How to Send Money to Serbia with Less Fees

Sending Money to Serbia

Many companies have discovered the benefits of outsourcing some processes to companies abroad or hiring freelancers from other countries.

In such instances, international monetary transfers become very important. If you have employees in different parts of the world, you probably know that sending money to them can cost you a lot. For example, you have to pay up to 85 dollars to send 1,000 dollars from the US to Serbia.

What transfer methods do we use at Time Doctor?

We have a remote team with people in 19 different countries around the world. The two transfer methods we use the most are:

  • Payoneer – very convenient for sending and receiving. They are also one of the few methods that works to receive money in almost every country and the receiver can get their money on a debit card and withdraw from an ATM. They also have an option for direct transfer to the receiver’s bank account. They also have a $50 bonus if you receive more than $100 through this method.
  • Transferwise – very low cost and also a convenient method for transfers to most countries.

To make money transfers work for you and to reduce costs for sending money to Serbia, take a look at the tables below. All you need to know about charges, hidden conversion costs and percentage fees that money transfer services charge you is listed in the charts.

Pay attention to the notes after every chart to make sure that you’ve chosen the right service.

Table 1 – Sending $1000 from the US to Serbia
Transfer MethodReceiving Currency OptionStated fees to send $1000 USD Hidden currency conversion costTotal costTime for the transfer to arrive
Ria Money Transfer (slow)Euro$5$22$273-5 days
PayoneerSerbian Dinar$9$19$283-5 days
Ria Money Transfer (fast)Euro$15$22$37In minutes
MoneyGramEuro$25$33$583-5 days
Western UnionSerbian Dinar$20$35$55(Bank) 3-5 days (Credit Card) in minutes
Wire TransferSerbian Dinar$25 – 55$10 – 30$35 – 853-5 days

Notes regarding this table:

  1. Most methods will only allow you to send money in Euros. If you send money in Euros there will be an additional fee for the recipient to convert the money to Serbian Dinar’s.
  2. This fee will likely be at least 1% but will depend on currency exchange dealer that is used.
  3. US transfers that are in Euros were converted from US dollars.
  4. The lowest cost way to use Payoneer is if the company sending the money has a company account with Payoneer. This is usually only available for companies sending money to multiple people and only for the US. There is a direct way to send money on Payoneer where the sender uses their credit card to send the money however the cost is higher.
Table 2: Sending money from Several Countries to Serbia. The Total Cost including Hidden Currency Exchange Fees.
Transfer MethodReceiving Currency OptionFrom the USFrom the UKFrom CanadaFrom Western EuropeFrom Australia
Global Web PayUSDNot available2.6%Not availableNot availableNot available
XendpayEURNot availableNot available2.3%Not available2.4%
PayoneerEUR2.8%Not availableNot availableNot availableNot available
AzimoUSD/EURNot available1.8% USDNot available0.12% EURNot available
Small World FSEURNot available3.6%Not available0%Not available
Ria Money TransferEUR2.7%Not availableNot availableNot availableNot available
Wire transferRSD2.5 – 5.5%2 – 4.5%2.5 – 5.5%2 – 4.5%3 – 6.5%
MoneyGramUSD5.8%3.9%7.5%0.5%10.1%
Western UnionUSD7.5%4.5%6.5%2.8%5.6%

Notes regarding this table:

  1. If you’re not sure what I mean by “hidden currency conversion” check out our explanation in this article.
  2. This fee will likely be at least 1% but will depend on currency exchange dealer that is used.
  3. US transfers that are in Euros were converted from US dollars.
  4. Western Union Service in the UK for sending money to Serbia: Bank account usually take 3-5 days while Credit/Debit card take minutes.

