How to Send Money to Serbia

Sending money to Serbia is made easy with online transfers. Discover how to send money quickly and securely. Learn about fees, transfer times, and reliable services for convenient transactions.

February 22, 2024

How to Send Money to Serbia
Author
Shashank Kothari
Expert
Lena Batova

You may need to transfer money to Serbia for many reasons. Whether you are sending for business or personal use or for a freelancer who has worked for you, it is not always an easy task because sometimes the charges are outrageous, and you may face some other difficulties. Together with our expert, Lena Batova - a Serbia-based UX and content writer - we gathered the most recent information. In this article, you will get to see the working ways money can be sent to Serbia and all the potential expenses attached.

Available Money Transfer Methods to Serbia

Below are some of the available ways to send money to Serbia.

1. International Wire Transfers

Bank transfers involve sending money directly from your bank account to Serbia. This method is  common, familiar, and typically takes longer (several days). It's a straightforward process, where you provide the recipient's account details, including their name, account number, and the bank's information. Banks usually charge a fee for this service, $20 to $50 or more per transaction, depending on the bank. Some banks deduct a percentage, often around 1% to 3% of the total amount. It's a reliable but sometimes slower option, and fees can impact the total amount your recipient receives. 

Regarding timing, according to our expert, it takes one to three days (usually one) for business payments, but for individuals, transfers can sometimes get stuck for a couple of weeks or even months. This problem mostly occurs when you are sending dollars.

Pros

  • Direct and reliable. Simple bank-to-bank transfer.
  • Wide acceptance. Most businesses accept bank payments and wire transfers.
  • Familiarity. People are accustomed to bank transactions.
  • Established security. Banks implement strong security measures.
  • Account integration. Easily track transactions within your bank.

Cons

  • Fees. Banks charge transfer and conversion fees.
  • Exchange rates. Rates are not as favorable.
  • Limited access. May require physical presence at a bank.
  • Verification delays. Additional verification always causes delays.
  • Currency restrictions. Bank transfers are limited to dollars, euros, and dinars. The available currency options might get limited even further, depending on the local bank and the recipient's legal status since not all banks allow you to have dollar accounts.
  • Difficulties with some currencies. It is difficult to receive payments in some currencies like the yuan.

For Whom

Our expert confirmed that this method is suitable for any purpose, be it individuals or businesses. However, in both cases, you, as the sender, must provide the bank with an explanation of the transfer and some data about you and the recipient, like name, occupation, etc.

For individuals, it's best suited for sending money to relatives or as a gift. Other formats may be blocked. Also, you may be asked to provide some information like their full name, some form of ID, social security number, address in Serbia, and tax identification number (PIB). 

For businesses, you will need data about the company, including registration number, legal address, PIB, and an invoice detailing the services provided, along with a contract if it's not a one-time service and payments will be regular. The recipient in Serbia must have an account with a local bank. They must not necessarily be a citizen or have a residence permit. 

2. Online Money Transfer Services

Online money transfer services allow you to send money globally through digital platforms like Xe. You sign up on their websites or apps, providing your details and your recipient's information. These services often offer competitive exchange rates and lower fees compared to traditional banks. 

Fees vary, and some services charge a percentage or a flat rate. The transfer time can be quick, often within a day or even minutes, depending on the service and the Serbian city your recipient is in. It's a user-friendly and efficient way to send money to Serbia because it offers transparency in fees and convenient tracking for your peace of mind.

Our expert added that for this method, your recipients (businesses) will receive their money in cash, bank account, or card account. For banks, they will also have to tender documents like PIB, what the money is for, who it is for, and the reasons the money came. Also, cash is only for individuals.

Please, note that there are some risks in sending money through online money transfer services to a business account. These risks are due to checks conducted by correspondent banks because the business recipient in Serbia receives money into the account not from the payment system, but from the correspondent bank that processes it.

