A twofold increase in foreign currency deposits from depositors from Russia was recorded by a subsidiary of Alfa-Bank in Belarus, subsidiaries of Gazprombank and Sberbank - Belgazprombank and BPS-Sberbank.
Yes, you heard right! We have interest on deposits twice as high as in Russia.
- This is quite understandable, - says Evgeny Nadorshin, chief economist at PF Capital. - After all, we are talking about the "daughters" of Russian banks.
A Russian can open a deposit in Belarus with his passport, but for this he must personally come to the bank. Now the maximum yield on deposits in dollars and euros in Belarusian banks reaches 5%. While in Russia this figure has fallen to 2-3 percent or less.
Another powerful stimulus is local system deposit insurance. It does not have restrictions on the amount of compensation for savings in the event of a bank failure, as in Russia. In addition, the law of Belarus guarantees that the funds will be returned in the deposit currency. In Russia, the practice has become frequent when there is a forced conversion into rubles at the exchange rate on the date of revocation of the license from the bank.
However, despite all the advantages, market players are confident that there will not be a massive flow of depositors.
“For most clients, it is important to be able to place a deposit in a bank within walking distance and, if necessary, pick it up,” says Vyacheslav Andryushkin, Deputy Chairman of the Board of the Asia-Pacific Bank.
EXPERT OPINION
Bogdan ZVARICH, analyst at the Finam group of companies:
– Taking your foreign currency savings to Belarusian banks is far from an unambiguous decision. One side, banking the country is quite clearly regulated and high deposit rates, but on the other hand, if the crisis worsens, the Belarusian financial system may not fulfill all its obligations.
At Russian economy more margin of safety.
Subsidiaries of Russian banks operate in Belarus. If you already brought the currency to Belarus, then open a deposit with them.
Belarusian insurers have raised the bar high by announcing that they are ready to return a deposit of any size. But if several banks collapse at once, then there may not be enough currency for all depositors.
Another difficulty is that if you want to get good percentage in a Belarusian bank, then you will have to make an irrevocable deposit for at least two to three years. During this time, anything can happen.
TO OPEN A DEPOSIT, YOU MUST:Russian citizen in Belarus- just a passport.
Belarusian in Russia- passport, a document confirming the right to stay on the territory of the Russian Federation (registration, residence permit).
- I note that the discussion in the media has begun now, but in fact the Russians have been active clients of our credit institutions for a long time. They are leaders among foreign investors.
– What guarantees does the agency give to the Russians?
– According to the Law “On guaranteed reimbursement of bank deposits (deposits) of individuals”, non-residents are in the same conditions as citizens of Belarus. That is, Russians are equalized in rights with Belarusians. We guarantee that any contributions will be returned to everyone.
– Have the licenses of banks been revoked lately?
– A year ago, on March 18, the license was revoked from CJSC Delta Bank, a little later from CJSC InterPayBank. Three percent of Delta Bank's depositors were foreigners. To date, all applicants, including 215 Russians, have received a refund on deposits from this bank.
– How long does it take to get the money back?
- It takes two years. For example, Delta Bank depositors have 12 more months. And they keep coming back.
– In Russia, banks have their licenses revoked almost every week. And how are things in Belarus?
- There are about a thousand credit institutions in the Russian Federation - hence such statistics. Our situation is different. As of January 1, 24 banks were registered with the agency. There are few of them in our country, and it is always easier to help someone than to bankrupt. Therefore, the collapse of credit structures in our country is a rarity.
- And if the “daughter” of a Russian bank goes bankrupt, will you pay off its debts?
– Of course, there is no difference. Their contributors are also under our wing.
CURRENCY IS UNTOUCHABLE
– Can the agency change dollars to Belarusian rubles at will?
- No, there is a strict requirement of the law - to return funds in the deposit currency. Instead of dollars or euros, Belarusian rubles can be issued only if the depositor himself asks for it.
