Paying a Japanese exporter from Russia: yen or dollars, beneficiary name in katakana, which cars may be exported, local holidays. Rate and fee before debit.
Estimate the minimum fee
The final fee and rate are fixed in the payment order
Minimum amount: 10,000 USD or equivalent
This is a minimum, not an offer or a rate lock. The final figure depends on the country, amount and the banks involved and is fixed in the payment order.
Request a quoteThe main item is used cars and motorcycles for resale, used engines and car parts. Next come parts for construction and farm machinery, tires, machine tooling, laboratory consumables, food, cosmetics and household goods.
Since August 2023, Japan has banned the export to Russia of passenger cars with engines over 1,900 cubic centimeters, as well as hybrids and electric vehicles. Cars with smaller engines can be exported. We check the engine size and type against the exporter’s invoice before you transfer your roubles. Cars made for the Japanese domestic market usually carry a chassis number instead of a VIN: it must appear on the invoice for each car. We work only with companies and sole proprietors: we do not arrange payments for cars bought for the personal use of individuals.
The auction requires the exporter to pay soon after bidding, so the exporter also expects your money quickly. The execution period is set in the agency agreement: build it into your auction schedule. It is wise to sign the agreement itself before the first auction, so that only a payment order remains to be issued for each payment. Bear in mind that a payment has a minimum amount.
Currency: the yen (JPY). Exporters invoice in yen or in US dollars. Car sellers often ask specifically for yen: they pay the auction in yen themselves and do not want to lose on the exchange. Japan has no IBAN. Domestically, a bank is identified by a four-digit code and a branch by a three-digit one, and an account has a type (ordinary or current) and a seven-digit number. A foreign sending bank also needs the SWIFT code.
Japanese companies’ accounts are opened in a name written in katakana. A transfer from abroad arrives in Latin script, and the bank compares it with the English spelling it has on file. If the name in the payment differs, the bank will query the beneficiary, and crediting will wait. Ask the supplier for its details for incoming international transfers with the exact English name.
Every Japanese company has a 13-digit corporate number. On the tax agency’s public website, a search by this number shows the official name, the address and the English name, if the company has provided one. Forms you will come across: K.K. (kabushiki kaisha), G.K., Co., Ltd.
Suppliers of industrial parts expect payment strictly by the invoice date and dislike postponements. The execution term in the agency agreement is counted in business days, and we check it against that date before signing.
For each Japanese invoice we check which agent in our pool can send yen or dollars to the supplier’s bank on the payment date. The cost of the exchange and the agent’s fee are stated in the payment order. You sign it, and only then do the roubles leave your account. If you need a guarantee, the roubles wait in a special escrow account at a Russian bank until the Japanese supplier has received the money: this is on request and for an additional fee. The broker’s fee is paid by the agent; you do not pay VEDmost separately.
Banks are closed from December 31 to January 3, during Golden Week in late April and early May, on weekends and on public holidays. In Japan, a holiday that falls on a Sunday is moved to the next working day. In mid-August, during Obon, many companies do not work, although banks are open.
Five steps, the same for every country. Country specifics are described above.
Beneficiary's country, amount, currency, the invoice and the contract or bill, your company's and the beneficiary's details. We review the request before any documents are signed.
We select a network company and a route and prepare the documents. You sign an agency agreement with that company, which sets the execution period, and a payment order: amount, exchange rate and fee. All of this before you transfer your roubles.
You transfer roubles to the network company from your account at a Russian bank. If you need a guarantee, they wait for execution in a special escrow account, for an additional fee.
The agent sends the currency to the beneficiary under this payment order. A sub-agent is engaged only with your consent. The route does not change without a payment order.
We send you the payment confirmation, and a SWIFT confirmation on request. Then the completion certificate, the agent's report and the currency control package. The deal is not closed until the currency has been sent to the beneficiary.
If you need a guarantee, the payment goes through a special escrow account at a Russian bank: the roubles wait there until the agent sends the currency to the beneficiary and are released only upon execution. This scheme carries an additional fee, shown in the quote before the agreement.
The agent executes the payment within 3 business days: the period is written into the agency agreement.
If the beneficiary's bank accepts payment only from a specific payer, the agent engages a sub-agent. Only with your consent. Your agency agreement does not change.
For large volumes, on request, we assign an agent backed by a large exporter's surety; some companies in our network have one. It can be combined with escrow.
Tell us the rate you pay now or send your current agent’s documents. We’ll calculate the all-in cost with the FX markup and charges and look for a lower rate in our network. If there isn’t one, we’ll say so. The comparison is free.
Those that Japan allows to be exported to Russia. Since August 2023, the export of passenger cars with engines over 1,900 cubic centimeters, hybrids and electric vehicles has been banned. We check the engine size and type against the invoice before you transfer your roubles. The buyer must be a company or a sole proprietor.
The bank's SWIFT code, the branch name and number, the account type (ordinary or current), the seven-digit account number and the account holder's name as the bank spells it for transfers from abroad. Japan has no IBAN.
Accounts in Japan are opened in a name written in katakana, while transfers from abroad arrive in Latin script. If the English spelling in the payment differs from the one the bank knows, the bank will query the beneficiary, and crediting will wait.
By its 13-digit corporate number on the public website of Japan's National Tax Agency. It shows the official name, the address and the English name, if the company has provided one.
From December 31 to January 3, during Golden Week in late April and early May, on weekends and on public holidays. In mid-August, during Obon, many companies are closed, although banks are open.
Describe the payment. We'll reply with a proposed route and terms. We name the agent in advance, and the rate and fee go into the payment order before your roubles are debited.