For example, a local Serbian bank, Alta Banka, advises its business clients against receiving money through some online services like Wise and Deep as their correspondent banks may fail to transfer the money to the bank's account, leaving the bank with nothing to give to the recipient. And the bank does not control its correspondent banks. At the same time, there is a list of electronic money institutions from third countries operating in accordance with the Law on Foreign Exchange Operations. They are:

  • Payoneer (EU) Limited
  • Skrill Limited 
  • Paysafe Financial Services Limited (ранее Optimal Payments Limited) 
  • Google Payment Corp
  • Payeer Ltd. 
  • Aircash d.o.o. 
  • Payoneer Inc. 
  • Payoneer Europe Limited 
  • UAB "Pervesk"

This means that if money flows into banks through these systems, the risks of not receiving the money are lower.

Pros

  • Speedy transfers. Often quicker than traditional methods.
  • Lower fees. Competitive rates, potential cost savings.
  • User-friendly. Easy online sign-up and navigation.
  • Transparent costs. Clear fees and exchange rates.
  • Convenient tracking. You may monitor your transfer in real-time.

Cons

  • Exchange rate variations. Rates can fluctuate.
  • Security concerns. Online transactions pose security risks like identity theft, phishing attacks, unauthorized access, etc.

For Whom

Online money transfer services are versatile and cater to a diverse audience. Therefore, it is suitable for personal use, businesses, and freelancers. This method implies user-friendly platforms, competitive rates, and convenient tracking, which makes it accessible and efficient for a wide range of financial transactions.

Some Online Money Transfer Services to Send Money to Serbia

Here are some online money transfer services to send money to Serbia:

1. MoneyGram
MoneyGram homepage.‍
MoneyGram homepage. Source: MoneyGram

MoneyGram is a leading online money transfer service, providing a stress-free means to send funds to Serbia from any country. The platform ensures swift and effective transactions, accessible through their website and user-friendly mobile app. MoneyGram facilitates secure cash wire transfers to Serbian bank accounts or mobile wallets. The cost of sending money hinges on the exchange rate, leading to variable amounts received; for example, a $1,000 transfer might yield €0.8835 at an exchange rate of $1 = €0.9.

Key features of MoneyGram's services include rapid and convenient global transfers to Serbia, diverse options for receiving funds, a vast global network spanning 200 countries, and competitive exchange rates with low fees, ensuring minimal deductions for your transactions.

Transfer times to Serbia with MoneyGram fluctuate based on your chosen method and the recipient's location, typically spanning 0 to 6 business days. For the recipient, the money can be obtained at a post office or in menjačnicas. Menjaničnica is a currency exchange office where recipients can not only exchange currency but also receive money, pay for utilities, and pay taxes and duties. For precise details on costs, transfer limits, and times, visit MoneyGram's official website or contact their customer support directly.

2. Revolut
Revolut homepage.‍
Revolut homepage. Source: Revolut

Revolut is your all-in-one financial app that ensures quick, secure, and budget-friendly global money transfers. With support for 30+ currencies, including USD, GBP, and EUR, Revolut beats major banks with its affordable rates. Sending money here is very easy; you just have to add the recipient's details or pick from your contacts, set the amount, and tap to send. 

They offer competitive exchange rates without sneaky fees, and this makes Revolut a wallet-friendly choice. They have features like robust APY, no minimum balance, ATM access, multi-currency savings, and investment options.

The issue with Revolut is that currently, as an individual, your recipient can not receive money through this app in Serbia. However, B2B transfers are possible. If you have a Revolut Business account, you can send money to a Serbian business with a business account in the local bank. The payment will be processed by a correspondent bank outside of Serbia and then arrive at your recipient’s business bank account. So, at the moment, Revolut is only suitable for sending money with a Revolut Business account as payment for services to Serbian companies or self-employed with a business account in Serbia.

3. XE Money Transfer
XE Money Transfer homepage.‍
XE Money Transfer homepage. Source: XE Money Transfer

Xe is your go-to app that ensures a simple and safe route for sending money to Serbia and 200+ countries. With competitive rates that often outshine banks and other providers, Xe is your ticket to cost-effective transfers. Experience swift transactions, surpassing traditional wire transfers, with the ability to send money globally in as little as 24 hours.

Creating a money transfer account is very easy; get an instant quote, and with just a few taps, send money once you've selected your currency pair and checked the mid-market rate. Xe accommodates a range of amounts, allowing you to send from $1 to a maximum of $535,000. Download the app from the App Store or Google Play, where it has garnered over 105 million downloads, with thousands of daily money transfers. 