Other articles that might interest you:

Transferring Money with TransferWise
How to Send Money to Romania at a Much Better Exchange Rate than your Bank
How to Send Money to Your Offshore Workers in Ukraine
3 Ways to Send Money to Bulgaria that are Cheaper than using a Bank

Leave a reply

  1. Hey I’m from Serbia and my question is not relate to what this blog is all about.
    Well, here is my question- Is it possible for Serbian to open their bank account in different countries even if they are not living in that country?
    I was thinking to travel to Croatia and open my bank account there.. Please anyone knows? Someone told me that Serbian are not allow to open their bank accounts in other countries.. Is that true? I really need a quick answer because I sell products on amazon but I can’t get paid if I make a sales because Serbia is not supported by Amazon. Croatia yes it supported and more other countries but Croatia is the nearest country that why I’m thinking to go there and open my bank account..
    Really appreciate your reply, thanks

  2. Hi, how about PayPal? I found it interesting that nobody mentioned it. I was doing some research and sending the payment is not so expensive (if you send as for a friend or family), the withdrawal to a bank account costs 4 Euro but I’ve heard that there is some tax of 50%! on the received money. Does anybody know something about it?
    Thanks!

  3. Another option for sending RSD to Serbia can be Paysera. They require a user to open an account in order to make a transfer and the account can be credited with multiple currencies. Currencies can be exchanged directly in this account and sent to a receiver’s bank account. Transfer usually is processed within 3 business days.

  4. I’m sending money using Western Union for long time. Transfer is instant, in seconds. Last time I sent $100 it cost me $112 (so, $12 transfer fee)
    Receiver in Serbia, only need picture ID and MTCN number from Western Union in order to pick up money.
    MTCN number is available instantly as soon as you finish transaction.
    They have pick up locations all over in Serbia.
    Well, $12 is not small fee, but it works well and in seconds.
    I just open account with Skrill. Any experience with that company?

    1. I think we need to check on the Western Union in “minutes” option and also the fees, I will do that. Regarding Skrill, the issue is how you actually withdraw the money. Do you have an idea how to withdraw the money into local currency? Skrill charges 1% for the transfer plus if you do a currency transfer then they charge an extra 5%, but if you’re receiving in Euro and have a Euro bank account then I think Skrill is a good option.

  5. Hi!
    I have been using few methods of receiving money.
    1. Western Union
    If you use ‘Money in Minutes’, money is in the bank (or Post Office) in few minutes. After that you have to wait in bank for ~ 5 minutes until your money gets transferred (approved). The person who sent you money just gives you a code which is like a ‘password’ in combination with your ID.
    PROs:
    -it is fast
    -you don’t need bank account, but only some ID
    -it is good for one-time deals
    -you get money in original currency with an option to exchange at fair rate
    CONs:
    -transfer is expensive (especially for small amounts)
    -not every bank has WU enabled

    2. wire transfer
    I used this one with several currencies. You need a foreign currency bank account.
    PROs:
    -you get money in original currency (it is always good, exchange rates ‘on street’ are better)
    -it is secure, you can track your payment
    CONs:
    -it takes few days for transfer to complete

    3. Payonner
    After you apply for Payoneer prepaid MasterCard, you have to wait for almost one month (27$ fee for card), so it is good for long term deals
    PROs:
    -you can withdraw money at any ATM in the world with MasterCard option
    -it is fast
    -there is now big difference for amount of money sent
    CONs:
    -you can withdraw money in local currency, the one available at ATM. That way, on exchange rate you lose ~3%
    -sender and receiver need Payoneer account, (receiver must wait for a month to get it)

    So, I think that each service is good for specific type of transfer, depending on whether you need one-time payment, multiple payments from one person or multiple payments from different people. If you work with someone unknown, it is better to use more expensive but faster service and if there is already trust built, then there is no problem in waiting for some time.

  6. the above said, not needing to repeat, there are also bank account to bank account money transfers. For instance a person in Serbia can open a bank account in a foreign bank, stating what currency he wants to operate with, my bank account was the French Societe Generale, I picked that one by being the closest to my home at the time. Opening the bank account is free with them, no need for deposit or anything. The sender pays a fee for bank services, approx 25$, but on the receivers side there is no fee.
    There are also the Pioneer Mastercard which can be obtained for free, sent from the UK, after registration, where there is a slow transfer for free, and a fast transfer within a day, for a few $. and there is also Skrill, which is a similar card as Pioneer. If brief.

