How to pay in foreign currency with a ruble account. Exchange control requirements
From time to time I receive the same type of questions about receiving foreign currency payments from abroad.
I finally decided to put all this into a post so as not to write the same thing every time. I’ll say right away that there is nothing complicated here - I figured it out myself and registered an individual entrepreneur in about a couple of weeks, without knowing anything about it before.
1. We register an individual entrepreneur
The easiest way is to submit an application through State Services. For IT, it is most profitable to choose the simplified tax system of 6%.In a few days you will receive a message informing you that you can receive documents - you will have to go in person to get them once.
2. Opening a bank account
After receiving documents on opening an individual entrepreneur, you can open a bank account. I advise you to find a bank where all actions can be done remotely via online banking (sending/receiving documents, creating transfers, etc., etc.).At a minimum, check the following:
1. Possibility of opening a foreign currency account (USD or EUR, depending on what currency you want to receive payments in).
2. Monthly payments for maintaining accounts (keep in mind that you will have 2 – ruble and foreign currency; a transit account will also be automatically opened for the foreign currency account - it comes “in the bargain”, free of charge).
3. Commissions for foreign trade activities.
For me, with one incoming currency transfer per month and one outgoing in rubles, the total is approximately 4 thousand rubles. per month (in my case, most of the commissions are fixed and do not depend on the amount).
3. In fact, that’s it – you can work
The only thing needed is an agreement with the customer. There is no specific form; any service agreement will do. (for software development, for example).The main thing is that all payments are specified in the contract: fixed, hourly, etc.
Most likely, your bank will ask you to provide a copy of the agreement in Russian if the original was concluded in a foreign language (it is quite normal to provide a handwritten translation, no certification is required).
By the way, my contract was generally concluded even before the opening of the individual entrepreneur - as far as I understand, no one cares about this until the first payment is received.
4. Receive payment
I work under an open-ended service contract with an hourly rate. According to the contract, every month I issue the customer an invoice indicating the number of hours worked and the account details to which they should send the payment.The invoice must indicate the invoice date, its number, and the date by which payment must be made. It is advisable to set this payment date higher. According to Russian law, if funds arrive after the specified date, you will have to pay a fine (to the state). I indicate the month, just in case (given that the customer transfers funds within a few days).
When funds arrive, they go to a transit account. To gain access to them, you need to go through currency control, which takes some time (I don’t know exactly, in fact it turns out to be ~3 weeks; perhaps it depends on the bank).
5. Currency control
If you have not yet accumulated $50,000 under one contract, then you can work without issuing a transaction passport. When making the first payment, you need to send the bank an agreement (with the translation).When making each payment, send a copy of the invoice (my bank also asks for it in translated form - I made myself a sign in Google.Dox with two pages: one is the original in English, the second is in Russian, the data is simply taken from the first page)
In addition to a copy of the invoice, the bank may also require a “confirming document” - an act of completion of work or something similar, which is provided for in the contract. If the contract does not provide for it, then, in principle, nothing is needed. But here it is better to communicate directly with the currency control department of your bank.
In addition, you need to make a transfer from the transit account to the main one (in fact, the above is used precisely to confirm such a transfer).
6. Transaction passport
If under one agreement, regardless of time, >= $50,000 is accumulated, then you need to open a transaction passport. At my bank, this is all done through an online client.In fact, nothing changes except two things:
– fees for currency control change (you need to check your tariff with the bank);
– currency control itself is becoming more strict: all invoice items must be precisely justified by the contract; when passing currency control, a “supporting document” will now be required (if it is specified in the contract).
7. Taxes, insurance payments, etc.
The easiest way is to use an online accounting service. Check the tariffs, the ability to import statements (so you don’t have to enter them manually), and, most importantly, support for foreign currency accounts (so you don’t have to manually convert into rubles).All taxes are calculated in rubles, at the exchange rate on the day the currency is received in the transit account.
