Foreign exchange payments without a transaction passport. Foreign exchange transactions: when is it possible to receive payment in foreign currency? Foreign exchange payments
The popularity of foreign currency in Russia is only increasing every month. And this is not surprising at all, as practice shows over the past 25 years, people who have kept their savings in dollars have never lost.
True, there have been rumors lately that the circulation of the dollar in Russia may be banned. However, so far no serious legislative initiatives have been observed. In addition, Russian President Vladimir Putin recently announced that there are no plans to tighten currency regulation:
A liberal course is, of course, good. But do not forget that the ruble is the official monetary unit in Russia. Therefore, there are some restrictions for operations with dollars and euros.
This article will consider the main provisions of the 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.
Foreign exchange control in the Russian Federation
The main normative legal act governing foreign exchange transactions is law of the Russian Federation No. 173-FZ of December 10, 2003 "On Currency Regulation and Currency Control" ... The bodies of currency regulation in the Russian Federation are the Bank of Russia and the Government of the Russian Federation. And the agents of foreign exchange control are banks, as well as professional participants in the securities market.
Most citizens may get the impression that there is no currency control in Russia 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 the citizens of the Russian Federation are allowed to perform without restrictions (clause 3, article 9 of the Federal Law No. 173):
However, if you want to make any cashless transfers in foreign currency within the country or abroad, you will immediately face 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 allowed amounts of transfers, and, in addition, the bank sets a rather serious commission for such operations.
The possibility of making currency transfers is affected by the residence of the participants in the transfers. About who is considered residents and non-residents is spelled out in article 1 of federal law 173-FZ. In short, residents are citizens of the Russian Federation, or persons living 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 constituent entities 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 will only need to provide the bank with a document confirming the relationship.
Residents can also perform 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 settlements in duty-free shops are allowed; operations involving settlements and currency transfers for the implementation of diplomatic activities; transactions for payment and / or reimbursement of expenses related to official travel outside the territory, etc.). You can read about such exceptions in Article 9 of the Law of the Russian Federation No. 173-FZ "On Currency Regulation and Currency Control" dated December 10, 2003.
2 You can transfer currency to your bank accounts (open both on the territory of 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 to the tax office at the place of residence that you informed her that you have such a foreign account.
3 Currency transactions between residents and non-residents are carried out without restrictions:
True, you will need to provide the bank with supporting or substantiating documents for the currency operation 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 supplied goods, delivery conditions, etc.), as well as documents confirming the non-residence of the transfer recipient. 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 dwell on the very mechanism of currency transfers.
Foreign exchange transfer. Swift system
Currency transfers, by analogy with the ruble interbank, can also be made both directly at a bank branch and 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 on whose correspondent accounts our credit institutions store their non-cash currency. For example, by the correspondent bank of Tinkoff Bank for dollars is JPMORGAN CHASE BANK, NA NEW YORK, NY US, and Sberbank uses the correspondent bank DEUTSHE BANK AG, Frankfurt AM MAIN for the euro).
S.W.I.F.T. (SWIFT) is an international system that provides the transfer of financial data for making transfers. Each bank participating in the SWIFT system has its own unique SWIFT number, thanks to which information is exchanged. The SWIFT code can be either letters or letters and numbers. For example, Alfa Bank's SWIFT looks like this: ALFARUMM.
You can find out the bank's SWIFT code directly at the bank itself or on its website. And also the SWIFT bank code can be viewed at the website of the Russian National SWIFT Association ... The amounts of transfers that can be made using SWIFT are limited only by the legislation of each specific country. The application for translation must be completed in English. This is what the form for Alfa Bank's online currency transfer looks like:
The Internet Banking interface is intuitive. The field “purpose of payment” should contain a record that clearly reflects the essence of your operation, for example, “For hotel / hotel rental” - “For hotel accommodation”; "Gift to a relative" - \u200b\u200b"Gift in favor of relative"; "Transfer of own funds" (transfer is made to your own account) - "Transfer of own funds". The most popular bases for translations and their translation into English can be viewed directly in the Internet bank of Alfa Bank Alfa Click:
Cost of SWIFT transfers, commission
You should be careful with currency transfers, it is important to clarify whether the transfer fee indicated by the bank includes the commission of correspondent banks. You should always choose a tariff: "All expenses are at the expense of the sending client (OUR)". If you select the function "Commission at the expense of the beneficiary (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 as a result, up to the addressee will receive a smaller amount than you sent.
