Foreign Currency Account for Individuals

Modern life demands ever-greater financial flexibility: traveling abroad, online shopping on international websites, investing, and working with foreign companies. In all these cases, a foreign currency account for an individual becomes an essential tool for conveniently managing finances and conducting international transactions.

Opening a foreign currency account is not only a way to store money in a foreign currency but also an important part of financial planning for anyone who values mobility, security, and opportunities to grow their savings. This type of account allows you to pay for goods and services abroad, receive income from foreign employers, invest in foreign assets, and efficiently manage personal funds in a multi-currency format.

In this article, we will explain why you might need a foreign currency account, how to open one in Belarus, which documents may be required, and what to consider when choosing the best option to avoid mistakes. Our experts are ready to help you navigate all the nuances and select the optimal solution for your financial goals.

Why an Individual Might Need a Foreign Currency Account

A personal foreign currency account is an effective tool for managing personal finances and interacting with foreign partners, banks, and companies. It provides access to a wide range of financial transactions, making it easy and safe to work with foreign currency within the framework of current legislation. Let’s consider the main reasons an individual might need such an account:

Travel and payments abroad
Having a foreign currency account greatly simplifies payments while traveling. You can pay for hotels, tickets, car rentals, or other expenses during trips using the funds on the account or a card linked to it.

Receiving income from foreign employers
If you work for a foreign company or are a freelancer, a foreign currency account allows you to officially receive fees, salaries, and other payments in foreign currency. This avoids unnecessary conversion costs and simplifies financial tracking.

Investments in foreign assets
A foreign currency account provides access to purchasing securities, stocks, bonds, or other financial instruments on international markets. You can manage your investments and receive income in foreign currency.

Transfers and settlements with foreign companies and relatives
With a foreign currency account, you can send and receive money transfers, pay for education, medical services, and other services abroad, and maintain financial relationships with relatives or business partners.

Protecting savings
For some, a foreign currency account is a way to reduce risks associated with fluctuations in the national currency. Keeping part of your savings in US dollars or euros allows you to diversify your assets and try to protect them from inflation.

Thus, a personal foreign currency account is not just a convenient banking product but an important element of financial stability, enabling effective use of foreign currency for personal and business purposes. If you plan to open such an account, it’s important to carefully review all terms and nuances and consult specialists to make the right decision.

What Kind of Foreign Currency Account Can You Open in Belarus?

In Belarus, individuals can open foreign currency accounts in banks to conveniently store and manage foreign currency. Despite the overall similarity of procedures, it’s important to understand what types of accounts are available and in which currencies they can be opened. Let’s look at the account types in detail:

Current foreign currency account
The most common option, intended for storing funds, receiving transfers, and conducting non-cash transactions in foreign currency. You can use this account to pay for goods and services, withdraw cash, and make international transfers.

Foreign currency deposit account
Suitable for placing funds for a fixed period with interest accrual. This type of account allows you to earn on the interest rate while choosing the deposit currency (such as US dollars or euros). Banks usually offer several term and interest rate options.

Foreign currency card account
This account is typically linked to an international bank card (Visa or MasterCard), allowing you to make purchases and withdraw cash abroad. It’s convenient for travelers and those who actively use cashless payments in foreign currency.

Accounts in USD, EUR, and other currencies
Most Belarusian banks offer foreign currency accounts in US dollars (USD) and euros (EUR). Some banks also offer accounts in other currencies (for example, Russian rubles or Chinese yuan).

Features of multi-currency accounts
Some banks offer multi-currency accounts, allowing you to store and manage funds in several currencies simultaneously. This is convenient for those receiving income from different countries or frequently transferring funds in various currencies.

Thus, in Belarus, you can choose a foreign currency account based on your needs — for storing, accumulating, actively spending, or traveling. It’s important to check service conditions, fees, online banking availability, and other details in advance to pick the best option. In case of difficulties, you can always consult lawyers or financial advisors to get professional assistance and avoid mistakes when preparing documents.

How and in Which Banks You Can Open a Foreign Currency Account Remotely

Today, many Belarusian banks offer the option of opening a foreign currency account without visiting a branch — through online banking or special online services. This is especially relevant for those who value their time and convenience, as well as for citizens abroad or in other parts of the country.

How to open a foreign currency account remotely
The procedure usually includes several steps:

Step 1. Choose a bank and tariff plan
Before opening an account, you need to select a bank that offers remote service. You can find detailed terms on banks’ websites, including commissions, available currencies, and minimum opening requirements.

Step 2. Register in the online banking system
To open an account, you’ll need to register in the bank’s online banking system, usually done through a personal account on the website or a mobile application.

Step 3. Identity verification
By Belarusian law, the bank must verify the client’s identity. This may require completing online identification via passport data in the Interbank Identification System (MSI). Some banks may request additional documents confirming income sources.

Step 4. Submit an application to open an account
After client identification, you need to fill out an application to open a foreign currency account, typically a form in your personal account where you enter your personal details, selected currency, and account purpose.

