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Nowadays, the important condition for the effective functioning of the Russian enterprises in the external economic sphere is an effective banking service. Banks are the major financial intermediaries which provide the whole circle of participants of the foreign economic relations with necessary resources.

Banking service of the parties of foreign economic activities includes operations of financing the foreign economic activity of the enterprises.

Banks provide a full range of service activities to the parties of the foreign economic activity (fig. 1.1). We will consider the main of them.

Types of banking service activities of the

parties of the foreign economic activity

Maintaining the currency accounts

Implementing the currency control

Purchasing/selling he foreign currency on the client’s order

Making the international payments

Crediting the parties of the foreign economic activity

Figure 1.1 Types of banking services for the Parties of the foreign economic activity

• Maintaining the currency accounts.

To implement the external economic calculations in an authorized bank, the accounts in foreign currency are open both for residents and nonresidents (with the permission of the Central bank of Russia). For juridical persons- nonresidents, the bank opens an account in rubles.

For opening the currency account, a client submits the following documentation to the commercial bank:

• the application for opening of the current balance currency account in the established form;

• the application for opening a transit account;

• the notarized copy of the provision charter on activity of the enterprise, foundation agreement;

• the card with the samples of signatures and an offprint of the enterprise seal (in triplicate);

• decision on setting up or reorganizing the enterprise;

• reference on registration of the enterprise from the Tax Inspection and Pension Fund.

To each client, the bank opens the two accounts available in parallel: transit account and current currency account. The currency revenue enters only the suspense account, but after submitting the certificates of the currency transactions (within

the contract efficacy or the transaction certificate) by the exporter to the bank, it approves the operation and transfers the funds on the settlement account. For importers, settlement and transit accounts are also opened.

The following are entered to the foreign currency accounts of legal entities: the export revenue transferred from abroad for the goods, the performed work or services; the foreign currency acquired in domestic market in compliance with the effective legislation laws; dividends, income in foreign currency; foreign currency deposits of the parties of the legal entity including participation of the foreign partner in the authorized capital.

By the order of the client, the means which are entered to the current foreign currency account can be:

• directed to payment of the imported goods, the rendered services, or thework performed;

• used for repayment of debt on the loans obtained in foreign currency;

• used for payment of the bank commissions;

• used for payment of travelers;

• used for sales in domestic market.

• Making the international payments.

The external economic communications between legal and physical entities of various countries lead to emergence of money demands and obligations. The international payments are a system of organizing and regulating the payments in the sphere of the international economic relations. Payments are made mainly in a clearing settlement. The main intermediaries in the international payments are the banks between which the correspondent relations arise. On a basis of the interbank correspondent relations, there occurs a movement of currency among the countries.

Organizing the correspondent relations with the foreign banks is necessary for making the interbank payments in foreign currency. The correspondent relations can be unilateral and bilateral. Correspondent accounts are divided into the loro and nostro. Loro is the correspondent account of the foreign bank that is open in a bank of Russia in foreign currency. Nostro is the correspondent account of foreign currency which is open in a foreign bank.

Commercial banks from the ordinary transmitter of monetary funds that they are when using the open account and advance payments turn into the interested participants of settlement operations along with the foreign trade contractors.

The operations using the bank transfer are carried out through the orders which are addressed by one bank to another and also, through the bank checks. The payment order represents the order of the bank addressed to the correspondent on payment of a certain sum of money for the request and on the account of the transferor to the foreign recipient specifying the means of compensation for the bank-the payer of the sum paid. The bank- recipient is guided by the concrete instructions which contain in the payment order (the condition about payment to the beneficiary of the corresponding sums against submission of documents or against submission of the receipt).

Banks start participating in this form of payments when submitting the corresponding order of payment for the contract to the bank of importer. Further: having accepted the payment order from the client, the bank of importer, on behalf of its name, sends the payment order to the relevant bank of the exporter; when receiving the payment order, the bank of the exporter pays it into the account of the exporter (fig. 1.2).

Exporter-Recipient

Importer - Sender

Contract

Commodity

Application for transfer Payment

Bank of Exporter

Bank of Importer

Payment

Order

Figure1.2 The scheme of payments for a bank transfer

Thus, as the simplest and operational form of bank payments, the bank transfer has become the most common; it is convenient for banks because there is risk. Also, it is promoted by the speed of payments provided with using the international electronic systems. The letter of credit is a document issued by the bank of importer whose obligation is to accept the ineligible bills by the exporter (beneficiary) based on the certain conditions. These conditions include the credit size, term of payment of the bill, the general description of goods, additional documents and final term of payment. The general scheme of payments for the letter of credit is given in figure 1.3.

Supplier

1. Sign the Сontract for delivery

Buyer

5.Goods shipping

4. Reports about the opening of L/C

6. Transfers shipping documents

8. Reports about use of the L/C

2. Transfers the application for the opening of the L/C

The Bank of the Supplier (executing bank)

7. Reports about use of the L/C

Bank of the Buyer

(bank- issuer)

3. Transfers mmoney for the account of the letter of credit

Figure 1.3 Scheme of making the payments for the Letter of Credit

In bank service of the parties of the external economic activity in payments for the foreign trade operations, the Documentary Letters of Credit are used; after representation of the commercial documents in the bank, the payments are made on the following: invoices, transport and insurance documents, certificates, etc. In the world trade, the payments up to 80% are made through the Letter of Credit. It is connected with the fact that among all the forms of the international payments, the Documentary Letter of Credit is the least risky and most effective instrument of ensuring payments.

Making payments in the form of the Documentary Letter of Credit is the most typical of the agreements which provide payment against providing documents by the exporter (cash payment) or granting a short-term (till one year) the commercial creditto the buyer.

In the international practice of payments, the Irrevocable Letter of Credit confirmed by its own bank provides the maximum guarantees to the exporter. If the date of payment has not been determined since the beginning, the banks that carry out the currency operations for the client can offer other opportunities of insurance of currency risks, for example, to convert the corresponding sum into the currency of payment and to enlist it on the deposit.

When implementing the international operations, the form of payments through the Letter of Credit is considered the most difficult and expensive; though this form is beneficial to the exporters because it gives them almost absolute guarantee of payment. For each transaction on the Letter of Credit as well as for the increased credit risks, the banks take commission higher than for other forms of payments. Usually costs of the commission payment are compensated by each contractor of the agreement on the territory of its country.

The second important form of making the international payments is the collection of payments. The collection of payments is a bank operation through which the bank on the order of the client (the exporter) based on the settlement documents receives the sum of money funds that belong to the exporter from the payer (the importer) for the goods shipped or services provided, and pays these funds into the account of the client-exporter in its bank. Herewith, the collection of payments represents only cashing of the securities, and the bank does not guarantee payment of money funds to the exporter. In the collection form of payments for reducing the risk of failure to pay, the exporter shall insist on granting guarantee of payment by the buyer that the bank gives out separately.

The two types of the collection of payments are distinguished: pure and documentary. The pure collection of payments means the collection of financial documents which are not accompanied by commercial documents. The documentary collection of payments is the collection of financial documents which are accompanied by commercial documents, or the collection of only commercial documents. The scheme of the documentary collection payments is given in Figure 1.4.

Importer (payer)

Exporter (principal)

Concluding a contract

Moneytransfer

Documents

Характеристики

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