- The Russian DIA is ready to return only 1.4 million rubles. There is no such restriction in Belarus. Why?
– The state specifically took such a step so that the population would more actively use banking services. The absence of restrictions also contributed to the inflow of deposits from non-residents.
– What regions do Russian investors come from?
- First of all, from the border, as well as from Moscow and St. Petersburg. Clients from Siberia are infrequent guests, after all, it is a long way to go, and one cannot do without a personal presence in the bank.
– How bureaucratic is the return procedure?
- It is very simple and transparent. It is not necessary to visit us in Minsk. After the license is revoked, an attorney bank (in the Russian Federation - an agent bank) is appointed, which is responsible for the payment of compensation. Each credit institution- a lot of branches, and you can come, for example, to Vitebsk or Gomel. The client applies to the bank-attorney with an application, which is sent by e-mail to our agency. After that, the person can go home. The second time - within a month - he will already come for the money.
- That is, the agency itself is addressed only in difficult situations?
– Yes, for example, when it comes to inheritance or if the depositor does not agree with the amount of compensation.
– And how much do Russians invest?
- Variety. For example, in Delta Bank the average size the deposit was a little less than 10 thousand dollars. Among the bank's depositors were also citizens of Kazakhstan, Moldova, USA, Germany, Australia, Taiwan. Everyone received a refund.
- That is, you should not be afraid to bring money to Belarus?
- It's everyone's business - to decide what to do with savings. We have created a system that is understandable enough for foreigners. Again, one of the state languages is Russian, and you can easily get acquainted with all the documents. The operation of the system raises no questions, and therefore there is no hype around the reimbursement procedure. As they say, money loves silence. Belarus fits this definition.
ONLY NUMBERS
The growth of deposits of Russians in the Republic of Belarus for three months
Belgazprombank - 30%
Alfa-Bank (Belarus) - 17%
Profitability of foreign currency deposits
In Russia - 2.5%
In Belarus - 5%
Compensation when closing a bank:
In Russia - up to 1.4 million rubles.
In Belarus - without restrictions
"Belarusian banks are now offering very favorable interest rates on deposits. Up to 30 percent per annum. Can I, a Russian woman, open an account in Belarusian rubles and foreign currency? Anna, St. Petersburg".
Nikolai Luzgin, First Deputy Chairman of the Board National Bank Belarus:
According to article 18 of the country's law on currency regulation and currency control, non-residents have the right to open bank accounts in Belarus. In Belarusian rubles and any foreign currency, the official exchange rate of the Belarusian ruble to which is set by the National Bank. Accounts can be current, card accounts, deposit (deposit) and others.
So the resident Russian Federation have the right to open a savings account in a bank of our country. And in foreign currency, and in Belarusian rubles. This operation is carried out without any restrictions. However, I would like to draw your attention to the fact that when opening an account abroad, you will have to inquire about and comply with the requirements of the banking legislation of your country. With conditions of attraction Money and the list of documents required for this can be found on the websites of banks.
“I’m 58 years old. I live permanently in Belarus. I worked in the Far North for 21 years. Now I’m retired. I get less money than those who didn’t have a work book at all. I turned to the pension department of the urban village of Lelchitsy. North since 2000, this time is not taken into account and is not included in the length of service. Neither in the preferential, nor in the general. So I lost 12 years of experience. In this regard, the question is: maybe it would be more expedient for me to leave Belarus and register in Russia? And get a pension on the basis of citizenship. But I don’t know how to change citizenship? Pyotr Khomutovsky, Lelchitsy. "
Petr Savitsky, Chairman of the Committee on Labor, Employment and Social Protection of the Gomel Regional Executive Committee:
The calculation and confirmation of the insurance (labor) length of service to determine the amount of the pension is carried out in accordance with the legislation of the state assigning the pension. Therefore, it is necessary to be guided by Article 51 of the Law on Pensions, according to which those periods of work, creative, entrepreneurial and other activities are counted in the length of service, when the mandatory insurance premiums.
