Amendments to Serbia’s Law on Foreign Exchange Operations of 2012 allow residents to perform international payment transactions also through a foreign e-money institution for the purposes of making payments and collections under electronic purchase and sale of goods and services. This means that legal conditions have been created for PayPal to operate in Serbia. Therefore, no further changes to the Law on Foreign Exchange Operations are necessary.
On 10 April 2013, PayPal enabled our residents – legal and natural persons, to make international payments (send option) to buy goods and services. It decided to introduce the receive option in a later phase of its operation in Serbia.
So far, the NBS has publically and in direct contacts with PayPal representatives explained that the receive option via foreign e-money institutions is fully aligned with Serbian legislation. It is expected that the receive option will be introduced for Serbian residents by late 2014, which depends on the PayPal’s business policy and the timeframe stipulated for introduction.
Source National Bank of Serbia
