The banking system of Macedonia consists of fifteen banks. Of these, fourteen are privately owned, and only one, MBDP, is state-owned. A significant portion, eleven banks, feature foreign ownership capital. In contrast, four banks, including MBDP, are domestically owned. This sector is marked by the presence of self-sufficient and stable pan-European banks, such as NBG, NLB, and Erste/Sparkasse. This aspect highlights Macedonia’s integration into wider financial networks.

 Banking Services in Macedonia

Banking services in Macedonia offer a mix of stability and adaptability tailored to individual and corporate financial needs. Those include:

1. 24/7 online banking and telephone support in English.
2. Comparatively low banking fees and non-withdrawal ATM fees.
3. Acceptance of international credit cards.
4. Facilitation of international deposits and transfers.
5. Ability to manage accounts in foreign currencies EUR; GBP; USD.
6. Different type of loans (corporate, students, auto, etc.)

Types of bank accounts in Macedonia

Most common bank accounts in Macedonia are:

1. Personal Account
2. Business Account
3. Trade Account
4. Deposits
5. Loan Account

Choosing a bank to manage an account in Macedonia

In North Macedonia, where the economy is both small and open, vulnerabilities to external shocks, especially from the European Union, the nation’s largest trading partners, are apparent. Additionally, the potential repercussions of a political crisis could impact households in terms of savings and corporations in terms of investments. The ongoing liberalization of financial services adds another layer of significance to the role of banks. As competition intensifies among domestic banks and non-bank financial institutions, choosing the right bank becomes a focal point.

Beyond the traditional functions of stability and security, the selected bank must demonstrate adaptability through substantial investments in IT and human capital, fostering continuous innovation of business models. With banks at the centre of this evolving financial landscape, their role is pivotal. Choosing a bank that not only safeguards financial interests but also strategically positions itself to withstand competition and potential sector restructuring is paramount for individuals and corporations alike in North Macedonia.

Opening a private bank account in Macedonia

If a non-resident wants to open a bank account in Macedonia, the bank will need to inform them about the specific regulations that apply to them as a foreign individual. This is particularly relevant for those who have a temporary residence in Macedonia, obtained through a work visa or any other type of visa that permits them to stay for longer than six months.

The bank first informs the individual, identified by a travel document such as a passport or ID card, about the regulations for foreign residents with temporary stay based on specific visas. and proof of address, such as a utility bill or rental agreement. Some banks may also require a tax identification number (TIN) or personal identification number (PIN), and an initial deposit amount that varies depending on the bank and the type of account being opened. Authorized persons need to present a personal ID and a written authorization signed by the account holder.

The bank is permitted to open accounts in Macedonian denars (MKD) and various foreign currencies for a non-resident, ensuring compliance with local banking regulations. Remote access to the account is generally available via online banking and mobile apps, allowing for convenient management of finances.

It’s important to note that the requirements and procedures can vary between banks. Therefore, it’s recommended to check with the specific bank for their exact requirements and process. Many banks in Macedonia require a physical presence for identity verification and do not offer the possibility of opening a bank account entirely online.

Opening a business bank account in Macedonia

To initiate the process of opening a bank account for a foreign legal entity or any other foreign organization, the necessary documentation includes:

1. Submission of a formal request for the bank account opening.
2. Provision of a Specimen Signatures Card.
3. Submission of the Certificate of Incorporation, Extract from the Trade Register, or from any other registry where records pertaining to legal entities in the country of registration are maintained.
4. A notarized Power of Attorney signed by the legal representative.
5. Submission of passports or other valid personal identification documents for all individuals designated as authorized signatories.

When choosing a bank account in Macedonia

Within the dynamics of North Macedonia’s compact and open economy, susceptibility to external shocks and the repercussions of potential political upheavals accentuate the critical role played by banks, emphasizing the need for meticulous selection based on adaptability, stability, and strategic positioning amid escalating competition and sectoral transformations.

Here’s a list of banks licenced by the National Bank of the Republic of North Macedonia:

1. Silk Road Bank AD Skopje
2. Halk bank AD Skopje
3. Sparkasse Banka AD Skopje
4. Capital bank AD Skopje
5. Komercijalna banka AD Skopje
6. Development Bank of North Macedonia AD Skopje
7. NLB banka AD Skopje
8. ProCredit bank AD Skopje
9. Centralna kooperativna banka AD Skopje –
10. Stopanska banka AD Bitola
11. Stopanska banka AD Skopje
12. Univerzal investment bank AD Skopje
13. TTK Banka AD Skopje