  7. Hi, I agree with Alexxander. First of all, there is a few ways how U can receive money from abroad. When I started working as a freelancer I was using Payoneer service, because they are connected to services like Odesk and Elance. I created a account with Payoneer and I got MASTERCARD prepaid card from Payoneer. Every payment from Odesk was going directly to Payoneer account (it usually takes 1 day for receiving money from client). After the money is received I can use my Payoneer MASTERCARD. Also, I used paypal and skrill for some other payments. If U are using the same bank as a client, you can receive money in one hour top. For example, I was working with client from Greece and he is using Greek bank for payment. I opened foreign currency bank account in Greek bank in Serbia and after that every payment was really fast and secure. Also, I have not heard about Ria Money Transfer.

  8. I think that the cheapest(but not the quickest-two to three days)way to send money to Serbia is via Skrill(Moneybookers), but I am not sure whether large amounts are allowed.

    1. Skrill charges 1% when sending money, so it is cheap if there is no currency transfer involved. However how do you actually receive the money in Serbia? What’s a method of withdrawing the money from Skrill as they do not have local withdrawal methods in Serbia?

  9. Hello, I’m from Serbia and my method is wire transfer.

    – Wire transfer fee and time depends of local bank in Serbia. The good thing is that US payment can be received in US dolars, there is no need for excange currency and transfer at same time. For sending wire transfers from US I was using http://www.xe.com/currencytransfers/ and https://www.americanexpress.com/us/content/foreign-exchange/transfer-money/business/

    It can take up to 4 business days to transfer money with $54 fee, and intermediary bank fee $13.

    About currency, native currency in Serbia is Serbian dinar (RSD), but banks in Serbia receive payments (wire transfers) in almost any currency: USD, EUR, CHF, GBP, CAD, AUD, SEK, DKK, NOK, JPY

  10. Hello, I have to inform you that this first table has some incorrect information. So as someone from Serbia who receives money from abroad this is first hand experience.

    1. Wire transfer does not take minutes, the fastest I got money this way was 18 hours. If you are receiving foreign currency you use foreign currency bank account for that, and then you can receive any currency your bank supports with only extra fee from your bank (usually it’s 0.5% of the amount). It might be possible to receive money in dinars from abroad but then the senders bank does the exchange rate which is unfavorable. If you want you can pick up money at bank and exchange it in another place with more favorable rate.

    2. There is no SLOW version of Western Union in Serbia, only service offered is “Money in minutes” and literally it takes minutes. Person working for WU told me transfer takes 1 minute, but they say 15 just to be safe. Also there is no such thing as hidden exchange rate fees unless you choose to make them yourself. To explain, when you send money to Serbia you choose Dinars or Euros and they always tell you the complete amount, and they tell you how much person will get. Once money arrives if you go to bank you will get Euros, if you want to convert it to dinars at bank that is also possible, but this is unfavorable option. Another place where you can pick up money is Post Office, there you can pick up only in Dinars, but exchange rate is better than at bank.

    3. I haven’t heard of Ria transfers before but there are few locations only in major cities to pick up money, so that doesn’t make it the most convenient option.

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  • Isi

    Hey I'm from Serbia and my question is not relate to what this blog is all about. Well, here is my question- Is it possible for Serbian to open their bank account in different countries even if they are not living in that country? I was thinking to travel to Croatia and open my bank account there.. Please anyone knows? Someone told me that Serbian are not allow to open their bank accounts in other countries.. Is that true? I really need a quick answer because I sell products on amazon but I can't get paid if I make a sales because Serbia is not supported by Amazon. Croatia yes it supported and more other countries but Croatia is the nearest country that why I'm thinking to go there and open my bank account.. Really appreciate your reply, thanks
    UpVote Reply 0 Upvotes
  • Iwona

