How to Send Money to Serbia

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 easy to send money there because sometimes the charges are outrageous, and some other difficulties. In this article, you will get to see the working ways money can be sent to Serbia and all the potential expenses attached. We also consulted with our expert, Lena Batova. She is a Serbia-based UX and Content Writer, with a background in SaaS and video game localization. She gave some insight to ensure we had the most recent information. 

Available Money Transfer Methods to Serbia

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

1. International Wire Transfers

Bank transfers mean you send money directly from your bank account to Serbia. They are common, familiar, and usually take more time (several days). With bank transfers, you send money directly from your bank account to another in Serbia. It's a straightforward process, where you provide the recipient's account details, including their name, account number, and the bank's information. As a rule, banks 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 sum. 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. Bank-to-bank transfer is simple.
• Wide acceptance. Most businesses accept this means of money transfer.
• Familiarity. People are accustomed to bank transactions.
• Established security. Banks implement strong security measures.
• Account integration. Tracking transactions within your bank is very easy.

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/passport/social security number, address in Serbia, and tax identification number (PIB). 

For businesses, you will need some information about the company. This information includes the registration number, legal address, PIB, and an invoice. These will detail the services provided and a contract if it's not a one-time service, and payments will be regular. In the end, the recipient in Serbia must have an account with a local bank. Also, they must not necessarily be a citizen or have residence permit. 

2. Online Services

Online transfer services help you to send money globally through platforms like Xe. That is, you sign up on their websites or apps. Next, you provide your details and your recipient's information. These services usually offer competitive exchange rates and lower fees than banks. 

Their fees vary, though, and some services may charge a percentage or a flat rate. Also, the transfer time can be quick, often within a day or even minutes. However, the time depends on the service and the Serbian city in which your recipient is located. It's a user-friendly and efficient way to send money to Serbia. This is 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:

• Skrill Limited.
• Paysafe Financial Services Limited.
• Google Payment Corporation.
• Payeer Limited. 
• Aircash. 
• Payoneer Europe Limited.

Through these platforms, you will be able to transfer money with less risk.

Pros

• Speedy transfers. Transfers are most times quicker than traditional methods.
• Lower fees. They offer competitive rates, potential cost savings.
• User-friendly. It is easy to sign up and use the platforms online.
• Transparent costs. They give you clear fees and exchange rates.
• Convenient tracking. You can monitor your transfer in real-time.

Cons

• Exchange rate variations. Their exchange rates can fluctuate.
• Security concerns. These are online transactions, meaning they pose security risks like identity theft, phishing attacks, unauthorized access, etc.

For Whom

Online money transfer services cater to more than one audience. So, this makes them suitable for personal use, businesses, and freelancers. Also, it gives you a user-friendly platform, a competitive rate, and you can convenient track. In the end, all these make it accessible for different financial transactions.

Some Online Money Transfer Services

Below are some of the online money transfer services you can use to send money to Serbia:

1. MoneyGram

MoneyGram is an online money transfer service that provides an easy means to send funds to Serbia from any country. For instance, the platform makes sure you have swift transactions, which you can do through their website and user-friendly mobile app. Also, MoneyGram facilitates secure cash wire transfers to Serbian bank accounts or mobile wallets. However, the cost of sending money hinges on the exchange rate. So, this leads to variable amounts received; for example, a $1,000 transfer might yield €0.8835 at an exchange rate of $1 = €0.9.

Some of the key features of MoneyGram's services include rapid and convenient global transfers to Serbia. They also have different options for receiving funds and a large global network spanning 200 countries. Transfer times to Serbia with MoneyGram fluctuate based on your chosen method and the recipient's location. However, it typically spans 0 to 6 business days. 

The recipient can obtain the money at a post office or in menjačnicas. Menjaničnicais is a currency exchange office where recipients can exchange currency, receive money, pay for utilities, and pay taxes and duties. For the exact details on costs, transfer limits, and times, visit MoneyGram's official website or contact their customer support directly.

2. Revolut

Revolut is another financial app that lets you have quick, secure, and budget-friendly global money transfers. With support for 30+ currencies, including USD, GBP, and EUR, Revolut has an edge over major banks with its unbeatable rates. Meanwhile, sending money through Revolut is very easy; you just have to add the recipient's details or pick from your contacts. The next thing to do is to set the amount and tap to send. 

