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Banking Services for Individuals

Who and Why Needs a Private Bank Account

Foreign individuals and businesses require Belarusian bank accounts for various essential financial operations. Individuals need accounts for receiving salary payments, conducting wire transfers, managing investments, and ensuring secure money storage. For foreign companies, a local bank account is mandatory for legal operation in Belarus – it’s necessary for tax payments, employee compensation, supplier transactions, and receiving payments from local customers. Additionally, having a Belarusian bank account simplifies compliance with local financial regulations and enables efficient business operations within the country’s banking system.

Types of Bank Accounts Available for Foreign Individuals in Belarus

Banks in Belarus offer several account types tailored for foreign individuals. The primary option is a current (settlement) account, which enables everyday banking operations including receiving funds, making transfers, and cash withdrawals. For wealth preservation, foreigners can open deposit accounts earning interest under specified terms and conditions. Savings accounts provide more flexibility, allowing deposits and withdrawals while earning interest on funds held over 30 days. Currency accounts are available in Belarusian rubles, Russian rubles, US dollars, and euros, giving foreign clients multi-currency banking capabilities. Interest-bearing deposit accounts offer various terms and rates based on deposit duration and withdrawal conditions. Additionally, adults can open special accounts for minors, which transfer to the child’s control upon reaching legal age.

Banking Cards for International Clients: Options and Benefits

Belarusian banks offer diverse card options for foreign clients, ranging from standard VISA and MasterCard debit cards to premium VISA Infinite and MasterCard Black editions. Premium cardholders enjoy exclusive perks including dedicated personal managers, priority airport access, preferential ticket booking services, and local merchant discounts. Account approval may consider the applicant’s country of origin, with our experienced team facilitating the application process.

Bank deposits in Belarus

You can open a bank deposit in the Republic of Belarus both in Belarusian rubles and in foreign currency. Foreign citizens and foreign legal entities are also entitled to open deposits in Belarus.

Contributions are:

Urgent – money is returned to the depositor after the expiration of the period specified in the contract. Time deposits can be revocable when the possibility of early withdrawal is provided and irrevocable when this is not possible.
Demand – money is returned to the depositor upon request.

Terms and conditions of deposits differ, the minimum deposit period, as a rule, is one month.

In Belarus, the payment of income tax on deposits. Namely, income tax in the amount of 13% is taxed on interest income received on deposits in Belarusian rubles for a period of less than 1 year and in foreign currency for a period of less than 2 years.

Our Services

Bank Selection Consultation

Expert guidance to identify the optimal Belarusian bank matching your financial needs, account requirements, and long-term banking objectives.

Account Strategy Planning

Personalized consultation on account types, currency options, and banking products tailored to your individual or business banking requirements.

Account Opening Assistance

Complete support throughout the account opening process, including document preparation, translation services, and direct communication with banks.

Legal Compliance Support

Professional legal assistance ensuring full compliance with Belarusian banking regulations, including due diligence requirements and documentation validation.

What accounts (deposits) do banks open?

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Checking account

Current account is used for: – crediting funds received to its owner; – cash storage; – money transfers; – cash disbursements; – conducting other banking operations.

Deposit account (deposit)

It is used to make a profit in the form of a percentage of the amount stored in the account. An agreement is concluded between the bank and the account holder, which stipulates: the period of storage of funds, the possibility of early withdrawal and the amount of profit received by the account holder.

Savings account

A savings account is also used to store cash and profit from the amount stored in the account, however, the account holder has the right to replenish the account and withdraw any amount of money from it to the minimum deposit amount. Interest is calculated on the amount that is in the account for more than a month.

Foreign currency account

Bank accounts in Belarus can be opened in four currencies: – Belorussian rubles; – Russian rubles; – American dollars – Euro.

Interest

Accounts opened by banks at interest are called deposit. Depending on the storage period of funds, the possibility of their early withdrawal, the percentage of profit received by the account holder depends.

