Interest rates in Belarusian banks today. Deposits in foreign currency for individuals in Belarusbank - list of deposits and interest rates. Deposit and deposit: is there a difference?

In the modern world, everyone is trying to make money using any available methods. However, even if you have a high-paying job, you can't always pamper yourself. While some people are sitting at home and puzzling over how to get more profit, others are making standard or foreign currency deposits in banks in Belarus. Reviews about this type of passive income are mostly positive, since in this case clients of a financial institution do not need to do anything, just put a certain amount of money on deposit and receive a monthly profit. In this case (if such conditions are provided), the citizen can replenish the deposit balance after concluding the agreement. Accordingly, the more money is deposited into the account, the more passive income a person receives. That is why this practice has long been popular in Europe and the USA.

As practice shows, most people prefer to save money in foreign currency the old fashioned way. This is not surprising, because in this case you can not only save significantly, but also make a profit depending on exchange rate changes. This is why foreign currency deposits in Belarusian banks are so popular today. Belarusbank has been offering similar services to clients for many years. Thanks to favorable conditions, the possibility of monthly account replenishment and other bonuses, this financial organization received the highest ratings. Let's consider the most popular tariff offers from Belarusbank.

"Prestige"

Those who are looking for foreign currency deposits in Belarusian banks with a fixed rate should pay attention to this interesting offer. When opening a deposit, the client can deposit a sum of money into the account in US dollars, Russian rubles or euros. In this case, the rate will be 3%. There are no restrictions on the minimum contribution amount. In addition, after 3 months of using the deposit, the client can extend the contract. Deposit replenishment is also allowed. If we talk about payments and capitalization, they are made monthly.

"Your choice"

This type of deposit at Belarusbank is considered the most profitable for those who can deposit more than 15 thousand US dollars or euros on an open deposit. In this case, the benefit will be 5% monthly. If the client deposits from 2 to 15 thousand, then the rate will still be more profitable (4.5%) than when using the “Prestige” tariff.

In addition, speaking about the most profitable foreign currency deposits in Belarusian banks, it is worth paying attention to this offer, since clients receive an additional premium income of 0.5% annually.

"Classic Plus"

Another interesting offer from Belarusbank for those who prefer to store funds in US dollars or euros. When registering a “Classic Plus” deposit for 18 months, the client has the opportunity to deposit funds. Interest payments are made monthly. The only minor drawback is that additional funds can only be deposited after 3 months.

At the same time, when considering the most profitable foreign currency deposits for individuals in a given financial institution, it is worth paying attention to the bonus in the form of 0.6% bonus per annum and the possibility of prolonging the transaction. The interest received can be transferred to your account or received in cash.

"Poste restante"

This is one of the best foreign currency deposits in Belarusian banks, since in this case the client can carry out any operations with the account without restrictions from the financial institution. This is especially beneficial if you plan to store money for a long time. By the way, there are also no restrictions on the period for which the deposit is opened. In this way, you can get maximum benefit.

According to the bank's terms and conditions, deposits of US dollars (at least 1 USD) and euros (minimum deposit of 5 EUR) are allowed.

To be fair, it is worth noting that residents of the country are interested not only in foreign currency deposits in Belarusian banks. Some citizens still prefer the national currency. In this case, it is worth paying attention to other offers of Belarusbank.

"A priority"

Fearing sharp fluctuations in the dollar exchange rate, some are afraid to open foreign currency deposits in Belarusian banks. in this case, they are more stable and profitable. When opening a deposit, the client will be sure that after the expiration of its use, he will receive his savings in full, including additional income in the form of cumulative interest.

In order to start receiving such income, you need to deposit at least 100 Belarusian rubles. After this, during the first month you can top up your account and get even greater profits. Payments are made on the last day of the period specified in the contract.

"Savings"

This is another option for those who trust the national currency more. In this case, a longer storage period for savings is provided (up to 3 years). At the same time, regardless of the economic situation and the state of the exchange rate, the client will not lose his income.

If we talk about the interest rate, then by making this deposit, the client receives 25% monthly and 18% as an annual bonus. In this case, the minimum contribution amount is 10 Belarusian rubles.

Returning to the topic of the best foreign currency deposits in Belarusian banks, it is worth highlighting several more financial organizations that offer quite favorable conditions. For example, at Belagroprombank you can choose from several options for such deposits.