I won’t say anything more here - from the very beginning I have been using online accounting, it calculates everything automatically, I only upload bank statements there once a month. And when the service reports that it’s time to pay taxes, I export the finished payment from it and import it into the Internet bank, without entering anything manually.
Taxes are paid quarterly, otherwise penalties will be charged. It is also more profitable to pay insurance payments periodically - they will be deducted from taxes.
UPD. Changes in hourly rate/terms of contract.
If, for example, your hourly rate has been increased, then in order to comply with the legislation of the Russian Federation, you will need to enter into a written additional agreement to the contract, which will spell out the new conditions. It is advisable to indicate in such an agreement its number, date and, naturally, what agreement it is concluded under.After the agreement is concluded and signed by both parties, it will need to be sent to the bank when making the first payment received under the new conditions.
In general, that's all
If you have any questions, write in the comments. Perhaps I forgot something - I will add it to the post. About typos, please write in a personal message.Every month the popularity of foreign currency in Russia is only increasing. And this is not at all surprising; as practice has shown over the past 25 years, people who kept their savings in dollars have never made a mistake.
True, recently there have been rumors that the circulation of the dollar in Russia may be banned. However, so far there have been no serious legislative initiatives. In addition, Russian President Vladimir Putin recently stated that there are no plans to tighten currency regulation:
The liberal course is, of course, good. But we should not forget that the official monetary unit in Russia is still the ruble. Therefore, there are some restrictions for transactions with dollars and euros.
This article will discuss the main provisions of legislation in the field of currency control, the rules for making payments between residents and non-residents, as well as the mechanism for making currency transfers.
Currency control in the Russian Federation
The main legal act regulating foreign exchange transactions is Law of the Russian Federation No. 173-FZ of December 10, 2003 “On Currency Regulation and Currency Control”. The currency regulation authorities in the Russian Federation are the Bank of Russia and the Government of the Russian Federation. And the agents of currency control are banks, as well as professional participants in the securities market.
Most citizens may have the impression that Russia has no foreign exchange controls at all. Indeed, the most popular currency transactions are buying and selling dollars and euros, as well as opening deposits in foreign currency. And it is precisely these operations that citizens of the Russian Federation are allowed to perform without restrictions (clause 3, article 9 of Federal Law No. 173):
However, as soon as you want to make any non-cash transfers in currency within the country or abroad, you will immediately encounter a lot of difficulties. You will be required to provide various supporting documents, fill out a payment order in English, in addition, there are restrictions on the permitted amounts of transfers, and, in addition, the bank sets a fairly serious commission for such operations.
The possibility of making currency transfers is affected by the residence of the participants in the transfers. Who is considered residents and non-residents is specified in Article 1 of Federal Law 173-FZ. In short, residents are citizens of the Russian Federation, or persons residing in the territory of the Russian Federation on the basis of a residence permit, as well as legal entities created in the Russian Federation, and, in fact, the Russian Federation itself with all its subjects and municipalities:
Control of currency transactions for residents of the Russian Federation
1 Currency transfers between residents are prohibited.
An exception is the transfer of currency to the accounts of spouses, close relatives (in a direct ascending or descending line: parents, children, grandchildren), siblings, adoptive parents and adopted children. Moreover, there are no restrictions on the amount of such a transfer both within Russia and abroad. You just need to provide the bank with a document confirming your relationship.
Residents can also carry out some other currency transactions. True, they mainly concern a very limited circle of people, so we will not dwell on them in detail. For example, transactions related to payments in duty-free shops are permitted; operations involving settlements and currency transfers for diplomatic activities; transactions for payment and/or reimbursement of expenses associated with business trips outside the territory, etc.). You can read about such exceptions in Article 9 of Russian Federation Law No. 173-FZ “On Currency Regulation and Currency Control” dated December 10, 2003.
2 You can transfer currency to your bank accounts (opened both in the Russian Federation and abroad) without restrictions.
True, if you transfer money to your account abroad, you need to provide the bank with a notification from the tax office at your place of residence that you have informed it about the existence of such a foreign account.
