In Belarus, an individual can open a bank account not only in the national currency – Belarusian rubles, but also in euros. You can open a bank account yourself or with the help of consultants who will guide you on the terms of opening and servicing euro bank accounts in Belarusian banks.
General conditions to open a bank account in euros in Belarus
In Belarus, individuals can open bank accounts in euros at various banks. To do this, they must provide a passport and other documents confirming their identity and place of residence.
Banks often require a minimum deposit to open a current account in euros. After that, the client gets access to banking services on his account, including:
- Money storage.
- Receiving money.
- The possibility of making payments.
- Transfer of salary or pension to this account from another bank account.
- Replenishment of the account.
- Cash withdrawals.
Banks usually charge a fee for services related to opening and maintaining a bank account in euros.
Opening a bank account in euros provides customers with the opportunity to conveniently conduct financial transactions in the eurozone, if the bank provides such an opportunity, make international payments and transfers when the bank allows them, as well as protect their savings from changes in the exchange rates of the national currency.
A bank that opens accounts in euros to individuals cannot refuse to open such an account to an individual on the terms that the bank has determined.
An individual can open a current account in euros for settlements, as well as a deposit account for storing and accruing interest (bank deposit).
In this article, we are talking about opening a current account in euros for settlements.
When the bank may refuse to open account
The Bank may refuse to open an account in euros when, in accordance with the internal documentation of the bank, it is decided that the opening of an account by a certain individual relates to suspicious financial transactions.
When the bank refuses to open a bank account
The bank will refuse to open a bank account when:
- The individual has not provided identity documents to the bank, and it is impossible to identify him.
- An individual is included in the list of persons involved in terrorist activities. An employee of the bank informs about this reason for refusal when accepting an application from an individual to open an account or after receiving a written request from an individual. Each bank defines this in its internal documents. Usually, an individual included in this list is immediately informed of the reason for the refusal to open a bank 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 euros by an individual
Step 1. Preparation of documents
To open a bank account in euros, you need to prepare the documents:
- Application for opening a current bank account in euros. The form of such an application is usually available on the website of each bank or from a consultant at a bank branch.
- Identification document – when the account is opened for the first time, the bank needs the document to identify the person. An identity document is a Belarusian passport or identification card, a residence permit in Belarus, a refugee certificate.
A foreign citizen who is temporarily staying or temporarily residing in Belarus can open a bank account in euros. In this case, you must personally submit to the bank a notarized translation into Russian or Belarusian of the passport of a foreign citizen.
The identity document must be valid (the validity period of such a document is indicated in it).
When an individual opens more than one account in a Belarusian bank, the bank can identify the identity of an individual without personal presence in the bank.
Step 2. Submission of documents to the bank
Documents can be submitted to the bank online or in person. You can open an account through a representative with a notarized power of attorney.
When an individual already has other bank accounts with the selected bank, an account in euros can most often be opened without visiting the bank.
When an individual opens a euro account in a Belarusian bank for the first time, it is most often required to come to the branch of the selected bank that is engaged in opening bank accounts. Not all bank branches open bank accounts, so our consultant will clarify for you in advance which branches of the selected bank open bank accounts in euros and agree with you what time is more convenient to contact.
The bank usually reviews documents for opening a bank account by an individual 1 business day.
Step 3. Conclusion of a current account agreement in euros with the bank
The terms of such an agreement may vary from bank to bank, but they are the same for all individual customers of a particular bank. They may differ in particular:
- The fee for opening and maintaining a bank account.
- The minimum amount in euros required to open an account.
- The amount or percentage of the amount to be paid to the bank for cash withdrawal, bank transfer, payment processing.
After the conclusion of the bank account agreement, the bank opens an account in euros to an individual no later than the next business day and informs the bank account number.
Step 4. Getting a bank payment card, online banking
The bank account agreement may provide for the issuance of a bank card to an individual. The card can be physical – material or virtual. Sometimes the terms of the contract require making a certain amount of deposit in euros to issue a bank card. This is usually provided for non-residents of Belarus. After the end of the bank account agreement, the deposit amount is returned to the account holder.
When a bank card is virtual, it is usually issued through the bank’s mobile application or online banking, which can be used after the bank has issued the bank account number in euros. The bank’s mobile application is a convenient tool for managing a bank account from a distance, without going to a bank branch.
Conditions for opening accounts in euros by Belarusian banks
Not every bank opens bank accounts in euros for individuals. Before contacting the nearest bank, you need to find out whether it is possible to open an account in euros there and what are the conditions for opening and servicing such an account. After all, the conditions may not be very favorable. Our consultants will select the optimal conditions and orient you according to the location of the bank branch where you can contact to open an account. For example, bank accounts in euros for individuals are opened by JSC ASB Belarusbank, JSC Belagroprombank, JSC Belinvestbank, JSC Paritetbank.
Bank accounts in euros that an individual opens as a bank customer through a mobile application are usually opened free of charge for an individual. Otherwise, when a bank account is opened offline (a euro bank account is opened for the first time in a Belarusian bank or in a certain bank), the bank may set a fee for opening a bank account.
When choosing a bank to open an account in euros, it is important to study the conditions for crediting and transferring money, since the bank may charge a certain tariff for such operations. In some banks – up to 20% of the amount that comes to the bank account from outside Belarus.
Conditions for opening and servicing individual bank accounts in euros by some Belarusian banks
JSC Belinvestbank does not have a minimum amount required to open an account in euros, interest is accrued monthly on the balance of funds on the account – 0.01%. The bank does not inform on the website about the amount of fees for cash withdrawals or transfers from a bank account in euros.
JSC Paritetbank asks for payment of 5 Belarusian rubles for opening a bank account in euros. The bank will charge 1% of the amount for cash withdrawal from the account. The tariffs for making a transfer of money from a euro account in a bank differ for resident and non–resident individuals: for residents – 19 Belarusian rubles, and for non–residents – 190 Belarusian rubles.
Dabrabyt Bank has a tariff of 15 Belarusian rubles for opening an offline bank account without a bank card.
You can open a current account in euros at JSC Priorbank without a minimum deposit to the account. It is possible to open such an account with or without issuing a bank card.
In CJSC Alfa-Bank, you can open a current account in euros, to which the bank offers various packages of banking products and terms of service. Our consultants will help you navigate the banks’ offers.
In general, almost every bank that opens bank accounts in euros for individuals provides such a service to residents and non-residents, pays remuneration to individuals 0.01% per annum on the account balance and retains remuneration in the form of percentages of the amount when money is credited to the account and when money is transferred from the account. A number of banks offer the issuance of a bank card to a current account in euros, as well as a number of additional services for a separate fee.
How we can be useful when opening bank accounts in euros 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 euros.
- Choose the most favorable conditions for opening and maintaining a bank account in euros.
- Represent your interests under a notarized power of attorney when opening a bank account in euros.
How to contact us
If you need help or additional information in this area, do not hesitate to contact us. We are here to help and support you personally.
Phone and email communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);
- info@spex.by.