    Hi, how about PayPal? I found it interesting that nobody mentioned it. I was doing some research and sending the payment is not so expensive (if you send as for a friend or family), the withdrawal to a bank account costs 4 Euro but I've heard that there is some tax of 50%! on the received money. Does anybody know something about it? Thanks!
    UpVote Reply 0 Upvotes
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  • teresa

    Another option for sending RSD to Serbia can be Paysera. They require a user to open an account in order to make a transfer and the account can be credited with multiple currencies. Currencies can be exchanged directly in this account and sent to a receiver's bank account. Transfer usually is processed within 3 business days.
    UpVote Reply 0 Upvotes
  • Nesa

    I'm sending money using Western Union for long time. Transfer is instant, in seconds. Last time I sent $100 it cost me $112 (so, $12 transfer fee) Receiver in Serbia, only need picture ID and MTCN number from Western Union in order to pick up money. MTCN number is available instantly as soon as you finish transaction. They have pick up locations all over in Serbia. Well, $12 is not small fee, but it works well and in seconds. I just open account with Skrill. Any experience with that company?
    UpVote Reply 0 Upvotes
    • Rob Rawson www.timedoctor.com

      I think we need to check on the Western Union in "minutes" option and also the fees, I will do that. Regarding Skrill, the issue is how you actually withdraw the money. Do you have an idea how to withdraw the money into local currency? Skrill charges 1% for the transfer plus if you do a currency transfer then they charge an extra 5%, but if you're receiving in Euro and have a Euro bank account then I think Skrill is a good option.
      UpVote Reply 0 Upvotes
  • Zlatko

    Hi! I have been using few methods of receiving money. 1. Western Union If you use 'Money in Minutes', money is in the bank (or Post Office) in few minutes. After that you have to wait in bank for ~ 5 minutes until your money gets transferred (approved). The person who sent you money just gives you a code which is like a 'password' in combination with your ID. PROs: -it is fast -you don't need bank account, but only some ID -it is good for one-time deals -you get money in original currency with an option to exchange at fair rate CONs: -transfer is expensive (especially for small amounts) -not every bank has WU enabled2. wire transfer I used this one with several currencies. You need a foreign currency bank account. PROs: -you get money in original currency (it is always good, exchange rates 'on street' are better) -it is secure, you can track your payment CONs: -it takes few days for transfer to complete3. Payonner After you apply for Payoneer prepaid MasterCard, you have to wait for almost one month (27$ fee for card), so it is good for long term deals PROs: -you can withdraw money at any ATM in the world with MasterCard option -it is fast -there is now big difference for amount of money sent CONs: -you can withdraw money in local currency, the one available at ATM. That way, on exchange rate you lose ~3% -sender and receiver need Payoneer account, (receiver must wait for a month to get it)So, I think that each service is good for specific type of transfer, depending on whether you need one-time payment, multiple payments from one person or multiple payments from different people. If you work with someone unknown, it is better to use more expensive but faster service and if there is already trust built, then there is no problem in waiting for some time.
    UpVote Reply 0 Upvotes
  • Aleksandra Art Work

    I had some experience with western union when receiving money in Serbia sent from US , but not recent.But, let's check out if any of my FB friends has any idea about this topic...www.aleksandraartwork.com
    UpVote Reply 0 Upvotes
  • Géza

    the above said, not needing to repeat, there are also bank account to bank account money transfers. For instance a person in Serbia can open a bank account in a foreign bank, stating what currency he wants to operate with, my bank account was the French Societe Generale, I picked that one by being the closest to my home at the time. Opening the bank account is free with them, no need for deposit or anything. The sender pays a fee for bank services, approx 25$, but on the receivers side there is no fee. There are also the Pioneer Mastercard which can be obtained for free, sent from the UK, after registration, where there is a slow transfer for free, and a fast transfer within a day, for a few $. and there is also Skrill, which is a similar card as Pioneer. If brief.
    UpVote Reply 0 Upvotes
  • Pedja

