Paying a Serbian supplier from Russia: euros to a foreign currency account, the basis code for the bank, Orthodox holidays. Terms visible before roubles move.
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 quoteFrom Serbia to Russia come fresh and frozen fruit, above all apples and raspberries, cheese and other food, medicines, tires, furniture and building materials. The second large group is services. Many development teams work in Serbia, and for us, paying for programming, design or support under a contract is the same foreign trade payment as paying for a batch of goods.
A free trade agreement is in force between the EAEU and Serbia. For many Serbian goods, the import duty is reduced or removed if the supplier has issued a certificate of origin. We find this document useful for another reason: it shows exactly which goods the money is paying for.
Serbia’s national currency is the dinar (RSD). Exporters invoice in euros, occasionally in US dollars. For these settlements a Serbian company holds a foreign currency (devizni) account, while its dinar account is used for payments inside the country.
A domestic Serbian account number consists of three groups of digits. It is not suitable for a transfer from abroad: that requires an IBAN starting with RS plus the bank’s SWIFT code. Ask the supplier for its bank’s instructions for incoming payments from abroad; they contain this information.
A Serbian bank does not always credit a payment from another country right away. It notifies the beneficiary and asks it to state the basis under the classifier of the Serbian central bank. Until the supplier answers, the money waits at its bank. So we write the payment reference in a way that makes the basis easy to choose: contract number and date, invoice number, and exactly what is being paid for.
A Serbian company’s documents show the matični broj and the PIB. With them, the beneficiary can be found in the public register. We check the name together with the legal form: d.o.o., a.d., or preduzetnik for a sole proprietor. If the contract spells the name one way and the bank details another, the beneficiary’s bank is entitled to return the transfer.
For each payment we look through the pool and take the agent whose euro route to your Serbian beneficiary’s bank works on the payment date. The execution period is set in the agency agreement. We write that agent’s rate and fee into the payment order, and you see them before the roubles leave your account. If you need a guarantee, the roubles wait in a special escrow account at a Russian bank until the euros reach the supplier: this is on request, for an additional fee. There will be no separate invoice from VEDmost: the broker’s fee is paid over by the agent.
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.
The dinar hardly circulates outside Serbia. For foreign trade, a Serbian company has a separate foreign currency account, usually in euros. The agent transfers the currency stated in the invoice to the account in the supplier's bank details.
PIB: the company's tax number. Matični broj: its registration number. With them, the beneficiary can be found in the public Serbian register, and we check the contract and the bank details against it before you sign the agency agreement.
A Serbian bank often waits for the beneficiary to state the basis of an incoming payment from abroad. Until the supplier answers its bank, the money is not credited. A detailed payment reference citing the contract and the invoice helps the supplier answer quickly.
Yes, under a contract describing the work. An invoice for a month or a completed stage is paid under a separate payment order, and you add the completion certificate to the currency control package.
Not the transfer itself: the agreement lowers import duties. But the certificate of origin that the supplier prepares for customs also confirms which goods the payment is for.
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.