Our expert said that the recipient can collect the money in cash from a menjačnica, or a bank account. However, they must have a bank account, and documents for bank transfers (like tax identification number (PIB) as these will most likely be requested for a regular wire transfer.

4. Remitly

Remitly homepage.‍
Remitly homepage. Source: Remitly

Remitly is a money transfer service that allows you to send money to Serbia, especially from the United States. The service offers fast and secure international transfers, with the ability to send money in minutes. The app offers competitive transfer rates depending on the location you are sending the money to. 

The time it takes to send money to Serbia through Remitly varies based on the transfer method and the recipient's location. The app is available for download on both the App Store and Google Play, and it provides a simple and user-friendly interface for making international money transfers

5. PayPal

PayPal homepage.‍
PayPal homepage. Source: Remitly

PayPal, a widely recognized online payment platform, offers its services officially in Serbia and holds a reputable position on the "white list" of the People’s Bank of Serbia. While the service is technically feasible for individuals, entrepreneurs, and legal entities, your recipient may encounter occasional fund withdrawal or service issues, often contingent on factors like bank policies, card types, and account currencies. In some cases, you may need to contact the support to make it all work.

PayPal provides various payment methods, including PayPal balance, bank transfers, and debit/credit cards. Upon receiving funds, it may take up to seven days for your recipient to receive a linked and verified Visa card to transfer it to while withdrawing to a local bank (note that in Serbia, you can only withdraw to a local bank), which requires bank confirmation within the PayPal wallet.

Notably, PayPal applies fees for all its payment methods, with an average commission of approximately 3.5% of the transaction value. Despite these peculiarities, PayPal remains a secure option to send money to Serbia. It offers convenience without the need to disclose additional bank or credit card details during account setup.

6. Unistream

Unistream homepage.‍
Unistream homepage. Source: Unistream

Unistream is an international money transfer company and bank based in Russia. It operates in over 100 countries, including Serbia, with more than 335,000 service locations. Unistream offers online transfers and has partnerships with over 400 financial institutions worldwide. 

When you send money to Serbia with Unistream, you pay a fixed fee of ₽100 each time. You can send as little as €1 or as much as €1,200. Your recipient can get the money at their bank by showing their ID and the reference number you got when you sent the money. Unistream also cooperates with local Transfer Nova, which issues transfers in any currency exchanger with their logo (Ria, Transfer Nova). This means that your recipient can also get the money at their pick-up point, which can be found in any district of Belgrade. Their fees and exchange rates aren't great, but they're useful when you need money quickly.

7. Korona Pay

Korona Pay homepage.
Korona Pay homepage. Source: Korona Pay

Korona Pay is a fintech company specializing in cross-border money transfers. This service enables you to send money to Serbia quickly and efficiently, with zero fees for addressless transfers. Your recipients can collect their funds at any of the numerous service points across Serbia simply by presenting their identification and the unique reference number you provided.

Korona Pay prides itself on being fully compliant with EU legislation regarding data protection and security. As one of Europe's most trusted brands, Korona Pay boasts over 18 million downloads and consistently receives positive feedback from satisfied customers. Its user-friendly interface makes it simple to initiate and monitor transfers using the mobile app.

With good exchange rates and a commitment to customer satisfaction, Korona Pay continues to expand its reach. They offer a cheap alternative to traditional money transfer services. By leveraging cutting-edge technology and maintaining strong relationships with partner banks and service providers, Korona Pay ensures that every transaction is safe, transparent, and hassle-free.

8. Avosend

Avosend homepage.‍
Avosend homepage. Source: Avosend

Avosend also offers international money transfer services from Russia to Serbia. It allows you to send Euros online to Serbia for free. The service is fast, hassle-free, and trusted by over 2.5 million customers globally, having made 3 million transfers. They also have 24/7 support available. 

Avosend provides a fixed fee structure, displaying currency exchange rates and transfer fees upfront before transactions. Money transfers are processed instantly to the recipient's bank account with bank-level security certifications from Visa, Mastercard, and others, delivering instant transfers 95% of the time. The recipient can make cash withdrawals through partner points in Serbia. Avosend covers over 32 countries worldwide and offers various payment delivery methods.