"Standard"

When making this deposit, it is allowed to deposit US dollars and euros (at least 50), Russian rubles (minimum contribution 3 thousand). The main disadvantage of this deposit is the impossibility of withdrawing funds before the expiration of the agreement.

The interest rate in this case can be fixed or variable. In the first case, the maximum 7% can be obtained with a deposit in Belarusian rubles. If US dollars are deposited, the benefit will be 1.8% maximum. When applying for a variable rate, the income will be up to 6% in national currency and 1.3% if USD was deposited into the account.

"25 years together"

This is another offer from Belagroprombank. In this case, speaking about interest on foreign currency deposits in Belarusian banks, the benefit will be 0.3% per annum if the client deposited US dollars or euros into the account. Storage of Russian rubles is also allowed. In this case, the income will be equal to 3.5%. If we talk about the minimum contribution, it is at least 100 US dollars or euros and 5 thousand Russian rubles. In this case, funds can be stored in the bank for up to 370 days. For the first 95 days, the interest rate will be fixed, and starting from the 96th day it will be calculated individually depending on the amount of the deposit and the period of its maintenance.

Payments are made every ten days.

"Growth line"

This deposit from Belagroprombank is also considered the most profitable, according to clients. Among the advantages, many noted flexible storage periods for funds from 35 to 280 days. At the same time, you can deposit money into the account not only in national currency, but also in US dollars and euros (at least 10).

If we compare it with other foreign currency deposits in Belarusian banks, it is worth noting that in this case the interest rate can only be variable. For some clients, this is more profitable, since in this case you can make a larger profit. By the way, the client receives maximum income if he deposits Russian rubles into the account for a period of 280 days. In this case, the payment income will be 4%. If you deposited US dollars or euros, the benefit will be 0.6% for a period of 280 days.

Charges are made monthly.

Also, in search of the most profitable foreign currency deposits in Belarusian banks, you should pay attention to other financial institutions and their offers.

"Excellent plus"

This offer from Belinvestbank may be of interest to people planning to receive passive income from their money. This tariff involves depositing Russian rubles for a period of up to 3 months. In this case, the investor does not have the right to claim funds before the expiration of the concluded agreement. If all the terms of the transaction are met correctly, then for the first month of using the deposit you can get 0.1% profit, for the second - 1.1%, for the third - 1.6%. It is noteworthy that when using the bank’s services online, the amount of funds received increases to 2.1% for the 3rd month.

Among the main conditions, it is worth highlighting the minimum down payment threshold. It is 5 bel. rubles At the same time, the client can replenish the deposit at any time and receive a large profit. Interest payments are calculated monthly and can be transferred to the user's account.

"Progressive"

Of the wide variety of foreign currency deposits in Belarusian banks, it is also worth highlighting this tariff from MMBank. This financial organization operates primarily online, so the client can carry out all operations independently, without leaving home. This is very beneficial for those who live far from large cities.

If we talk about the features of this deposit, then first of all you should pay attention to the flexible storage period for savings, which the client can adjust to suit himself. The storage period for funds ranges from 3 to 24 months. It is possible to deposit both national and foreign currencies (US dollars and euros).

Of the main advantages of such a deposit, many noted the flexible conditions for early termination of the concluded contract. In this case, you will not have to worry about recalculating interest. However, there are no restrictions regarding making additional contributions throughout the entire period of storage of funds.

Depending on the preferences of the investor, he can choose monthly payments or capitalization of income.

However, it is worth noting the possibility of concluding a contract for a new period. If the deposit is made in national currency, then extension is not provided. When depositing US dollars or euros, the client has the right to enter into a new contract. Its validity period will be the same as when the client first contacted the bank. At the same time, the interest rate remains the same.

Deposit calculator

Regardless of which currency deposit in a Belarusian bank you have chosen, it is worth carefully studying the terms of the transaction. In order to significantly simplify the life of investors, all self-respecting financial institutions offer a special online calculator, which can be found on the official website of the institution. Thanks to this service, a person can see exactly what his real passive income will be. In addition, using this free application, you can choose the most favorable conditions.

