Belarus Currency Exchange To Naira: How Much?

The Belarusian Ruble is the official currency of Belarus, and it trades against all other official currencies of countries around the world, including the Nigerian Naira. The forex code for the Belarusian Ruble is ALL, and it is divided into 100 Kapyeykas or Kopeks. On the other hand, the Nigerian Naira is the currency used in Nigeria, and it is divided into 100 Kobo. As of November 12, 2024, 1 Belarusian Ruble is equal to 513.00475 Nigerian Naira.

Current Belarusian ruble to Nigerian naira conversion rate

The Belarusian ruble (BYN) is the currency used in Belarus, while the Nigerian naira (NGN) is the currency used in Nigeria. As of November 12, 2024, 1.00 Belarusian ruble is equal to 513.00475 Nigerian nairas, and 1 Nigerian naira is equal to 0.00194930 Belarusian rubles.

Currency exchange rates can fluctuate due to various political, economic, and market factors. Exchange rates are critical when travelling between countries, buying goods and services from another country, or sending money internationally.

There are several ways to exchange currency, including through banks, bureaux de change, and travel money cards. When choosing a method, it's important to compare fees, exchange rates, transfer speeds, security, and other factors to ensure you get the best value and a smooth transaction process.

Historical rates for the currency pair

The Belarusian ruble (BYN) is the currency used in Belarus, while the Nigerian naira (NGN) is the currency used in Nigeria. The BYN was introduced on July 1, 2016, replacing the old Belarusian ruble (BYR) at an exchange rate of 1000 BYR to 1 BYN.

On June 5, 2023, the exchange rate for the Nigerian naira was last updated, and 1 Belarusian ruble was equivalent to 540,784.59 Nigerian nairas. This rate may be used as a historical reference.

As of November 12, 2024, 1.00 Belarusian ruble is equal to 513.00475 Nigerian nairas. This is the most recent update to the exchange rate between the two currencies.

It is important to note that the mid-market rate is used by the currency converter for informational purposes only. The actual rate received when sending money may differ.

Currency exchange rates are influenced by a variety of political, economic, and market factors, and they can fluctuate over time. When travelling between countries or conducting international transactions, it is crucial to stay informed about the most recent exchange rates.

Using a Belarusian credit or debit card in Nigeria

If you're travelling from Belarus to Nigeria, it's important to understand the local currency and payment methods. The official currency in Nigeria is the naira (NGN), which is divided into 100 kobo.

When it comes to using your Belarusian credit or debit card in Nigeria, there are a few things to keep in mind.

Currency Conversion

First, you'll need to understand the exchange rate between the Belarusian ruble (BYN) and the Nigerian naira. You can use online currency converters or mobile apps to get an idea of the current rate. As of June 5, 2023, 1 Belarusian ruble was equal to 540.7846 Nigerian nairas.

Card Acceptance

Credit and debit cards are generally accepted in larger Nigerian towns and cities, especially in tourist areas. Major providers such as Visa, Mastercard/Maestro/Cirrus, and Amex are typically accepted in ATMs, shops, and restaurants. However, it's always a good idea to carry some local cash for smaller purchases, tipping, and in case you find yourself somewhere that doesn't accept card payments.

Inform Your Bank

Before using your Belarusian card in Nigeria, be sure to notify your bank in advance. This is important, especially when travelling to Nigeria, as there have been high levels of fraud, and your bank's anti-fraud system may flag sudden transactions from this region. Informing your bank ahead of time will help prevent any blocks or limitations on your card.

Card Security

Nigeria has experienced frequent issues with credit and debit card cloning and fraud. To protect yourself, consider using a prepaid card with a limited amount of funds loaded onto it. That way, if your card is compromised, the thief will only have access to the funds on that card and not your primary bank account.

Currency Choice

When using your card, always choose to be charged in the local currency, which is Nigerian naira (NGN). If you're given the option to be charged in your home currency (Dynamic Currency Conversion), it's best to avoid this, as it often comes with hidden fees and unfavourable exchange rates.

ATM Usage

You can find ATMs in Nigerian towns and cities, especially in banks, hotels, stations, and shopping malls. Using your Belarusian card to withdraw cash from these ATMs should be straightforward, but be aware of any international ATM withdrawal fees that your bank may charge.

Mobile Payments

Mobile payment services like Apple Pay, Google Pay, or Alipay are becoming increasingly popular in Nigeria. However, before relying solely on these methods, check with your service provider to ensure their availability in the country.

Traveller's Cheques

Traveller's cheques are not widely used in Nigeria, and it may be difficult to find a service willing to accept them. They also typically come with high rates and fees, making them an unfavourable option.

