Transactions with Foreign Currency

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Transactions with Foreign Currency

Today, when carrying out a foreign currency transaction, you can choose between the Belarusian Foreign and Stock Exchange or the kerb market, i.e. the Bank (except compulsory sale of foreign currency). What is better?

The major differences:

Foreign and Stock Exchange	The Bank
Exchange rate is unknown in advance and results from bidding	Exchange rate is known in advance and equals the NBB exchange rate for the day of purchase
Transfer is made 2 days after the bidding. Advance transfer is possible for an extra charge .	Transfer is made on the day of transaction (within 30 minutes after the transaction)
Commission fee ranges from 0,3% to 1% depending on the term of money transfer	Commission fee is agreed with the manager and ranges from 0 to 1%
You prepare the bid documents yourself and submit it to your personal manager 24 hours prior to the bidding (not later than at 13:00)	Your Personal Manager prepares the bid documents

Each variant can be more profitable depending on specific conditions: situation on the market (the Bank’s exchange rate), amount of the transaction (the bigger the amount, the more profitable the Bank’s exchange rate), urgency of the transaction for the customer.

We, therefore, advise you to consult Your Personal Manager.

Foreign Currency Transaction Procedure – with BelSwissBank

1. Inform Your Personal Manager that you are inten t intend to purchase/sell/convert foreign currency;

2. Submit the documents substantiating the transaction;

3. Sign the bid prepared by Your Personal Manager;

4. Foreign currency purchased (or equivalent of foreign currency sold) will be transferred to your account on the agreed day.

Purchase / Foreign Currency Transaction Procedure – on Foreign and Stock Exchange

1. Hand in two copies of the bid to Your Personal Manager 24 hours prior the bidding (not later than at 13:00);

2. Submit the documents substantiating the transaction;

3. Your bid will be launched on the Foreign and Stock Exchange the next workday at 11:00 a.m.;

4. Foreign currency purchased (or equivalent of foreign currency sold) will be transferred to your account on the specified day depending on the tariff plan (either on the day of bidding or 2 days later).

NB: If your Settlement Account in BYR is opened at another bank and you want to purchase currency, you will have to provide payment orders to transfer the BYR-equivalent of foreign currency to be purchased to BelSwissBank together with the amount of the Bank charge. If your Foreign Currency Account is opened at another bank and you want to sell currency you will have to provide payment orders to transfer the foreign currency to be sold to BelSwissBank together with the amount of the Bank charge .

Contact Your Personal Manager on Any Issue Your Personal Manager:

carries out transactions to purchase/sell/convert foreign currencies;
agrees exchange rates with you;
checks the banking transactions against the Belarusian laws;
provides up-to-the-minute information about foreign currency laws, gives advice on currency control;
eliminates the possibility of miscalculations, which can incur financial losses.

Documents substantiating foreign currency transactions:
You should submit the original and a notarized copy of the contract that requires paymen s in foreign currency. One notarized copy of the contract is enough for every subsequent transaction under the same contract.

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