A Guide to Raiffeisen Bank in Serbia: Opening Accounts, Limits, and Transactions

Key Limits, Fees, and Transactions

When banking with Raiffeisen Bank in Serbia, it's important to be aware of the key terms and operational limits. These apply to cash deposits and withdrawals, as well as transfers between accounts.

Account maintenance fees are also standardized. A package with two personal cards (Visa and Dina) costs 350 dinars per month, while a similar package for businesses costs 500 dinars per month. If your card doesn't appear in the app after you receive it, you need to activate it by inserting it into an ATM and checking the balance or changing the PIN.

Card Differences and Foreign Currency Transaction Specifics

The bank offers several types of cards, with the main ones being the national Dina card and international Mastercard/Visa cards. Their functionality differs significantly.

When paying abroad or on foreign websites in a currency other than the Serbian dinar (RSD), funds can be debited from either your EUR account or your RSD account with subsequent conversion. You can check the current setting in the mobile app under Cards -> Details -> Related/Additional account. If different accounts are set for domestic and foreign spending, funds will be debited from them accordingly. This logic can be changed at a bank branch or through customer support.

Opening a Business Account (Sole Proprietorship)

The procedure for opening a business account has strict restrictions. Since March 2024, accounts are not opened for citizens of Russia and Belarus, even if they hold a second citizenship. The chances of opening an account increase after a year of living in Serbia with a residence permit (VNZh), but they remain low. By law, banks in Serbia have the right to choose their clients and are not required to explain the reason for refusal.

• Proof of business registration (decision from the APR).
• A valid international passport.
• A 'Beli Karton' (white card) certified by the police (not required if you have a residence permit; a printout from the ID card is needed instead).
• A local phone number.

Having a signed contract with your Serbian sole proprietorship and conducting active business significantly increases your chances. After submitting the application, the bank may email you a questionnaire within a few days with questions about your activities, clients, business plan, and expected transaction volume. You should answer clearly and provide only the requested documents.

Opening a Personal Account

The conditions for opening a personal account also depend on the length of your stay in the country. If you have been in Serbia for less than a year, Raiffeisen Bank will require an employment contract with a Serbian company that also banks with them. In this case, they typically only open an account in dinars (RSD). After a year of residence, you can open a resident account without an employment contract.

• International passport.
• Internal Russian passport with registered address.
• 'Beli Karton' (certified) or a printout from your ID card if you have a residence permit.
• A local phone number.

The process is as follows: you submit an application at a branch, and within 1-3 days, you receive a response via email. If approved, you must visit the bank again to sign the documents and activate the mobile app. The cards will be ready within a week, and you will receive a notification in the app.

SWIFT Transfers: Receiving and Sending

Receiving SWIFT transfers to a sole proprietorship account requires confirmation in the mobile app. Once the funds arrive, they appear in the 'Foreign payment -> Foreign inflows -> Unprocessed inflows' tab. To have the money credited, you must fill out a form, specifying the payment code (e.g., 302 for programmers, 765 for designers), the invoice number, and the year. After this, the payment goes to currency control, which takes from a few hours to several days.

Sending SWIFT transfers for non-residents is only possible at the cashier's desk in a bank branch. The functionality is not active for them in the app. To make the transfer, you need to visit a branch with your passport and the recipient's details. A bank employee will process the payment, after which the funds in your account will first be frozen and then debited. For residents (those who have lived in Serbia for more than a year with a residence permit), sending SWIFT transfers is available through the app.

Specifics for Entrepreneurs: Currency Exchange and Transfers

Sole proprietors can sell foreign currency through the mobile app in the 'Exchange office' section, which operates on weekdays until 4:00 PM. To get a better exchange rate, you can call the bank's dealing desk. An employee will lock in a special rate for you, which will be applied when you perform the transaction in the app. For amounts up to 10,000 EUR, an improved rate can be fixed on a permanent basis.

Transferring money from a business account to a personal account is only possible for residents. Such transfers can only be made to your own account (not to third parties). To do this, you need to create a new payment in the 'Domestic payments' section, specifying your personal account number and the payment code 241 ('Neoporeziva primanja zaposlenih...'). The legal limit for such transactions is 150,000 RSD per day.

Changing Status from Non-Resident to Resident

After 12 months of continuous residence in Serbia with a residence permit (VNZh), a bank client can change their status from non-resident to resident. This provides access to the full range of banking services, including online transfers, SWIFT from the app, currency conversion, and QR code payments (IPS).

• Uverenje o boravku (certificate of residence stating the dates).
• The first 'Beli Karton' you received a year ago.
• A printout from your ID card (if available).

During the status change process, the old non-resident account is closed, and a new resident account is opened. All funds are transferred automatically. The cards are blocked and reissued, and the account details change. If you have a sole proprietorship account, it will need to be re-linked to the new personal account, which may require a separate visit to the branch for legal entities.