Currency account: concept, mode

Currency funds of enterprises and entrepreneurs are stored in a foreign exchange account with authorized banks of the Republic of Belarus. At the same time, enterprises, entrepreneurs, as well as individuals independently choose a bank for currency settlement and cash services.

A foreign exchange account is a bank account in foreign currency, opened in accordance with the norms of national legislation to legal entities and individuals for settlements related to foreign economic operations.

Currency regulatory entities are entitled to open in one of the banks of the Republic Belarus is one current account in foreign currencies. When opening a current account in foreign currencies, a separate personal account is opened for each type of foreign currency. The opening (retaining) of several current accounts in foreign currencies at various bank institutions is allowed with the permission of the National Bank of the Republic of Belarus. At the same time, along with the client’s request, which sets out the rationale for the need to open (maintain) several current accounts in foreign currencies, the opinion of banks (service and bank is submitted to the National Bank of the Republic of Belarus, to which the client contacted regarding the opening of the account) about the advisability of opening (maintaining) several accounts to this client.

The bank is obliged to send a message to the inspection of the Ministry of Taxes and Duties of the Republic of Belarus within one banking day, which issued a duplicate of the notice of assignment of UNN.

To open a currency account, the following documents are provided to the authorized bank:

application for opening an account in form; a notarized copy of the document on state registration (re-registration) of the enterprise; a copy of the constituent document established by the legislation of the Republic of Belarus for the account holder, certified notarized or registering authority. When opening a currency account, two copies of copies of constituent documents established by law for the account holder are presented. At the same time, one of them must bear the stamp of the registration authority, and the other is certified notarized or by the registration authority. An authorized employee of the bank makes a note on the opening of the currency account indicating its number, opening date and operating procedure (name of account) on both copies, after which one copy, on which the stamp of the registration authority is stamped, returned to the account holder, and the second – remains in the bank in the case of registration of the account; duplicate of notification from tax authorities about the assignment of UNN. No changes to the duplicate of the notice of assignment of UNN at the opening of the account are not allowed; certificate of the bodies of the Fund for Social Protection of the Population of the Ministry of Labor and Social Protection of the Republic of Belarus on registration as a payer of mandatory insurance premiums and other payments in the bodies of the Fund; a card with samples of signatures and seal of the entrepreneur, officials of the enterprise entitled to manage the account, the authenticity of which is notarized notarized or by a higher authority and the seal of its seal.

Documents for opening an account are wounded in the case of issuing an account, except for a card with samples of signatures and a seal of the seal, which is located with an authorized bank employee. The case also stores an agreement defining the relationship between the bank and the client in this account.

If information is entered in the State Register of Taxpayers of the Republic of Belarus on the replacement of the head and (or) accountant (main accountant) of the enterprise, these enterprises are required to submit to the bank relevant documents issued by tax authorities.

Settlements in foreign currency are carried out within the limits of available foreign exchange funds, which must be of legal origin.

Sources of a currency account may be:

1. foreign exchange earnings from permitted foreign economic activity in accordance with established standards;

2. contributions to the authorized fund;

3. loans of authorized, foreign banks, other financial and credit institutions;

4. currency acquired in the domestic foreign exchange market;

5. charitable contributions, etc.

Currency account holders can dispose of foreign currency funds in various legislatively permitted areas, including:

1. transfer abroad on export-import operations;

2. transfers to the accounts of foreign trade and other foreign economic organizations for subsequent transfer abroad to pay for imported goods (works, services);

3. transfers to foreign currency accounts of Belarusian enterprises in payment of goods (works, services);

4. payment of debt on loans in foreign currency, etc.

The Bank charges and pays interest on foreign currency accounts in those currencies in which it receives income from their placement in the international foreign exchange market. Interest is accrued 1 once a quarter.

For current foreign exchange accounts, the interest rate is determined on the basis of short-term deposit rates in the international foreign exchange market. Then, the average rate for individual currencies is calculated based on data published by Reuters. At the same time, the rate decreases by 1.5%. According to international practice, interest is either not paid at all, or is made at rates significantly lower than international market rates, i.e. if the interest rate on currencies on the international market is less than or equal to 1.5%, then interest on them is not accrued.

On behalf of the client, the bank may accept funds from the currency account in deposits for various periods. These funds are stored on deposit accounts, i.e. an account that reflects the movement of deposits. For deposits to deposit accounts, the bank may also charge interest income. In modern banking practice, two options for calculating interest are used:

1. on a contractual basis between the depositor and the bank, i.e. the depositor submits an application requesting the acceptance of foreign currency funds for storage for a period of time;

2. as well as current accounts, i.e. the rate is calculated based on the rates established in the corresponding period in the international foreign exchange market.

All payments from current currency accounts are made by the bank within the balance of funds in the account. By decision of the Bank’s Management Board, the most reliable customers are given the right to make overdraft payments – this is the amount within which the bank lends to the owner of the current currency account. The size of such a loan, the form of its collateral, repayment periods, etc. are established by agreement between the bank and such owners of current currency accounts.

As operations are completed, the bank informs the client by providing a statement from the currency account.