In the course of international cooperation, more and more companies and individuals in Belarus face the need to open foreign currency accounts. This may be due to foreign economic activities, investments, transactions with foreign partners or simply a desire to keep savings in foreign currency.
However, the process of opening a foreign currency account in the Republic of Belarus is associated with a number of regulatory requirements that depend on the status of the applicant (individual or legal entity), the purpose of using the account, as well as the requirements of banks and currency legislation.
In this article we will take a closer look at:
- Who has the right to open a foreign currency account in Belarus.
- What documents need to be prepared.
- The main stages of the process.
- Restrictions and requirements that are stipulated by the legislation.
- Possible difficulties and ways to overcome them.
We will analyze all the nuances to make the process of opening a foreign currency account simple and easy to understand.
Who can open a foreign currency account in Belarus
In the Republic of Belarus, the possibility of opening foreign currency accounts is available to both legal entities and individuals. Below we look into who has the right to open a foreign currency account in Belarus, as well as the main requirements and procedures.
Legal entities
Belarusian residents:
- Commercial organizations
Companies that engage in foreign economic activity may open foreign currency accounts for transactions with foreign partners. This includes export-import operations, investment projects and other international transactions.
- Representative offices of foreign organizations
Foreign companies that have registered their representative offices in Belarus are entitled to open foreign currency accounts to support the activities of these representative offices.
Individual entrepreneurs
Persons registered as individual entrepreneurs may open foreign currency accounts to conduct business with foreign counterparties.
Non-residents of the Republic of Belarus
- Foreign companies
Non-resident legal entities may open accounts in Belarusian rubles and/or foreign currency with Belarusian banks without restrictions.
Individuals
Residents of the Republic of Belarus:
- Citizens of the Republic of Belarus
Resident individuals may open accounts in foreign currency to keep savings, receive income from abroad, make investments and for other personal purposes.
- Foreign citizens and stateless persons
Persons who have obtained a permanent residence permit in Belarus (residence permit) are also entitled to open foreign currency accounts
Non-residents of the Republic of Belarus:
- Foreign citizens and stateless persons
Persons temporarily staying or temporarily residing in Belarus may open foreign currency accounts with Belarusian banks.
Basic requirements and documents
To open a foreign currency account in Belarus, the following documents must be submitted:
For legal entities:
- Application for account opening signed by an authorized person.
- Documents confirming the state registration of the company: a copy of the charter, and when the organization operates on the basis of a standard charter – an extract from the Unified State Register of Legal Entities and Individual Entrepreneurs.
- Documents confirming the powers of the head or representative of the company.
- Signature and seal card (if used).
An individual entrepreneur submits the same documents to the bank. Instead of a copy of the charter, he submits a copy of the certificate of state registration.
For individuals:
- An identity document (passport of a citizen of the Republic of Belarus, residence permit, refugee certificate). Non-resident individuals shall submit a notarized translation of their passport into Russian or Belarusian.
- Application for account opening according to the established form of the bank.
For non-residents the bank may determine a different procedure for opening a foreign currency account. To open a bank account in foreign currency without risks, we recommend you to contact our experienced lawyer. He will accompany you at all stages of account opening, answer your questions and represent your interests.
Overview of the banks where one can open a foreign currency account
Various banks in the Republic of Belarus provide services on opening and maintaining foreign currency accounts. Below you’ll find an overview of some of them with the main terms, fees and requirements.
1. Belarusbank:
The largest bank in the country offering current accounts in foreign currency for individuals. The term of keeping funds is not limited, and there is no minimum initial deposit amount. The interest rate is 0.0001% per annum for US dollars and euros.
2. BNB-Bank:
Offers opening and maintenance of accounts for individuals. Account maintenance fee depends on the amount: from 20,000 to 30,000 USD – 400 BYN; from 30,000 to 40,000 USD – 750 BYN; over 40,000 USD – 0.2% of the excess amount, minimum 1000 BYN.
3. Alfa-Bank:
Offers service packages for customers who make numerous payments in foreign currencies. Packages are available for 3, 5 or 10 electronic payments in EUR/USD or RUB with a minimum connection period of 1 day and monthly remuneration from 55 BYN.
4. BSB Bank:
Provides cash and settlement services for accounts in foreign currency. The commission fee for closing one of the accounts is 5 BYN, in case of termination of service – 25 BYN.
5. Belinvestbank:
Provides servicing of current (settlement) accounts in foreign currency for individuals. Funds transferred in non-cash form or deposited in cash are credited to the account.
Comparison of terms and conditions: fees, requirements, service
Account maintenance fees
Some banks have introduced fees for keeping significant amounts on foreign currency accounts. For example, BNB-Bank charges 400 BYN for amounts from 20,000 to 30,000 USD, and for amounts over 40,000 USD – 0.2% of the excess amount, minimum 1,000 BYN.
Minimum balance requirements
Belarusbank does not set a minimum initial deposit amount, allowing accounts to be opened with a zero balance.
Maintenance and additional services
Alfa-Bank offers packages of services for clients who frequently make foreign currency payments, with the possibility to choose the number of payments and currency.
When choosing a bank to open a foreign currency account, it is recommended that you carefully review the terms of service, fees and requirements in order to choose the most suitable option for your individual needs. You also have the option of not doing this yourself, but rather contacting our lawyer. They will choose the best options for you based on your situation and needs.
