Many people consider investing in foreign currencies as a good way to save and increase their savings in order to use them for important financial decisions in the future. At the same time, it should be understood that such an investment is subject to currency risks, so the decision to open a bank account in dollars should be made taking into account personal financial goals and circumstances.
Why it is advantageous to open a bank account in US dollars
- Diversification of foreign exchange savings: Investing in dollars allows you to diversify the portfolio of foreign exchange assets, which can provide protection against fluctuations in the national currency.
- Conversion capability: If necessary, dollars can be easily converted into other currencies or used to make international payments.
- International accessibility: The dollar is one of the most common currencies in the global economy, which makes it a more liquid asset and provides international accessibility for dollar accounts.
- Inflation protection: Investing in dollars can provide protection against inflationary risks, especially in case of instability of the national currency.
- Convenience for international transactions: Owning a dollar account will make it easier to conduct international transactions, such as buying goods abroad or receiving payments in foreign currency.
When the bank may refuse to open account
Banks that open bank accounts in US dollars may refuse to open such accounts to individuals when they decide that opening an account by a certain individual refers to suspicious financial transactions. The bank makes such a decision based on its internal documents.
When the bank will definitely refuse to open a bank account
- The bank has not submitted documents confirming the identity of an individual, and it is impossible to identify him.
- An individual is included in the list of persons involved in terrorist activities. The individual will be informed about this reason when accepting the application for opening an account.
- Without the personal presence of an individual or his representative, when they cannot be identified.
Step-by-step process of opening a bank account in US dollars by an individual
Step 1. Preparation of documents
In order to open a bank account in US dollars, you will need to provide the necessary documents:
- Application for opening a bank account in US dollars. A sample of such an application can usually be found on the bank’s website or with a consultant at a bank branch.
- A document confirming the identity. If the account is opened for the first time, this document is needed to identify the person. Such a document can be a Belarusian passport, an identity card, a residence permit in Belarus or a refugee certificate. A foreign citizen temporarily staying or residing in Belarus can also open a bank account in US dollars. In this case, personal presence at the bank and presentation of a notarized translation into Russian or Belarusian of the foreigner’s passport are required.
The validity period of the identity document must be current (the validity period is indicated in the document).
When re-opening an account with a Belarusian bank, the bank may carry out the identification procedure of an individual without his personal presence in the bank.
Step 2. Submission of documents to the bank
The necessary documents can be submitted to the bank online or in person. It is also possible to open an account through an authorized representative with a notarized power of attorney.
If an individual already has other bank accounts with this bank, an account in US dollars can most often be opened without a personal visit to the bank.
In the case of opening an account in US dollars in a Belarusian bank for the first time, it is usually necessary to visit a bank branch specializing in opening bank accounts. It is important to keep in mind that not all bank branches offer the opening of bank accounts, so our consultant will clarify the options available to you in advance and help you agree on a location convenient for you.
The Bank usually reviews the submitted documents for opening a bank account by an individual within 1 business day.
Step 3. Conclusion of a current account agreement in US dollars with the bank
The terms of this agreement may differ in different banks, but they are the same for all individuals who are customers of a particular bank. In particular, the following conditions may differ:
- The fee for opening and maintaining a bank account.
- The minimum amount in US dollars required to open an account.
- The amount or percentage of the amount to be paid to the bank for cash withdrawal, bank transfer or payment processing.
After signing the bank account agreement, the bank opens an account in US dollars for an individual no later than the next business day and informs the bank account number.
Step 4. Getting a bank payment card, online banking
According to the terms of the bank account agreement, an individual may be provided with a bank card. Such a card can be physical (material) or virtual. Sometimes the terms of the agreement may involve making a certain amount of deposit in US dollars to receive a bank card. This usually applies to non-residents of Belarus. Upon termination of the bank account agreement, the deposit amount is returned to the account holder.
In the case of a virtual bank card, registration usually takes place through the bank’s mobile application or Internet banking, access to which is provided after receiving the bank account number in US dollars. The bank’s mobile application is a convenient tool for managing a bank account from a distance, without the need to visit a bank branch. However, some banks’ applications may not work abroad. Regarding such subtleties, our lawyer will advise you when choosing a bank to open an account.
Conditions for opening accounts in US dollars by Belarusian banks
Not every bank opens bank accounts in US dollars to individuals. Before visiting a local bank, it is worth clarifying whether it is possible to open an account in US dollars there and what are the conditions for opening and servicing such an account. Since the conditions may be unfavorable. Our consultants will help you choose the best conditions and help you determine the location of the bank’s branch, where you can apply to open an account.
For example, bank accounts in US dollars for individuals are opened:
- JSC ASB Belarusbank — without the amount of the minimum contribution to the account;
- Priorbank OJSC — opens accounts in US dollars with payment in the amount of 100 Belarusian rubles for opening an account with the issuance of a bank card to this account. This bank has established a commission for servicing accounts in US dollars with a total average daily balance of 50,000 US dollars in equivalent;
- JSC Belagroprombank also opens accounts in US dollars for individuals;
- JSC Belgazprombank offers individuals the issue of bank cards in US dollars. It issues bank cards of VISA, Mastercard, BELCARD, UnionPay systems. The Bank offers the issue of physical and virtual cards;
- JSC Belinvestbank opens only deposit accounts in US dollars to individuals. Such an account does not belong to current (settlement) accounts and is intended not for settlements, but for accumulating money.
Our lawyers will help you navigate the variety of options and banking products for individuals in US dollars.
Bank accounts in US dollars that an individual opens as a bank customer through a mobile application are usually issued free of charge. However, when opening a bank account in US dollars offline (especially if it is the first account in a Belarusian bank or a certain bank), the bank may charge a fee for opening an account.
When choosing a bank to open an account in US dollars, it is important to study the conditions for crediting and transferring money, since the bank may charge a certain commission for such transactions. In some banks, the commission can be up to 20% of the amount that is credited to the bank account from outside Belarus.
Almost every bank that provides individuals with the opportunity to open accounts in US dollars provides such a service to both residents and non-residents. The Bank pays remuneration to individuals, usually in the amount of 0.01% per annum (but may be less) on the account balance, and retains remuneration in the form of a percentage of the amount when crediting and transferring money to the account. Many banks also offer the issuance of a bank card for a current account in US dollars, as well as the possibility of using additional services for a fee.
How we can be useful when opening accounts in Belarusian banks in US dollars for individuals
Our lawyers have been involved in supporting the opening of accounts in banks of the Republic of Belarus for more than 10 (ten) years. We can:
- Advise you on the documents you need to open a bank account in US dollars.
- Choose the most favorable conditions for opening and maintaining a bank account in US dollars based on your financial needs.
- Eepresent your interests under a notarized power of attorney when opening a bank account in US dollars.
How to contact us
If you have any questions about opening a bank account in US dollars by an individual, our specialists will help you in resolving any situations in this area.
Phone and e-mail communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);
- info@spex.by.