However, it is worth considering that the terms of deposits are constantly changing, so before opening a deposit, it is recommended to consult with a representative of the financial institution. Most offers do not involve withdrawal of funds until the end of their storage period. This may cause additional problems if the client has deposited all of his or her available funds.

Separately, it is worth checking with an employee of the financial institution what conditions are provided for when terminating the contract. In some banks, this does not affect the interest rate in any way. However, there are institutions in which this procedure is associated with quite significant losses of funds on the part of the client.

Finally

For a long time, residents of Belarus preferred deposits in US dollars. A little later the situation changed a little, and the euro took the leading position. However, today, when deciding in which foreign currency to store money, many Belarusians prefer Russian rubles. This is explained not only by the stability of the currency, but also by the fact that a huge number of Russian banks operate in Belarus and are interested in the circulation of this particular currency. Thanks to this, financial organizations strive to interest a larger number of clients with the most favorable conditions, promotions and bonuses.

If you are not lazy and study all the offers of banks, you can start investing money and receive quite good interest rates for storing it. Thanks to this, some people do not need to work at all, since they receive monthly interest on their deposits.

A well-known truth: “Keep your money in savings banks.” Money “in the mattress” does not at all guarantee financial security; it depreciates and does not work. With the proper selection of deposits in Belarus, you can receive a stable income from savings.

Banks in Belarus offer to make deposits in Belarusian rubles and in foreign currency. Interest rates on deposits in Belarusian banks in Belarusian rubles are much higher due to possible devaluation. Keeping money in foreign currency is not so profitable, but the capital will be protected.

Interest on deposits in Belarusian banks for individuals:

• In Belarusian rubles – from 7 to 20%;
• In foreign currency – up to 4%.

The higher the interest rate, the less “convenient” conditions for clients: long-term deposit, no possibility to withdraw funds from the account before the end of the contract, lack of capitalization, etc. Remember that the bank can unilaterally change the interest rate on the deposit if the rate is not fixed. The client receives a notification in advance: SMS or email notification. Do not miss letters from the bank so as not to miss important information.

If you have a large amount of money, it is better to make several deposits in different currencies.

For convenience, bank websites often have an online calculation of possible income from a deposit. If such a calculator is not available, ask bank employees to individually calculate monthly or annual benefits so that there is no discrepancy between bank calculations and yours.

Deposit and deposit: is there a difference?

In colloquial language, the concepts “contribution” and “deposit” are synonymous. In fact, in these terms there is a slight difference in the subject matter of the transaction. The concept of “deposit” includes the transfer of money to a bank, and “deposit” includes, in addition to money, securities, precious metals, shares and more.

Questions for bank employees

In addition to the basic information about the deposit (currency and term of the deposit, interest rate), there is secondary, but no less important. What conditions of bank deposits should you pay attention to:

1. Can I withdraw money early (revocable or irrevocable deposit)?
2. Does the interest rate change during the term of the deposit (fixed or floating rate)?
3. What is the minimum down payment required?
4. What is the minimum additional contribution I can make?
5. Is there a monthly capitalization of interest (capitalization: every month interest is accrued on the principal amount of the deposit, and the next month the calculation is based on the increased amount)?

Bonuses from banks

Banks have a lot of competition, so everyone tries to lure clients with advantageous offers and non-standard bonuses. Here are the best banking baits:

•  The ability to independently open a deposit and manage it without going to a bank branch - via the Internet. For example, a deposit in Belarusbank “Internet Deposit T-Trend”.
•  Weekly capitalization.
•  Free annual card maintenance.
•  Discounts from bank partners - shops, cafes, pharmacies, etc.

Tax on deposits in Belarusian banks

From April 1, 2016, depositors who made a deposit for a period of less than a year (for Belarusian rubles) or less than two years (for foreign currencies) will have to pay income tax on the interest received (13%). The same applies to investors who opened long-term deposits, but withdrew money before the end of one or two years. Details can be found by studying Decree of the President of the Republic of Belarus No. 7 “On raising funds for deposits”.

A bank deposit, or deposit, is money that an individual places in a financial institution to increase personal savings and protect them from theft. The profitability of deposits in Minsk banks is determined by the interest rate accrued for a certain period of time. In turn, the interest rate depends on the amount and currency of the deposit, as well as its conditions and parameters.