Money Exchange

If you need to exchange cash, look for banks, bureaux de change, airports, railway stations, or large hotels. These locations usually offer currency exchange services, but be aware of the exchange rates and only use official money-changing offices.

By following these guidelines, you can effectively use your Belarusian credit or debit card in Nigeria, ensuring a smooth and secure financial experience during your travels.

Using a Nigerian credit or debit card in Belarus

If you're travelling from Nigeria to Belarus, you may be concerned about how you'll pay for things during your trip. Belarus has a different banking system, money customs, and currency from Nigeria, so it's understandable to want to do your research beforehand. Here's a guide to help you navigate using your Nigerian credit or debit card in Belarus:

Credit Cards:

MasterCard and VISA credit cards are generally accepted in Belarus, especially in hotels and high-end restaurants. However, it's always a good idea to carry some local currency (Belarusian Ruble) for small purchases, tipping, and emergencies.

Debit Cards:

Your debit card linked to your Nigerian bank account should allow you to make purchases at point-of-sale terminals and withdraw cash from ATMs in Belarus. Just make sure to notify your bank about your travel plans to avoid any unexpected blocks on your card due to security concerns.

Mobile Payments:

Mobile payment services like Apple Pay, Google Pay, or Alipay are becoming increasingly popular worldwide, but their availability in Belarus may be limited. It's best to check with your mobile payment service provider to understand their compatibility with merchants in Belarus.

Prepaid Travel Cards:

A prepaid travel money card can be a secure, cost-effective, and convenient option for managing your finances while travelling in Belarus. These cards are typically offered by banks, financial institutions, or authorised forex dealers, and allow you to load them with foreign currencies, including the Belarusian Ruble. This way, you can make purchases, withdraw local currency from ATMs, and even make online transactions during your trip.

Applying for a Prepaid Travel Money Card:

• Research and Compare: Start by researching different card providers and compare their fees, exchange rates, and features to find the one that best suits your travel needs and budget.
• Submit an Application: You can usually submit your application online or in person at a bank or forex dealer. You'll need to provide identification, such as a passport, proof of address, and possibly travel documents.
• Load the Card: Once your application is approved, load your card with the desired currencies, including the Belarusian Ruble.
• Activate the Card: After loading the card, you'll need to activate it before use, typically through an online portal or mobile app.
• Start Using the Card: Your card is now ready for use during your trip to Belarus! You can use it for purchases, ATM withdrawals, and online transactions.

Tips for Using Your Prepaid Travel Money Card in Belarus:

• Check Acceptance: While most prepaid cards are widely accepted, ensure that your card is compatible with ATMs and point-of-sale terminals in Belarus. Visa and MasterCard are generally accepted, but it's always good to double-check.
• Carry Some Cash: Withdraw some local currency from your card upon arrival in Belarus to cover small purchases, transportation, and emergencies.
• Monitor Your Balance: Regularly check your card balance and reload funds as needed through a mobile app or online portal. This helps you stay within your budget and avoid declined transactions.
• Beware of Cross-Currency Fees: If your card is loaded with Belarusian Ruble, try to avoid using it in other currencies to prevent cross-currency fees. If you plan to visit multiple countries, consider a multi-currency card.
• Know Your Limits: Be aware of any withdrawal or spending limits on your card to avoid additional fees or declined transactions.
• Keep Customer Support Contacts Handy: In case of any issues, such as a lost card or unauthorised transactions, have the contact details for your card's customer support readily available.

Sending money from Nigeria to Belarus

The Belarusian Ruble (BYN) is the official currency of Belarus. When sending money to Belarus from Nigeria, it's important to understand how the BYN compares to the Nigerian Naira (NGN). Exchange rates fluctuate, so monitoring the NGN-BYN exchange rate is crucial to ensure you get the best value when converting your Naira to Ruble.

Exchange Rates and Conversion Fees

Exchange rates and conversion fees play a significant role in determining how much money your recipient will receive in Belarus. Different money transfer providers offer varying exchange rates, and some may charge additional conversion fees. It's essential to compare these factors to choose the most favorable option.

Transfer Speed

The speed of your money transfer is another critical factor to consider. Depending on the method chosen, transfers can take anywhere from a few minutes to several days. If your recipient in Belarus needs the funds urgently, select a service that offers quick transfers, even if it means paying higher fees.

Transfer Limits

Many money transfer services impose limits on the amount you can send in a single transaction or within a specific period. Be aware of these limits to avoid any disruptions in your transfer process.