3 Foreign exchange transactions between residents and non-residents are carried out without restrictions:
However, you will need to provide the bank with supporting or substantiating documents for the currency transaction being carried out:
Such documents include invoices, for example, for training, various contracts, invoices (a document issued by the seller to the buyer and containing the main characteristics of the goods supplied, delivery conditions, etc.), as well as documents confirming the non-residence of the recipient of the transfer. Moreover, you will need to translate these foreign documents into Russian. In other words, you need to provide the bank with the reasons for your transfer.
Now let’s take a closer look at the mechanism of currency transfers itself.
Currency transfer. Swift system
Currency transfers, by analogy with ruble interbank banking, can also be made either directly at a bank branch or using Internet banking.
True, the commission for such transfers is in any case much higher than for a ruble bank transfer. And this is not surprising. Any currency transfer (both within the country and abroad) is carried out using the swift system through correspondent banks (banks in whose correspondent accounts our credit institutions store their non-cash currency. For example, the correspondent bank of Tinkoff Bank for dollars is JPMORGAN CHASE BANK, N.A. NEW YORK, NY US, and Sberbank uses the correspondent bank DEUTSHE BANK AG, Frankfurt AM MAIN for euros).
S.W.I.F.T. (SWIFT) is an international system that provides the transfer of financial data for transfers. Each bank participating in the SWIFT system has its own unique SWIFT number, thanks to which information is exchanged. The SWIFT code can consist of letters or letters and numbers. For example, Alfa Bank SWIFT looks like this: ALFARUMM.
You can find out the bank's SWIFT code directly from the bank itself or on its website. You can also look at the bank's SWIFT code at website of the Russian National SWIFT Association. The amount of transfers that can be made using SWIFT is limited only by the legislation of each specific country. The translation application must be completed in English. This is what the Alfa Bank online currency transfer form looks like:
The Internet banking interface is intuitive. In the “payment purpose” field there should be an entry that clearly reflects the essence of your transaction, for example, “For hotel rental” - “For hotel accommodation”; “Gift to a relative” – “Gift in favor of relative”; “Transfer of own funds” (transfer is carried out to your own account) – “Transfer of own funds”. The most popular reasons for transfers and their translation into English can be viewed directly in the Alfa Internet bank of Alfa Click Bank:
Cost of SWIFT transfers, commission
You should be careful with currency transfers; it is important to clarify whether the transfer fee specified by the bank includes the commission of correspondent banks. You always need to choose the tariff: “All expenses are at the expense of the client-sender (OUR).” If you select the function “Commission at the expense of the recipient (BEN)” or “Bank expenses at the expense of the sender, expenses of other banks at the expense of the recipient (SHA)”, this means that correspondent banks will take an additional commission for the transfer, and ultimately up to The recipient will receive a smaller amount than you sent.
Typically, the commission amount is calculated as a percentage of the transfer amount, with a minimum and maximum amount indicated.
A very convenient sign with the commission amount when sending swift transfers online, you can view them on one of the forums on the banki.ru portal. Making a currency transfer at a bank branch will be more expensive:
As can be seen from the table, for small transfers it is most profitable to use Avangard Bank - a commission of 0.2%, minimum 15 EUR and maximum 150 EUR. But for currency transfers of large amounts you need to use Rosbank (the commission there is 1.3%, but the upper limit is limited to 65 EUR).
It is Avangard Bank that is most often used to build currency ladders with Tinkoff Bank (which gives a 1% bonus when replenishing a deposit by interbank transfer). .
If you need to send currency to a specific person on a regular basis, you can issue an additional card to your currency debit card (for example, at Tinkoff Bank or Alfa Bank) and simply give it to the person to whom you will send money. In this case there will be no commission.
True, the bank can simply block the card, citing “questionable transactions” or set such limits on transfers and replenishment of the card (under the agreement, Tinkoff Bank can change the limits at its discretion at any time) that it will be inconvenient to use the card.
