Workforce Payments Guide Belarus
Last updated: Oct 27, 2025
Papaya offers Virtual IBAN accounts (or “wallets”) to hold your funds segregated and safeguarded until payments are ready to be processed. Opening and managing corporate bank accounts can often be complex and time-consuming, requiring extensive checks and due diligence.
Papaya’s Virtual IBAN solution, built on the trusted infrastructure of JPMorgan, streamlines this process-making it faster, easier, and more cost-effective while ensuring your funds are secured.
Supported Payment Types
Papaya does not support Payments in this location.
Banking Requirements
Belarus uses IBAN for all non-cash settlements.
Format: BY + 26 characters (28 total).
SWIFT/BIC codes required for international transfers.
Proof of identity and address mandatory for account opening.
Check an IBAN
Type it in here and we will tell you if it is the right format.
Calculate an IBAN
Fill in the account details, and we will calculate the IBAN for you.
Payroll payment Frequency
Payroll is generally monthly.
KYC
Individuals: passport or national ID; proof of address.
Companies: incorporation documents; list of directors; beneficial ownership details.
Enhanced due diligence for foreign or high-risk clients.
Banking Regulation
Banks licensed and supervised by the National Bank of the Republic of Belarus (NBRB).
Must comply with the Banking Code, AML/CTF laws, and prudential norms.
Deposit insurance provided for individual clients.
Payments processed via Unified Settlement Information Space (SSIS / ARIP) system.
International Banks
| Bank Name | Notes |
| VTB Bank (Belarus) | Subsidiary of VTB Group (Russia) |
| Alfa-Bank Belarus | Subsidiary of Alfa Group (Russia) |
| Foreign Representative Offices | Operate under NBRB authorization. |
| Non-resident Accounts | Allowed under full KYC and compliance checks. |
Major Local Banks
| Bank Name | SWIFT Code | Notes |
| Belarusbank | AKBBBY2X | Largest state-owned commercial bank. |
| Belinvestbank | BLBBBY2X | Major retail and corporate bank. |
| Priorbank | PJCBBY2X | Private universal bank. |
| Belagroprombank | BAPBBY2X | Focused on agriculture and SMEs. |
| Bank Dabrabyt | UNBSBY2X | Serves individuals and businesses. |
Payment Methods
- Cash still widely used.
- Domestic BELKART cards common; Visa and Mastercard accepted.
- IBAN bank transfers standard for domestic and cross-border payments.
- Mobile and online payments available but less prevalent.
Cryptocurrency
- Crypto is legal under Decree No. 8 “On the Development of the Digital Economy.”
- Mining, ICOs, and crypto exchanges permitted for High-Tech Park (HTP) residents.
- HTP entities enjoy tax exemptions on crypto operations until 2049.
- Crypto is not legal tender but can be used via licensed platforms.
- Non-HTP entities face stricter regulation and taxation.
Questions & Answers