Foreign citizens, including citizens of Belarus, who had the status of temporary residents and worked in Russia for employment contracts and contracts, until January 1, 2012 were not considered as insured in the system pension insurance Russia. These periods of work are not included in seniority and are not confirmed (Federal Law of December 15, 2001 N 167-FZ).
To summarize all of the above, then when assigning a pension, and according to the principle of "proportionality" (each country pays for the length of service gained in its territory after March 13, 1992), and according to the principle of citizenship, the periods of your work in the Russian Federation in the status of a temporary stay in the length of service for Pensions will not be included. If insurance premiums were not paid from the income received and there is no documentary evidence of this.
"I am a citizen of Russia. Before entering the institute, I lived in Mogilev. Back in the USSR. Now I go home every year. My mother often comes to me. In December last year, when she once again visited me, I bought her a Russian gas meter with all documents (registration certificate, sales receipt).The product is certified in Russia and every second Russian has it installed in the apartment.The mother went home with a gift and soon reported that she was refused to install a new meter.They explained: it is not certified in Belarus.How understand this? We talk so much about the creation of the Common Economic Space, the Customs Union, and here is such a trifle - a counter - and suddenly there is a problem. Why is the Russian certificate not recognized in Belarus? Or is it the Belarusian gas workers lobbying the interests of their suppliers? Albert Denisenko, Perm. "
Valery Kovalev, deputy CEO State Production Association for Fuel and Gasification "Beltopgaz":
According to the Law of our country dated September 5, 1995 N 3848-XII "On Ensuring the Uniformity of Measurements" (Article 8) on State Committee On standardization of Belarus, the authorities are entrusted with maintaining the state register of measuring instruments, making a decision on approving their types and issuing certificates.
In order to protect the rights of consumers, only measuring instruments (including household gas metering devices) of both Belarusian and foreign manufacturers are allowed to be used if the issues of their maintenance, repair and metrological verification are resolved.
According to the rules approved by the Government of Belarus, measuring instruments, measuring systems that have been approved and included in the State Register or passed metrological certification, including software.
Gas supply organizations do not have the right to install and put into operation household gas metering devices that are not allowed for use in the country.
At the same time, we inform you that the technical regulations of the Customs Union on the requirements for systems and meters for water, gas, thermal and electrical energy. With its release, the issues of using measuring instruments in the territories of the states - members of the Customs Union should be simplified.
The editors of the SOYUZ newspaper express their deep condolences to our colleague Aelita Syulzhina on the death of her mother.
After the signing by Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia on May 29, 2014 of the agreement "On the Eurasian Economic Union", the supply of goods from Russia to Kazakhstan acquired the features of domestic Russian or domestic deliveries of goods. At the same time, the existence of this agreement and the Customs Union did not cancel the existence of the independent states of Russia and Belarus. Therefore, participants in the supply of goods from Russia and Belarus, if one is registered in Russia and the other in Belarus, are economic entities different states.
For currency legislation Russia legal entities, created in accordance with the legislation of the Russian Federation are residents of the Russian Federation, and created under the legislation of Belarus - are not residents of the Russian Federation. Thus, the supply between Russia and Belarus is a transaction between a resident and a non-resident of the Russian Federation, and the settlements for such transactions are regulated by the law of the Russian Federation “On currency regulation and currency control”.
Settlements for deliveries from Russia to Belarus and vice versa are currency transactions for the parties, regardless of whether they use rubles or foreign currency for this. Participants in such transactions will be under currency control, which imposes additional obligations on them - the provision of additional documents to the bank. Failure to comply with these obligations will result in fines. And in case of systematic violations, banks may refuse to carry out settlements on export-import transactions to the client.