Currency transfer. Transfer systems Contact, Western Union
A currency transfer abroad can also be sent using the international currency transfer system (Western Union, MoneyGram, Contact). The main advantages of this method of sending money are the absence of the need to open a bank account, as well as the speed of the transfer.
True, the commission for such a service for non-CIS countries will be higher (from 3%) than for transfers via the SWIFT system. Currency transfers to neighboring countries via Contact or Western Union will not be so expensive. Here, for example, are the tariffs of the Contact system:
As can be seen from the table, transferring, say, an amount of more than $2,000 to Georgia will cost 0.5%.
The maximum transfer amount in accordance with Bank of Russia Directive No. 1412-U dated March 30, 2004 “On establishing the amount of transfer by a resident individual from the Russian Federation without opening bank accounts” is $5,000 (or the equivalent in another currency) per day:
It is also worth noting that, according to the Law “On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism,” a bank can refuse to carry out any operation for you, citing internal control rules (which they themselves develop), as well as a credit institution is obliged to require you to justify the origin of your funds. Read more about the new version of the “anti-money laundering law” (the latest changes came into force not so long ago, on October 31, 2015).
Foreign exchange payments in rubles and in foreign currency have a number of nuances and difficulties. This is especially true if the payment is made using a special “Client-Bank” program. Below we will consider what the features of such an operation are, and we will also analyze step-by-step instructions for action.
Currency payments: general knowledge
When making transfers between different countries, more information may be required than when making transactions within the country. That is why it is worth explaining the theoretical basis in order to better understand the sequence of actions and formulate a correct order for transferring money.
Here It is important to consider the following terms :
- SWIFT- unification of financial institutions at the international level. Credit institutions from different countries register in the system and receive an individual code (11 characters).
- BIC code- a set of numbers that is similar to regular SWIFT. When setting this code, the ISO standard is used
- BEI code- bank client identifier. By assigning this parameter, the payment goes through faster and is guaranteed to be intended.
In addition to the abbreviations mentioned above, the following may appear: IBAN (common identifier), ISO code, address, beneficiary (recipient of funds). as well as a financial institution acting as an intermediary (correspondent). Currency payments are carried out correctly if the money transfer order is drawn up correctly, that is, all the mentioned parameters are correctly specified.
Complexities of SQIFT payments
A number of problems may arise during transactions involving currency , among which:
- Introduction of a prohibited SWIFT symbol(for example, @, ”, =, \ and others). A detailed list is provided in the software. In some cases, the program automatically replaces characters with those that are necessary.
- User identification data. Without providing such information, the currency payment will not go through. The bank will simply ignore the money transfer order as incorrectly filled out.
- Presence on the “black list”. SQIFT payments do not go through if the participant is in a special directory of persons subject to restrictions.
How to create a money transfer order: instructions
After reviewing the terminology, you can get to work. Step-by-step instructions involve performing the following steps:
- Log in to the “Client Bank” and go to the documents tab, and then - currency orders. Now all that remains is to create an order to transfer money. The completed document is automatically assigned a number. Here you need to select a banking institution. At this stage of the foreign currency payment, it is worth finding out the size of the commission. To obtain this information, select the appropriate option from the drop-down list.
- Specify the currency code and payment amount. If you need to transfer funds to another currency, you must agree to the proposed exchange rate and conversion process. The bank executes the order and transfers the money into the required currency.
In this article we will look at which bank has the best currency control. We will find out what commissions commercial banks offer to perform the functions of currency control agents and how they regulate foreign exchange transactions. We have prepared tips on choosing a bank for individual entrepreneurs and LLCs, and also collected reviews.
Who carries out currency control
All entrepreneurs who make payments in favor of foreign partners or receive transfers from abroad undergo currency control. The purpose of such control is to prove the legality of the transaction.
For example, if the recipient of the foreign currency payment refuses to undergo control (that is, does not present the requested documents), the funds will remain in storage at the bank. Such storage for more than 15 days is subject to a fine.
