Banks Introduce New Currency Innovations

What has changed in the banking sector of Belarus?

Banks introduce regular changes that relate to the currency. For example, Technobank today announced that it has increased the limits for withdrawing cash dollars and euros from cards. Belagroprombank introduced a ban on money transfers from abroad to its rouble Visa and Mastercard cards, and MTBank raised the limit on rouble cards for buying foreign currency. Some financial institutions meanwhile reduce interest rates on deposits in dollars and euros. The journalists of zerkalo.io have collected a selection of currency changes from Belarusian banks.

Banks innovate in card transactions

On May 10, Technobank announced that it was increasing the limits on the issuance of currency on cards. Now customers can withdraw up to 1,500 dollars and 500 euros per day. Previously, the daily limits for such transactions were 500 dollars and 100 euros, respectively.

Technobank continues full-fledged servicing of bank payment cards throughout the country. Clients, cardholders of the bank, have access to all financial transactions — replenishment of cards in any account currency, cash withdrawals from ATMs and cash desks of the bank, non-cash debit transactions, transfers between bank cards.

Also, Technobank until September 1 will not charge a commission for the monthly maintenance of payment cards. "These conditions apply to both existing and new Visa and Mastercard cards," the financial institution reports.

From May 6, Belagroprombank introduced a temporary restriction on replenishment from abroad of its rouble Visa and Mastercard cards. The contact center of the bank explained that this refers to transfers from abroad of ruble cards.

On May 6, BNB-Bank resumed the ability to withdraw cash from ATMs, terminals, cash desks, and currency exchange points from cards of foreign banks. However, the bank warns that for the withdrawal of cash Belarusian rubles or foreign currency at the cash desks and currency exchange offices of BNB-Bank from cards of foreign banks or other banks in Belarus, a commission of 5% of the transaction amount is charged.

Since May 4, MTBank has increased the limit on ruble cards for the purchase of foreign currency to 10 thousand rubles per day. Previously, it was 3 thousand rubles. Up to 10 thousand rubles a day, they also raised the "ceiling" for replenishing foreign currency cards with rubles (with the exception of foreign currency cards under the Visa Gold tariff plan).

"At the present turbulent time, we understand that the issues of the availability of operations, funds, and international payments remain the most relevant. MTBank expands the opportunities for its customers in terms of making payments and performing currency exchange transactions," the bank said.

The bank clarifies that these restrictions do not apply to card transactions abroad.

How banks revise deposit rates

Rates on many deposits have been reduced by VTB Bank (Belarus). The financial institution explains this decision by "the dynamics of market interest rates on deposits of individuals." So, from April 29, VTB Bank (Belarus) has reduced interest rates on irrevocable deposits "Window of Opportunity" and "VTB-Enter" (in Belarusian rubles and foreign currency), "Duet" and "Airbag" (in dollars), "Hospitable" (in Belarusian rubles).

"The decrease in interest rates on irrevocable deposits, depending on the term of placement and the deposit product, ranges from 0.8 to 2.9 percentage points," the bank says.

On May 6, VTB Bank (Belarus) revised the interest rate on time irrevocable deposits of individuals VTB-Enter in dollars and euros for a period of 275 days, now it is 7% per annum. Deposits in Russian rubles for periods of 190 days, 275 days and 3 years from this date are kept at the level of 20.9%, 21.2%, 15.1% per annum, respectively.

Technobank has reduced interest rates on deposits of individuals in dollars and euros since April 22. For example, on dollar deposits "Solo" for 35 days, the rate became 5% per annum, "Excellent" for 367 days — 6.8%, "TRIUMPH" for 95 days — 6.2%. Interest rates on euro deposits with the same names became 4.8%, 6.5% and 6.2% per annum, respectively.

What other innovations have banks introduced on deposits?

"Bank Decision" from April 23 suspended additional contributions on irrevocable deposits in foreign currency for a period of 7 months.

From May 19, Bank BelVEB will change the conditions for fixed deposits for individuals, and automatic extension of the terms of contracts will begin to operate on them. Of course, it happens when the client does not receive an application for a refund at the end of the contract. In this case, the bank will automatically renew the deposit, while the interest rate will remain at the same level.

"The depositor has the right to an early return of the deposit within ten working days from the date of its extension," Bank BelVEB clarifies.

Technobank expanded the list of installment partners, the BUTMABEL furniture store and the GOLDFOXTRAVEL travel agency joined the program.