Usually, the commission amount is calculated as a percentage of the transfer amount, indicating the minimum and maximum amount.
A very convenient sign with the size of the commission when sending swift transfers online, you can look at one of the forums on the banki.ru portal. It will be more expensive to make a currency transfer at a bank branch:
As you can see from the table, for small transfers it is most profitable to use bank "Avangard" - a commission of 0.2%, minimum 15 EUR and maximum 150 EUR. But for foreign exchange transfers of large amounts, you need to use Rosbank (there the commission is 1.3%, but the upper limit is limited to 65 EUR).
It is the Avangard bank that is most often used to build currency ladders with Tinkoff Bank (which gives a 1% bonus when replenishing the deposit with an 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, referring to the "dubious operations" or set such limits on transfers and card replenishment (under the agreement, Tinkoff Bank can change the limits at its discretion at any time), which makes it inconvenient to use the card.
Foreign exchange transfer. Transfer systems Contact, Western Union
Foreign currency transfer 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 a transfer via SWIFT. Foreign currency transfers to neighboring countries via Contact or Western Union will not be so expensive. For example, the tariffs of the Contact system:
As you can see from the table, a transfer to Georgia, for example, an amount over $ 2,000 will cost 0.5%
The maximum transfer amount in accordance with the Ordinance of the Bank of Russia dated March 30, 2004 N 1412-U "On establishing the transfer amount 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 Legalization (Laundering) of Criminally Obtained Incomes and Financing of Terrorism, the bank may refuse you to carry out any operation, referring to the internal control rules (which they themselves are developing), as well as the credit organization is obliged to require you to substantiate the origin of your funds. For more details about the new edition of the "anti-money laundering law" (the last changes came into force not so long ago, October 31, 2015) read the article
Foreign exchange payments in the 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 currency are similar. Read about how to create a foreign exchange order in the material.
Basic concepts and definitions
In order to understand the additional (in comparison with the "usual" payment order) fields in a currency payment, you should study a little the technique of international transfers. After all, we almost always pay in foreign currency to foreign counterparties. Foreign exchange settlements with resident partners are prohibited by law, with rare exceptions (Article 9 of the Law of December 10, 2003 No. 173-FZ "On Foreign Exchange Control").
Read more about settlements with non-residents: .
For international transfers, slightly more information applies than for 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 foreign exchange order are dedicated to them.
SWIFT is an international banking association. Banks serving international payments are registered with SWIFT and receive an individual identifier code with the same name. Specifying the SWIFT code in the payment order allows you to clearly identify the bank to which the payment is sent. The SWIFT code itself is the 11-digit electronic "address" of the bank in the SWIFT system.
BIC is the same as SWIFT. The name is used from the ISO 9362 standard, which regulates methods for identifying participants in financial settlements.
The 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 correctness of settlements. The BEI code also helps to ensure that the payment being sent goes to its destination.
The bank's clearing code is also a bank identifier, but not in SWIFT, but in national clearing systems.
IBAN is another practically complex identifier: it defines 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. It is used to indicate addresses in the payment document.
IMPORTANT! There are other similar encodings. For banking purposes, you need to apply exactlyISO 3166-1.
Address - any address is specified in the sequence: street, house number, city, district, postal code, country (you can use the ISO code). This is an international format.
The beneficiary is the one to whom we pay.
Intermediary bank (correspondent bank) - specified 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 a correct indication of all identifiers of the payee and his bank.
There are several more pitfalls on the way of international translation, which are also worth dwelling on:
- Forbidden SWIFT symbols - the settings of this system do not allow signs
№ % # $ & @ ” = \ { } ; * « » ! _ < >
In addition, the system automatically replaces them with valid ones. Thus, the sequence of characters in identifiers may be violated and an error will occur.
- Information for customer identification - the necessary information required by a Russian bank in accordance with the provisions of the law dated 07.08.2001 No. 115-FZ. Without specifying information about the client, as well as providing information on additional requests, the bank may simply not execute the payment order.
