Opening a Foreign Currency Account for an Individual in Belarus

More and more people are faced with the need to work with foreign currency. Traveling, studying abroad, international transfers, investments, and online shopping require a convenient and reliable tool for storing and managing funds in different currencies. Opening a foreign currency account for an individual allows not only to store funds in foreign currency safely, but also simplifies transactions with foreign counterparties, reduces risks associated with exchange rate fluctuations, and sometimes provides access to profitable banking products. A resident of Belarus and a non-resident can open a foreign currency account.

Before opening a foreign currency account, it is essential to understand the nuances: what types of accounts are available to individuals, which banks are best to open them in, what documents are required, and what to pay attention to when choosing service terms. This article will explain what a foreign currency account is and its advantages. We will also consider the main stages of its opening and critical legal issues that everyone who plans to work with foreign currency should know.

What is a currency account?

A foreign currency account is a bank account that is intended for storing funds in a foreign currency other than the Belarusian ruble. It can be opened for personal purposes: receiving income from abroad, making international payments, paying for purchases, making transfers, and accumulating savings in a stable currency (for example, US dollars, euros, yuan).

The difference between a foreign currency account and a ruble account

The main difference between a foreign currency account and a ruble account is the unit of storage of funds. In a foreign currency account, money is recorded in the selected foreign currency, while in a ruble account, it is in Belarusian rubles. This affects the terms of service, fees, available transactions, and the risks associated with fluctuations in exchange rates.

Using a foreign currency account allows the client to directly conduct transactions in foreign currency, avoiding conversion and exchange rate losses during international transfers or purchases.

Types of currency accounts

Banks in Belarus offer several types of currency accounts for individuals:

1. Current currency account

It is intended for everyday operations: depositing funds, paying for goods and services, transferring to other people, and withdrawing cash. For example, income from renting out property abroad, alimony, and transfers from relatives can be received on the current account.

2. Deposit currency account

Such an account is opened to deposit funds for a certain period and receive interest. Interest rates on foreign currency deposits are usually lower than on ruble deposits, but such deposits help to preserve capital in foreign currency in the event of inflation risks.

3. Savings currency account

Similar to a deposit account, but more flexible: It allows you to replenish your account and withdraw funds without losing interest ( within certain conditions of the bank ). It is suitable for savings without strict time limits.

Possibility to open virtual current accounts via Internet banking

Today in Belarus, many banks allow clients to open a foreign currency account remotely via Internet banking or a mobile application without visiting a branch. For example, such services are available in banks:

• Belarusbank allows you to open an online currency account in US dollars, euros, or Russian rubles
• Priorbank offers remote opening of multi-currency accounts via Internet banking
• Bank Dabrabyt, AlfaBank, Belagroprombank also supports online registration of foreign currency accounts

To open a virtual currency account, you will usually need:

• Be an existing client of the bank
• Log in via Internet banking
• Select account type and currency
• Sign the banking service agreement electronically

Thus, opening a foreign currency account has become much easier and more accessible, which is especially convenient for people who value their time and are actively involved in international activities.

The procedure for opening a foreign currency account in a Belarusian bank

Opening a foreign currency account in a Belarusian bank is fairly simple and straightforward, especially after a number of simplifications introduced in recent years. However, some nuances depend on the client’s status (resident/non-resident) and the selected bank. Let’s consider the procedure step by step.

Step 1. Selecting a bank and account type

Before opening a foreign currency account, you should determine for what purposes it is needed:

• This is for current payments (daily transfers, purchases abroad)
• For storing savings
• To receive income from foreign sources

Depending on the purpose, the type of account is selected: current, savings, or deposit.

When choosing a bank, you should pay attention to:

• Fees for servicing a foreign currency account
• Availability of Internet banking and mobile applications
• Conditions for currency conversion
• Minimum balance requirements and paid / free transactions

Step 2. Collecting the necessary documents to open a foreign currency account

For residents of the Republic of Belarus (citizens and permanently residing foreigners), a minimum package of documents is required:

• Passport or other identity document
• Application for opening an account (filled out at a bank branch or via Internet banking)
• The bank enters a banking services agreement with the individual based on these documents

For non-residents, the following may additionally be required:

• Notarized translation of the passport into Russian or Belarusian
• Proof of legal presence on the territory of Belarus (for example, a residence permit or visa or information on registration at the place of temporary residence)

Banks have the right to request additional documents if the client’s transactions are subject to control under anti-money laundering legislation.