By general rule currency transactions between residents of the Russian Federation and non-residents are carried out without restrictions. For settlements under supply agreements with Belarus, residents use accounts in Russian banks in rubles or in foreign currency. At the same time, settlements with non-residents can be carried out only through authorized banks - banks established in accordance with the legislation of the Russian Federation and entitled, on the basis of licenses Central Bank RF exercise Bank operations with funds in foreign currencies.
In this sense, "authorized banks" are almost all Russian banks. In order to avoid surprises, already at the stage of preparing a supply contract with Kazakh partners, it is recommended to clarify this issue with the bank, where Russian organization bank account opened. For example, some banks do not serve foreign trade operations, or make excessive demands on their customers.
For residents of the Russian Federation - participants in foreign trade transactions, this means the obligation to receive into their accounts the proceeds from the sale of goods, works, services within the period established by the foreign trade contract, as well as to return the prepayment if the foreign supplier did not complete the delivery. Compliance with deadlines is monitored authorized bank through the accounts in which the resident of the Russian Federation makes settlements under the contract.
The bank controls compliance with the terms of settlements with the help of the Transaction Passport.
A transaction passport is issued for each transaction with a non-resident by an authorized bank, according to documents submitted by a resident of the Russian Federation. Exceptions are transactions in the amount of less than 50 thousand US dollars (or its equivalent at the exchange rate of the Central Bank of the Russian Federation).
1) the number of the transaction passport and the date of its execution;
2) information about the resident and his foreign counterparty;
3) general information on a foreign trade transaction (date of the contract, number of the contract (if any), total amount transaction (if any) and the currency of the transaction price, the date of completion of the fulfillment of obligations under the transaction);
4) information about the authorized bank in which the transaction passport is issued and through the accounts in which settlements under the transaction are carried out;
5) information about the re-issuance and the grounds for closing the transaction passport.
The rules for issuing transaction passports are established central bank of the Russian Federation in Instructions of the Central Bank of the Russian Federation dated 04.06.2012 No. 138-I “On the procedure for residents and non-residents to submit documents and information related to the conduct of foreign exchange transactions to authorized banks, the procedure for issuing transaction passports, as well as the procedure for accounting by authorized banks of foreign exchange transactions and control over their conduct "(hereinafter referred to as the Instruction).
Thus, when delivering goods to Kazakhstan, a Russian resident exporter is obliged to provide a transaction passport to an authorized bank and Required documents to the smallest of possible dates:
— If foreign currency earnings are credited to the resident's account - no later than 15 days from the date of its crediting to the transit account;
- If the obligations under the contract are fulfilled by exporting the goods from the territory of the Russian Federation and customs declaration is not applied - no later than 15 working days after the end of the month in which supporting documents were issued - transport (transportation, shipping), commercial documents (clauses 6.5.5, 9.2 Instructions).
To open a transaction passport, a resident of the Russian Federation provides the authorized bank with the following documents and information at the same time:
1) Completed one copy of the PS form (Form 1 and (or) Form 2)
2) A contract, the fulfillment of obligations under which requires registration of a PS, as well as information on the terms of settlements under the contract;
3) Other documents and information subject to the requirements of the Instructions of the Central Bank of the Russian Federation, including documents and information that contain information (including information determined (calculated) by the resident independently) specified by the resident in the completed PS form
4) Accepted tax authorities at the place of registration of the resident notification of the opening (closing) of the account.
Important: The Bank may not accept a contract for servicing and refuse to issue a transaction passport only on the grounds established in the Instruction. For example, "If there are grounds to believe that foreign exchange transactions are carried out for the purpose of laundering proceeds from crime."
The transaction passport under one contract can be reissued more than once.
That, in accordance with paragraphs 8.1, 8.3, 8.4 of the Instructions when making changes and (or) additions to the Contract that affect the information contained in the executed TP, or changes in other information specified in the executed TP (except for changes in information about the TP bank), the resident sends to the PS bank an application for reissuing the PS, documents and information that are the basis for making changes to the PS, no later than 30 business days after the date of making the relevant changes to the Unified State Register of Legal Entities.