Step 5. Sign a service agreement
After checking documents and the application, the bank signs a banking service agreement with the client electronically. A copy is provided in the personal account or sent by email.

In which banks you can open a foreign currency account remotely
As of today, you can open a foreign currency account remotely in several Belarusian banks, including:

• Belarusbank — offers account opening via online banking after identification.
  
• Belagroprombank — allows online account opening if the client has previously been identified or serviced by the bank.
  
• Priorbank — provides remote account opening for clients with an active card account.
  
• VTB Bank (Belarus) and BNB Bank — also offer online account opening services, though a personal visit may be required for initial identification.
  

Thus, remote account opening is a convenient, modern service but requires attention in preparing documents and completing identification. If difficulties arise, you can contact the bank’s specialists or legal professionals for assistance.

How an Individual Can Open a Foreign Currency Account in a Belarusian Bank

Opening a foreign currency account in a Belarusian bank is an accessible and straightforward procedure. However, it’s important to consider specific features related to client status (resident or non-resident) and the chosen bank’s requirements. Let’s look at an approximate step-by-step process:

Step 1. Define your goals and choose a bank
First, decide why you need a foreign currency account:

• For daily transactions and transfers (e.g., shopping abroad).
  
• For storing foreign currency savings.
  
• For receiving income from abroad.
  

Based on your purpose, choose the appropriate account type: current, savings, or deposit.
When choosing a bank, consider:

• Account service fees.
  
• Availability of user-friendly online and mobile banking.
  
• Currency conversion conditions.
  
• Minimum account balance requirements and transaction fees.
  

Step 2. Prepare required documents
For Belarusian residents (citizens and permanent residence holders), a minimal set of documents is needed:

• Passport or other personal identification.
  
• Account opening application (filled out at a branch or through online banking).
  

Based on these, the bank signs a banking service agreement with the client.

For non-residents, additional documents may be required:

• A notarized translation of the passport into Russian or Belarusian.
  
• Proof of legal residence in Belarus (such as a residence permit, visa, or temporary residence registration).
  

Some banks may request extra documents if client transactions are subject to anti-money laundering control. The account opening procedure for non-resident individuals may vary depending on the bank’s internal policy.

Step 3. Account opening by the bank
The process of opening a foreign currency account at a bank branch usually takes between half an hour to one business day.
If done remotely via online banking, the account can be activated within minutes after signing electronic documents.

Features of Using a Foreign Currency Account

After opening a foreign currency account at a Belarusian bank, an individual gains access to various services and opportunities. However, it’s important to consider nuances related to currency transactions, client responsibilities, and bank-imposed restrictions.

1. Currency transactions and transfers
Through a foreign currency account, you can:

• Receive transfers from abroad (salaries, pensions, alimony, and other income).
  
• Pay for goods and services abroad (e.g., online shops, hotel bookings, travel agencies).
  
• Transfer funds to foreign accounts (within established limits and procedures).
  

Banks have the right to monitor these transactions for anti-money laundering and anti-terrorist financing purposes.

2. Currency exchange
Clients can exchange currency via online banking or at a bank branch. Exchange conditions depend on the bank’s rate, which may differ from the official one. Large-sum exchanges may incur a commission.

3. Account usage restrictions
Banks may restrict certain transactions:

• Transfers to countries under international sanctions.
  
• Transfers to individuals subject to financial restrictions due to extremist or terrorist activities.
  
• Transactions requiring additional proof of the source of funds.
  

4. Document verification for transactions
Clients may need to provide supporting documents:

• Contracts or invoices for transfers.
  
• Documents explaining the purpose of payments.
  
• Proof of income or source of funds (upon request).
  

5. Tax authority notifications
In certain cases, currency transactions must be reported to tax authorities or included in tax returns (e.g., when receiving income from abroad). These issues depend on individual circumstances and should be discussed with a lawyer or accountant.

6. Transaction security
It’s essential to follow security rules:

• Keep online banking credentials confidential.
  
• Double-check details when making transfers.
  
• Use two-factor authentication to protect the account.
  

7. Legal advice
To minimize risks and comply with legal requirements, it’s recommended to consult experienced lawyers or financial advisors, especially when planning large currency transactions.

Conclusion

A foreign currency account is a convenient and effective tool for storing funds, conducting international transactions, and managing personal finances in Belarus. Its opening and use are available to most individuals, but it’s important to consider documentation requirements and the specifics of conducting currency operations.

When choosing a bank, pay attention to fees, service conditions, and online banking functionality. Additionally, remember the requirements for verifying transactions and potential restrictions from banks, especially for cross-border transfers.

To avoid mistakes when opening and using an account and to protect your interests and funds, it’s advisable to consult a lawyer or financial specialist in advance. Our experts are ready to assist you at every stage — from choosing a bank to supporting currency transactions — ensuring your financial affairs are handled securely and transparently.