Basics of banking in Serbia

A new democracy Serbia is slowly making its presence felt in the tourism and expatriate world. It is not surprising that expatriates would want to settle in the country and set up their own bank account to ensure the convenience of money transactions wherever their feet take them in Serbia.

State-owned banks in Serbia have declined since the year 2000 due to privatization and largely because of the participation of foreign banks in the country's financial market. These foreign banks own about 38.4% of the market share. Because of this, expatriates now have more options as far as banking is concerned.

Choosing a bank is something you should give careful thought to. Consider first the bank's stability. International banks are the common choice for expatriates, especially for those who still travel considerably often outside of Serbia.

Make sure to also take into consideration the bank's location. Choose a branch that's near your residence or your place of work to ensure hassle-free banking.

Banks require a variety of documents from a foreign national who wishes to open an account. Make sure to have extra copies of pertinent personal identification documents like your passport, visa and work permits. If you have IDs issued in Serbia, it is best that you file copies of those as well.

Aside from that, you may also be required to submit proof of your residence in Serbia, like utility bills. It would also help if you have previous bank statements with you that you can present if requested.

The currency used in Serbia is the dinar, although Euro is the preferred currency in trading.