Procedure for opening a foreign currency account: main steps
Opening a foreign currency account with a bank requires compliance with a number of formalities and submission of documents established by the legislation of the Republic of Belarus. The procedure is standard for most banks, but some banks may impose additional requirements depending on the client’s category and the selected tariff plan.
Step 1: Submitting an application
The first step is to apply to the selected bank to submit an application for opening an account. This can be done in one of the following ways:
- In person at a bank branch.
- Via Internet banking (if the bank provides such service).
- Through a mobile application (available in most banks).
In the application you should specify personal data (for individuals) or details of the organization (for legal entities), as well as choose the type of account, currency and the desired tariff plan.
Step 2: Document verification by the bank
After submitting the application, the bank checks the documents. Depending on the client’s status, the list of required documents may differ. In particular, each bank sets its own requirements for non-residents.
The bank may request additional information in accordance with internal requirements and anti-money laundering (AML) policies.
Step 3. Conclusion of the agreement
After successful verification of the documents, the bank draws up an agreement for opening and maintenance of the foreign currency account. The agreement shall specify:
- Account Terms of Use.
- Bank’s tariffs and commissions.
- Rights and obligations of the parties.
- The procedure of currency transactions.
The client signs the agreement, after which the account is officially registered in the banking system.
Step 4: Account Activation
After signing the agreement, the bank activates the account. In most cases, the client receives the account details on the day of signing the agreement. However, in some cases, for example, if additional verification is required, the process may take up to several business days.
After account activation, the client may perform currency transactions, including deposits, transfers, withdrawals and international payments in accordance with the bank’s rules and currency legislation of the Republic of Belarus.
It is important to take into account that some banks may charge commissions for opening an account, servicing or conducting currency transactions. Therefore, before choosing a bank, it is recommended to carefully study the terms of service.
If necessary, our experienced lawyer will accompany you at every stage of opening a foreign currency account.
Possible reasons for refusal to open a foreign currency account
Banks in the Republic of Belarus have the right to refuse to open a foreign currency account to a client if violations of the law, non-compliance with the bank’s requirements or increased financial risks are revealed. The reasons for refusal may concern both individuals and legal entities, as well as individual entrepreneurs. Let’s look into the main ones.
1. Incomplete package of documents or errors in the data
When submitting an application, the bank requires a certain list of documents. If the client has not submitted all the necessary papers or has made mistakes in filling them out, the bank has the right to refuse to open an account until the documents are corrected.
The most common problems:
- Lack of original or notarized copies of documents.
- Mistakes in the application (incorrect passport data, taxpayer identification number, name of the organization, etc.).
- Submission of invalid or expired documents.
- Inconsistency of data in different documents.
To avoid rejection, it is important to clarify the bank’s requirements in advance and check the accuracy of all data.
2. Failure to comply with financial monitoring requirements (AML)
As part of anti-money laundering and anti-terrorist financing (AML) legislation, banks are required to screen customers and identify suspicious transactions. Possible reasons for refusal may be:
- Inability to confirm the source of origin of funds.
- Providing false information about the purpose of opening an account.
- High risk of illegal transactions, for example, suspected links to sanctioned organizations or an organization or individual being included in the list of persons involved in extremist activities.
If the bank requests additional documents to confirm the legality of income, it is necessary to provide them as soon as possible.
3. Refusal for internal reasons of the bank
Some banks may refuse a client without giving reasons, referring to internal policy. Possible cases:
- The bank does not conduct business with a certain category of clients (for example, with non-residents or representatives of certain industries).
- The client has previously been found to have violated banking regulations or had a conflict with the bank.
- High risk of rejection for companies registered in offshore zones.
4. Restrictions for non-residents and foreign companies
Foreign citizens and companies may encounter additional difficulties when opening a foreign currency account. Main reasons for refusal:
- Lack of documents confirming the legality of stay in the country.
- Inability to pass the identification procedure.
- Increased risk due to the jurisdiction of company registration.
Some banks require non-residents to make an initial deposit or provide additional documents confirming the purpose of account opening.
How to avoid rejection?
In order to minimize the risk of rejection, it is recommended:
- To clarify the list of required documents in advance.
- Check your credit history and the presence of debts.
- Prepare documents confirming the origin of funds.
- Choose a bank that works with your category of clients.
If the bank refuses to open an account, the client has the right to ask for clarification and, if necessary, to resubmit the application, eliminating the identified deficiencies. You can reduce the risk of refusal to open a foreign currency account by contacting our lawyers, who have extensive experience in dealing with banks.
Conclusion
Opening a foreign currency account in the Republic of Belarus is an important step for both individuals and businesses involved in international settlements. Choosing a bank, complying with all formalities and taking possible risks into account will help avoid rejection and ensure convenient conduct of financial transactions.
However, Belarusian currency legislation contains many nuances, including document requirements, procedures for conducting currency transactions and financial monitoring mechanisms. Mistakes at any stage can lead to delays, additional checks or even refusal to open an account.
To ensure that the process goes as quickly and smoothly as possible, we recommend contacting our experienced lawyers. We can prepare all the necessary documents, explain the current requirements of banks and provide legal support at every stage. By contacting us, you will receive reliable legal support and confidence in the successful opening of a foreign currency account.
Contact us
If you have any questions related to opening a foreign currency account in Belarus , we will be happy to help! Our long-term experience will help you choose a lawyer to represent your interests.
- +37529142-27-19 (WhatsApp, Viber, Telegram);
- info@ambylegal.by.
