CROSS-BORDER TRANSFERS
INTERNATIONAL PAYMENTS VIA FINANCIAL AGENT
FOR RUSSIAN COMPANIES
FOR RUSSIAN COMPANIES
Agent (non-resident) accepts the Russian Rouble from the Importer to its accounts inside the territory of the Russian Federation and purchases goods or services on behalf of the Importer outside the territory of the Russian Federation.
Agent accepts currency on behalf of the Exporter outside the territory of the Russian Federation and pays with the Russian Rouble from the Russian Federation bank account.
DOCUMENTATION
Contract with the Supplier + Supplementary Agreement allowing for payment through the third party
(payment via Agent company)
(payment via Agent company)
• Agent Agreement between Principal and Agent
• Supplementary Agreement to the Main Contract, allowing for payment-through-agent
• Main Contract between Importer/Exporter and Supplier
• Invoice from Supplier to Importer/Invoice from Exporter to Buyer
• Request from Principal to Agent
• SWIFT or another form of confirmation for currency payment sent
• Agent’s report with the details of processed payments and bank details of the payer
• Request from Agent to Subagent
• Agreement between Agent and Subagent
• Supplementary Agreement to the Main Contract, allowing for payment-through-agent
• Main Contract between Importer/Exporter and Supplier
• Invoice from Supplier to Importer/Invoice from Exporter to Buyer
• Request from Principal to Agent
• SWIFT or another form of confirmation for currency payment sent
• Agent’s report with the details of processed payments and bank details of the payer
• Request from Agent to Subagent
• Agreement between Agent and Subagent
CLOSING DOCUMENTS
PAYMENT AGENT
PAYMENT PROCESSING
• Agent Agreement is signed between Importer-Exporter or Supplier (“Principal”) and Agent (a foreign Company)
• Principal signs a Supplementary Agreement to the main contract allowing financial arrangement to go through an Agent
• Agent accepts Roubles on its account in the Russian Federation according to the Agent Agreement
• Principal issues a request to Agent for a currency transaction
• Thereafter, Agent makes the payment in currency to the Supplier
• Principal signs a Supplementary Agreement to the main contract allowing financial arrangement to go through an Agent
• Agent accepts Roubles on its account in the Russian Federation according to the Agent Agreement
• Principal issues a request to Agent for a currency transaction
• Thereafter, Agent makes the payment in currency to the Supplier
Principal
(importer-exporter)
(importer-exporter)
Supplier
(buyer)
(buyer)
Supplementary
Agreement
Agreement
Agent Agreement, Importer-Agent
MOVEMENT OF
FUNDS
FUNDS
1. For realisation of the scheme an Agent Agreement needs to be signed inside or outside of the Russian Federation
2. All operations inside the Russian Federation are subject to inspection from financial monitoring and currency control services.
3. Agent’s fee is included in the conversion rate.
2. All operations inside the Russian Federation are subject to inspection from financial monitoring and currency control services.
3. Agent’s fee is included in the conversion rate.
IMPORT
EXPORT
1
3
4
2
5
SUBAGENT (foreign company),
foreign bank account
foreign bank account
PRINCIPAL (IMPORTER),
Russian bank account
Russian bank account
AGENT (SINGAPORE COMPANY),
Russian bank account
Russian bank account
AGENT (SINGAPORE COMPANY),
foreign bank account
foreign bank account
GOODS AND SERVICES SUPPLIER,
(recipient of funds)
(recipient of funds)
1
3
4
5
BUYER,
foreign bank account
foreign bank account
2
AGENT,
Russian bank account
Russian bank account
SUBAGENT,
foreign company – payer
foreign company – payer
AGENT,
foreign bank account
foreign bank account
EXPORTER,
Russian bank account
Russian bank account
info@worldpayment.com
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