Companies opt for having multiple financial institutions as their service providers, selecting the most advantageous terms offered by RKO.
Belarusian businesses now work with multiple banks, managing deposits, wages, and settlements in different institutions. This trend is driven by the wide range of Resettlement and Cash Operations (RCO) services offered by Belarusian banks, which cater to various business needs.
With nearly two hundred RCO options, selecting the best bank package can be challenging as companies prioritize different services. Some focus on cross-border transactions, while others prioritize domestic market payments, low wage project tariffs, or the ability to serve individuals without commissions. Some businesses prioritize higher deposit interest rates or competitive exchange rates, while others require free terminals and overdrafts.
What is RCO?
RCO is an essential service for businesses of all forms, including individual entrepreneurs (IE). RCO services, which offer efficient solutions for businesses, include internet banking, 24/7 operation, or mobile banking and remote services. These services have become commonplace in the general list of offered services.
Not always free, not always 24/7
Comparing RCO service packages for legal entities, our evaluation focuses on free and unlimited options for payments in Belarusian rubles, low wage project tariffs, and reasonable commission fees for reciprocal payments.
The "Welcome" tariff of BSB Bank stands out for its numerous "free" entries, including connection and account opening without charges, no subscription fee, and the inclusion of deposit acceptance and recalculation in the package. However, the package has a catch: despite being unlimited in terms of usage, it offers a dedicated business phone line, which requires the client to remain within certain contact hours.
Bank Decision's "Nothing Extra" package offers no fees (for legal entities and IP with an account in the bank) for connection, maintenance, and deposit of salaries and similar payments. While it's pleasingly free, the commission for depositing other funds is quite high at 1%. There are also time restrictions on payments made after 15:45.
StatusBank's "Your Status" package is another attractive option, with unlimited payments, free salary project cards, and a commission ranging from 0-0.8%. Bank RRB's "Unlimited BYN" package also offers several advantages, including a minimal salary project commission of 0.01%, virtually zero deposit commission charges, and connection to the Internet-Bank electronic payment system.
What's important for business when choosing RCO
Due to the diverse needs of businesses and individual entrepreneurs, it is now essential to diversify their work with banks. A bookkeeper from a large medical materials importer noted that the decision to diversify their banking services was made due to sanctions against their former bank in 2022.
The bookkeeper explained that Bank RRB was chosen for several reasons. Apart from making payments to all countries, Bank RRB had small commissions and good exchange rates, factors that enhance business efficiency. Additionally, the staff was young and eager to provide attention, ensuring smooth operations without unnecessary delays.
While Bank RRB lost the ability to handle the importer's foreign transactions outside Russia and China, the company still maintains a significant portion of its current accounts with the bank due to the convenience of currency deposits and payments from the deposit account.
A representative from "High-Quality Polymers" company shared that the company has been operating for over 10 years and engages in production activities. They explained that, when choosing a bank for current accounts, they relied on factors like quick response and excellent service. High-Quality Polymers chose Bank RRB as it met their criteria for cooperation, offering a wide range of services and having a highly qualified personal manager capable of addressing all their needs.
Partner material of ZAO "Bank RRB", UNP 100361187
Current Accounts: Anton Zadurdzinsky
- In light of the numerous RCO options available now, companies face a challenge when selecting the best bank package, as they prioritize different services such as cross-border transactions, domestic market payments, lower wage project tariffs, and free terminals and overdrafts, among others.
- When choosing RCO services, businesses value factors such as efficient solutions for various business needs, like internet banking, mobile banking, and remote services, while also considering aspects such as competitive deposit interest rates, exchange rates, or low commission fees for reciprocal payments.