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

However, the issue with Revolut is that currently, as an individual, your recipient can not receive money through this app in Serbia. But then, 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 is your go to app that makes sure you have a simple and safe way for sending money to Serbia and more than 200 other countries. One thing users appreciate about them is their competitive rates which often outshine banks and other providers. Also, you will experience fast transactions, overtaking traditional wire transfers. Your global transfers will also be completed in as little as 24 hours.

It is very easy to create a money transfer account with Xe. Firstly, you have to get an instant quote. Next, you set up your profile with just a few taps. Then, you can send money once you've selected your currency pair and checked the mid-market rate. With Xe, you can send from $1 to a maximum of $535,000. Download the app from the App Store or Google Play, with over 105 million downloads and 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 is a money transfer service you can use to send money to Serbia, especially from the United States. The service gives you fast and secure international transfers, with the ability to send money in minutes. They have competitive transfer rates but this depends 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. Also, it gives you a simple and user-friendly interface to make international money transfers

5. PayPal

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

PayPal has different payment methods, like PayPal balance, bank transfers, and debit/credit cards. When recipient receive the funds, it could take up to seven days for them to get 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). So, they need to present a bank confirmation within the PayPal wallet.

Notably, PayPal applies fees for all its payment methods. Their average commission is approximately 3.5% of the transaction value. However, PayPal is still one of the most secure options to send money to Serbia. It gives you convenience without you needing to disclose additional bank or credit card details during account setup.

6. Unistream

Unistream is an international money transfer company and bank based in Russia. It operates in more than 100 countries, including Serbia, with more than 335,000 service locations. Originally a department of Uniastrum Bank, it became a separate company in 2006. 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. However, you can send as little as €1 or as much as €1,200. Also, your recipient will get the money at their bank but they have to show 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. Lastly, their fees and exchange rates are not that good, but they are useful when you need money quickly. 

7. Korona Pay

Korona Pay is one of the best options if you need cross-border money transfers. Firstly, the service gives you a platform to send money to Serbia quickly and easily. Also, your recipients will get their funds at any of the numerous service points across Serbia. They just have to present their ID and the reference number you provided as a sender.

However, the only disadvantage that we found is that the service has a limited number of countries that can send money to Serbia (only Europe). But then, the transfer fee is only 0,9%, which is very low.

8. Avosend

Avosend also lets you make international money transfer services to Serbia. It has a fixed fee structure, showing currency exchange rates and transfer fees before transactions. They process your money transfer instantly to the recipient's bank account with bank-level security certifications from Visa, Mastercard, and others. The recipient can then make cash withdrawals through partner points in Serbia.

9. PaySend

PaySend offers online money transfers to Serbia for a fixed fee of €1.5 or 149 RSD. They have many things that entice users. Firstly, they deliver funds directly to Visa or Mastercard cards in Serbia. Also, it is best for transfers from other countries to Serbian cards in RSD, EUR, or USD. One tip is to convert currencies during business hours in the country you are sending the money from. This will potentially give you a better exchange rate. PaySend gives you fast, secure, and cheap transfers, with instant processing and 24/7 support. You can conveniently send money using different methods, like bank cards, accounts, or mobile numbers.

3. Cryptocurrency Transfers

You can also send money to Serbia through cryptocurrencies like Bitcoin. It gives you a modern digital option for international transactions. Serbia is among the few countries that have passed the Law on Digital Assets. This law helps regulate the trade in crypto. However, your recipients in Serbia have to pay a capital gains tax of 15% on any income they generate through cryptocurrencies.

Note that these transfers are not free. Also, the amount varies based on the platform you use. Unlike traditional methods, you get to see the fees before you even start the process. Additionally, some platforms deduct a small percentage (usually 0.5% to 1%) for network fees. 

The transfer time is fast, and can range from a few minute to a few hours, depending on blockchain activity. However, while cryptocurrency transfers are cheap and fast, be careful about value fluctuations. Also, make sure you understand how to transfer money through crypto before you proceed.

Pros

• Crypto transactions to Serbia are faster than traditional methods and recipients will get the funds quickly.
• It has lower fees compared to traditional banks. 
• Cryptocurrencies operate on decentralized networks. These networks means that anyone with an internet connection can access it.

Cons

• Cryptocurrencies are known for their price volatility. So, this creates some uncertainty about the value of funds that the recipient will receive.
• Not all every one or business in Serbia will accept crypto.

