Opening a bank account is integral to everyone’s financial life, providing convenience for managing personal funds, generating income, and making payments. In the Republic of Belarus, the procedure for opening an account for individuals is regulated by the current legislation and internal rules of banking institutions.
In this article, we will examine the key aspects of opening a bank account for individuals in Belarus. Since opening a bank account may involve various nuances and requirements, we recommend contacting our experienced lawyers. They will provide professional assistance in choosing a bank, preparing the necessary documents, providing support at all stages of the procedure, and ensuring that all actions comply with the current legislation of the Republic of Belarus.
Choosing the Right Bank
Before opening a bank account, it is important to choose a financial institution that meets your needs and offers optimal service conditions. There are several banks operating in Belarus (24 banks and 3 non-banking organizations), each with its own characteristics. There are several key factors to consider when choosing.
Bank Reliability
One of the main criteria is the financial stability and reputation of the bank. Recommended:
- Check the license of the National Bank of the Republic of Belarus (NBRB).
- To get acquainted with the bank’s ratings and its position in the market.
- To study customer reviews about the quality of service and reliability of operations.
Range of Services
The choice of a bank also depends on what financial products and services it offers. It is worth paying attention to:
- The availability of mobile and online banking.
- The ability to use international payment systems (Visa, MasterCard, etc.).
- Support for additional services such as deposits, loans, and investment accounts.
Tariffs and Terms of Service
Before opening an account, it is necessary to familiarize yourself with the bank’s tariffs, including:
- The cost of opening and maintaining an account.
- Commission for cash transfers and withdrawals.
- Terms for currency exchange and transfer of funds abroad.
- Payment for SMS and email notifications.
Ease of Maintenance
The comfort of interacting with the bank plays an important role in the daily use of the account. It is important to consider:
- The extensive network of branches and ATMs.
- Availability of round-the-clock support service.
- Availability of a mobile application with convenient functionality.
The Ability to Open an Account Remotely
The bank can open an account for an individual without his presence using remote banking systems. This is possible when the bank has carried out an individual’s identification (authentication) and verified that his identity corresponds to the documents he submitted.
Why Should you Contact a Lawyer?
Choosing a bank and opening an account may involve legal nuances, especially regarding non-resident accounts or specific financial transactions. The lawyer will help you understand the terms of the banks, prepare the necessary documents and avoid possible legal risks.
Required Documents for Opening an Account
To open a bank account in Belarus, individuals, both residents and non-residents, must provide certain documents to the bank. The exact list of documents required for opening accounts by non-residents may vary depending on the bank chosen, but the basic requirements remain the same.
For Individuals who are Residents of the Republic of Belarus:
1. Identification document (when contacting the bank in person):
- Passport of a citizen of the Republic of Belarus.
- Residence permit for foreign citizens permanently residing in Belarus.
- Refugee card.
2. Application for account opening
If such an opportunity is provided, it is filled in at a bank branch or online via a mobile application.
3. Additional documents
Sometimes, the bank may request additional information from individuals, such as proof of residence or contact information.
For Non-Residents of the Republic of Belarus
1. Identity document:
- Passport of a foreign citizen.
- A residence permit in another country.
If the document is written in a foreign language, you must provide a notarized translation into Russian or Belarusian.
2. Application for account opening
This is to be filled out at the bank branch.
3. Confirmation of the legality of the stay
Some banks may request documents confirming the legality of a non-resident’s stay in the Republic of Belarus, such as a visa or registration.
4. Additional documents
The bank may request information about the place of work, sources of income, or purpose of opening an account.
Documents for opening a bank account can be submitted personally on paper or remotely as electronic documents.
Recommendations
1. Preliminary consultation
Before visiting, you should contact the selected bank’s representatives to clarify the full list of necessary documents, as the requirements may vary.
2. Translation of documents
If your documents are written in a foreign language, ensure their translation and notarization in advance.
3. Contacting specialists
Opening an account may involve various nuances, especially for non-residents. To avoid possible difficulties and ensure compliance with all legal requirements, it is recommended to contact an experienced lawyer. Our specialists are ready to provide professional assistance at every stage of the procedure, ensuring a bank account’s successful and timely opening.
The Process of Opening a Bank Account
Opening a bank account for individuals in Belarus includes several successive stages. Although the specific conditions may vary depending on the bank, the general procedure remains standard. Generally, a bank opens an account on its terms to any individual who applies to it.
Step 1. Choosing a bank and account type
Before opening an account, it is necessary to determine the bank, considering its reliability, range of services, tariffs and convenience of service. It is also important to choose the type of account – current, deposit or card, depending on the purpose of its use.
Step 2. Preparation of necessary documents
An individual must provide a passport (for citizens of Belarus) or other identity document (for non–residents—a passport and its notarized translation, if required). You may also need an application to open an account, filled out at the bank or online.
Step 3. Applying to the bank
Documents can be submitted:
- Personally, by visiting a bank branch.
- Through online banking, if the bank provides such an opportunity.
Some banks require the applicant’s personal presence for identification, especially if the account is opened for the first time.
Step 4. Signing the agreement
After checking the documents, the bank offers the client the chance to sign an account maintenance agreement. The agreement specifies the terms of use, tariffs, and parties’ rights. It is important to read the document carefully before signing.