9. PaySend

PaySend homepage.
PaySend homepage. Source: PaySend

PaySend offers online money transfers to Serbia for a fixed fee of €1.5 or 149 RSD. They deliver funds directly to Visa or Mastercard cards in Serbia. It is ideal for transfers from other countries to Serbian cards in RSD, EUR, or USD. One useful tip is to conduct currency conversions during the business hours of the country sending the money for a potentially better exchange rate. PaySend provides fast, secure, and low-cost transfers globally, with instant processing and 24/7 support. You can conveniently send money using different methods, including bank cards, accounts, or mobile numbers.

3. Cryptocurrency Transfers

Sending money using cryptocurrencies like Bitcoin gives you a modern digital option for international transactions. Serbia is among the few countries that have passed the Law on Digital Assets, which regulates the trade in cryptocurrencies. Natural persons in Serbia have to pay a capital gains tax of 15% on any income generated through cryptocurrencies.

Note that these transfers are typically not free, and the amount varies based on the platform. Unlike traditional methods, the fees are shown before you even start the process. Some platforms also deduct a small percentage (usually 0.5% to 1%) for network fees. 

The transfer time is generally fast, ranging from minutes to a few hours, depending on blockchain activity. While cryptocurrency transfers can be cost-effective and quick, be cautious about value fluctuations and ensure you understand how to use crypto for money transfers before proceeding.

Pros

  • Crypto transactions are often faster compared to traditional methods, which allows for quick access to funds.
  • It has lower fees compared to traditional banking, which provides a cost-effective option for sending money to Serbia.
  • Cryptocurrencies operate on decentralized networks, which mskes them accessible to anyone with an internet connection. This offers financial inclusion for those in Serbia.

Cons

  • Cryptocurrencies are known for their price volatility. This creates uncertainty about the value of funds received on the recipient's end.
  • Not all businesses or individuals in Serbia accept cryptocurrencies.
  • Cryptocurrency regulations can be unclear or subject to change, posing potential legal challenges and uncertainties when sending money to Serbia through crypto.

For Whom

Cryptocurrency transfers give freelancers a modern, borderless payment option. However, it is advisable to trade with caution due to volatility. While it provides flexibility, you, as a freelancer, should be mindful of currency fluctuations that might affect the value of your earnings.

If your recipients are individuals, they can buy, exchange, and sell cryptocurrencies, but they must declare and pay taxes on these transactions. All of this can be done through accredited exchanges like Bitpanda and Coinmama or peer-to-peer (P2P). P2P involves exchanging cryptocurrencies for cash in person and vice versa without declaring transactions or income, but according to our expert, this method cannot be used to pay officially.

Businesses cannot receive cryptocurrency directly for services and goods. In this case, you, as the buyer, may pay with crypto to an accredited exchange, which transfers the equivalent in dinar to your recipient, who is the supplier. It is prohibited to receive and/or transfer digital assets directly from the consumer to the supplier. The companies that do crypto exchange directly must be licensed by the National Bank of Serbia to be trusted. One of the trusted and licensed exchangers is Crypto Trade. It is illegal to exchange with those that don’t have these licenses. 

4. Postal Transfers

Postal transfer is a method of sending money through the postal service. To do this, you must provide the recipient's name, address, bank account information, and your passport. Sending and receiving money is carried out in dinars according to the exchange rate of the Serbian Post at the time of sending. You as the sender must also provide identification and pay the transfer fee. 

To receive the money in Serbia, the recipient must provide identification and the transfer number. You can send postal transfers from other countries to Serbia by visiting a local post office and providing the necessary information and payment. While postal transfers are a convenient option for sending money to Serbia, it is important to be aware of the fees and exchange rates to ensure you get the best deal. This method is one of the most unprofitable, but it is one of the safest.

