Send Money from the UK to Serbia

You have several options if you need to send money from the UK to Serbia.

Whether sending money to family members or investing in a business, understanding the transfer fees, exchange rates, and regulatory requirements is essential.

In this article, I will explain the different transfer methods available so you can find the best way to send money from the UK to Serbia.

What’s the Best Way to Send Money from the UK to Serbia?

The best way to send money from the UK to Serbia depends on your specific needs and preferences. 

Online money transfer services like Remitly, MoneyGram and XE offer fast, cost-effective transfers with competitive exchange rates and lower transfer fees, getting more Serbian dinars for your pound.

However, some providers like Paysend have a low maximum transfer limit, which could be an issue for larger transfers. 

In this situation, arranging a bank transfer to the recipient’s bank account in Serbia may be better.

Whilst reliable and secure, bank transfers are usually more expensive than online money transfer services and have longer processing times, typically between 2 to 5 working days.

What’s the Cheapest Way to Send Money from the UK to Serbia?

Remitly is the cheapest way to send money from the UK to Serbia, offering a competitive exchange rate and free transfers for new customers.

Whilst Western Union and MoneyGram offer fee-free transfers for new customers, Remitly has a better exchange rate, getting you more RSD for your GBP.

Revolut offered the best exchange rate of 136.14903 at the time of writing. However, the transfer fees counteract any potential gain, so Remitly would still be the most cost-effective option for sending money from the UK to Serbia.

What’s the Fastest Way to Send Money from the UK to Serbia?

Online money transfer services like Remitly are the fastest way to send money from the UK to Serbia.

Remitly, MoneyGram, Western Union and Paysend all offer quick transfers, with the recipient receiving funds in Serbia within minutes through standard transfers.

However, as you can see from the table, none of the providers I evaluated have long transfer processing times, with all providers sending money to Serbia within one business day. 

Some online money transfer providers may also often expedite options to speed up your transfer further for an additional fee.

Can I Send Money from the UK to Serbia Online?

You can send money from the UK to Serbia online in several ways.

1. Online Money Transfer Services: Companies like Remitly and Paysend offer fast transfers that the recipient can receive in Serbia in just minutes. Exchange rates are competitive, but some providers limit the money you can send, making them less suitable for large transfers.
2. Bank Transfers: This method is best used to securely send large amounts of money to popular Serbian banks like Raiffeisen, UniCredit, and Erste. Although reliable, it has longer processing times for 2 to 5 business needs, so you’ll need time to wait for the funds to arrive in Serbia. 
3. Digital Wallets: Services like PayPal and Skrill are perfect for smaller, informal transfers to friends and family members using the same digital wallet service. While digital wallet transfers are fast, they often have high fees and low maximum transfer limits, making them less suitable for large transactions. 
4. Cash Pickup Services: Similar to an online money transfer service, but instead of an electronic transfer, the recipient collects funds in cash from designated pickup locations in Serbia. Transfers through providers like Western Union and Moneygram are fast but typically have high fees and lower maximum transfer limits. 
5. Prepaid Debit Cards: Services like Revolut offer preloaded cards you can top up online and send to the recipient for use at ATMs or merchants in Serbia. Suitable for recipients who don’t have a bank account, prepaid cards can have high fees for activation, reloading and withdrawals, making them less cost-effective. 
6. Cryptocurrency: You can use digital currencies like Bitcoin or Ethereum to transfer value directly to the recipient in Serbia. While cryptocurrency transfers have potentially lower fees than traditional methods, the value volatility means the recipient may receive less than intended.

Sending Large Amounts of Money from the UK to Serbia

Revolut is the best way to send large amounts of money from the UK to Serbia, offering no maximum transfer limit for most accounts. 

XE is also a great choice, allowing you to send up to £350,000 per transfer.

It’s essential to compare the exchange rate and fees charged by different service providers to maximise the value of your transfer.

Some providers may offer discounted transfer fees and enhanced exchange rates, while others, like Revolut, scale their fees based on the amount you send.  

Be aware of potential tax implications in the UK and Serbia for transferring large amounts of money. Consult with a financial advisor or tax expert to understand any tax obligations.

Opt for secure transfer methods with encryption and other security measures to safeguard your funds during the transaction process.

You should also enquire about insurance coverage or protection offered by the service provider for large transfers to safeguard against potential risks such as fraud or loss during the transfer process.

Depending on how much you want to send to Serbia, your provider may ask for further details or documents to comply with relevant regulations and legal requirements governing international money transfers, including anti-money laundering (AML) and know-your-customer (KYC) regulations. These documents could include copies of valid government-issued IDs, source of funds and proof of address.

Can I Set Up Regular Payments from the UK to Serbia?

You can set up regular payments from the UK to Serbia in several ways.

1. Online Money Transfer Services: Providers like Remitly and XE offer convenient and flexible recurring payment options with competitive rates. Whilst most providers can accommodate large transfers, some may limit the amount you can send within a specific time frame, which could be an issue for large, regular payments. 
2. Standing Orders: You can set up a standing order with your UK bank, allowing them to transfer regular payments to a Serbian bank account automatically. While this method is convenient, it’s only suitable for fixed payments, as you’ll have to set up a new standing order if you want to make any changes. 
3. Direct Debits: Typically used for services and subscriptions, direct debits are similar to a standing order, but the recipient in Serbia initiates the payment request. Direct debits are more flexible than standing orders, but you won’t have control over payment timings or amounts.
4. Digital Wallets: Services like PayPal allow you to store funds and make payments electronically to recipients in Serbia who also have digital wallets. They’re fast and convenient but have higher fees than other methods, making them less cost-effective. 
5. Cryptocurrency: This method is best for tech-savvy individuals who understand cryptocurrency processes. Cryptocurrency transfers are fast and may have lower fees but are less widely accepted than other methods.

