03 April, 2020
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National Bank of Serbia scraps transaction fees on donations

During the global coronavirus pandemic, it has become apparent that the State and general public cannot fight the disease alone.  The situation does not require just sound management by the authorities, but it also requires the general public to step up and take responsibility and show a sense of duty to help.  Companies and private individuals have donated funds to the State, healthcare facilities and vulnerable categories.

To encourage those wishing to donate, the National Bank of Serbia (“NBS”) adopted a Decision on Transaction Fees on Donations to Combat Covid-19 (“Decision”). Special-purpose accounts are opened for donations and these transfers have special payment codes.  The Decision scraps fees and other costs on RSD and foreign currency payments to the special accounts of the Republic Serbia, opened for donations to combat the COVID-19 disease.  Likewise, there is no difference whether the money transfer is done on a one-time basis, or in multiple transactions.

Under the Decision banks, payment institutions, as well as the national mail service are prohibited from charging transaction fees on accounts opened for donations.  As well, the Decision governs cashier payments in banks, e-banking, payments to the special purpose accounts, and other payment types.

Given that banks and financial institutions supervised by the NBS are set to lose out on profits on transactions covered by the Decision, the NBS also announced that it would scrap its service fees.  A list of bank accounts and payment instructions for donations is also available on the NBS website.

Following the loan moratorium (see more here), the Decision is another means for the State and business sector to weather the epidemic and state of emergency.

 

For more information, please contact us via covid19@geciclaw.com.