For Whom

Cryptocurrency transfers are mainly for freelancers, since it is a modern, borderless payment option. However, you have to trade with caution because of volatility. But then, while it gives you flexibility as a freelancer, you have to be mindful of currency fluctuations that can affect the value of your earnings.

If your recipients are individuals, they can buy, exchange, and sell cryptocurrencies. But, according to our expert, Elena, they have to declare and pay taxes on these transactions. They can do all of this through accredited exchanges like Bitpanda and Coinmama, or peer-to-peer (P2P). P2P is when you exchange crypto for cash in person and vice versa without declaring transactions or income. However, please, note that you cannot use this method to exchange money legally.

Also, some companies do crypto exchange directly, but they 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 do not have these licenses. 

Businesses cannot receive cryptocurrency directly for services and goods. That is, itt must go through an accredited exchange. To clarify this, the exchange of crypto for services or goods is only possible when you, as the buyer, pay with crypto to an accredited exchange. From there, the exchange transfers the equivalent in dinar to your recipient, who is the supplier. Also, it is prohibited to receive and/or transfer digital assets directly from the consumer to the supplier. Some of the accredited exchanges for business crypto transactions are ECD and Crypto12.

4. Postal Transfers

Postal transfer is when you send money through the postal service. To do this, you have to provide the recipient's name, address, bank account information and your passport. You can only send and receive money in dinars according to the exchange rate of the Serbian Post at the time of sending. Also, as the sender, you must provide identification and pay the transfer fee. The recipient also has to provide identification and the transfer number to receive the money in Serbia. 

To send postal transfers from other countries to Serbia, you first have to visit a local post office. Then, you must provide the necessary information and payment. However, while postal transfers are convenient, it is vital to be aware of the fees and exchange rates. This awareness will make sure you get the best deal. Truth is, the postal transfer is one of the most unprofitable, but also one of the safest.

Like 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. Also, your recipient can receive money by mail. The maximum amount you can send through the Serbian Post depends on the country. Additionally, 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 you can send from Serbia is €1,200. If you are using Ukraine Fast, you can send up to €1,000. However, note that transfers from Ukraine are limited until further notice. Check for more here.
• If you are sending from Belarus, the maximum 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 because it can be done through the postal service or the app.
• It is one of the most secure ways to send money to Serbia.
• Those who do not have access to other forms of money transfer services can easily use them.
• You do not need too much paperwork and personal information to send money.

Cons

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

For Whom

Postal transfer is mostly for people. It could be for family support or other personal purposes.

Tips for Sending Money to Serbia

While there are lots of opportunities in Serbia, there are some peculiarities you must keep in mind when you want to send money to the country. Firstly, there are limited options for the receiver. Secondly, they have stringent regulations that somehow complicate transactions as outlined in the Law on Foreign Exchange Operations. Thirdly, we have to mention exchange rate fluctuations as it contributes to higher fees and reduced amounts for recipients. When you understand these peculiarities, you will handle and explore available options and this will lead to you having a successful fund transfer to Serbia.

Have the below in mind when you want to send money to Serbia:

• Compare exchange rates that either of the above providers offers. This comparison will ensure you get the most favorable rate for your money.
• Be aware of any fees that come with the transfer to Serbia. Also, go with the options that give you transparent and reasonable charges.
• Check for the speed of the transfer, especially if you need the money to reach your recipient quickly.
• Some of the above transfer services give you promotions or discounts that can help you save on fees when sending money to Serbia.
• Double-check and make sure you have accurate and complete information about the recipient to avoid any complications.
• Always check for any regulations or requirements related to international money transfers to Serbia to make sure you comply with them.
• Plan for exchange rate fluctuations and make sure you time your transfer to maximize the value you send to Serbia.
• Read about the latest updates in Facebook groups. Also, find local online communities and check Reddit because everything changes very quickly.
• Pay attention to the legal status of the recipient. Make sure you know about your recipient’s visa and residency types. This includes tax residency, which will likely affect the available options.

You Have to Send Money and Have Ethical Practices in Mind

You have to adopt ethical practices when sending money to Serbia. First of all, use reputable services. Then, you have to consider the environmental impact of transactions. Lastly, support ethical financial practices. When you adhere to this guide, you contribute to responsible global economic interactions. 

Make the best possible choices, go for reliable services, and be mindful of the broader impact of your transactions. Your decisions have to benefit you and promote sustainability and ethical conduct. Choose wisely, and let your financial actions go hand in hand with principles of responsibility and integrity.

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