Alta Bank in Serbia: A Complete Guide for Relocators

Key Questions and Answers about Alta Bank

For those planning to move to Serbia, many financial questions arise. One of the popular banks for foreigners is Alta Bank. It is important to understand the key features of working with it from the start to avoid surprises.

For example, you can only withdraw foreign currency from a personal account at a branch's cashier. ATMs dispense only Serbian dinars (RSD). This rule applies to both personal and business accounts, from which you can only get cash in dinars.

Depositing funds into a personal account is also done only at the branch's cashier, and you must present your international passport. As for fees for incoming SWIFT transfers to a business account, their amount depends on the sender, who can choose who pays the fee when sending: themselves, the recipient, or both parties.

Bank Cards: Types, Conditions, and Features

Alta Bank offers different types of cards depending on the account type. When opening a multi-currency account (foreign currency and dinar), an individual is issued two cards: the local DinaCard and the international Visa card. If only a dinar account is opened, the client will only receive a DinaCard.

It is important to remember that DinaCard is a local payment system that works exclusively within Serbia. Its functionality is limited to payments in local stores and withdrawing dinars from ATMs. Visa cards, for both individuals and legal entities, offer more possibilities, including online payments and transactions abroad. All cards are issued for a period of 4 years.

Alta Bank cards can be linked to Apple Pay and Google Pay for convenient contactless payments. When paying with a personal card abroad in euros, the funds will be debited from the euro account. If there are not enough euros in the account, the debit will be made from the dinar account at the bank's internal exchange rate.

Documents for Opening a Personal Account

To open a personal account at Alta Bank, a foreign citizen will need to prepare a package of documents. The process will be easier if you make copies of all necessary papers in advance. A valid address from your home country is not verified, but you will need to provide one in the application form.

• Completed application form (provided at the bank, can be requested via email).
• "Beli karton" (white card, registration of stay). Not needed if you already have a residence permit (VNZh).
• Internal and international passports.
• A local Serbian phone number.

• Residence permit (VNZh) held for more than 1 year.
• Employment contract with a Serbian company.
• Registered sole proprietorship (IP) in Serbia.
• Real estate ownership.
• Residential lease agreement for a term of 1 year or more.
• Marriage to a Serbian citizen.

Opening a Business Account for a Sole Proprietor (preduzetnik)

The procedure for opening an account for a sole proprietor (IP, or "preduzetnik") is similar to opening a personal account but requires additional business-related documents. The most important of these is a contract with a foreign client, which is a mandatory condition for opening a foreign currency account.

If there is no such contract, the bank will only open an account in dinars. You should not try to open a foreign currency account without a contract, as this may lead to a refusal to open any account at all. The bank may also reject contracts with companies from certain offshore zones, with the exception of Cyprus.

• Completed form (provided by the bank).
• "Beli karton" or residence permit (VNZh) document.
• Internal and international passports.
• Confirmation of sole proprietorship registration (decision from APR).
• Contract with a client outside of Serbia (an electronic signature is acceptable).
• A local phone number.

Occasionally, the bank may also request a statement from another bank in English.

Application Process and Timelines

You can submit documents for opening personal and business accounts at the same time. The process begins with obtaining and filling out an application form. You can fill it out on the spot or ask for it to be sent to your email to fill out at home. When applying for a business account, you must immediately state your need for eBanking access and a bank card, as separate documents are signed for these services.

After submitting all the documents, a waiting period begins. The application review period can range from one day to a month and depends on the workload of the specific branch. Once approved, you will receive an email notification and an invitation to the bank to sign the final papers.

Cards and eBanking equipment (if requested) will be ready within 10-30 days after the account is opened. You will be notified of their readiness via SMS or email. You need to pick them up at the same branch where the account was opened.

Working with Currency and SWIFT Transfers

One of the peculiarities of Alta Bank is that you cannot directly receive US dollars (USD) into a sole proprietor's business account. The bank accepts payments in dinars (RSD), euros (EUR), rubles (RUB), and Chinese yuan (CHY). To receive payments in USD from American clients, you have to use intermediary services.

Many American companies can convert dollars to euros themselves before sending the payment. If this is not possible, you can use one of the payment services officially operating in Serbia, such as Payoneer, Deel, or EasyStaff. These platforms allow you to receive USD, convert it to EUR, and then send it to your business account at Alta Bank.

When adding a Serbian account to Payoneer, it is important to specify it as a business account belonging to your sole proprietorship, not as a third-party contractor's account. After this, the verification service will request supporting documents.

Using eBanking for Business

To manage a business account, Alta Bank provides a desktop eBanking application that only works on the Windows operating system. Mac or Linux users will have to use a virtual machine. Access to the system is paid; the cost of the equipment (USB token or card reader) is 3000 dinars.

After receiving the equipment and PIN code, you need to install the drivers and the application itself from the official website. A 16-digit activation code will be required for the first login. It is important to keep it, as it will be needed if you reinstall the system.

1. Confirming currency income. In the "Credits" section, you need to find the transaction, select the "Distribution" option, and specify the activity code (e.g., 302 for programmers, 305 for consulting).
2. Selling currency. In the "New order for buying-Selling" section, create a request to exchange euros for dinars, specifying operation code 34.

Before each session, you must manually click the "Synchronization" button to update the account data.

Transferring Funds from a Business Account to a Personal Account

The ability to transfer money from a business account to your personal account becomes available only after obtaining the status of a tax resident of Serbia. Non-residents do not have this option. Residency status is granted after 12 months of legal residence in the country based on a residence permit (VNZh).

It is crucial to understand that you can only transfer funds in this way to your own personal account in any Serbian bank. Sending money to third parties (friends, landlord) from a business account without an official contract is prohibited. This is a violation.

A special payment code is used for the transfer — 241 ("Neoporeziva primanja zaposlenih..."). The transaction can be done through either the mobile or desktop application. When filling out the payment order, you need to specify your full name, address, personal account number, and the amount in dinars. It is recommended to consult with your accountant before performing such operations.

Changing Status from Non-Resident to Resident

After living in Serbia for more than one year on a residence permit (VNZh), a foreigner obtains the status of a currency resident. This is an important step that significantly expands the available banking functionality. To change your status at Alta Bank, you must visit a branch in person.

• "Uverenje o boravku" (certificate of residence) no older than 1 month, which specifies the validity dates of the residence permit (VNZh).
• International passport.
• Residence permit ID card (if you have one).

At the bank, you will need to fill out a new application form and sign an updated contract. The procedure takes about 10-25 minutes. Account numbers, cards, and application access remain the same.

After changing to resident status, the client gains access to functions such as SWIFT transfers from Serbia, transfers by phone number, in-app currency conversion, QR code payments (IPS), and most importantly, transferring money from a business account to a personal one.