How to Open a Foreign Currency Account in Belarus

Opening a foreign currency account is essential for companies and individuals who pay foreign counterparties or receive income in foreign currency. With the integration of Belarusian businesses into international markets and the growing popularity of working with foreign freelance platforms and marketplaces, more and more entrepreneurs are faced with the need to open a foreign currency account in a bank in the Republic of Belarus.

Despite its apparent complexity, the procedure for opening a foreign currency account in a Belarusian bank is quite transparent, especially when you understand the state’s requirements and correctly complete the documents.

In this article, we will take a detailed look at who might need a foreign currency account and why, how to open one in 2025, what documents need to be provided, and what features are important to consider when opening a foreign currency account. We will also analyze the restrictions associated with opening an account and provide examples of banks that open foreign currency accounts, including the conditions for opening and servicing accounts.

Who needs a foreign currency account, and why

A currency account allows you to make payments and store funds in foreign currencies, such as US dollars (USD), euros (EUR), Russian rubles (RUB), and others. It may be needed by legal entities, entrepreneurs, individuals, residents, and non-residents. Below, we will consider the main categories of currency account holders and their purposes.

Legal entities

Companies that conduct foreign economic activity may need foreign currency accounts for the following purposes:

• Importing goods and services – paying suppliers abroad requires payments in foreign currency.
• Export – to receive revenue from foreign buyers.
• Payment for international services – hosting, cloud platforms , advertising services , software, etc.
• Participation in international exhibitions, conferences, and tenders – fees are often charged in foreign currency.
• Foreign business trips of employees – the company can pay daily allowances from a foreign currency account.

For such operations, residents of Belarus may open foreign currency accounts in authorized banks and must also register foreign currency agreements if this is required.

Individual entrepreneurs (IE)

Individual entrepreneurs in Belarus often work directly with foreign counterparties, especially in IT, consulting, design, and marketing. A foreign currency account may be helpful for them for the following purposes:

• Receiving payment from foreign clients for services rendered and work performed.
• Payments for online services and platforms, including CMS, CRM, and freelance exchanges.
• Accepting transfers through payment systems (for example, Payoneer, Wise, Revolut, TransferWise, etc.).

For individual entrepreneurs, currency regulation requirements apply, including registration of currency agreements, when necessary.

Individuals

Individuals may need a foreign currency account in several cases :

• For freelancers and self-employed individuals – to receive payments from foreign customers.
• Receiving money transfers from relatives abroad.
• Receipt of pensions, benefits, scholarships, or grants from abroad.
• Travel and trips abroad: The currency in the account can be used for card payments or cash withdrawals abroad.
• Investments abroad – for example, when buying shares, real estate, investing in start-ups.
• Online shopping on international marketplaces – for payment in dollars, euros, and other currencies.

Thus, a currency account is not only an instrument of international trade but also an important financial instrument for personal and business purposes. The choice of the form and purpose of the account depends on the status of the owner and the nature of the transactions.

How to open a foreign currency account for a company or individual entrepreneur

To open a foreign currency account in a Belarusian bank, you must submit the following documents to the bank:

For legal entities:

• An application for opening a foreign currency account, completed and signed by an authorized representative.
• Documents that confirm the state registration of a legal entity include a copy of the charter or, if the organization operates on the basis of a standard charter, an extract from the Unified State Register of Legal Entities and Individual Entrepreneurs (USR).
• Documents that confirm the authority of the company’s director or other representative to carry out transactions on behalf of the organization.
• A card with signature samples and a seal imprint (if there is a seal).

For individual entrepreneurs:

The individual entrepreneur provides the bank with a similar package of documents. Instead of the charter, a copy of the certificate of state registration as an individual entrepreneur must be attached.

For individuals:

To open a foreign currency account, an individual provides the following documents to the bank:

• Identity document – passport of a citizen of the Republic of Belarus, residence permit, or refugee certificate.
• If a non-resident individual opens an account, a notarized translation of the passport into Russian or Belarusian is additionally required.
• An application for opening an account is completed in the form established by the bank.

The procedure for opening a foreign currency account: step-by-step

Opening a foreign currency account in a Belarusian bank requires following certain procedures. The process is fairly standardized in all banks, but differences are possible depending on the client category, the presidency of the account owner, and the terms of the bank’s specific tariff plan.

Step 1: Submitting an application

Initially, the client applies to the selected bank with an application to open a foreign currency account. This can be done in several ways :

• In person, by visiting a bank branch.
• Via the Internet banking system (if this option is available).
• Via a mobile application ( provided by most banks ).
• In the application, you must provide personal data (for individuals) or information about the company ( for legal entities ) and select the account currency, its type, and the appropriate tariff.

Step 2. Bank verification of documents

After accepting the application, the bank begins checking the submitted documents. The list of required papers depends on the type of client. For non-residents, the requirements may differ – each credit and financial institution has the right to establish them independently.

The bank also has the right to request additional information as part of internal control procedures, including compliance with anti-money laundering (AML) requirements.

Step 3. Conclusion of the contract

After a favorable decision on the application for opening a foreign currency account, an agreement is concluded for opening and servicing the account. The document records :

• Terms of use of the account.
• Applicable rates and fees.
• Rights and obligations of the parties.
• The procedure for conducting foreign exchange transactions.
• The agreement comes into force, and the account is registered in the banking system.