- Bank blacklist is a reference book that contains information about persons, organizations, states and territories of registration (incorporation), in respect of which there are restrictions on banking operations or operations with which should be considered dubious. For clients who are somehow blacklisted, it can be difficult or even impossible to conduct transactions.
Creating an order for transfer in foreign currency - step by step instructions
Having dealt with the technology and the nuances of processing a transfer, we will consider the process of creating a foreign exchange order (order) 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 way to create payment documents usually goes through the “Documents” (or “Payment documents”) menu. In this case, the order number and date are usually assigned automatically. Some systems may offer to choose whether the payment goes to another bank customer or to another bank. To create the transfer in question, you need to select another bank. Usually at this stage, the transaction parameter is indicated - withholding bank fees for the transfer. To do this, select the appropriate value in the corresponding field in the drop-down list. The existing list will show which commissions and how can be withheld, in addition, the options can be clarified in 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 the payment amount. In some cases, the option of simultaneous conversion is available. For example, if the payer's money is in rubles, and the payment needs to be made in dollars, you can tick “I agree with the conversion rate”. The bank, executing the order, converts the funds into the required currency.
- In the field for specifying the account to be debited, the corresponding client account is selected. In this case, the rest of the details are put down automatically, from the information stored in the system. Usually, at this stage, the document also includes those details that are required by the bank to comply with the provisions of Law No. 115-FZ. In addition, usually the SWIFT code of the payer's bank is automatically entered in the automatic mode (in case of choosing a transfer to another bank in item 1).
- We indicate in a separate field the SWIFT code of the intermediary bank (if available in the details provided by the counterparty). Further, the system itself will find by the code all other necessary information about the bank. The same will happen with the indication of 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 can return a payment without an identification code "to clarify the details."
IMPORTANT! ANDSWIFT, and the clearing code is selected from international reference books. That is, next to the code field, there should be an icon for the drop-down list of banks with codes.
- We indicate in separate fields the data of the beneficiary's bank (by analogy with the intermediary bank).
- In the appropriate fields, indicate the details of the payee. All proposed fields must be filled in. If there are IBAN, BEI codes, we start with them. It is possible that the fields "Recipient's name", "City" and "Country" will be pulled from the directories themselves.
- Fill in the "Purpose of payment" field. For international transfers - in Latin. The use of English standardized codewords is allowed.
NOTE! In some systems (for example, Sberbank), information on transfer fees is included in the payment order after specifying the purpose of the payment (and not at the first steps, as is standardly presented above).
- Next, fill in the fields required for Russian currency control: for example, the transaction passport.
NOTE! To enter the transaction passport into the order, as a rule, it must first be entered separately in the client-bank in the "Documents" section. Then, when forming a payment, a drop-down list with information about the passports available in the system will appear in the "Passport" field. Accordingly, it remains to choose the one you want.
- We save the currency payment order (the "Save" button). At this stage, the system will conduct a preliminary check and, in case of errors, will issue comments. The saved document can be signed and sent for execution.
Outcome
The formation of a foreign currency payment in a client-bank requires the fulfillment of some additional rules and the introduction of more information than when preparing a regular payment order.
In the foreign economic activity of any state, payment under interstate agreements occurs in the payment currency. This definition and its role in trade transactions will be discussed in more detail in the article.
World settlement system
Before moving on to the issue of payment, let's define the term "international payments". They are an interconnected system in which payments are governed by monetary claims and obligations arising from member countries and their residents, represented by legal entities and individuals.
The global settlement system includes payment for:
- exporting and importing goods;
- services and operations of a non-commercial nature, including expenses for cultural events, administration of embassies, travel expenses, etc .;
- service work on credit operations, loans, etc.
Settlement regulations
The regulatory framework for the procedure for settlements between countries is provided by both the national legislation of the states participating in foreign economic transactions and foreign economic activity contracts with the signatures of the payers of the recipient of funds. In addition, the calculations take into account the theses of international unified rules and customs in the external economic environment.
Agreements on interstate contracts are, as a rule, in hard currency of the most developed countries, since settlement participants usually do not have a single means of payment.
Calculations are impossible without the presence of two categories of materials:
- Commercial, they are also called commercial. This group is represented by transport, warehouse and insurance documents: invoices, bills of lading, waybills, warehouse receipts, etc.
