When using currency, it is necessary to strictly comply with the law to avoid violations and fines from government agencies. This article will look at how companies and individuals can use currency correctly and not violate the law, observing all the necessary rules and conditions.
Features of settlements in Belarus
The official currency of settlements in Belarus is the Belarusian ruble. Settlements on Belarusian territory with the participation of companies and individuals take place in Belarusian rubles. The state regulates cases when companies and individuals can settle in foreign currency.
Government agencies and organizations can also use foreign currency only in permitted cases.
When companies can use non-cash foreign currency
In some instances, companies may use non-cash foreign currency for settlements with non-residents, purchases of securities from non-residents and in following cases:
- Receive foreign currency to the bank accounts in Belarusian and foreign banks under currency agreements concluded with non-residents.
- Buy and sell securities of the Ministry of Finance and the National Bank of Belarus issued in foreign currency.
- When a company is reorganized, the foreign currency that remains in its bank accounts can be transferred to the bank accounts of the successor companies.
- It is possible to receive international technical and gratuitous assistance in foreign currency, which are used to conclude transactions with non-residents.
- In cases of contract changes or termination, the amounts received or transferred under currency agreements can be refunded.
- It is possible to buy foreign currency from banks or through banks on the currency exchange.
When can a company use foreign currency in cash in Belarus
Cash payments in foreign currency are possible from April 3, 2024, to January 1, 2025, by companies – residents of Belarus who are engaged in the field of international cargo transportation. It is possible to pay in cash on the following conditions:
- Cash is used for settlements with non-residents with whom international cargo import contracts have been concluded.
- It is possible to withdraw cash from the bank for no more than 1000 basic units for each agreement concluded with a non-resident. This is the equivalent of 40,000 Belarusian rubles.
- Only US dollars and euros are used for cash payments.
When a resident individual can receive foreign currency from a resident company
Except when the seized foreign currency or debt in foreign currency is returned to an individual, it is allowed to receive inheritance in foreign currency from non-residents. Residents receive inherited amounts in foreign currency after transferring these amounts from abroad to the bank account of a Belarusian organization.
An individual can also receive foreign currency in the following cases:
- Receiving pensions and benefits by international treaties from abroad.
- If an individual is sent abroad on a business trip, they can pay or compensate for expenses in foreign currency.
- When an employee is sent for training or advanced training abroad.
- An individual can receive compensation in foreign currency for work in another state, including traveling work, shift work, work on the road, and work outside the place of residence.
- When an employee of a Belarusian company works in another country, he may be paid remuneration in foreign currency.
- An individual entrepreneur can buy foreign currency from Belarusian banks for expenses related to his travels to other countries.
Import and export of foreign currency in cash by individuals to Belarus
One individual may import and export from Belarus an amount in cash in foreign currency equivalent to up to 10,000 US dollars without declaring. A more significant amount must be stated in writing, and documents must confirm the origin of this amount.
Customs determines the exchange rate on the day an individual crosses the border.
If you do not declare cash in the equivalent of more than $10,000, it may be confiscated and a fine may be imposed.
When a resident individual can legally spend foreign currency in Belarus
Individuals can buy and sell government securities in foreign currency and receive income from them in foreign currency.
Its possible to buy goods for foreign currency in duty-free in Belarus, on Belarusian planes, and on Belarusian trains on international flights.
Individuals can pay Belarusian passenger carriers in foreign currency abroad.
You can transfer foreign currency to the bank accounts of close relatives in Belarusian and foreign banks. In this case, the recipients of foreign currency can be spouses, parents, children, siblings, grandfathers, grandmothers, grandchildren and great-grandchildren of both their own and their husband or wife.
Foreign currency can be given and donated.
It is possible to lend foreign currency to other individuals for personal purposes unrelated to their business activities.
Foreign currency can be placed in bank deposits and bank foreign currency accounts and withdrawn from these accounts.
How an individual can use foreign currency in settlements with non-residents
Using foreign currency in settlements with non-residents includes paying non-residents in foreign currency and receiving foreign currency from non-residents.
Payment in a foreign currency
Individuals who are residents of Belarus can buy goods and services in foreign online stores for foreign currency while in Belarus. Purchases are possible when an individual has a bank account. These can be bank accounts in foreign currency or Belarusian rubles. In the latter case, when making online purchases for foreign currency, Belarusian rubles are converted into foreign currency at the bank’s exchange rate through which the payment is made.
Receiving foreign currency
Foreign currency can be received from non-residents in Belarus as a gift or inheritance.
If you work for a foreign company, you can receive salaries in foreign currency and scholarships, pensions, and other benefits accrued in another country.
Dividends and insurance indemnities, royalties, and income from the sale and rental of real estate abroad can be received from non-residents in foreign currency.
The return of foreign currency by a foreign store (for example, for low-quality or not-received goods) is not considered to receive income in foreign currency.
Remember about taxes
In some cases, individuals who are tax residents of Belarus who have received foreign currency need to be ready to report to the tax service on the sources of income and the payment of income tax on the amounts received.
You do not need to report to the tax service when:
- The foreign currency was received from close relatives who are non-residents or living abroad.
- The foreign currency was inherited.
- The foreign currency was received as a gift in an amount not exceeding the equivalent of 10,431 Belarusian rubles for the entire year 2024.
How to contact us
For more information or advice on issues related to the use of foreign currency both in Belarus and abroad, do not hesitate to contact us. We are here to help and support you.
Phone and e-mail communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);
- info@spex.by.
