specifying the names and websites of partners, and the expected movements of funds in the account; if a company has another bank account – statement of account for the last 6 months; explanation why an account in Serbia is necessary.
    Types of accounts Personal; Corporate; Savings; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
     
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