- In the financial (payment) group, documents are represented by promissory notes, drafts, checks, IOUs and other documents with the expression of a monetary claim.
The currencies of the price-payment may not coincide: for example, one financial unit may appear in an international contract, and the payment may take place in another or generally in a commodity form.
Features:
The price currency is the one in which the value of the goods is indicated. When choosing the optimal currency for fixing the price of a product, circumstances that are significant for settlements between countries are taken into account. In particular, we are talking about the conditions of interstate relations and international customs. Sometimes the transaction price is listed in two or more currencies, or a standard financial basket is used to minimize financial risks.
An important factor in the currency efficiency of the transaction is the correct choice of the currency price and payment currency. This is due to the variety of export and import contract prices, as well as the dependence on the inclusion in them of additional costs on the way of goods from supplier to recipient.
There are five main options that determine the price of a product:
- By firmly fixing the cost at the stage of signing the contract - in this case, it remains unchanged during the period of fulfillment of the terms of the contract. This method is optimal when a downward trend in world prices is seen.
- When a deal is concluded, the principle is determined by which to set the price based on the quotes of the relevant market at the time of delivery. And the clarification of the cost itself occurs during the execution of the contract. This option is used when market quotations are expected to increase.
- The price is clearly fixed at the stage of signing the contract, but can be changed in the event of a jump in the market value in relation to the contract value by more than 5 percent.
- A sliding price can be set if the cost components change, for example, when ordering equipment. With the existing high market conditions, taking into account the interests of the buyer, restrictions are introduced (by establishing a general limit for price changes or extending its variation only to a part of the costs and a short period)
- In the mixed version, one part of the cost is fixed clearly, while the other can slide depending on conditions.
Conditions
Special conditions determine the price and quotation, and if they are not equal - payment with currency conversion. With unstable exchange rates, these conditions largely determine how effective a foreign economic transaction will be.
The price currency is a financial unit in which the value of the goods sold is set. Here, each party to the transaction has its own interests: the exporter is interested in a currency with a steadily growing rate, the importer is more profitable with an analogue, the rate of which tends to decrease.
In order to minimize financial risks, the price currency is usually one of the stable national currencies of developed countries. There is also a practice of expressing the price of goods in several types.
The currency of payment is the unit by which the exporter and the importer settle with each other. It is not necessarily equal to the currency of the price, this is especially common in the calculations of developing countries.
The foreign trade turnover in developed countries is also characterized by settlements in the form of payments in the national currencies of these countries, when they are freely convertible. If the monetary unit of the importing country does not have this property, then a reserve analogue is used. In the case of economic clearing, the payment currency coincides with that specified in the corresponding agreement.
Recalculation rules
When a contract is concluded between the settlement participants, it must agree and fix the conditions under which the price currency will be converted into the payment currency. This implies an indication in the contract:
- the date of recalculation, usually equal to the day of payment or previous days;
- type of rate - current market rate, rate of wire transfer or other;
- the foreign exchange market, whose quotes are used when calculating quotes.
Decrease in the exchange rate of the price is fraught with losses for the exporter, who gets a smaller amount in the currency of payment. The increase in the exchange rate, on the contrary, hits the pocket of the importer, who has to pay a large amount
Reservations
If the contract price is fixed not in the currency basket, but only in one national currency, there are reservations that prevent participants from the influence of financial risks. According to them, a proportional adjustment of the contract price is possible in case of an unfavorable change in the exchange rate or a decrease in the purchasing power of certain types.
Export accounting
In foreign economic activity, there are often cases when the currencies of the contract and payment do not match. And if suddenly the above conditions of recalculation and reservations are not indicated in the agreement, banks are guided by the following rules:
- the official rate of the national currency to foreign, established by the head bank of the state on the date of payment;
- if one of the currencies of the Commonwealth of Independent States or the Baltic States is used, the conversion is made at the rate set by the Moscow Interbank Currency Exchange;
- at the rate quoted in the latest issue of the Financial Times in all other cases.
When the conditions in the contract are not spelled out and the above methods are used, the bank runs the risk of missing out on revenue. This threatens the enterprise with the imposition of penalties (0.3% of the amount of lost revenue). The maximum amount of interest is limited to the amount not received.