Per child

In Belarus, it is possible to open a deposit in the name of a child. The contract is concluded with an adult, and the child will be able to dispose of it upon reaching adulthood. Accounts for a child can be either replenished or non-replenished, also some deposits have the possibility of early withdrawal, others do not, all this affects the interest rate.

Step-by-Step Process to Opening a Bank Account for Foreign Individuals

Account Type Selection

Choose between foreign currency or Belarusian ruble accounts, considering international transfer restrictions and varying bank conditions for different currencies.

Personal Presence Requirement

Physical presence at the bank is mandatory – remote account opening is not available for foreign individuals.

Document Preparation

Valid passport with notarized Russian/Belarusian translation, or a residence permit (no translation needed if in Russian/Belarusian).

Application Submission

Complete the Russian-language application form with personal details and a local phone number (can be a trusted contact’s number).

Initial Deposit

Meet the bank’s minimum deposit requirements for account activation and card issuance, with amount varying by bank and account type.

Card Issuance

Receive your bank card after meeting deposit requirements, with security deposit returnable upon card expiration.

Required Documents for Remote Bank Account Opening

Power of Attorney: Original power of attorney notarized and apostilled, authorizing our company to act on your behalf.
Passport Documentation: Notarized and apostilled copy of your passport with certified Russian translation.
Notary Requirements: Notary seal must clearly indicate their country of operation for document validation.
Non-Hague Convention Solution: For countries outside the Hague Convention, document translation and certification available at Belarusian or Russian embassies.
Document Submission: All original documents must be sent in physical form via reliable courier services (DHL, UPS, FedEx).
Important Notice: Digital apostilles are not accepted by Belarusian banks – only original hard copies are valid.

Other Services

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Account for sole proprietors

Opening an account for an individual entrepreneur is not mandatory and depends on the taxation system used, the amount of profit, and the use of a cash register.

Account for LLC

An account for an LLC is opened at the request of the director or another person authorized by a corresponding power of attorney when contacting the bank and providing the necessary documents.

Account for a legal entity

A legal entity of any organizational and legal form has the right to open a current account with a bank. The procedure for opening settlement accounts is the same: a representative of a legal entity applies to the bank with an application for opening an account and provides the necessary documents. If all the documents are executed properly and there are no other obstacles to opening an account, then you can use it the very next day after submitting the application.

Account for foreign companies

Accounts for foreign companies are opened on the basis and in the manner prescribed for resident legal entities. However, all documents submitted to the bank must be translated into one of the official languages: Belarusian or Russian and legalized.

Account for a non-resident

Non-residents of the Republic of Belarus have the right to freely open settlement and deposit accounts, subject to the bank’s requirements for documents and their registration.

Accounting Services

Our comprehensive accounting support helps international businesses navigate Belarusian financial regulations efficiently. We provide full-cycle accounting services including bookkeeping, tax reporting, payroll management, and financial statement preparation. Our experienced accountants ensure compliance with local accounting standards, handle tax calculations and submissions, manage accounts payable and receivable, and provide regular financial analysis. We also assist with tax optimization strategies, audit preparation, and consultation on Belarusian accounting requirements, helping you maintain accurate financial records while focusing on your core business operations.

Company Registration

We guide you through the complete process of establishing your business presence in Belarus. Our company registration service covers everything from initial consultation on optimal business structures to full implementation. We handle all necessary documentation, assist with registered office requirements, help obtain required licenses and permits, register with tax authorities and social security funds, open corporate bank accounts, and ensure compliance with local business regulations. Our experts provide ongoing support to navigate corporate governance requirements and maintain proper business registration status.

HTP Residency Support

Our specialized team assists technology companies in joining the Hi-Tech Park (HTP) Belarus, unlocking valuable benefits and tax incentives. We provide comprehensive support throughout the HTP application process, including business plan development, documentation preparation, and representation during the review process. Our experts help structure your operations to meet HTP requirements, prepare necessary technical documentation, assist with legal compliance, and guide you through the special tax regime implementation. We also provide ongoing support to maintain HTP resident status and maximize available benefits.