Sending Money from the UK to Businesses in Serbia

Online money transfer services like Remitly and Revolut are usually the best way to send money from the UK to Serbian businesses.

These services have competitive exchange rates and low fees and are ideal for time-sensitive transfers, usually arriving within one business day. However, some providers may limit the amount of money you can send to Serbia, which could be an issue for larger transfers for business investments. 

Alternatively, you can transfer money directly to the business’s bank account in Serbia through a bank transfer. Ideal for large, regular payments like invoices, bank transfers are secure and reliable but typically incur higher fees and slower processing times.

When sending money from the UK to businesses in Serbia, clearly communicate the purpose of the payment to the recipient business and ensure that it complies with any relevant regulations or legal requirements governing international transactions. 

You may need to provide supporting documentation or invoices for verification and the business’s 9-digit Serbian Poreski Identifikacioni Broj (PIB) number.

How to Send Money from the UK to Serbia

Depending on your transfer provider, you may be able to fund your transfer to Serbia using several methods, including:

1. Bank Transfer: This method is best for larger transfers with sufficient funds in your UK bank account. Although bank transfers are secure and reliable, they may have a longer processing time, delaying your recipient’s access to funds in Serbia.
2. Credit Card: Transfers funded by credit cards have additional financial protection through regulations and a near-instantaneous processing time. However, this convenience typically incurs higher fees and interest rates than other methods. 
3. Debit Card: Due to daily spending limits, debit card payments are best suited to small and medium-sized transfers. They’re similar to credit card payments but usually have lower fees and less consumer protection. 
4. Cash: Suitable for those who don’t have a traditional bank account or prefer to make payments in person, transfers funded by cash are processed quickly but are less convenient and subject to cash handling limits. 

Cheque: This method provides a paper trail for transactions and is suitable for larger transfers. However, cheque payments have long processing times and have limited acceptance compared to other methods

What Details Do I Need to Send Money from the UK to Serbia?

To send money from the UK to Serbia, you’ll typically need the following details:

1. Recipient’s Contact Details: The full name of the person or business you’re sending money to as it appears on their bank account, as well as their address, phone number and e-mail address.
2. Recipient’s Bank Details: This includes the bank name, address, account number, 22-character IBAN and 8-11-character SWIFT/BIC code. 
3. Tax Details: Depending on the amount you send to Serbia, you may be asked to provide the recipient’s Serbian tax identification number (TIN). For individuals, this is the 13-digit Serbian Unique Master Citizen Number (Jedinstveni Maticni Broj Gradana, or JMBG). For businesses, the TIN is a 9-digit Serbian PIB (Poreski Identifikacioni Broj).
4. Further Documents: Some providers may request additional documents for verification checks or regulatory compliance. These documents could include copies of valid government-issued IDs like passports, proof of your address (like a utility bill), or proof of the source of your funds.

How Much Does it Cost to Send Money from the UK to Serbia?

For most people, the cost of sending money from the UK to Serbia is the first thing they consider.

Usually, online money transfer services like Remitly are cheaper and more cost-effective than bank transfers. 

Some of the most common types of fees are:

Transfer Fees

Your service provider may charge a transfer fee to process the transaction. 

The transfer fee can vary depending on the provider and the amount sent from the UK to Serbia.

You can expect to pay around £0 to £5 per transaction in transfer fees using online money transfer services or between £10 to £30 per transaction using a bank. 

Exchange Rate Margin

When converting your money from British pounds to Serbian dinars, the service provider may offer you an exchange rate with a margin added to the real exchange rate. This margin is how they make money from the currency conversion.

Exchange rate margins typically range between 0.5% and 2% above the mid-market rate for online money transfer services or between 2% and 5% above the mid-market rate for banks. 

Bank Charges

If you’re using a bank transfer, your bank may impose additional charges for international transfers. 

These can include flat fees or a percentage of the transfer amount, ranging from £10 to £30 per transaction, depending on the bank and type of account. 

Recipient Fees

Recipient fees refer to any charges the recipient may incur upon receiving the funds in Serbia. 

Sometimes, the recipient’s bank may deduct a fee for processing incoming international transfers, especially if the funds are received in a foreign currency like GBP. 

Additionally, if the recipient receives the funds in cash through a pickup location, there may be fees associated with collecting the money.

These fees vary depending on Serbia’s receiving bank or payment service provider but are usually around 1% to 3% of the transfer amount.

Additional Services

Some providers may have hidden fees, such as charges for expedited transfers or fees for using certain payment methods.

Express transfers from the UK to Serbia can cost between £5 and £50 per transfer, depending on the urgency of the transfer.

How Long Does it Take to Send Money from the UK to Serbia?

Online money transfer services like Remitly and MoneyGram are faster than traditional bank transfers for sending money from the UK to Serbia.

While the recipient can receive funds in Serbia in as little as minutes through an online money transfer service, bank transfers can take 2 to 5 business days. 

Bank transfers to popular Serbian banks like Kormercijalna and OTP are longer due to more financial institutions being involved. 

First, your bank in the UK processes the transfer, which can take a day or two. Then, the money travels through the international banking system to reach the recipient’s bank in Serbia. This part also takes a couple of days. 

Other factors that can influence the speed of your transfer to Serbia include how you fund it, with bank transfers usually processed slower than those funded by card.

Some providers may require additional verification steps, which can prolong the processing time.

Transfers initiated outside regular business hours or on weekends may experience delays, as banks and financial institutions typically operate during business hours.

Frequently Asked Questions