Customs payments
They are one of the most important components in determining the profitability and feasibility of concluding an import-export contract as a whole. Customs charges are:
- import and export duties;
- excise taxes;
- payments for storage of goods.
Payment is also taken in the event of customs formalities arising from the import and export of goods to the territory of the state. The amount is usually repaid by the owner of the transported goods or a firm with a brokerage license that provides such services. The currency of customs payments can be both the Russian ruble (in the case of the import of goods into the territory of the Russian Federation), and a foreign currency quoted by the Central Bank. And they can be paid in the following forms:
- non-cash - in the form of a payment order, customs cards, offset of advance amounts, cash collateral;
- cash - in this case, the corresponding receipt order is issued.
Let's turn to Art. 140 of the Civil Code of the Russian Federation (hereinafter - the Civil Code of the Russian Federation). According to the general rule established in it, all payments and settlements in Russia can be made in 2 ways:
- cash, in which the only acceptable means of payment are a coin and banknote of the Bank of Russia (Art. 29 of the Law "On the Central Bank of the Russian Federation" of July 10, 2002 No. 86-FZ, hereinafter - Law No. 86-FZ);
- cashless.
In both cases, the legislator has designated the ruble as the main legal tender. All monetary obligations are expressed in rubles (part 1 of Art. 317 of the Civil Code of the Russian Federation).
It is permissible to set the amount of payment in foreign currency (IV), if in fact the calculation will be in rubles. By default, the translation into rubles is based on the official exchange rate in effect on the date of payment (a different procedure can be agreed in the agreement).
In addition, within a very narrow framework established by the legislation, it is permissible to carry out settlements for obligations on the territory of the Russian Federation using the IV, as well as payment documents in the IV.
General procedure for the production of non-cash foreign exchange settlements
The specified order is defined in Art. 14 of the Law "On Currency Regulation ..." dated December 10, 2003 No. 173-FZ (hereinafter - Law No. 173-FZ). Residents have the right to make settlements on their bank accounts in any foreign currency. It does not matter in what currency the bank account was opened - if necessary, a conversion operation will be carried out at the exchange rate of the respective bank.
For individuals, the procedure for conducting non-cash payments in the IOT is similar to the procedure for legal entities.
A number of by-laws establish specific features:
- purchases of foreign currency by legal entities and entrepreneurs (Bank of Russia Instruction No. 181-I of August 16, 2017);
- payment in currency of the authorized capital of a credit institution (clause 4.3 of the instruction of the Bank of Russia dated 02.04.2010 No. 135-I).
The procedure for cashless payments in foreign currency between residents
Residents can open foreign currency accounts in authorized banks of the Russian Federation without any restrictions. However, foreign exchange transactions between residents of clause 1 of Art. 9 of Law No. 173-FZ prohibits. But there are still a number of indulgences concerning cashless payments between them. These are operations:
- on transfers of IOT and Russian currency between residents' accounts in banks located on the territory of the Russian Federation and abroad (subparagraphs "g" and "z" clause 9, part 1, article 1 of Law No. 173-FZ);
- obligatory payments to budgets and settlements and transfers related to their execution;
- settlements and transfers of foreign currency for the purpose of carrying out the activities of diplomatic missions, consulates and other official representations of the Russian Federation, as well as those related to the maintenance of their employees;
- cashless transfers between resident individuals from bank accounts outside the Russian Federation to Russian authorized banks;
- wire transfers between resident individuals who are simultaneously spouses or close relatives, from bank accounts in the Russian Federation to banks outside its borders;
- calculations that are associated with obtaining a commercial or bank loan from an authorized bank.
The procedure for cash settlements in national and foreign currencies in the Russian Federation
In relation to individuals, special rules apply: they have the right to produce those listed in clause 3 of Art. 14 of Law No. 173-FZ currency transactions in cash (for example, donating currency to a spouse or transferring it by will, buying coins for collection by numismatists, etc.).
Note! The rules according to which cash payments are made on the territory of the Russian Federation, both in the national and in the IV, are established by the Bank of Russia instruction "On the implementation of cash payments" dated 07.10.2013 No. 3073-U (hereinafter referred to as the instruction No. 3073-U). They apply to individuals and a number of exceptional cases when a legal entity or an entrepreneur has the right to spend cash in foreign currency (clause 2 of instruction No. 3073-U).
