Banks in Serbia changing commissions for payments in euros – New tariffs for SEPA transfers from May 5

From May 5, citizens and businesses will be able to make their payment transactions in euros in more than 18 banks in Serbia in a simpler way and, as expected - at lower fees within the Single Euro Payments Area (SEPA).

Price lists lower than before

New price lists have started arriving at users’ email addresses, along with an explanation of the SEPA rules for executing transactions.

Judging by the first published fees - they will be lower than before.

Total inflows of companies and citizens from abroad, made in euros, amounted to EUR 46.5 billion last year, according to data from the National Bank of Serbia on international payment transactions for 2025.

Of this amount, EUR 43.6 billion pertains to companies, and EUR 2.9 billion to individuals.

When it comes to total payments made in euros in the opposite direction, i.e. abroad, according to the NBS, they amounted to EUR 46.6 billion in 2025 (of which EUR 45.1 billion pertains to companies and EUR 1.5 billion to individuals).

Faster and more efficient transactions

Announcing the implementation of transactions within the SEPA payment schemes on May 5, the NBS previously stated that “it is expected that fees for transactions within the SEPA schemes will be significantly lower than fees charged outside these schemes.”

“Joining the SEPA payment schemes means faster, more efficient and more favorable transactions with countries in the European Union and the region. Remittances from individuals from the European Union will be available immediately after receipt at a domestic bank, with a reduction in the costs of remittances also expected, which is particularly significant considering that almost 45% of remittances to Serbia come from European Union member states,” the NBS stated.

Payment transactions in currencies other than the euro, as well as transactions carried out towards countries that are not members of the SEPA area, will continue to be carried out via the SWIFT system.

What is SWIFT and what is SEPA

Banks explain that the key differences between the SEPA and SWIFT systems are coverage, currency, price and speed of payment.

While SWIFT enables international payments in practically all countries of the world, SEPA enables payments only within the SEPA zone (EU + associated countries).

SWIFT supports all currencies, SEPA exclusively payments in euros.

However, costs are higher with the SWIFT payment system and processing can take several days, while with the SEPA scheme transactions are executed on the same or next day, and costs are lower and more predictable, where each party pays its own bank.

In recent days, banks have started to inform users about new tariffs that will apply to payments in euros according to the SEPA payment area.

How much it will cost

According to the Yettel Bank tariff, the fee for a non-cash transfer of funds in euros from a foreign currency current account in euros (to a payment account abroad) via SWIFT payments is 0.7% of the amount, i.e. a minimum of 2,700 dinars, a maximum of 30,000 dinars.

When it comes to SEPA payments, this fee will be 0.4%, i.e. a minimum of 600 dinars and a maximum of 4,000 dinars.

Receiving funds from abroad to a foreign currency current account in euros: the fee for SWIFT payments is 0.5% (minimum 300 dinars, maximum 10,000 dinars); the fee for SEPA payment transactions is 0.4% (minimum 240 dinars, maximum 6,000 dinars).

These fees are not charged for both SWIFT payments and SEPA payments based on humanitarian aid.

Intesa Banca has informed its users that SEPA orders are executed exclusively in euros and with a maximum of 70 characters in the user’s name.

“SEPA orders apply SHA cost sharing: the sender and recipient bear the costs of their banks; For a SEPA transfer, a valid IBAN of the recipient opened in a SEPA member country is required. For the correct execution of the transaction, in addition to the IBAN, a correct BIC code is also required, which enables the correct identification of the bank in international payment transactions and prevents errors in order processing,” the bank pointed out.

This bank announced the publication of tariffs from April 30.

Implementation in 18 banks in Serbia

Let us remind that in May last year, Serbia became a member of the Single Euro Payments Area - SEPA, which enabled banks from Serbia to join individual SEPA payment schemes, within which payments would be made.

This, as the NBS pointed out, primarily includes the SEPA Credit Transfer payment scheme.

The European Payments Council previously approved applications for joining this payment scheme submitted by the National Bank of Serbia and 18 commercial banks operating in Serbia, after which they were officially entered into the register of participants within this payment scheme as of April 10.

The SEPA payment system is a single payment area in the euro currency and includes a total of 41 countries and certain territories.

These include all 27 members of the European Union, as well as Iceland, Norway, Liechtenstein, Switzerland, the United Kingdom, Andorra, Monaco, San Marino, the Vatican, Albania, Montenegro, Moldova, North Macedonia and the Republic of Serbia.

The SEPA payment system also includes the following territories: Aland Islands, Azores, Canary Islands, French Guiana, Gibraltar, Guadeloupe, Guernsey, Isle of Man, Jersey, Madeira, Martinique, Mayotte, Reunion, Saint Barthelemy and Saint Martin.

An up-to-date list of SEPA members is available on the official website of the European Payments Council.

Narodna banka Srbije Beograd

National Bank of Serbia

NBS

Single Euro Payments Area

SEPA

SWIFT

SEPA system