Belarusian Banks Introduce Changes In Money Transfers

Customers will have new opportunities.

A number of banks are introducing innovations in money transfers - they are connected to the system of instant payments. It allows you to send funds 24 hours a day, 7 days a week, in real time, writes "Zerkala".

We remind you that since April 2023, Belarusian banks have been connected to the IPS, which, among other things, allows to transfer money from the payer to the recipient around the clock without weekends at a speed as close to real time as possible. Payments are supposed to be made in a matter of minutes, which is why the service is called an Instant Payment System. Other pluses include the acceleration of cash turnover in the economy, as well as lower transaction costs compared to other payment systems, the National Bank explained earlier.

It was planned that the service would be available for individuals from April 1 this year. However, the National Bank decided to postpone the launch to early 2024. Meanwhile, individual banks can connect to this system, which is what some financial institutions have taken advantage of.

Some banks managed to connect to the IPS in 2023, while others will do it in January 2024.

Belinvestbank and Belahraprombank, among others, announced about the connection to the IPS in January. Earlier, the opportunity to transfer Belarusian rubles through the system of instant payments appeared, among others, at BNB-Bank (January 3 this year), Sberbank (from January 3), MTBank (from December 29, 2023), Paritetbank (from December 15).

Belhazprombank and Belarusbank also joined the IPS in 2023.