Currency control agents send documents to the Central Bank for verification. They can be either intermediary firms or banks providing services in this profile, because currency control is part of cash settlement services.
Carrying out currency control in a bank has the following advantages:
- Fast and often free opening of a foreign currency account.
- Help from professionals in filling out documents.
- Maximum protection against fines, prompt tracking of deadlines. For example, the bank will see if an incoming payment has been received and will require the necessary documents from the account owner.
- Fast crediting of funds after passing control.
- Possibility of using Internet banking for complete exchange of documents and management of transactions related to currency control through the bank’s website.
In bank tariffs, the item “Commission for performing the functions of a currency control agent” is often found, let’s figure out what it is? This is the cost of the bank's services for verifying transaction documents. Sometimes it includes the preparation of a transaction passport and certificates.
TOP 10 banks providing currency control
| Bank | Features of currency control |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
According to reviews, the leaders among currency control agents are: Tochka Bank, Tinkoff, Modulbank and Vesta Bank. It’s not for nothing that we call them the best banks for foreign trade. Tochka has the lowest prices for services, and Tinkoff offers unique package solutions. Modulbank is distinguished by its efficient, simplified document flow, Vesta Bank has the most favorable and always up-to-date conversion rate. Let's take a closer look at the tariffs of these banks.
Tochka Bank
To open a foreign currency account at Tochka Bank, an entrepreneur does not even need to leave the office. The application is sent from the bank’s website, and the manager himself comes to the appointed address to sign the documents. Opening a foreign currency account is absolutely free.
Working with documents is also simplified as much as possible. The client does not need to fill out the forms himself, he just sends all the documents via online chat, and the bank does the rest. The businessman only has to sign.
Internet banking can automatically complete a transaction by tracking the favorable rate. For each transaction, the client receives a passport with a blue stamp (for customs) and all the necessary documents for accounting.
Exchange rates change online. I am also pleased with the size of the bank's commission for conversion (spread) - it is equal to 30 kopecks.
Tinkoff Bank
For clients who make a large number of foreign exchange transactions, Tinkoff Bank offers to connect to the “Profitable Currency” service package. Its cost is 9,990 rubles/month. or 99,900 rubles/year (for a one-time payment). After connecting the package, the commission for transfers in foreign currency and the fee for currency control services and transaction support are reduced.
Working with foreign partners through Tinkoff Bank is very simple. The account is opened online, the transaction passport is filled out automatically, and all documents are uploaded through your personal online banking account.
Modulbank clients will not have to fill out certificates and transaction passports themselves. The bank fully undertakes the preparation of all documents. The businessman receives everything ready-made in the shortest possible time.
Modulbank is suitable for entrepreneurs for whom the speed of transactions is important. If the control is passed, the funds are credited to the account within a few hours.
For those who regularly cooperate with international services (Uber, Google play and others), Modulbank has simplified the currency control procedure. To receive transfers from certain foreign companies, it is enough to send a simplified package of documents to the bank.
Vesta Bank specializes in cash settlement services for small businesses, but the bank’s clients also include large enterprises. Currency conversion and crediting to a ruble account is free of charge. The exchange rate is close to the exchange rate. Funds are credited to your account within 15 minutes after conversion. You can also issue a transaction passport free of charge via online banking - this procedure takes one day.
Internet banking from Vesta Bank allows you to complete all documents online, track deadlines, receive notifications and even interact with 1C accounting. To contact technical support, you do not need to call the hotline and wait for a connection with a specialist. Bank employees answer any questions via Skype, Viber, WhatsUp, Telegram.
How to choose a bank for an individual entrepreneur
Many entrepreneurs today cooperate with foreign partners. To pay bills in foreign currency or receive payments from abroad, individual entrepreneurs will have to undergo currency control.
