Banking Services and Currency Transaction
Belarusian banks perform following types of main transactions:
1. In Belarusian roubles:
- attraction of funds of foreign legal entities to contributions/deposits;
- allocation of attracted funds in one's own name and at one’s own cost;
- opening and maintenance of bank accounts of legal entities;
- performing cash or settlement services of legal entities, including correspondent banks;
- issuing bank guarantees;
- monetary funds trust management;
- accounts receivable financing/factoring;
-provision of legal and natural persons with special facilities or saves located therein in order to store documents and values.
2. In foreign currency:
- attraction of funds of foreign legal entities to contributions/deposits;
- allocation of attracted funds in one's own name and at one’s own cost;
- opening and maintenance of bank accounts of legal entities;
- performing cash or settlement services of legal entities, including correspondent banks;
- currency exchange transactions;
- issuing bank guarantees;
- monetary funds trust management;
- accounts receivable financing/factoring.
Cost of opening and closing of bank accounts
Opening current account for a legal entity in the national currency – 25-80 USD.
Closing legal entity’s current account:
- by reason of activity termination – 0-25 USD;
- on client’s initiative – 40-80 USD.
Opening current account for a legal entity in foreign currency – 40-100 USD.
Closing legal entity’s current account in foreign currency:
- on bank’s initiative – free of charge;
- on legal entity’s initiative – 40-80 USD.
Operations between residents and non-residents with use of Belarusian roubles
Should any currency transactions between the resident and non-resident subjects of such transaction be effected, Belarusian roubles may be used in cases when the settlement is carried out:
from /to the account of the non-resident subject of currency transactions, opened with the bank in Belarusian roubles;
for settlement the accounts with the non-resident being the subject of a foreign State, which State has signed an international treaty with the Republic of Belarus (being in force) on use of a foreign currency at settlement the accounts: from/ to the account of the non-resident opened with the non-resident bank of such foreign State, for which such non-resident is a subject of currency transactions.
Respective international treaties have been signed with the central (national) banks of CIS member-states (Republic of Armenia; Republic of Georgia; Republic of Kazakhstan; Republic of Kyrgyzstan; Republic of Moldova; Russian Federation; Republic of Tajikistan; Republic of Turkmenistan; Ukraine) and Baltic Countries (Republic of Latvia; Republic of Lithuania).
Currency Transactions between the Residents and Non-Residents
Save as otherwise is provided for by the international treaties of the Republic of Belarus, any money obligations related to currency operations between any resident and non-resident may be denominated in any foreign currency which official rate to the Belarusian rouble has been fixed by the National Bank.
BYR Transactions of Non-Resident Legal Entities
Any non-residents shall be entitled to open both currency and Belarusian rouble accounts with the authorized banks of the Republic of Belarus.
The non-resident subject of currency transactions (non-resident bank excluding) shall open with the bank in Belarusian roubles:
• T-type current (settlement) account;
• deposit account;
• any other accounts established by the legislation of the Republic of Belarus.
T-type current (settlement) account shall be opened by the non-resident subject of currency transactions only in the name of its representative office (branch).
Any non-resident subject of currency transactions shall carry out any transactions on T-type current (settlement) account without any restrictions by kinds, including exchange operations related to purchase of foreign currency in accordance with the procedure established by the National Bank.
Kinds of Currency Transactions
On-Going Currency Transactions:
On-going currency transactions shall be carried out between the residents and non-residents without any restrictions, and no licenses (permissions) of the National Bank of the Republic of Belarus are required for their arranging.
The following shall be deemed on-going currency transactions:
• settlement under any bargains providing for export and/or import of any goods (work, services); protected data; exclusive rights to the results of intellectual activity, provided that the period between the date of arrival (payment) of any funds and the date of shipment (arrival) of any goods (execution of work; rendering services) or delivery of protected data or exclusive rights to the results of intellectual activity does not exceed 180 days; including making such settlements using any securities that fulfill the functions of accounting documents), – effected within 180 days from/prior to the date of shipment (arrival) of such goods (execution of work; rendering services), delivery of protected data or exclusive rights to the results of intellectual activity;
• allocation and receipt of credits and/or loans for the period not exceeding 180 days;
• transfer and receipt of interests, dividends and any other income on deposits, investments, borrowing or credit operations;
• non-trade operations.
Transactions Related to Capital Flow
The subjects of currency transactions (banks excluding) shall carry out currency transactions related to capital flow:
• on the basis of permission of the National Bank of the Republic of Belarus;
• without any permission of the National Bank of the Republic of Belarus;
• by way of registration;
• by way of notification.