Clause 5 of instruction No. 3073-U allows for cash payments in national and foreign currency between settlement participants and individuals in any amount. But already in the next, item 6, the limits are nevertheless established. They extend their effect to cash payments in the above-mentioned currencies, made by legal entities and individual entrepreneurs, and are expressed in limiting the amount of money - no more than 100,000 rubles. (for foreign currency - the equivalent of this amount at the exchange rate of the Central District Hospital on the date of cash settlements). This is the so-called cash limit.
It acts:
- for such settlements that are made under 1 contract;
- fulfillment of civil obligations stipulated by the contract, which was concluded between the participants in cash settlements, and arising from it;
- the issuance of cash by a credit institution, when such issuance is made at the request of the return of the balance of funds transferred to a special account with the Bank of Russia.
There are no exceptions in this case either. About them - in the last paragraph of clause 6 of instruction No. 3073-U.
Settlements in foreign currency abroad
The procedure for settlements through accounts opened outside the Russian Federation is stipulated by the legislator in Art. 12 of Law No. 173-FZ.
As a general rule, clause 6 of Art. 12 without any restrictions, settlements can be made between residents (legal entities and individuals) with funds credited to their accounts in banks outside the Russian Federation. But there are still a number of exceptions. Their full list is given in clause 1 of Art. 9 of Law No. 173-FZ.
At the same time, the legislator has provided for a number of exemptions from the established ban. As for foreign exchange transactions between residents outside the Russian Federation, these exceptions are listed in clause 6.1 of Art. 12 of Law No. 173-FZ.
The resident is obliged to notify the territorial tax authority (at the place of his own registration) of all actions with IO on a bank account outside the Russian Federation (opening, closing, changing details).
Settlements of residents with non-residents in foreign currency: features and nuances of the procedure
Art. 6 of Law No. 173-FZ allows foreign exchange transactions between residents and non-residents. However, not without some reservations. They are listed in Art. 11 of the said law, namely:
- Only specially authorized banks can carry out the procedure for the sale and purchase of IOT and checks (including travel checks) with the nominal value indicated in them, expressed in foreign currency.
- When buying and selling foreign currency in cash, as well as checks with a denomination in IV, the currency regulation body (Central Bank of the Russian Federation) imposes special requirements on credit institutions for the execution of documents (for example, see Article 20 of Law No. 173-FZ).
In addition, the separate rules according to which cash payments are made in the currency of the Russian Federation and foreign currency between resident legal entities and non-residents are discussed in Part 2 of Art. 14 of Law No. 173-FZ.
Repatriation principle
Important! The special conditions regime is in effect when making settlements by residents in the IV within the framework of foreign trade activities (Art. 19 of Law No. 173-FZ). This is the so-called principle of repatriation, which imposes certain obligations on residents (parts 1 and 1.1 of this article):
- ensuring the receipt of the currency (national and foreign) due in accordance with the terms of agreements and contracts;
- repatriation to the Russian Federation of monetary funds paid by non-residents for goods, works, services and information that were never imported into the Russian Federation, executed, transferred (for failure to fulfill this condition, liability is even provided for under Article 193 of the Criminal Code of the Russian Federation);
- receiving on their accounts from non-residents of the currency due under loan agreements.
Documents demanded by the bank from a resident, when money from a non-resident was received to the current account
If a resident carries out foreign trade activities and, accordingly, makes settlements related to it, he is obliged to submit to the authorized bank specified in clause 1.1 of Art. 19 of the law № 173-FZ information.
In addition, according to Part 3 of Art. 22 of Law No. 173-FZ, authorized banks are currency control agents. Therefore, as follows from Art. 23 of the said law, when carrying out foreign exchange transactions (which is the transfer of funds from a non-resident to a resident), they have the full right to request from residents the necessary documents and information about the transactions with IOT.
The same, in turn, as required by Art. 24, are obliged to submit such documents and information at the request of banks. The list of required documents and the amount of required information is determined by the currency control agent at its discretion.
Thus, the implementation of transactions / settlements in foreign currency on the territory of the Russian Federation and abroad occurs against the background of many restrictions and mandatory conditions. Their violation and non-observance can entail administrative and even criminal liability.
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