Thus, the deposit may provide for additional replenishments and auto-renewal, that is, automatic renewal under the same conditions that were agreed upon when concluding the agreement. This option will come in handy for young parents who have decided to save money ahead of time for their child’s education abroad. Older people are often interested in the possibility of preferential termination or partial withdrawal of funds without losing interest. This is usually because the money may be needed for immediate medical care.

Since there have been crises in the history of the financial system of Belarus, long-term deposits are most often made in US dollars or euros, and short-term deposits are made in Belarusian rubles. In the first case, clients receive confidence that their savings will not depreciate if the national currency collapses, and in the second, they receive greater income due to high interest rates.

This page contains offers with current conditions and the most profitable interest rates on deposits that can be opened in Minsk and Belarus. Among the offers are deposits of Absolutbank, Alfa-Bank, MTBank, Priorbank and other financial institutions. Click on the deposit to clarify the details and apply for it online.

Types of deposits

If you decide to use such a service, then you first need to familiarize yourself with its main varieties. Deposits offered by many banks can be:

1. Rubles. Deposits that fall into this category may have certain types. However, their main feature is that clients must deposit their funds only in rubles. Accordingly, all subsequent interest will also be accrued in this currency. Remember that deposits in this currency currently earn maximum interest. This is due to the fact that it is not stable.
2. Currency. By opening such a deposit, clients will have a wonderful opportunity to store their funds in a certain currency. You must make your choice yourself. The main feature of such a deposit, which influences its fairly high popularity, is that the risk of losing your funds in the future is minimized. Interest rates here are low and may vary depending on the bank you choose.
3. Urgent. Today, such a deposit has the lowest interest rates. It is suitable for citizens who want to quickly increase their profits. Each bank is ready to offer different terms, so you should choose them depending on your personal preferences. The amount of the bet that will be added to your amount in the future depends on the timing. Percentages can range from 4 to 10%. When using this type of service, you will not have the opportunity to withdraw your money earlier than the specified period.
4. Amount on demand. A distinctive feature of such a service is that each client will independently decide when it is time to withdraw their money. As a rule, many banks allocate only 0.1-1% for such deposits. This type of deposit is not intended for earning interest. It can be used if you refuse to store large amounts of money in your home and this is really correct.

These are the most popular types of deposits that every client can use. However, you should remember that if you decide to put your funds in a certain organization, you must carefully select it.

Interest rates

Experts say that the interest rate today depends on the type of deposit that you decide to choose. Some organizations charge monthly, daily or yearly. Some banks have begun to actively use the capitalization system. It is more profitable.

Some organizations have begun to provide the opportunity to deposit a certain amount of funds and receive their interest tomorrow. This is convenient if you want to spend all the interest at once. This is quite convenient, but you will not be able to withdraw money until the end of the contract. As you can see, to increase your profitability you should use the right service.

Deposit insurance

Almost all deposits that exist must be insured. Insurance of your deposit is simply a necessary service that will help you avoid negative consequences in the future. The banking services market is not stable. Therefore, quite often you can encounter a situation where some banks simply fall apart. Accordingly, if the money is not insured, then after the collapse of the bank no one will return it. If your deposit was insured then you will be able to receive the full amount or part as a result of the bankruptcy of the institution. Therefore, do not hesitate and always insure your funds.

Deposit calculator

In order for the deposit to be truly profitable, you need to study the percentages. It is simply impossible to do this without experience, since their formation is influenced by a lot of different factors. Some banks also hide interest rates. To study interest thoroughly, you just need to use a deposit calculator. It is he who will help determine the amount that can be received in the future. You can find a special calculator after going online.

Selecting a bank for deposit

Now there are a lot of different institutions where you can leave your contribution. However, not all banks provide high-quality services and therefore it is impossible to be completely sure that over time the money will be withdrawn. To select a quality organization, many professionals recommend studying the bank rating. Remember that if an institution occupies a leading position, then you can really trust it with your funds. If you have already made a choice of a specific bank, then you can begin to draw up an agreement.

How to open a deposit?

Opening a deposit today is not difficult. Anyone can do this. First you need to decide on an institution that you trust. After this, you can begin to study its types of contribution. For example, if you like a foreign currency deposit because it has the greatest stability, then you can put your money at interest. To do this, contact the bank employees, draw up an agreement and transfer your money. At the same time, carefully study the agreement, as some banks deceive their clients with the interest rate. To avoid problems, review your contract only with lawyers.