Generally, each bank independently determines the procedure for opening accounts for non-resident individuals.

Step 3. Opening a foreign currency account with a bank

Opening a foreign currency account at a bank usually takes 30 minutes to 1 business day.

Account activation can occur within a few minutes after signing all the necessary electronic documents when applying remotely.

Features of using a foreign currency account

Funds in a foreign currency account are accounted for separately from funds in Belarusian rubles.

All transactions in foreign currency are carried out by the currency regulation regimes established by law.

At the client’s request, the bank can issue a bank card for a foreign currency account for payments abroad and on the Internet.

Individuals – residents of Belarus can open currency accounts in foreign banks. In this case, there is no need to inform the tax office and the National Bank about opening currency accounts.

Practical advice

Although opening a foreign currency account in Belarus is quite simple, it is essential to approach this issue thoughtfully to avoid unnecessary costs and inconveniences. Below are key recommendations to help you choose and effectively use a foreign currency account.

Choosing a bank: what to look for

Before opening a foreign currency account, it is worth doing a little research and comparing the conditions in several banks. Pay attention to the following criteria:

1. Bank reliability

Banks with a high reputation, a license from the National Bank of the Republic of Belarus, and stable financial indicators should be preferred.

2. Commissions and tariffs

Learn:

• The amount of the commission for opening and maintaining an account
• Cost of currency transfers within the country and abroad
• Currency conversion fees
• Tariffs for servicing cards linked to foreign currency accounts

3. Terms of interest accrual

Some banks offer interest on balances on foreign currency current accounts or savings accounts. These terms can vary widely.

4. Availability of remote maintenance

Check if the bank has convenient online banking and a mobile application. This is especially important for monitoring your account, making payments, and receiving prompt notifications.

5. Support for multi-currency accounts

Some banks allow you to hold multiple currencies within one account, which is convenient for those working with different countries.

Comparison of conditions for currency accounts

Before making a final choice, it is helpful to make a small comparison table with the main parameters, such as:

• Minimum deposit to open an account
• Cost of account maintenance per month /year
• Terms of payments and cash withdrawals abroad
• Currency conversion rate for transfers and card payments

This will allow you to see the real cost of service and, depending on your needs, choose the most profitable option.

Safety Recommendations

When using a currency account, it is essential to remember to protect your funds and data:

• Enable two-factor authentication (2FA) in online banking and mobile apps
• Update your passwords regularly and use complex character combinations
• Set up SMS or push notifications about account activity to quickly learn about credits or debits
• Check the bank’s website address before entering the online bank. Use only official applications and websites protected by the HTTPS protocol
• Do not share account information and passwords with third parties

Following these simple guidelines will help you minimize the risk of fraud and maintain control over your funds.

Conclusion

Opening a foreign currency account is essential for those who actively interact with foreign markets, receive income in foreign currency, travel, or build international financial relations. A foreign currency account allows you to conveniently store funds in a stable currency, conduct international settlements without conversion, and protect your savings from currency risks.

It is essential not only to choose the right bank and terms of service but also to strictly comply with the requirements of the Belarusian currency legislation: to comply with the requirements of banks when opening and using an account. Violation of the established rules may lead to fines and other sanctions.

It is important to contact professionals when opening a foreign currency account if you want to save time and avoid mistakes.

The company EOR offers comprehensive services:

• Assistance in selecting a bank and the optimal type of foreign currency account
• Consultations on currency regulation issues
• Supported the process of opening both personal and corporate accounts
• Selection of qualified teams and resolution of clients’ administrative and financial issues

Our experience and deep understanding of the Republic of Belarus legal norms allow us to solve problems of any complexity promptly. We support clients at all stages – from consultation to whole account opening and establishing practical work with banking products.

Contact EOR and we will help you confidently manage your financial resources in Belarus and abroad.