Step 4. Account Activation

The final stage is activating the currency account. In most cases, the account details are provided to the client on the day of signing the contract. However, if additional checks are required, the procedure may take several working days.

From the moment of activation, the account owner can carry out currency transactions—deposit funds, make international transfers, withdraw currency, and pay for services in accordance with the terms of service and the norms of the Republic of Belarus’s currency legislation.

Some banks charge fees for opening and maintaining an account, as well as for currency transfers and payments. We recommend that you familiarize yourself with the rates and terms of service in advance.

Why a bank may refuse to open a foreign currency account

Belarusian banks have the right to refuse a client to open a foreign currency account if law violations, non-compliance with the bank’s internal policy requirements, or increased financial risks are detected. The reasons for refusal may concern individuals and legal entities, including individual entrepreneurs. The most common reasons for denial are presented below.

1. Incomplete or incorrect set of documents

One of the common reasons for refusal to open a foreign currency account is incomplete or incorrect documentation. Examples of typical errors :

• There are no required originals or notarized copies of documents.
• Invalid or expired documents.
• Inaccuracies in the application for opening an account (errors in passport data, UNP, company details, etc. ).
• The information in different documents differs.

To avoid such situations, carefully read the requirements of the selected bank and check the accuracy of all data in advance.

2. Failure to comply with financial monitoring requirements (AML)

By the requirements of the Republic of Belarus to combat money laundering (AML), banks are required to check the reliability of their clients. Possible grounds for refusal to open a foreign currency account in this case:

• Inability to confirm the legal origin of funds.
• Providing false or incomplete information about the purposes for which the account is used.
• Suspicion of connection with organizations under sanctions or inclusion of the client in the list of persons involved in extremist activities.

Upon receipt of a request from the bank, it is essential to promptly provide all necessary supporting documents.

3. Refusal on internal grounds of the bank

Some banks reserve the right to refuse to open an account without explanation, citing internal policy. Common cases:

• The bank does not serve specific categories of clients (for example, non-residents or representatives of high-risk industries ).
• The client had previously violated the terms of service or had conflicts with the bank.
• Company registration in high-risk jurisdictions (offshore).

4. Additional restrictions for non-residents and foreign companies

Foreign individuals and legal entities may face several additional obstacles that will prevent them from opening a foreign currency account in a Belarusian bank:

• Lack of legal grounds for staying in Belarus.
• Inability to pass identification at the bank.
• Jurisdiction of registration raises doubts in the bank about the transparency of its activities.

Some banks require an initial deposit or a justification for opening the account.

How can you avoid refusal to open a foreign currency account?

To reduce the likelihood of refusal to open a foreign currency account, it is recommended:

• Clarify the list of required documents in advance.
• Check your credit history and existing obligations.
• Prepare proof of the income source of funds you plan to transfer to this account.
• Choose a bank that already works with clients of your category (including non-residents or companies from your industry ).

If the bank still refuses, you can request an official response indicating the reason. In most cases, after correcting the comments, you can re-submit the application.

Review: in which Belarusian banks can you open a foreign currency account, and under what conditions

In Belarus, several banks offer services for opening foreign currency accounts for individuals and legal entities. Below are examples of such banks with current conditions :

1. JSSB “Belarusbank”

Account type: Virtual current account in foreign currency

Currency: USD, EUR, RUB, CNY.

Interest rate: 0.0001% per annum for USD and EUR; 0.01% for RUB and CNY.

Minimum balance: none.

Opening: via Internet banking.

Availability: for residents and non-residents.

Advantages: remote control and the ability to perform transactions without visiting a branch.

2. Alfa-Bank Belarus

Account type: Business current account

Currency: USD, EUR, RUB.

Opening: online via Internet banking or mobile application.

Service: from 55 BYN per month when connecting an additional service package.

Additional services: the ability to choose the number of electronic payments (3, 5, or 10) and flexible terms for connecting packages.

Since February 2024, a fee has been introduced for storing funds in dollar and euro accounts when a specific limit is exceeded.

3. Priorbank

Account type: Current account in foreign currency

Currency: USD, EUR, PLN, GBP, SEK, CHF, CNY, KZT.

Opening: at a bank branch.

Service fee: This fee is charged when the account balance is $30,000 or more; the amount depends on the balance.

Features: an account can be opened in various currencies, including less common ones.

4. Belgazprombank

Account type: Current account in foreign currency.

Currency: USD, EUR, RUB.

Interest rate: 0.01% per annum.

Opening: at a bank branch.

Note: Since August 1, 2017, new current accounts for individuals have not been opened.

Before opening a foreign currency account, it is recommended that you familiarize yourself with the current tariffs and terms of service on the official websites of banks or seek advice from specialists.

Conclusion

Opening a foreign currency account in a bank is an essential procedure for both foreign economic activity and private international settlements. The process is not complicated but requires attention when preparing documents and compliance with all bank and state requirements.

Selecting a bank, a suitable tariff plan and competent document execution will help avoid refusal and save time. At the same time, legal entities and individual entrepreneurs should take into account the peculiarities of currency regulation and possible additional requirements when working with foreign counterparties.

Contact our company’s experienced lawyers to avoid mistakes and complete the procedure as quickly as possible. We will provide support at all stages, from preparing documents to receiving account details.

A correctly opened foreign currency account is a reliable tool for business development and a convenient way to manage funds in foreign currency.