Serbian residents can freely send and receive payments online, through banks, for the purchase and sale of goods and services abroad via the PayPal service – states the NBS’s letter sent to line ministries.

Under valid regulations on external and domestic payment transactions, the company PayPal Pte.Ltd Singapore need not register as a bank or other financial institution, or be set up as a local representative office.

The NBS is confident that this online payment service will enhance the efficiency of external payment transactions and cut the costs for citizens and local enterprises.

As agreed at the meeting between NBS and Ministry of Finance representatives, general terms of PayPal services in Serbia will be amended, as it has been done in some other countries.

This means that residents will use PayPal to purchase/sell goods and services from/to non-residents, while the funds earned will be transferred from PayPal accounts to resident accounts in Serbia.