    Hi, I agree with Alexxander. First of all, there is a few ways how U can receive money from abroad. When I started working as a freelancer I was using Payoneer service, because they are connected to services like Odesk and Elance. I created a account with Payoneer and I got MASTERCARD prepaid card from Payoneer. Every payment from Odesk was going directly to Payoneer account (it usually takes 1 day for receiving money from client). After the money is received I can use my Payoneer MASTERCARD. Also, I used paypal and skrill for some other payments. If U are using the same bank as a client, you can receive money in one hour top. For example, I was working with client from Greece and he is using Greek bank for payment. I opened foreign currency bank account in Greek bank in Serbia and after that every payment was really fast and secure. Also, I have not heard about Ria Money Transfer.
    UpVote Reply 0 Upvotes
  • Momcilo

    I think that the cheapest(but not the quickest-two to three days)way to send money to Serbia is via Skrill(Moneybookers), but I am not sure whether large amounts are allowed.
    UpVote Reply 0 Upvotes
    • Rob Rawson www.timedoctor.com

      Skrill charges 1% when sending money, so it is cheap if there is no currency transfer involved. However how do you actually receive the money in Serbia? What's a method of withdrawing the money from Skrill as they do not have local withdrawal methods in Serbia?
      UpVote Reply 0 Upvotes
  • Bojan

    Hello, I'm from Serbia and my method is wire transfer.- Wire transfer fee and time depends of local bank in Serbia. The good thing is that US payment can be received in US dolars, there is no need for excange currency and transfer at same time. For sending wire transfers from US I was using http://www.xe.com/currencytransfers/ and https://www.americanexpress.com/us/content/foreign-exchange/transfer-money/business/It can take up to 4 business days to transfer money with $54 fee, and intermediary bank fee $13.About currency, native currency in Serbia is Serbian dinar (RSD), but banks in Serbia receive payments (wire transfers) in almost any currency: USD, EUR, CHF, GBP, CAD, AUD, SEK, DKK, NOK, JPY
    UpVote Reply 0 Upvotes
    • Rob Rawson www.timedoctor.com

      yes I think if you're receiving in USD and sending in USD Or sending in Euro and receiving in Euro then this is a good option for larger amounts of money
      UpVote Reply 0 Upvotes
  • Phil

    Western or directly on IBAN. Western is much faster, that's how they stay in business.
    UpVote Reply 0 Upvotes
  • Tatjana

    Hi! I am using Skrill.Total transaction fees are less than $5, payment is quick (few minutes) and secure!
    UpVote Reply 0 Upvotes
  • Alexxandar

    Hello, I have to inform you that this first table has some incorrect information. So as someone from Serbia who receives money from abroad this is first hand experience.1. Wire transfer does not take minutes, the fastest I got money this way was 18 hours. If you are receiving foreign currency you use foreign currency bank account for that, and then you can receive any currency your bank supports with only extra fee from your bank (usually it's 0.5% of the amount). It might be possible to receive money in dinars from abroad but then the senders bank does the exchange rate which is unfavorable. If you want you can pick up money at bank and exchange it in another place with more favorable rate.2. There is no SLOW version of Western Union in Serbia, only service offered is "Money in minutes" and literally it takes minutes. Person working for WU told me transfer takes 1 minute, but they say 15 just to be safe. Also there is no such thing as hidden exchange rate fees unless you choose to make them yourself. To explain, when you send money to Serbia you choose Dinars or Euros and they always tell you the complete amount, and they tell you how much person will get. Once money arrives if you go to bank you will get Euros, if you want to convert it to dinars at bank that is also possible, but this is unfavorable option. Another place where you can pick up money is Post Office, there you can pick up only in Dinars, but exchange rate is better than at bank.3. I haven't heard of Ria transfers before but there are few locations only in major cities to pick up money, so that doesn't make it the most convenient option.
    UpVote Reply 0 Upvotes
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