In the current daily changing circumstances, the urgent issue is the safe transfer of money to Belarus from abroad. This topic is especially relevant for freelancers and the IT industry working for export. It is important to note that there are still enough options for a quick transfer of money through banks in 2023. In this article we will try to analyze the most popular.
While many international financial transfers are traditionally carried out through the SWIFT international system, several banks have decided to abandon this system. Among them: Dabrabyt, Belagroprombank and TK Bank.
Transactions in Euros: A safe choice
When it comes to transferring money into euros, Belarusian banks such as Priorbank, Alfa-Bank, BNB Bank, Technobank, Belgazprombank, BSB Bank and Paritetbank have formed a strategic partnership with well-known correspondent banks such as PKO BANK POLSKI, RAIFFEISEN BANK INTERNATIONAL and Commerzbank for Belarusbank to facilitate smooth transactions in euros.
Although the transfer process can take up to seven days, these options are the safest and most reliable choice for transactions in euros.
Dollar transfers through well-known banks
Priorbank and Paritetbank, in cooperation with RAIFFEISEN BANK INTERNATIONAL, act as a reliable option for transactions in dollars. In addition, Belgazprombank, with the support of GPB Bank (JSC), offers convenient dollar transfers to Belarus.
Additional features for transactions in yuan
On the contrary, pounds sterling, francs and dirhams are not actively supported, which makes the process of transferring these currencies somewhat difficult. To avoid unnecessary hassle, consider opting for transfers in yuan, since it is easy to perform operations with them in almost any bank. Belarusbank and its correspondent effectively manage transactions in yuan, and they usually take place without delays or nuances. In addition, BSB Bank and BNB Bank also offer transfers in yuan as part of partnerships with ZHEJIANG CHOUZHOU COMMERCIAL BANK CO and AGRICULTURAL BANK OF CHINA LIMITED, respectively.
Key information for successful translation
For a smooth and secure transaction, it is important to provide the following data:
- the recipient’s bank details, including his SWIFT code,
- detailed information about the beneficiary – name (surname, first name, patronymic (if any) of an individual), address and account number of the recipient (Beneficiary Account),
- payment data (purpose of the money transfer),
- details of the intermediary bank (correspondent bank), if applicable.
However, before proceeding with any transaction, it is extremely important to consult with the bank’s specialists. The current situation, characterized by frequent changes and rejection by local banks of potential sanctions, emphasizes the expediency of maintaining several bank accounts by legal entities engaged in export activities. These alternative paths provide a sense of security and are a lifeline for businesses operating globally.
How to contact us
If you need help in starting a business in Belarus or need additional information in this area, do not hesitate to contact us.
Phone and email communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);
- info@spex.by.
