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Figure 2 Scheme of calculations for the documentary letter of credit
International payments in the form of the documentary letter of credit can be submitted the following scheme (figure 2):
1) The conclusion of the contract in which it is specified that the parties will use a letter of credit form of calculations.
2) Notice of the importer on preparation of goods for shipment.
3) Submission of the statement by the importer to the bank on opening of the letter of credit with the exact indication of its conditions.
4) Opening of the letter of credit by bank - the issuer (the executing bank) and the direction to his exporter (beneficiary) through bank, as a rule, serving the beneficiary who (bank) informs (advises) the last about opening of the letter of credit.
5) Check by the advising bank of authenticity of the letter of credit and transfer to his beneficiary.
6) Verification of the letter of credit by the beneficiary regarding its compliance to terms of the contract and in case of consent shipment of goods by it in established periods.
7) Receiving by the beneficiary transport (and another required under the terms of the letter of credit) documents from a carrier.
8) Representation by the beneficiary of the documents received from a carrier in the bank.
9) Check by bank of the exporter of the documents received from the beneficiary and sending to their bank issuer for payment, the acceptance (consent to payment or guaranteeing payment) or purchase.
10) Check by bank - the issuer of the received documents and (in case of performance of all conditions of the letter of credit) the translation of an amount of payment to the exporter;
11) Debiting by bank - the issuer of the account of the importer.
12) Transfer by the advising bank of revenue into the account of the beneficiary.
13) Receiving by the importer documents from bank issuer and the introduction in possession of goods.
Letter of credit form of calculations is the most difficult and expensive. For doing of letter of credit operations (advising, confirmation, verification of documents, payment) banks charge higher fee, than in other forms of calculations. Besides, for opening of the letter of credit the importer usually resorts to the bank credit, paying for it percent that raises the price of this form of payments. For the importer the letter of credit form of payments conducts to an immobilization and dispersion of its capitals as he has to open the letter of credit before receiving and realization of goods, but at the same time gives it the chance to control (through banks) performance of terms of transaction by the exporter. For the exporter after advance payments in the form of the letter of credit are the most favorable as it is the only form of payments (except for guarantee operations of banks) containing the obligation of bank to make a payment.
Therefore, the letter of credit is the most reliable instrument of ensuring calculations and payments as per the contracts between partners who know each other not so well, they are distant territorially, and they are divided by a linguistic barrier and have no sufficient confidence in reliability of each other at all. It is some kind of compromise in a case when the buyer of goods doubts reliability of the seller and does not decide to risk the money and, besides, gives the chance to minimize all risks, especially when commercial relations with the foreign partner are only established.
Letter of credit form of calculations can be recommended in cases when between the exporter and the importer is formed:
1) First contract.
2) Contracts for large sums.
3) The contracts connected with the credits for long terms.
4) Contracts with importers from the countries which stay in a serious economic condition, known for low culture of payment and instability of a political and economic situation.
5) Contracts with residents from the countries which demand registration of payments only by means of the letter of credit.
The letter of credit form of calculations more is equitable to interests of the exporter, providing it timely receiving export revenue. At the same time share, and also than responsibility and risk of bank at letter of credit operations is much higher, than at calculations of the collection.
The main form of payments at service of the foreign trade contracts is the bank transfer at which the bank executes an order of the client for transfer of monetary funs to the beneficiary. This form of payments is paperless as does not assume the movement of commercial documents.
Figure 3 Scheme of payments by a bank transfer
In this way, the payments are made in the following order (figure 3):
1) The exporter transfers to the importer the documents on shipment of goods provided by the contract.
2) The importer presents an application assignment for transfer of money to the bank.
3) Money transfer from the bank of the importer to the bank of the exporter.
4) Transfer of money to the account of the beneficiary.
Thus, the bank does not control the fact of delivery of goods or a document transfer to the importer, and also execution of payment under the contract. When applying the bank payment transfers, all the currency revenue is enlisted on suspense accounts in the authorized banks.
The forms of international payments described above differ by share of the bank that makes payments as well as by the activity of their clients’ use. The minimum share of bank in payments is characteristic for a bank transfer. Nevertheless, this form of payments is overwhelming in a total number of payments according to the foreign trade transactions. In Russia about 90% of all payments fall to the share of a bank transfer. Insignificant experience with the documentary letters of credit at export operations has often negative result received in connection with insolvency of the Russian system of document flow on documentary operations. At calculations by the collection and letters of credit share of bank considerably increases that is connected with control over compliance of the documents provided by clients to conditions of the contractor of the client on the transaction and transfer of shipping documents. The big term of documents moving between structural divisions of the banks controlling commission of documentary operations at the different levels promotes refusal of clients of this form of calculations.
Nevertheless, by optimizing the technology of performing the documentary operations and reducing the terms of document flow, for the Russian banks this segment of the currency transaction market is the most attractive and allows to receive the doubled income volume at the same volumes of operations.
4) Operations on attraction and placement of currency money by bank.
This type of operations is the most difficult technically and interfaced to the greatest risks. Such operations are allowed only by the general license. The banks can get this license only after development of other types of operations listed earlier in foreign currency.
Attraction of money in foreign currency of legal entities in deposits is one of the basic functions of the banks - replenishment of resources for the subsequent placement in assets for the purpose of obtaining profits.
In the process of carrying out these operations, the banks make various investments which bring the income, dividends or participation in profit of cooperation management enterprises. Thus, observance of the certain standards of liquidity and rational distribution of risks by separate types of investments is provided. Dynamics and specific weight of the above-mentioned operations in assets of balances are formed under the influence of many factors depending on the policy of the bank, the general economic and political environment in the country.
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