ADDITIONAL INFORMATION

OJSC Technobank offers each client the opportunity to open profitable deposits in foreign currency for a convenient period and on attractive terms.

“Our Future” is a foreign currency deposit designed for parents who prefer to plan the future of their children for the long term. Its advantage is a consistently high rate, the possibility of additional replenishment, capitalization and interest payments for each month. A deposit in foreign currency for 5 years is a stable way to preserve and increase savings, which will serve as a reliable foundation for your child’s future.

Among the Bank's offers there are deposits in dollars for shorter periods. These include the “New” deposit, designed for 2 years, with a minimum contribution amount of 1000 US dollars. Currency deposit “Excellent” - for those who do not want to wait, but are ready to make a profit after the first year. The maximum available period is 365 days, the minimum contribution is from 100 US dollars.

The “New Top” deposit is an advantageous offer, available in dollars, euros and Belarusian rubles. An additional advantage of a revocable deposit is the ability to close it before the end of the established period if there is an urgent need to return funds.

The website has created a special deposit calculator, with which you can directly calculate the profitability of a deposit in foreign currency online. To do this, just indicate the amount of the down payment and the period for which you plan to make the investment. The calculator will allow you to compare the offered deposits and choose the most suitable one.

Over the past year, Russians have begun to actively open deposits in subsidiary branches of Russian banks in Belarus. The rates on foreign currency deposits there are twice as high as in Russia. Is it worth taking advantage of this opportunity?

In 2015, Belarusian subsidiaries of Russian banks faced an increase in the number of depositors from Russia. “The volume of deposits of Russians increased by 28% in dollar equivalent,” says Vitaly Zhagolkin, head of the press service of Alfa Bank (Belarus). “At the same time, the most noticeable growth was at the end of the year: from mid-November to January 1, 2016.”

In Gazprombank's subsidiary bank Belgazprombank, over the past three months the volume of funds deposited by Russian citizens has increased by 30%, adds Sergei Shaban, Deputy Chairman of the Board of Belgazprombank. BPS-Sberbank (the Belarusian subsidiary of Sberbank) has noted a moderate increase in non-resident deposits since April 2015, a representative of the bank’s press service said.

Increased interest in 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, rates currently reach 5% per annum when placed for 2 years,” says Zhagolkin.

According to infobank.by, the average return on 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 rates in Belarusian banks, citizens of European countries also place money. 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 10 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 the greater need of the Belarusian economy for foreign currency. “The economy of Belarus is more heavily dollarized compared to the Russian one, and the need for foreign currency among Belarusian companies is high,” explains Dmitry Kirilenko, head of the research and analytics department of the Belarusian investment company Uniter.

pros

In addition to the high return on deposits, the Belarusian financial system has several other advantages compared to the Russian one, says Vyacheslav Bykovsky, head of infobank.by. You can open deposits in 4 currencies - local and Russian rubles, dollars and euros. And all these deposits are protected by the deposit insurance system.

Since 2008, the country has had a law “On guaranteed compensation of bank deposits of individuals.” Unlike the Russian mechanism, which returns deposits worth up to 1.4 million rubles, there are no limits in Belarus. “The Agency for Guaranteed Reimbursement of Deposits of Individuals”, in the event of a bank’s license being revoked, will reimburse all funds from the deposit in the currency in which the deposit was opened,” explains Vitaly Runtso, a financial consultant at 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 10 years, only two banks have gone bankrupt in the country, says Kirilenko from Uniter. He says that last year Delta Bank, owned by Ukrainian businessman Nikolai Lagun, went bankrupt. “This was an unprecedented event for Belarus. There were concerns about how the deposit guarantee system would work. But it worked as expected - all the funds were paid to all individual depositors,” says Kirilenko.

How to open a deposit in a Belarusian bank

Russians can open deposits in Belarusian banks under the same conditions as citizens of Belarus itself. However, it will not be possible to do it directly from Russia. To open a deposit, you must personally visit any bank branch with your passport at least once and submit an application.

Some banks allow you to manage your deposit account (transfer money, including interest, after the deposit expires) through online banking. According to Infobank.by, only 10 banks have this opportunity.

