Private bank accounts
Belarus is among the few countries that has not ratified international agreements on the exchange of information between tax authorities and financial institutions. For those looking to maintain the privacy of their funds and transactions, opening a personal bank account in Belarus could be an advantageous option.
Who needs a bank account and why
Foreigners who are working, investing, or residing in Belarus often need a local bank account for various reasons. It simplifies financial transactions, such as receiving payments, managing salaries, and paying local taxes. A Belarusian bank account also facilitates easier access to local services like utilities, real estate rentals, and e-commerce. Additionally, for entrepreneurs and businesses, having a local account is crucial for conducting transactions with local suppliers, clients, and partners. Opening a bank account in Belarus can help establish financial credibility and ensure smooth financial operations within the country. Moreover, with fewer sanctions under Belarusian regulations, you can also make payments abroad, which allows for more flexibility and higher payment limits.
Private bank accounts in Belarus
Not every bank is willing to work with foreign individuals. While Belarusian legislation does not impose any obstacles in this area, it is common to hear that requests are denied for formal reasons. Our experts will evaluate your specific needs in order to recommend the most suitable bank for you.
Types of bank cards
Normally banks in Belarus offer Clients personal bank accounts with personal debt card of different level. It can be standard debit cards (VISA Electron) and MasterCard or high level cards like VISA Infinite and MasterCard Black. The level of the card is only affected by the withdrawal percentage and some additional service such as
- a personal manager in the bank;
- priority pass;
- priority tickets booking/discount programs/insuarances;
- some discounts at local stores and services.
Usually premium cards require you to keep some minimum balance on the debit card – for example, 25 000 USD. Again, it depends on the bank.
To get a high-level card with 0 withdrawal fees (0% means that your card will only be charged the fees of the local banks where you withdraw money) usually cost 3000 EUR and the banks provide you with 5-6 high level cards.
Individual Internet Banking (IB)/E-banking
Individual Internet banking is usually provided through a mobile application or web browser on your laptop. It must be connected to the Belarusian mobile number (some banks allow to use your foreign number for this). This is the two-factor authentication that banks use (they send the SMS code to confirm any account transaction or change some information).
We always recommend our Clients to but a sim-card in Belarus to be able to operate a bank account without any problems.
There is no minimum limit for making a deposit to your personal account and it is tax free to deposit money to your account in Belarus, only one thing is the bank can ask – the sources of your funds. Our team has extensive experience about bank account opening in Belarus so we will advise you on the best ways and practices on how to prove your funds in Belarus.
Our Services
We carefully analyze your financial needs to recommend the best bank in Belarus that aligns with your goals and circumstances.
Our experts guide you through the entire account opening process in Belarus, addressing all specific requirements and potential challenges.
How to Open a Bank Account for a Foreign Resident
What you Need to Open a Bank Account Remotely
Power of attorney: A notarized and apostilled power of attorney in our name is required to act on your behalf during the account opening process.
Copy of your passport: A notarized and apostilled copy of your passport is needed. Additionally, the copy must be translated into Russian.
Notary’s stamp or seal: Ensure that the notary’s stamp or seal includes the information about the country where the notary is authorized to operate.
What if your country is not part of the Hague Convention: If your country doesn’t participate in the Hague Convention, visit the nearest Belarusian or Russian embassy to obtain an official translation of your documents into Russian. Once certified by the embassy, send them to us via a delivery service.
Original paper documents: All documents sent to us must be in their original paper form. Belarusian banks do not accept digital apostilles.
Why Us
Personalized Approach
We provide tailored solutions, understanding your unique needs and delivering personalized services to ensure your business’s success.
Experienced Accountants
Our team consists of highly skilled accountants with deep expertise in local financial regulations, ensuring accurate and reliable financial management.
Extensive Experience
With years of experience in the market, we offer proven solutions that help businesses thrive and navigate regulations efficiently.
We Speak Your Language
Our multilingual team communicates in your preferred language, making it easier for you to understand processes and manage your business seamlessly.
Problem Solvers
We focus on identifying and solving your business challenges quickly, helping you avoid delays and ensuring smooth operations.
Cost-Effective
Our services offer high value at competitive prices, ensuring your business receives expert support while keeping costs manageable.
FAQ
Banks in Belarus offer a variety of accounts, such as current accounts for receiving and storing funds, making payments, and conducting other banking operations. Deposit accounts are designed for earning interest, with terms set regarding the deposit period and early withdrawal conditions. Savings accounts allow deposits with the flexibility to add or withdraw funds, with interest being calculated on amounts held for over a month. Foreign currency accounts are available in Belarusian rubles, Russian rubles, US dollars, and euros. Additionally, banks offer accounts for children, where an adult manages the deposit until the child reaches adulthood.
In Belarus, individuals can open both current and deposit accounts. Current accounts are primarily used for receiving payments or storing funds temporarily. On the other hand, deposit accounts allow individuals to earn interest on the funds stored in the account, based on the terms and conditions agreed upon with the bank.
To open a current account in a bank, an individual needs to visit the bank in person and present an identification document. If the document is not in Belarusian or Russian, it must be translated into one of these languages. The translation must be notarized, ensuring that all details are accurate and legally valid.
The documents that can prove an individual’s identity in Belarus include a passport, residence permit, refugee certificate, or a document issued for international travel by another country or an international organization. These documents are accepted for both citizens and temporary residents in Belarus.
Choosing the best bank for opening an account depends on various factors, such as the services you need, the terms provided by different banks, and the overall reputation of the bank. Each bank offers different conditions, and it’s essential to consider your financial goals and compare the available options before making a decision.
Contact us
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Limited Liability Company “Spex Advisers”Certificate of state registration issued by the Minsk City Executive Committee on July 4, 2018. Registration number: 193101292
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E-mail
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Telephone\WhatsApp
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AddressOffice: 8 Kirova str., office 21, Minsk, 220030, Belarus. Postal address: 38 Novovilenskaya str., office 21, Minsk, 220053, Belarus
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Working hoursMonday-Friday 9:00-19:00
