Foreign individuals sometimes require bank accounts in Belarusian banks, for example, to deposit money from the sale of their own property in Belarus or to deposit money from abroad when purchasing property in Belarus. Recently, cases of opening savings accounts by foreign citizens in Belarus have become more frequent. To open such accounts, you most often need the help of an experienced lawyer who will help you choose a bank with the most favorable conditions for opening an account and prepare the necessary documents.
Who needs a bank account and why?
To conduct cashless transactions, individuals are entitled to open a current account. And legal entities, in turn, cannot carry out their activities without opening an account.
Timeframes for opening a bank account for a foreigner in Belarus
As a rule, we help clients open a bank account in a Belarusian bank within 48 hours. Sometimes, in case of additional verification by the bank, this period may take 96 hours. Usually the decision on bank account opening in the bank depends on the compliance department of the bank. Anyway our attorneys help to pass all compliance checks and procedures quite fast and make the whole process of bank account opening very smooth.
Bank cards in Belarus for foreign residents
In Belarus, foreign residents can easily obtain bank cards tied to their open bank accounts. These cards are typically available in Belarusian rubles, euros, and US dollars, with Visa and Mastercard being the most common options. The processing time for issuing a bank card is usually 1-2 working days. Many banks now offer digital cards, providing greater convenience for online transactions. Additionally, several of these cards can be linked to popular payment systems such as Apple Pay, ensuring seamless transactions for foreign residents in Belarus, whether for local purchases or international payments.
Our Services
Help you choose the right bank
Our experts will guide you in selecting the most suitable bank based on your business needs and personal preferences.
Advise you on opening accounts in Belarusian banks
We provide detailed guidance on opening accounts in Belarusian banks, ensuring smooth and efficient processing for foreign residents.
Opening accounts in Belarusian banks
Our team assists in the account opening process at Belarusian banks, ensuring compliance with local regulations and requirements.
Legal services
We offer comprehensive legal services, supporting you in all aspects of banking and financial transactions in Belarus.
What kind of accounts do banks open?
1
Current account
A current account allows crediting and storing funds, transferring and withdrawing money, and conducting various banking operations.
2
Deposit account (deposit)
A deposit account earns interest on the deposited amount. The agreement specifies the duration, early withdrawal conditions, and interest rates.
3
Savings account
A savings account also generates interest on deposited funds, allowing the holder to add or withdraw money, with interest calculated after one month.
4
Foreign currency account
Accounts can be opened in Belarus in Belarusian rubles, Russian rubles, US dollars, and euros.
5
Interest-bearing account
These accounts earn interest on deposits, with rates and terms depending on the deposit’s duration and conditions.
6
For a child
Accounts can be opened for children, with access granted upon reaching adulthood. Terms vary, affecting interest rates.
Opening a bank account for an individual by foreigners
Foreign citizens can open accounts in foreign currency or Belarusian rubles with Belarusian banks, considering varying terms and conditions across banks.
Required documents for opening an account
To open an account, you need an identity document with a certified Russian or Belarusian translation and an application form with personal details.
Application process for foreign individuals
The application must be filled in Russian, specifying personal information like name, citizenship, birth details, and a Belarusian phone number.
Bank card access
A bank card can be issued for account access, but a deposit may be required, which is refunded when the card expires.
For remote bank account opening you need
Power of attorney for remote account opening
To open an account remotely, we require a notarized and apostilled power of attorney in our name to act on your behalf.
Client’s passport for remote account opening
A notarized and apostilled copy of your passport, translated into Russian, is needed to open a bank account remotely.
Documents from non-Hague Convention countries
If your country is not part of the Hague Convention, visit a Belarusian or Russian embassy for official document translation and stamping.
Sending documents for remote opening
Once embassy-stamped, send the translated documents to us via post or other delivery services for processing your remote bank account opening.
Other Services
1/8
Account for an individual entrepreneur
Opening an account for an individual entrepreneur is not mandatory, but it depends on the taxation system, profit size, and use of a cash register. Entrepreneurs may opt for an account to simplify financial management, tax reporting, and business transactions. Banks may request additional documents based on the business structure and legal status. Having a bank account also enhances the credibility and transparency of the business while ensuring smooth operations, especially when dealing with clients and suppliers.
An LLC account is opened upon the director’s or an authorized representative’s application, with the required documents submitted to the bank. This type of account is essential for managing the financial transactions of the company, including payments, deposits, and tax obligations. The bank requires proof of the company’s legal status, ownership structure, and a power of attorney if someone other than the director applies. Once the documents are processed, the account is typically activated within a few days, allowing the LLC to conduct business operations efficiently.
A legal entity, regardless of its organizational form, can open a settlement account in a bank. The process involves submitting an application along with the required documents, such as the entity’s registration details, business activities, and representative authorization. Upon approval, the account becomes functional, allowing the entity to handle financial transactions like payments, receipts, and taxes. The procedure is straightforward if all documentation is in order, and the account can be operational as soon as the application is processed, typically within one day.
Foreign companies wishing to open a bank account in Belarus must follow similar procedures to resident legal entities, but additional requirements apply. All documents submitted, including the company’s registration and financial details, must be translated into Belarusian or Russian and legalized. This ensures compliance with local regulations. Once the necessary translations and legalizations are complete, the bank processes the application, allowing foreign companies to open accounts for handling transactions, tax obligations, and other financial operations in Belarus.