“If you plan to solve everything in one visit, then you should take into account that urgent card issuance takes about 5 business hours with an additional fee for urgency of $10,” warns Runzo from Personal Capital.

The minimum deposit amount depends on the bank. For example, at Alfa Bank (Belarus) it is 100 dollars or euros, 7 thousand Russian rubles or 500 thousand Belarusian rubles. At VTB Belarus - the same 100 dollars or euros and 6 thousand rubles. At Belgazprombank you can open a deposit in foreign currency in amounts ranging from 50 dollars and euros, 5 thousand Russian rubles and 1 million Belarusian rubles.

Minuses

Until recently, income from deposits in Belarusian banks was not subject to taxes. 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 on interest income on deposits. As in Russia, it is 13% of income. The tax will be levied on both resident and non-resident depositors. The banks themselves will be tax agents, i.e. the investor will not have to report to the tax authorities.

“Income tax, of course, will reduce the real return on the deposit, but not critically,” reassures Zhagolkin from Alfa Bank (Belarus). “For example, if you place $10 thousand for a year, the income amount will be $500 dollars, and the tax amount will be $65.”

For Russians, the introduction of a tax is fraught with additional communication with Russian tax authorities. Belarus is a foreign country, therefore Russians are required to notify the Federal Tax Service about opening accounts on its territory. Starting from the new year, Russians are required to pay personal income tax on income from deposits in foreign banks, recalls Paragon Advice Group partner Alexander Zakharov. However, there is an agreement on the avoidance of double taxation between Russia and Belarus. And in order not to pay taxes in their homeland, the Russian taxpayer will have to document the collection of tax in Belarus and issue a deduction, warns Zakharov.

One more nuance: according to this double taxation agreement, the Belarusian tax rate that Russia will offset is a maximum of 10%. Thus, the remaining 3% will still have to be paid to the Russian treasury, says Donat Podniek, director of the group for the provision of services in the field of personnel management and taxation of individuals at KPMG in Russia and the CIS.

Tax in Belarus will be levied only on deposits for a period of less than 2 years, if we are talking about foreign 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 the expiration of the placement period stipulated by the agreement). Rates on irrevocable deposits will be significantly lower. For example, in Alfa Bank (Belarus) the rate on non-repayable deposits in foreign currency reaches 5%, on revocable deposits - 3.75% per annum. The table shows rates on irrevocable deposits.

Another problem for Russian depositors in Belarus is restrictions on deposit management. Full remote management of a deposit (opening, replenishing, closing and withdrawing to a card) is possible only for online deposits, and the rates for them may also be slightly lower. For example, for BelGazprombank's ON-Deposit the rate is 3.5% in foreign currency and 7.5% in rubles. The rate on the “Vyshe.NET” deposit of Priorbank is 3.75% in dollars and euros,” says Runzo from “Personal Capital”.

You can top up your deposit without commission only from a bank card or from an account opened with the same bank. In turn, to transfer funds from a Russian bank to your account in a Belarusian bank, you must pay a commission to the Russian bank for the transfer and to the Belarusian bank for crediting.

Is it worth using

Dmitry Kirilenko from Uniter believes that Russians can choose any of the Belarusian banks, including small ones. “Thanks to the guarantee system, you don’t have to worry about the safety of your funds and choose a bank with more attractive conditions. However, Russian experts advise weighing all the risks before opening a deposit in a neighboring country.

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 serious crisis, they can again use these methods to protect the banking system. In this case, physical distance will play against the Russians, agrees Runzo: “The issuance of foreign currency deposits in difficult times took place according to a preliminary application submitted to the bank in person several days in advance.”

Another risk is changes in legislation. “The political system of Belarus is close to authoritarianism. In the event of an economic crisis, measures can be quickly taken to limit the rights of investors. For example, limiting the circulation of currency or introducing a fixed exchange rate,” warns UFG Wealth Management partner Dmitry Klenov.

“In absolute figures, the difference of 2.5% on a deposit for a period of 1 year in the amount of 10,000 USD will be 250 USD, which will barely cover the cost of travel to Belarus and back, taking into account the time spent,” concludes Runzo.

Alexandra KRASNOVA

You can see the table for the article.