Step 5. Account replenishment and activation
After signing the agreement, the client is given account details and, in the case of a card account, a bank card. To start using the account, you must top it up (for example, deposit cash or transfer funds from another account).
Recommendations
It is recommended that you consult with an experienced lawyer first to avoid mistakes in the documents and speed up the process of opening an account. Our experts will help you prepare the documents correctly and choose the most favourable terms of banking services.
When the Bank does Not Open an Account for an Individual
The bank will refuse to open an account for an individual if the bank has not provided identity documents.
Also, the bank will not open an account if an individual is included in the list of persons involved in extremist activities.
Types of Bank Accounts for Individuals
In Belarus, banks offer various types of accounts intended for individuals. Each has its characteristics and advantages, and the choice depends on the client’s goals. Let’s look at the main types of bank accounts available to citizens.
1. Current account
The current account is the most popular type of account for individuals. It is used for daily financial transactions such as receiving wages, paying for goods and services, transferring between accounts, and storing funds.
Features:
- Account maintenance can be paid or free depending on the bank and billing conditions.
- It is possible to connect Internet banking for account management convenience.
- Deposits and withdrawals are possible without restrictions but are subject to transaction fees.
- This account is not intended for savings or investment purposes.
2. Deposit account
The deposit account is intended for storing funds for a certain period of time and generating income in the form of interest. It is a long-term type of account used for savings.
Features:
- The funds on the deposit are blocked for the period specified by the agreement and cannot be used until the end of the agreement (irrevocable deposit). Alternatively, the deposit can be revocable, with the possibility of using it until the end of the agreement period.
- The bank charges interest on the deposit amount, which is paid at the end of the term or monthly.
- The interest rate on the deposit depends on the timing of the funds’ placement and the bank’s terms.
- In case of early withdrawal of funds, the bank may reduce the interest rate.
3. Card account
A card account is any account of an individual to which a bank card (debit or credit) is linked. This account is used to pay for goods and services and withdraw cash through ATMs.
Features:
- The card can be either debited (funds are debited from the current account) or credited (it allows you to use borrowed funds from the bank).
- The ability to use the card to make purchases online and abroad.
- Usually, the card account is connected to mobile banking, which makes it easy to manage the account via a smartphone.
4. An account for receiving alimony or social benefits
This type of account is used to receive alimony, social security payments, or other mandatory payments ordered by the court or social protection authorities.
Features:
- If alimony is received for the recipient’s needs, the account can be opened in the recipient’s name and a minor child’s name.
- In some cases, the bank may offer preferential terms of service for such an account.
- There may be legal restrictions on the use of funds (for example, funds can only be used to support a child’s needs).
5. Currency account
This account stores funds in a foreign currency. It is relevant for people who conduct international financial transactions or want to protect their savings from inflation in the national currency.
Features:
- US dollars, euros, rubles, and other currencies can be stored in a foreign exchange account.
- Transactions with foreign currency accounts may involve additional fees for currency exchange, transfers abroad, and storage of funds in the account.
- A foreign currency account can be useful when making international payments or travelling abroad.
6. Electronic accounts and accounts in mobile applications
Modern banks also offer electronic accounts that can be used for payments through mobile applications and electronic payment systems.
Features:
- Quick opening and internet connection.
- It suits private clients who actively use mobile devices for financial transactions.
- It has limited functionality compared to traditional bank accounts, but it is convenient for online payments and transfers.
7. Basic account
A basic account is a special type that provides individuals with minimum banking services. Unlike regular current accounts, the basic account assumes limited functions and tariffs. This is an ideal option for people who just need to carry out financial transactions that do not require additional services or high account activity.
Features:
- Security and Accessibility
A basic account is opened with minimal requirements and can be used to receive funds and pay for goods and services. - Limited functions
Unlike regular current accounts, the basic account may not provide for the possibility of obtaining an overdraft, using credit cards and other additional options. - Low or zero tariffs
A basic account usually has minimal or no maintenance commissions, making it accessible to people who make small financial transactions. - Restrictions on operations
The base account often limits the number of transactions per month, which should also be considered when choosing this type of account.
This account can be useful for people who do not require complex banking products and prefer ease of maintenance. For example, a basic account can be convenient for retirees, students, and those who are just starting their financial transactions.
Conclusion
Opening a bank account is an important step that requires care and the right approach, especially when it comes to choosing the right type of account and preparing the necessary documents. In Belarus, there are several types of individual accounts, each of which has its own characteristics and advantages, depending on your financial goals.
Opening an account may seem simple, but many nuances can affect the final result, especially if you are a non-resident or face certain legal issues. It is always useful to consult with professionals to avoid mistakes and make the process as convenient and fast as possible.
Our lawyers are ready to provide comprehensive advice and support when opening a bank account, help with document preparation, and choose the most favorable terms of service. We guarantee that all steps will be carried out in full compliance with the legislation and banking requirements.
Do not take risks and waste time on possible problems—contact our experienced specialists for professional support in opening an account and resolving any related issues.
Contact us
If you have any questions and disputes regarding the opening a bank account in Belarus, we will be happy to help! Our lawyers are ready to provide comprehensive advice and support when opening a bank account and resolving any related issues.
- +37529142-27-19 (WhatsApp, Viber, Telegram);
- info@ambylegal.by.