Often there is a change in the address of the location of the organization during the execution of the contract or changes are made to the text of the contract.
When crediting funds to a transit account under a foreign trade contract, a resident of the Russian Federation must provide authorized bank Information about currency transactions and relevant documents. The duty is assigned to both exporters and importers.
- a resident of the Russian Federation did not submit the relevant documents, submitted not on time, not in full, etc. – liability under Part 6 of Art. 15.25 of the Code of the Russian Federation on administrative offenses in the form of a fine, for officials - 4 - 5 thousand rubles, organizations - 40 - 50 thousand rubles.
Repeated similar violation - officials - 14 - 15 thousand rubles, organizations - 120 - 150 thousand rubles.
If such re-registration is mandatory - liability under part 6 of article 15.25 of the Code of Administrative Offenses of the Russian Federation - for organizations from 40-50 thousand rubles,
Repeated - 120 - 150 thousand rubles.
- according to part 6.3 of article 15.25 of the Code of Administrative Offenses of the Russian Federation up to 40-50 thousand rubles.
With repeated - up to 120-150 thousand rubles.
06:59 07.08.2018
Sometimes having an account abroad is not only convenient, but also extremely important. For example, if you work abroad. However, in order to open an account in a foreign bank, citizens of our country need to obtain permission from the National Bank..
The need for the regulator's permission to open an account abroad is stipulated by Article 19 of the Law "On Currency Regulation and Currency Control", as well as the Instruction on the Procedure for Issuing Permits and Submitting Notifications Necessary for the Purposes of Currency Regulation.
Accounts abroad can be opened both in foreign currency and in Belarusian rubles, both in banks and other credit institutions.
To obtain permission to open an account abroad, the National Bank must provide:
The procedure for drawing up an application is indicated on the official website of the National Bank. The application must indicate:
To open an account directly in a foreign bank, it is enough to come there with a passport.
In the event that a citizen of Belarus does not live abroad, but still wants to open an account in a foreign bank, in order to obtain permission from the regulator you may also need a copy of an identity document, as well as a special application.
In this case, the justification for the need to open an account abroad will be the decisive factor.
In addition to the application, you may also need other documents that will help prove that you really need an account abroad (perhaps you visit relatives abroad very often or for a long time).
There is no clear mechanism of action and specific documents for such situations. The National Bank will make a decision taking into account the specifics of each appeal.
You do not need to apply to the National Bank for permission in the following cases:
As evidence of a long-term stay in another country, a residence permit, a temporary residence permit or a long-term visa can act.
Even if you simply travel abroad frequently on a multiple-entry Schengen visa, the continuity of your stay abroad will be taken into account. But at the same time, any visa can be: work, study, and ordinary tourist.
As soon as you can get permission to open an account abroad, National Bank send a copy of the document to the tax authorities at the place of registration of the citizen.
Therefore, if a citizen of Belarus simply returns to his homeland to stay for a while, then nothing needs to be done with the account.
But as soon as the return to Belarus is final, and the account in a foreign bank is not closed, the account will become illegal.
General Directorate of Foreign Exchange Regulation and currency control The National Bank warns: at the end of their stay abroad, an individual is obliged to close the account and transfer the balance of funds to Belarus, or import foreign currency values received abroad into Belarus in compliance with customs rules, or obtain permission from the National Bank to open an account with a non-resident bank.
Each case of violation is considered by the tax authorities on an individual basis.
AT Last year Russians began to actively open deposits in subsidiaries of Russian banks in Belarus. Rates on foreign currency deposits are twice as high as in Russia. Is it worth taking advantage of this opportunity?
Belarusian subsidiaries of Russian banks in 2015 faced an increase in the number of depositors from Russia. “The volume of deposits of Russians grew by 28% in dollar terms,” says Vitaly Zhagolkin, head of the press service of Alfa-Bank (Belarus). “At the same time, growth was most noticeable at the end of the year: from mid-November to January 1, 2016.”