The choice of a bank - a currency control agent - for an individual entrepreneur largely depends on the planned operations. For example, if an individual entrepreneur earns money through the AppStore or Google Play, it will be beneficial for him to use the services of Modulbank, which specializes in payments from popular international services.
How to choose a bank for a legal entity
Before you begin choosing a bank for an LLC or other legal entity conducting foreign economic activity, it is worth answering questions regarding the type of planned operations and their volume. For example:
- How many incoming and outgoing payments are planned per month (per year)?
- Where will incoming foreign currency payments be sent: will the funds be cashed out, transferred into rubles and sent to a current account, or will they remain in a foreign currency account?
- Are bank services required to issue a transaction passport?
Based on the goals set, it is easier for an entrepreneur to make a choice in favor of one bank or another. For large enterprises with regular international payments, purchasing an unlimited package of services will be a profitable solution. For rare transactions for small amounts, tariffs with a small commission as a percentage of the amount are preferable. If speed is a priority, you should choose such progressive and technologically advanced banks as Vesta Bank.
Accounting for currency transactions
The bank charges a certain commission for currency control services. How to reflect it in accounting? Any bank services are reflected in account 91 (“Other income and expenses”).
Currency control services are not considered by law to be equivalent to banking operations and are therefore subject to VAT. When providing this type of service, the contractor (in this case, the bank) is obliged to issue an invoice to the client. A mandatory component of the invoice is the name of the currency. Even if the bank determines the amount of services in foreign currency, but accepts payment in rubles from a ruble account, the name of the currency “Russian ruble” is indicated in the document.
How to apply VAT for performing the functions of a currency control agent? The following accounting entries are generally accepted.
Currency payments at a client bank - instructions Each bank, as a rule, has its own nuances. However, the general stages of the process of creating a payment order in foreign currency are similar. Read about how to create a currency order in the material.
Basic concepts and definitions
In order to understand the additional (compared to a “regular” payment order) fields in a foreign currency payment order, you should study a little the technique of international transfers. After all, we almost always pay foreign counterparties in foreign currency. Foreign exchange payments with resident partners are prohibited by law, with rare exceptions (Article 9 of Law No. 173-FZ dated December 10, 2003 “On Currency Control”).
Read more about settlements with non-residents: .
International transfers require slightly more information than domestic transactions. It is most appropriate to give their names (designations) and decipher the essence a little so that it is clear why separate fields in the currency order are dedicated to them.
SWIFT is an international banking association. Banks servicing international payments register with SWIFT and receive an individual identifier code with the same name. Indicating the SWIFT code in the payment order allows you to clearly identify the bank to which the payment goes. Actually, the SWIFT code is an 11-digit electronic “address” of the bank in the SWIFT system.
BIC code is the same as SWIFT. The name is used from the ISO 9362 standard, which regulates methods for identifying participants in financial transactions.
BEI code is also an identifier in SWIFT, but not of a bank, but of a corporate client of this bank. The bank can register its clients in the SWIFT system to increase the speed and accuracy of settlements. The BEI code also helps ensure that the payment sent goes to its destination.
Bank clearing code is also a bank identifier, but not in SWIFT, but in national clearing systems.
IBAN is another practically complex identifier: it identifies the bank (branch) and the client’s account number in the international format (ISO 13616 standard).
ISO code - part of the ISO 3166-1 standard contains codes for the names of countries and subordinate territories. Used to indicate addresses in a payment document.
IMPORTANT! There are other similar encodings. For banking purposes you need to use exactlyISO 3166-1.
Address - any address is indicated in the sequence: street, house number, city, district, postal code, country (can be ISO code). This is an international format.
The beneficiary is the one to whom we pay.
Intermediary bank (correspondent bank) - indicated if the beneficiary's bank directly holds an account in the corresponding currency with another bank (intermediary).
Thus, technically, the process of creating a correct payment order in currency is the correct indication of all identifiers of the payee and his bank.
