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On Implementation of the U.S. Foreign Account Tax Compliance Act (FATCA)

       As part of the implementation of the requirements of the Agreement between the Government of the Republic of Belarus and the Government of the United States of America on Improving Compliance with International Tax Regulations and the Implementation of the U.S. Foreign Account Tax Compliance Act (FATCA) Belarusbank:

identifies American taxpayers among its customers;

annually informs the U.S. Internal Revenue Service (IRS) via Ministry of Taxation about the accounts owned by U.S. taxpayers.

        Disclosure by the Bank of information about accounts (agreements) to U.S. taxation authority via Ministry of Taxation, as well as any other actions in accordance with the Agreement is not a violation of the banking and (or) other legislatively protected secrecy.

U.S. individual taxpayer attributes:

  1. S. citizenship (regardless of any other citizenship of such person);
  2. S. permanent residence permit (e.g. Green Card);
  3. Long-term residency in the U.S.: for at least 31 days within the current calendar year and not less than 183 days within 3 years including the current year and the two immediately preceding years. The number of days during which the individual stayed in the S. in the current year, as well as the two preceding years, shall be multiplied by the corresponding index (for the current year – 1; for the last year – 1/3; for the year before last – 1/6).

        This attribute does not apply to the persons who resided in the U.S. on the basis of А and G visas; teachers and trainers on the basis of J and Q visas; students on the basis of F, J, М and Q visas; athletes who reside in the U.S. for the purpose of participation in charity sports competitions;

  1. S. place of birth;
  2. S. postal address or residence address;
  3. S. phone number;
  4. Power of attorney to operate an account issued to a person with an American address;
  5. Regular payment instructions for money transfers to S. account.

      According to procedures established in Belarusbank aimed at compliance with FATCA requirements, if a customer has one of the attributes of a U.S. person the customer is offered to complete:

Special Internal Revenue Service forms:

  • for U.S. residents – Form W-9:
pdf Form W-9
  • for U.S. nonresidents – Form W-8BEN:
pdf Form W-8BEN

Upon completion of Forms W-9, W-8BEN, the consent to submission of data to the Internal Revenue Service (IRS) must be completed:

doc

consent of an individual customer to submission of data to the Internal Revenue Service (IRS)

U.S. entity taxpayer attributes:

  1. S. is the country of the entity’s registration/establishment;
  2. U.S. registered address;
  3. S. tax residency information (taxpayer’s number (EIN));
  4. S. is not the country of the entity’s registration/establishment although among the beneficial owners (controlling persons) of the entity there are individuals who are U.S. tax residents.

U.S. sole proprietor taxpayer attributes:

  1. S. citizenship (regardless of any other citizenship of such person);
  2. S. permanent residence permit (e.g. Green Card);
  3. Long-term residency in the U.S.: for at least 31 days within the current calendar year and not less than 183 days within 3 years including the current year and the two immediately preceding years. The number of days during which the individual stayed in the S. in the current year, as well as the two preceding years, shall be multiplied by the corresponding index (for the current year – 1; for the last year – 1/3; for the year before last – 1/6).

        This attribute does not apply to the persons who resided in the U.S. on the basis of А and G visas; teachers and trainers on the basis of J and Q visas; students on the basis of F, J, М and Q visas; athletes who reside in the U.S. for the purpose of participation in charity sports competitions;

  1. S. place of birth;
  2. S. postal address or residence address;
  3. S. phone number;
  4. Power of attorney to operate an account issued to a person with an American address;
  5. Regular payment instructions for money transfers to S. account.

      According to procedures established in Belarusbank aimed at compliance with FATCA requirements, if a customer has one of the attributes of a U.S. person the customer is offered to complete:

Special Internal Revenue Service forms:

  • for U.S. residents – Form W-9:
pdf Form W-9
  • for U.S. nonresidents – Form W-8BEN-E:
pdf Form W-8BEN-E

Upon completion of Forms W-9, W-8BEN-E, the consent to submission of data to the Internal Revenue Service (IRS) must be completed:

doc

consent of a sole proprietor customer to submission of data to the Internal Revenue Service (IRS)

doc

consent of an entity customer, beneficial owner, to submission of data to the Internal Revenue Service (IRS)

 

     According to subparagraph 1.4 of Belarus Presidential Decree dated October 15, 2015. No.422 “On provision of information to tax authorities of foreign states” the Bank has the right to:

  • reject opening of an account (conclusion of a contract) to an organization or an individual in relation to which the Bank has documented grounds to believe that it is a foreign organization or a foreign individual, if such organization or individual refuses to (does not) complete the established forms within 60 working days following the day of the request;
  • unilaterally refuse to perform the concluded agreement if the customer, in relation to which the Bank has documented grounds to believe that it is a foreign organization or a foreign individual, refuses to (does not) provide documents and information necessary for the fulfillment of obligations under the agreement, and (or) complete the established forms within 60 working days following the day of the request, if continued performance of the agreement will result in impossibility to perform obligations under the agreement;
  • unilaterally refuse to perform the concluded agreement if the account holder (customer under the contract) refuses to consent to the provision of information (does not provide such consent within 60 working days following the day of the request).
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/ On Implementation of the U.S. Foreign Account Tax Compliance Act (FATCA)