As our expert said, you can make payment by card using Visa, Maestro, or MasterCard issued in the EU countries, Great Britain, Norway, Iceland, and Liechtenstein, and your recipient can also receive money by mail. The maximum amount you can send using the Serbian Post depends on the country, and the commission varies depending on the amount you send. Below are some examples:

  • From Russia, you can send a maximum of ₽99,999, and the recipient will receive it in RSD. You can check for more here and the rate here
  • For Ukraine Standard, the maximum that can be sent from Serbia is €1,200. If you are using Ukraine Fast, you can send up to €1,000. But note that transfers from Ukraine are limited until further notice. Check for more here.
  • If you are sending from Belarus, the maximum that can be sent is $500, and you can also check for more here.
  • From Montenegro, the highest you can send is €999 and they will receive it in RSD. You can see more here.
  • From Croatia, you can send up to €1,500 and you can also see more here
  • You can send up to €1,500 from Bosnia and Herzegovina using this rate
  • From Qatar, you can send up to $2,000. 

They also have an app. The maximum for a transfer through the app is €950, but you can send up to €9,290.60 within one calendar month. The commission is 640.00 RSD for amounts up to 16,000.00 RSD, 4% of the amount if they receive from 16,000.01 to 110,000.00 RSD, and 4,400.00 RSD for amounts greater than 110,000.00 RSD. 

Pros

  • Postal transfer is convenient as it can be done through the postal service or the app.
  • It is one of the most secure ways to send money to Serbia.
  • It is accessible to those who do not have access to other forms of money transfer services.
  • Minimum paperwork and personal information required.

Cons

  • Postal transfer takes longer to process compared to other money transfer options.
  • Exchange rates for postal transfers are less favorable compared to other money transfer options.

For Whom

Postal transfers are mostly suitable for individuals. Whether it's for family support or other personal purposes, postal transfers give you a versatile solution for various remittance needs.

Tips for Sending Money to Serbia

While Serbia has great opportunities, sending money to the country has some peculiarities you must keep in mind. Limited options for the receiver create hurdles, and stringent regulations complicate transactions as outlined in the Law on Foreign Exchange Operations. Unfavorable exchange rates contribute to higher fees and reduced amounts for recipients. When you understand these peculiarities, you will be able to navigate and explore available options for successful fund transfers to Serbia.

When you want to send money to Serbia, consider the following:

  • Compare exchange rates. Compare exchange rates offered by either of the above providers to ensure you get the most favorable rate for your money.
  • Understand transfer fees. Be aware of any fees associated with the money transfer to Serbia and choose options with transparent and reasonable charges.
  • Consider transfer speed. Evaluate the speed of the transfer, especially if you need the money to reach its destination quickly.
  • Check for special promotions. Some transfer services recommended above offer promotions or discounts that can help you save on fees when sending money to Serbia.
  • Verify recipient details. Double-check and make sure you have accurate and complete information about the recipient to avoid any complications.
  • Stay up to date on regulations. Stay updated on any regulations or requirements related to international money transfers to Serbia to ensure compliance.
  • Use secure channels. Make secure and encrypted channels like wire transfers your priority. This is to safeguard your financial information when making online transfers.
  • Plan for exchange rate fluctuations. Factor in potential exchange rate fluctuations and make sure you time your transfer strategically to maximize the value sent to Serbia.
  • Check out comments on social media. Read about the latest updates in Facebook groups, find local online communities, and check Reddit because everything changes very quickly.
  • Pay attention to the legal status of the recipient. Things like visa and residency types, including tax residency will likely affect the available options.

Ensure Ethical Money Transfer Practices

Adopt ethical practices when sending money to Serbia, which is paramount. Prioritize reputable services, consider the environmental impact of transactions, and support ethical financial practices. By adhering to this guide, you contribute to responsible global financial interactions. 

Make the best possible choices, prioritize reliable services, and be mindful of the broader impact of your transactions. Your conscientious decisions benefit you and promote sustainability and ethical conduct in international money transfers. Choose wisely, and let your financial actions align with principles of responsibility and integrity.

Author
Shashank Kothari
F4P Contributor

My goal is to empower readers with insightful blogs that explore future trends, provide practical guidance, and spark curiosity. Together, let's navigate the path to personal and professional growth in an ever-changing world.

Learn more
Expert
Lena Batova
F4P Expert

As someone who works in content design and has a multicultural background, I advocate for bringing value to users and readers and creating safe spaces for teams and professionals to share their experiences.

Learn more
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