Legal Services

Our full-spectrum legal services support international clients in all aspects of business operations in Belarus. We provide expert legal consultation, contract drafting and review, regulatory compliance guidance, and representation in legal proceedings. Our team handles corporate law matters, intellectual property protection, employment law compliance, dispute resolution, and regulatory interactions. We offer specialized legal support for industry-specific regulations, assist with due diligence processes, provide legal risk assessment, and ensure your business interests are protected while operating in the Belarusian legal environment.

Why Us

Personal Approach

We provide tailored solutions for each client, ensuring individual attention and customized strategies to meet your specific banking and business needs.

Experienced Accountants

Our team of certified accountants brings extensive expertise in Belarusian financial regulations and international accounting standards.

Proven Track Record

Years of successful experience in helping international clients establish and maintain their banking presence in Belarus.

Multilingual Support

Our professional team communicates fluently in multiple languages, ensuring clear and effective communication throughout our collaboration.

Problem Solvers

We excel at finding effective solutions to complex challenges, leveraging our expertise and connections in the Belarusian banking sector.

Cost-Effective Solutions

We offer competitive pricing while maintaining high-quality service, ensuring excellent value for your investment in our professional assistance.

FAQ

What types of accounts do banks offer in Belarus?

Belarusian banks provide a comprehensive range of account options. The most common is the current/settlement account for everyday transactions and money transfers. Deposit accounts are available for those seeking to earn interest under fixed terms. Savings accounts offer more flexibility, allowing deposits and withdrawals while earning interest on balances held over 30 days. Clients can choose accounts in multiple currencies including BYN, RUB, USD, and EUR. Interest-bearing deposit accounts come with varying rates based on terms and duration. Additionally, banks offer special children’s accounts that can be managed by adults until the child reaches legal age.

What types of accounts can individuals open in Belarusian banks?

Both residents and non-residents of Belarus have access to two primary account types. The first is a current account designed for daily banking operations and temporary funds storage. The second is a deposit account that allows account holders to earn interest on their savings under specific terms and conditions. These options provide flexibility for different financial needs while ensuring compliance with Belarusian banking regulations.

How can an individual open a current account in a Belarusian bank?

Opening a current account in a Belarusian bank requires a straightforward process. Individuals must visit a bank branch in person and present valid identification documents. For documents in foreign languages, a notarized translation into Russian or Belarusian is required. Once the documentation is verified, the client signs the account agreement with the bank, establishing the banking relationship and access to services.

What identification documents are accepted?

Belarusian banks accept several forms of official identification for account opening. A valid passport serves as the primary form of identification. Alternatively, individuals can present a residence permit or refugee certificate. For temporary residents in Belarus, banks accept international travel documents issued by foreign states or international organizations. All documents must be current and in good condition for acceptance.

Which bank should I choose to open an account?

Selecting the right bank depends on your specific financial needs and circumstances. Consider factors such as account maintenance fees, minimum balance requirements, and the range of available banking services. Evaluate the bank’s currency exchange rates and international transfer fees if you plan to conduct cross-border transactions. The accessibility of branches and ATMs in your area, along with the quality of digital banking services, should also influence your decision. It’s advisable to compare several banks’ offerings before making your final choice.

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Contact us

Limited Liability Company “Open Company”

Certificate of state registration issued by the Minsk City Executive Committee on July 4, 2018. Registration number: 193101292
E-mail

info@spex.by
Telephone\WhatsApp

+375 29 366 44 77
Address

Office: 8 Kirova str., office 21, Minsk, 220030, Belarus. Postal address: 38 Novovilenskaya str., office 21, Minsk, 220053, Belarus
Working hours

Monday-Friday 9:00-19:00