Non-residents of Belarus can easily open settlement and deposit accounts, provided they meet the bank’s document requirements and proper execution standards. The process is similar to that of residents, but foreign documents may require translation into Belarusian or Russian. Non-residents can enjoy the same benefits of having a local bank account, such as conducting financial transactions, receiving payments, and storing funds securely. Once the bank verifies all submitted documents, the account is activated and can be used for business or personal purposes.
Starting a company in Belarus involves several key steps, including choosing the appropriate legal form, registering the business with relevant authorities, and obtaining necessary licenses. Entrepreneurs must submit an application, company charter, and other required documents to register with the Ministry of Justice. Depending on the company type, additional permits may be required. Our legal team assists with all aspects of starting a business, ensuring compliance with local laws and facilitating a smooth registration process. We guide entrepreneurs through each step to ensure their business is set up for success in Belarus.
The High-Tech Park (HTP) in Belarus offers unique opportunities for IT companies, including tax benefits and a favorable regulatory environment. To join the HTP, companies must meet specific criteria, including being involved in IT development, software, or digital technologies. The application process involves submitting the company’s business plan, financial details, and registration documents to the HTP administration. We offer legal support to help your company meet all the requirements and navigate the application process, ensuring that your business can take advantage of the benefits of being part of the HTP ecosystem.
We provide comprehensive legal services to businesses and individuals, ensuring compliance with Belarusian laws and regulations. Our team specializes in various areas, including company formation, contract law, dispute resolution, and intellectual property protection. We assist foreign clients with navigating legal complexities, including account openings, tax compliance, and regulatory matters. Whether you’re starting a business, handling contracts, or seeking legal advice on financial transactions, our experienced legal team offers tailored solutions that meet your needs and help you achieve your business objectives in Belarus.
We offer a personalized service, tailoring solutions to meet your unique needs and ensuring a smooth, hassle-free experience.
Experienced lawyers
Our team consists of highly skilled lawyers with years of expertise, ensuring that you receive top-quality legal support and advice.
Extensive Experience
With extensive experience in various legal fields, we are equipped to handle complex issues and provide reliable solutions for all our clients.
We speak your language
We understand the importance of clear communication and offer services in multiple languages, ensuring that you feel comfortable and informed.
Problem solving
Our team is dedicated to resolving challenges efficiently, providing creative solutions that minimize risks and maximize your success.
Cost-Effective
We offer competitive pricing without compromising on quality, ensuring that you receive expert legal services at an affordable rate.
FAQ
What accounts (deposits) do banks open?
Banks in Belarus offer several types of accounts and deposits, including current accounts for managing everyday transactions, deposit accounts that earn interest on funds stored, savings accounts that allow deposits and withdrawals, and foreign currency accounts for holding money in rubles, dollars, or euros. Deposit accounts can have different terms, such as fixed-term deposits with higher interest rates or flexible savings accounts with variable terms. Interest-bearing accounts help customers earn from their savings based on the duration of funds stored, while children’s accounts allow guardians to manage deposits until the child reaches adulthood.
What accounts can be opened in Belarusian banks for an individual?
In Belarus, individuals, both residents and non-residents, can open current and deposit accounts. A current account is used for routine transactions such as depositing and withdrawing funds, while a deposit account allows individuals to earn interest on their savings. Deposit accounts include both fixed-term and flexible options, each offering different interest rates and withdrawal conditions. Additionally, foreign currency accounts are available for holding funds in different currencies, including Belarusian rubles, Russian rubles, US dollars, and euros.
How to open a current account in a bank for an individual?
To open a current account in a Belarusian bank, an individual needs to visit the bank in person and provide an identity document. This could be a passport, residence permit, or another valid ID. If the document is in a foreign language, it must be translated into Russian or Belarusian, with the translator’s signature certified by a notary. Once the necessary documents are provided, the bank will process the application and open the account. The individual will then be able to use the account for financial transactions and payments.
What documents can prove identity?
In Belarus, identity can be proven with a variety of documents, including a passport, residence permit, refugee identification, or a travel document issued by a foreign country or international organization for individuals temporarily residing in Belarus. These documents may need to be translated into Russian or Belarusian, with the translation certified by a notary. Additional documents like a driver’s license or ID card may be accepted in certain cases, depending on the bank’s requirements.
In which bank is it better to open an account?
Choosing the best bank for opening an account depends on your specific needs and preferences. Factors such as account fees, interest rates, customer service, and the bank’s accessibility should be considered. It is advisable to compare the terms and services offered by different banks, such as whether they support online banking, provide foreign currency accounts, or have convenient branch locations. Additionally, some banks may offer specialized services for business owners or foreign residents, so selecting a bank that aligns with your financial goals is essential.
Contact us
Lawyer
Legal assistance is provided by advocate Anton Grinewich, Specialized Legal Bar No. 2 in Minsk.
Doing business inevitably involves risks, and one of the most common sources of problems is unreliable counterparties. Payment delays, shell companies, discrepancies between actual and legal data, or dishonest fulfillment of obligations, all of these can lead to financial losses and legal disputes. Therefore, conducting due diligence on a counterparty before entering into an agreement […]
Receiving a demand for payment of a debt is a situation that can confront both businesses and private individuals. Such a document should not be ignored: it is often the first step toward litigation. How and within what timeframe you respond to the demand affects not only the outcome of a potential dispute, but also […]
Contesting a will is a process where interested parties can contest the validity or content of a will after the testator’s death. In Belarus, as in other countries, the legislation allows for contesting a will if there are grounds for doubt about its legality. Such grounds may include a violation of the form of the […]