There are several more pitfalls along the way of performing international translation, which are also worth dwelling on in more detail:
- Prohibited SWIFT characters - the settings of this system do not allow characters to pass through
№ % # $ & @ ” = \ { } ; * « » ! _ < >
In addition, the system automatically replaces them with valid ones. Thus, the sequence of characters in the identifiers may be broken and an error may occur.
- Information for client identification is the necessary information required by a Russian bank according to the provisions of Law No. 115-FZ dated 08/07/2001. Without specifying information about the client, as well as providing information on additional requests, the bank may simply not execute the payment.
- The bank blacklist is a directory that contains information about persons, organizations, states and territories of registration (incorporation) in respect of which there are restrictions on banking transactions or transactions with which should be considered questionable. For clients who are somehow blacklisted, transactions may be difficult or even impossible.
Creating a transfer order in foreign currency - step-by-step instructions
Having understood the technology and the nuances of processing a transfer, let’s consider the process of creating a currency order (instruction) step by step:
- We go to the client bank and select the options “Documents” - “Currency orders” - “Create payment order”. Interfaces may differ slightly in different client banks, but the standard path to creating payment documents usually goes through the “Documents” (or “Payment Documents”) menu. In this case, the number and date of the order are usually assigned automatically. Some systems may offer to choose whether the payment will go to another bank customer or to another bank. To create the transfer in question, you need to select another bank. Typically, at this stage, a transaction parameter is indicated - the deduction of bank commissions for the transfer. To do this, you need to select the appropriate value in the corresponding field in the drop-down list. Based on the available list, it will be clear which commissions can be deducted and how they can be withheld; in addition, the options can be clarified with the bank, so we will not dwell on this point in detail in the format of an article.
- In the appropriate fields, indicate the currency code and payment amount. In some cases, a simultaneous conversion option is available. For example, if the payer has money in rubles, and the payment must be made in dollars, you can mark “I agree with the conversion rate.” The bank, executing the order, converts the funds into the required currency.
- In the field for specifying the debit account, select the corresponding client account. In this case, the remaining details are entered automatically from the information stored in the system. Usually at this stage the document also includes those details that the bank requires to comply with the provisions of Law No. 115-FZ. In addition, the SWIFT code of the payer’s bank is usually automatically entered (if you selected a transfer to another bank in step 1).
- We indicate in a separate field the SWIFT code of the intermediary bank (if it is in the details provided by the counterparty). Next, the system itself will find all the other necessary information about the bank using the code. The same will happen if you indicate the clearing code instead of SWIFT (there is a separate field for this). If there is neither one nor the other, all fields will have to be filled in manually: address, bank name, city, country. Some client banking systems may return a payment without an identification code “to clarify the details.”
IMPORTANT! ANDSWIFT, and clearing code are selected from international directories. That is, next to the code field there should be an icon for a drop-down list of banks with codes.
- We indicate the details of the beneficiary's bank in separate fields (similar to the intermediary bank).
- In the appropriate fields we indicate the details of the payment recipient. All suggested fields must be completed. If there are IBAN and BEI codes, we start with them. It is possible that the fields “Recipient Name”, “City” and “Country” will be pulled up from the directories themselves.
- Fill in the “Purpose of payment” field. For international transfers - Latin. The use of English standardized code words is permitted.
NOTE! In some systems (for example, Sberbank), information about transfer fees is included in the payment order after specifying the purpose of the payment (and not in the first steps, as is standardly presented above).
- Next, we fill in the fields necessary for Russian currency control: for example, a transaction passport.
NOTE! To include a transaction passport in an order, as a rule, it should first be separately entered into the client bank in the “Documents” section. Then, when generating a payment, a drop-down list with information about the passports available in the system will appear in the “Passport” field. Accordingly, all that remains is to choose the one you need.
- We save the currency payment order (the “Save” button). At this stage, the system will conduct a preliminary check and issue comments in case of errors. The saved document can be signed and sent for execution.
Results
Generating a foreign currency payment order in a client bank requires fulfilling some additional rules and entering a larger amount of information than when preparing a regular payment order.