In the subsidiary bank of Gazprombank, Belgazprombank, over the past three months, the amount of funds deposited Russian citizens, increased by 30%, adds Sergey Shaban, Deputy Chairman of the Board of Belgazprombank. BPS-Sberbank (Belarusian subsidiary of Sberbank) notes moderate pace growth of deposits of non-residents since April 2015, said the representative of the press service of the bank.
Increased interest in the deposits of Belarusian banks on the part of Russians continues this year, says Zhagolkin. It's all about high rates on foreign currency deposits. “For deposits in dollars and euros, at present, rates reach 5% per annum when placed for two years,” says Zhagolkin.
According to infobank.by, the average profitability annual deposits in dollars and euros in Belarusian banks is 3.5-4% per annum. For comparison, according to the research company Frank RG, the average maximum rate on deposits in the top 10 Russian banks is 2.7% in dollars and 1.8% in euros.
According to Zhagolkin,due to high stakes Citizens of European countries also deposit money in Belarusian banks. Rates in Russian rubles, deposits in which can also be opened in Belarus, are slightly higher than Russian ones. If the average maximum rate of the ten largest Russian banks is 9.6% (data from the Central Bank of the Russian Federation), then in Belarus it is 11% (data from infobank.by).
The increased rates are explained by a higher key rate than in Russia (25% instead of 11% in Russia) and a greater need Belarusian economy in currency. “The economy of Belarus is more dollarized than the Russian one, the need for foreign currency is high among Belarusian companies,” explains the head of the research and analytics department of the Belarusian investment company"Uniter" Dmitry Kirilenko.
pros
In addition to the high profitability of deposits from the Belarusian financial system there are several more advantages compared to the Russian one, says Vyacheslav Bykovsky, head of infobank.by. You can open deposits in four currencies - local and Russian rubles, dollars and euros. And all these deposits are protected by the deposit insurance system.
Since 2008, the law “On Guaranteed Compensation of Bank Deposits (Deposits) of Individuals” has been in force in the country. Unlike Russian mechanism, which returns deposits in the amount of up to 1.4 million rubles, there are no limits in Belarus. The Agency for Guaranteed Reimbursement of Deposits (Deposits) of Individuals in the event of revocation of a license from a bank reimburses all funds from the deposit in the currency in which the deposit was opened, ”explains Vitaly Runtso, financial consultant of the Personal Capital Group.
According to data on the official website of the National Bank of the Republic of Belarus, there are 28 banks operating in the country. Over the past ten years, only two banks have gone bankrupt in the country, says Kirilenko. He noted that last year the Delta Bank of Ukrainian businessman Mykola Lagun went bankrupt. “It was an unprecedented event for Belarus. There were concerns about how the deposit guarantee system would work. But it worked as expected: all individual depositors were paid all the funds,” says Kirilenko.
How to open a deposit in a Belarusian bank
Russians can open deposits in Belarusian banks on the same terms as citizens of Belarus itself. However, it will not work directly from Russia. To open a deposit, you must personally visit any branch of the bank with a passport at least once and submit an application.
Some banks allow you to manage a deposit account (transfer money, including interest, after the expiration of the deposit) via Internet banking. According to infobank.by, only ten banks have such an opportunity.
“If you plan to solve everything in one visit, then you should take into account that the urgent issue of a card takes about five working hours with an additional payment for urgency from $10,” Vitaly Runtso warns.
The minimum deposit amount depends on the bank. For example, in Alfa-Bank (Belarus) it is 100 dollars or euros, 7 thousand rubles. Russian rubles or 500 thousand Belarusian rubles. AT " VTB Belarus”- the same 100 dollars or euros and 6 thousand rubles. In Belgazprombank, you can open a deposit in foreign currency in the amount of 50 dollars and euros, 5 thousand Russian rubles and 1 million Belarusian rubles.