Regulatory Considerations

When sending money internationally, it's important to comply with the regulatory requirements of both Nigeria and Belarus. Belarus has specific regulations regarding the receipt of large sums of money, and your transfer may be subject to additional scrutiny if it exceeds certain thresholds. Understanding these regulations will help you avoid delays.

Methods for Sending Money to Belarus from Nigeria

There are several methods available for sending money to Belarus from Nigeria, each with its advantages and disadvantages:

Bank Transfers

Bank transfers are a traditional and widely used method for sending money. Most major banks offer international wire transfer services, allowing you to send funds directly from your bank account to your recipient's account in Belarus.

Pros:

• Security: Bank transfers are highly secure and regulated by financial authorities in both countries.
• Direct Transfers: Funds are sent directly to the recipient's bank account, making it convenient for large transactions.
• Wide Availability: Almost all banks offer international wire transfer services.

Cons:

• High Fees: Bank transfers often come with high fees, including a flat fee, a percentage of the amount sent, and unfavorable exchange rates.
• Slow Processing Times: Transfers can take several days, especially if they involve currency conversion or transfers between different banks.
• Complex Process: Setting up a bank transfer can be complicated, requiring detailed information about the recipient's bank account and the bank's SWIFT code.

Online Money Transfer Services

Online money transfer services, such as Wise (formerly TransferWise), PayPal, and Remitly, offer convenience and competitive rates. These services allow you to send money using your computer or mobile device.

Pros:

• Competitive Exchange Rates: Online services often offer better exchange rates than traditional banks, resulting in more money for the recipient.
• Lower Fees: These services typically charge lower currency exchange rates than banks, especially for smaller transfers.
• Speed: Money transfers are often processed quickly, with some services offering instant transfers.
• User-Friendly: The process of sending money online is generally straightforward, with intuitive interfaces and step-by-step guidance.

Cons:

• Transfer Limits: Some online money transfer services impose limits on the amount you can send in a single transaction.
• Account Setup: You may need to set up an account and verify your identity before using the service, which can take time.
• Security Concerns: While generally secure, online money transfer services may be more vulnerable to cyber threats than traditional banks.

International Money Transfer Operators (MTOs)

International money transfer operators, such as Western Union and MoneyGram, have extensive networks of physical locations where recipients can pick up cash.

Pros:

• Accessibility: MTOs have a vast network of locations, making it easy for recipients to collect cash in Belarus, even in rural areas.
• Speed: Money transfers are usually processed quickly, with funds often available for pickup within minutes.
• No Bank Account Needed: Recipients do not need a bank account to receive funds, which is ideal for unbanked individuals.

Cons:

• High Fees: MTOs typically charge higher fees than online services, especially for larger transfers.
• Exchange Rate Markups: The exchange rates offered by MTOs are often less favorable, reducing the amount received by the recipient.
• Security Risks: While generally secure, there is a risk of fraud or scams, especially if the recipient is unfamiliar with the process.

Cryptocurrency Transfers

Cryptocurrency transfers are an emerging method for sending money globally. Using digital currencies like Bitcoin (BTC) or Ethereum (ETH), you can send funds directly to the recipient's cryptocurrency wallet, which they can then convert to Ruble.

Pros:

• Low Fees: Cryptocurrency transfers often have lower fees compared to traditional money transfer methods.
• Fast Transfers: Cryptocurrency transactions are typically processed quickly, usually within minutes.
• No Intermediaries: Transfers are peer-to-peer, reducing potential delays.

Cons:

• Volatility: Cryptocurrencies are highly volatile, and the value of the funds can change rapidly between sending and receiving.
• Complexity: The process of buying, sending, and converting cryptocurrency can be complex, especially for those unfamiliar with digital currencies.
• Regulatory Concerns: Cryptocurrency transactions may be subject to regulatory scrutiny, and not all exchanges are available in every country.

Peer-to-Peer (P2P) Transfer Platforms

Peer-to-peer (P2P) platforms, such as Wise (formerly TransferWise) and Revolut, match individuals who want to exchange currencies directly, bypassing traditional banking systems.

Pros:

• Competitive Exchange Rates: P2P platforms often offer better exchange rates than banks or MTOs.
• Low Fees: The fees are generally lower, making it a cost-effective option for both small and large transfers.
• Transparency: P2P platforms are known for their transparency in fees and exchange rates.

Cons:

• Transfer Speed: Transfers can take longer than other methods, especially if the platform needs to find a matching transaction.
• Limited Availability: Not all P2P platforms are available in every country, which may limit your options.
• Security Concerns: While generally secure, P2P platforms are relatively new, and users should exercise caution.

Frequently asked questions