Foreign currency payments in Serbia: main rules
Foreign currency payments include all international transactions that use foreign currency, whether expressed in foreign currency or dinars, between residents and non-residents. Whether they are transfers, payments for goods and services, deposits, or capital transactions, such transactions play a key role in the global economy, providing companies and individuals with the ability to pay to and be paid from their foreign partners.
International payment transactions are carried out through accounts that are aligned with a unique identification and classification structure, as well as with a chart of accounts that enables the application of international regulations and IBAN standards.
Banks maintain foreign currency accounts of their clients, both residents and non-residents, in foreign currency and in dinar equivalent converted at the official middle exchange rate.
Banks are required to record the time of receipt of all foreign payment orders, or payments from abroad, as well as to request confirmation of coverage of received payments – except in cases where SWIFT technology was used for those orders.
According to the latest regulations, banks are required to submit all data and reports on foreign transactions to the National Bank of Serbia.
When performing international payment transactions, the following are used: the code book of the basis of collection, payment and transfer in international payment transactions, the code book of payment instruments, special resident codes (identification numbers) and the code book of currencies and countries – listed in the nomenclatures monitored by the Institute for Standardization of Serbia and published on the website of the National Bank of Serbia.
Along with the payment order, it is mandatory to submit an appropriate document proving the obligation to pay (invoice, pro forma invoice, contract, etc.), unless an agreement has been concluded with the bank on non-delivery of documentation. Also, along with the payment order and accompanying documentation, it is necessary to provide coverage in the form of funds on the account from which the payment is made. The coverage account should be specified on the payment order.
Using the correct payment purpose codes allows banks to accurately identify the type of transaction and process it in accordance with applicable regulations. This increases the transparency and efficiency of international financial flows, minimizes the likelihood of errors, and helps avoid misunderstandings with banks and tax authorities.
Below you can find the most commonly used base codes:
112 – Payment for goods (invoice number and year of invoice for which payment is made are required)
316 – Engineering services
312 – Re-export
300 – Advertising, market research
251 – Road transport (transport of goods)
302 – Computer services
702 – Tourist arrangements
893 – Taxes and fees – other sectors
305 – Business consulting
307 – Other services
304 – Legal services
816 – Educational and scientific services
