Serbia's NBS confirms online foreign currency payments for non-residents, boosting e-commerce potential

The National Alliance for Local Economic Development (NALED) celebrates a significant victory for Serbian e-commerce with the National Bank of Serbia's (NBS) confirmation that domestic companies can accept foreign currency payments from non-residents. This decision, a direct result of NALED's persistent advocacy through its Small Business Council, removes a critical barrier that previously led to abandoned online purchases.

“

A growing number of companies in Serbia, including startups, sell their products and services to international customers online with the option of digital payment. However, in practice, a problem has arisen at the final stage of the online purchase process. Non-resident customers are often required to pay exclusively in Serbian dinars, even though prices on the website are displayed in both local and foreign currency and the customer has selected payment in foreign currency. This practice leads to cart abandonment at the final step, as customers are presented with an unfamiliar currency during checkout, which can create the impression of fraud.

For years, Serbian businesses, particularly startups, have faced frustration as non-resident customers, despite selecting payment in foreign currency, were often forced to complete transactions in Serbian dinars at the final checkout stage. This created confusion and distrust, hindering the growth of Serbia's digital export potential. NALED's initiative, detailed in its Innovation Grey Book, directly addressed this issue by seeking a clear interpretation of the Law on Foreign Exchange Operations.

“

In practice, restrictive interpretations were often applied, limiting the ability to charge foreign customers in foreign currency despite the lack of a clear regulatory basis. For this reason, the Small Business Council of NALED submitted an initiative to the National Bank of Serbia requesting an official opinion to clarify the issue.

The NBS's official opinion clarifies that cross-border e-commerce transactions are indeed free from mandatory dinar conversion. This ruling not only strengthens the competitiveness of Serbian online businesses but also accelerates the nation's integration into the global digital economy. NALED views this as a crucial step forward, demonstrating the power of constructive dialogue between the business sector and regulatory bodies to foster economic growth and innovation within Serbia.

“

In its official opinion, the National Bank of Serbia confirmed that there are no regulatory obstacles preventing residents from charging non-resident consumers in foreign currency.