For a country, having easy and reliable methods for remittances is very important. There are several methods to transfer money to Belarus. One can use cash, credit or debit card or bank transfers to send funds to Belarus.
The easiest way is through money transfer operator (MTO) in which the recipient receives money immediately. In this method, one can either visit the local branch of MTO or can transfer funds through credit card to MTO which sends money to Belarus. This amount can be collected at various banks in Belarus. By using this method, sender needs to have a verified identity of himself and full name as per any official document of the recipient.
Restrictions and Issues in Bringing Money Into The Country
While bringing money to Belarus, one can bring any amount of foreign currency. However, if the amount exceeds over 10,000 USD it must be declared at the customs while entering the country. When money is sent online to the country, one can get current conversion rate on internet which shows the value in Belarus currency which is Belarusian Rubel. Online exchanges have money converter which only requires amount in senders currency as input.
Belarusian Rubel is not fully convertible currency and so it cannot be obtained before arriving in the country. Generally money transfer platforms have a substitute currency in case the countrys currency is not available for exchange.
Brief economic trend
Being a part of Soviet Union, the country had better economy. However, after the fall of Soviet Union, economy in Belarus has suffered a setback thus affecting its currency value at the same time. Nonetheless, with passage of time Belarus has recovered from this loss but still it has a narrower impact as compared to Euro in majority of the Europe.
What Are The Main Banks?
Different banks offer different exchange rates and transfer fee when money is sent. There are total 28 banks in Belarus with National Bank of Belarus as the major bank in the country.
Quick and easy methods to send money to Belarus. The easiest way to transfer money to Belarus is to use a Money Transfer Operator. Using an MTO is easy and it makes the money available to the recipient immediately. A well known international MTO will definitely have a branch in Belarus. If getting to a MTO is too much trouble you can also use your credit card and transfer funds over the internet. The funds can be picked up at various banks in Belarus.
The more complex way of doing a money transfer to Belarus
If you are looking for a cheaper way to do a money transfer to Belarus, you can consider sending the recipient a check or even an international money order. This process however can take a very long time. International checks do not clear as fast as local or national checks. They also attract a fee. While it might be cheaper for you to send the money by this method, the person that you are sending it to might have to pay a fee for processing it.
The money is not tax free to Belarus
Any kind of currency transfer to Belarus from abroad is considered income. Therefore it is 100% taxable. No matter what the purpose of the transfer might be or to whom you might be sending it, if the money enters the country, the recipient is required to declare it as income and pay the appropriate tax on it. This is a very important aspect that you should keep in mind when you are sending money to Belarus.