Bringing in, Taking out and Transfer of Foreign Exchange by Individual Citizens

The Instruction for the Procedure for Bringing in, Taking out and Transferring Foreign Exchange, Belarusian Roubles, Foreign Currency Payment Documents, and Certified Securities Denominated in Foreign Currencies and Belarusian Roubles by Individuals adopted by the Edicts of the National Bank and the State Customs Committee N73/38 dated 30 April 2004 is the key document in this field.

There exist no restrictions for bringing foreign exchange, foreign currency payment documents, and certified securities denominated in foreign currencies in Belarus by individuals. However, if an individual has more than 10,000 dollars, he must enter these funds into a customs declaration.

There are no limitations for taking foreign exchange out of Belarus. If the sum exceeds 10,000 dollars, an individual should present a document confirming its provenance (a certificate stating that these funds were bought from a bank in Belarus). 

Foreign exchange brought into Belarus can be taken out of the country if it was properly declared.

Sums in excess of 3,000 dollars should be declared in writing while crossing the border.

No limitations are imposed on individual citizens in terms of certified securities denominated in foreign currency or payment documents both in foreign currency and Belarusian roubles. Neither should be declared. Foreign exchange legislation does not regulate plastic cards at all. 

The amount of Belarusian roubles is limited to 500 base values. Mandatory declaration is not required.

All these rules do not apply to companies based in Belarus and Russia. Under the Customs Union of Belarus and Russia, there are no restrictions on brining in and taking out Belarusian roubles and foreign exchange.   

Procedure for Opening Bank Accounts

Posted on March 10th, 2010 in: Finances, Registration, Setting Up a Business

However, the procedures for opening bank accounts have been rendered less stringent. For example, until recently, economic entities were barred from opening Belarusian rouble bank accounts in several local banks but on 1 November 2007 this restriction was lifted, albeit not for all firms.

Bank Accounts Abroad

Belarusian residents, except for banks, can set up foreign currency and Belarusian rouble bank accounts in foreign banks and other financial institutions only with permission from the National Bank.

Banks are empowered to open accounts abroad as set forth in their licenses.

Belarusian nationals residing abroad do not have to seek the National Bank’s permission to set up accounts with banks and other financial institutions for the duration of their stay abroad.

To obtain a permission to open a bank account, a legal entity or an individual entrepreneur is obliged to provide the National Bank with the documents outlining and justifying future transactions, credit contracts concluded with non-residents, etc. The list of documents is fairly extensive and is shaped by the reasons behind an economic entity’s decision to open a bank account.

In addition, legal entities placing funds at deposit or escrow accounts at a foreign bank should provide information about the provenance of these funds.

Along with information about the provenance of funds, individuals should also submit a document confirming the absence of back taxes. They should also justify the need to open such a bank account. Applicable legislation does not set forth the format for such a justification. 

The National Bank controls the account even after it has granted a permit to open it. First, the permit is issued only for a year and thus it is subject to annual renewals. Second, a resident is obliged to file monthly reports with the National Bank outlining the movement of funds. In addition, the National Bank is entitled to request clarifications with regard to the information provided.