Minuses
Until recently, income from deposits in Belarusian banks was not taxed. However, from April 1, 2016, the norm of Decree No. 7 of President Alexander Lukashenko “On attracting funds to deposits” comes into force in the country, providing for the collection of income tax from interest income on deposits. As in Russia, it is 13% of income. The tax will be levied on both resident and non-resident depositors. Tax agents there will be banks themselves, i.e. the depositor will not have to report to the tax authorities.
“The income tax will, of course, reduce the real return on the deposit, but not critically,” Vitaly Zhagolkin reassures. “For example, if you deposit $10,000 for a year, then the amount of income will be $500, and the tax amount will be $65.”
For Russians, the introduction of the tax is fraught with additional communication with the Russian tax authorities. Belarus is by a foreign state, so the Russians are required to notify the Federal tax service on opening accounts in its territory. Since the new year, Russians are required to pay personal income tax on income on deposits in foreign banks, reminds the partner of Paragon Advice Group Alexander Zakharov. However, there is an agreement between Russia and Belarus on the avoidance of double taxation. And in order not to pay fees even at home, Russian taxpayer will have to document the collection of tax in Belarus and issue a deduction, warns Zakharov.
Another nuance: under this double taxation agreement, the Belarusian tax rate, which Russia will offset, is a maximum of 10%. Thus, the remaining 3% will still have to be paid in Russian treasury, says Donat Podniek, Head of the Human Resources and Taxation Services Group at KPMG in Russia and the CIS.
Tax in Belarus will be levied only on deposits for a period of less than two years, when it comes to currency deposits. Also, in accordance with the decree, deposits will be divided into two types: revocable (can be withdrawn ahead of schedule) and irrevocable (can be withdrawn only after stipulated by the agreement placement period). Rates on revocable deposits will be significantly lower. For example, in Alfa-Bank (Belarus), the rate on irrevocable deposits in foreign currency reaches 5%, on revocable deposits - 3.75% per annum. The table shows the rates for irrevocable deposits.
Another problem for Russian depositors in Belarus is the restrictions on deposit management. “Full-fledged remote control of a deposit (opening, replenishing, closing and withdrawing to a card) is possible only for online deposits, and the rates for them can also be somewhat lower. For example, on Belgazprombank's ON-Deposit, the rate is 3.5% in foreign currency and 7.5% in rubles. Priorbank's Vysshe.NET deposit rate is 3.75% in dollars and euros,” says Runtso.
You can replenish the deposit without commission only with bank card or from an account opened with the same bank. In turn, for the transfer of funds from the Russian bank to your account in bank Belarus needs to pay a commission Russian bank for translation and Belarusian for enrollment.
Is it worth using
Dmitry Kirilenko believes that the Russians can choose any of the Belarusian banks, including a small one. “Thanks to the guarantee system, you can not worry about the safety of funds and choose a bank with more attractive conditions. However, Russian experts it is advised to weigh all the risks before opening a deposit in a neighboring state.
Over the past few years, Belarusian banks have repeatedly experienced a shortage of foreign currency and introduced temporary limits on its withdrawal, recalls Oleg Kuzmin, chief economist at Renaissance Capital. In the event of a major crisis, they can use these protection methods again banking system. “Physical distance in this case will play against the Russians,” Runzo agrees. “The issuance of foreign currency deposits in difficult times took place according to a preliminary application submitted to the bank personally a few days in advance.”
Another risk is changing legislation. “The political system of Belarus is close to authoritarianism. When economic crisis measures can be quickly taken to limit the rights of investors. For example, limiting currency circulation or introducing a fixed exchange rate,” warns Dmitry Klenov, partner at UFG Wealth Management.
“In absolute terms, the difference of 2.5% on a deposit for a period of one year in the amount of $10,000 will be $250, which will barely cover the cost of travel to Belarus and back, taking into account the time spent,” Runtso sums up.
