Paying a Singapore distributor from Russia: US dollars or SGD, bank codes instead of an IBAN, UEN checks, export limits on electronics. Rate known 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 quoteSingapore trades more than it produces. Russian companies pay distributors of electronic components, industrial equipment and software here, as well as ship supply companies and commodity traders. Often the seller is in Singapore while the cargo comes from a factory in Malaysia, China, Vietnam or India. The payment goes to whoever is named as the seller in the contract, and the bill of lading or air waybill shows where the goods are coming from.
Goods that pass through a Singapore warehouse without processing remain goods of the country of manufacture. The certificate of origin for Russian customs is issued where the factory is, not in Singapore.
The local currency is the Singapore dollar (SGD). Export invoices are almost always in US dollars; the local currency and the euro are rare in them. Singapore companies usually have multi-currency accounts, but we confirm the currency: if US dollars arrive in an SGD account, they will be converted by the beneficiary’s bank, and the amount will not match the invoice.
Singapore has no IBAN. You need the account number and the SWIFT code, and some banks also ask for a four-digit bank code and a three-digit branch code. The supplier takes these from its bank’s instructions for incoming international payments.
Every Singapore company has a UEN. In the government register, it shows the registration date, the address, the directors and the activity codes. The name usually ends in Pte. Ltd. If the seller is registered for GST, that number also appears on the invoice, and exports are zero-rated. If the company was set up recently and its codes point to a completely different line of goods, the beneficiary’s bank will ask questions. We ask them earlier, before you sign the agency agreement.
Since 2022, Singapore has not allowed a range of electronics, computer and telecommunications equipment, and navigation and marine equipment to be supplied to Russia. If the goods are on this list, a Singapore distributor will not ship them, even after receiving the money. Singapore banks also check trading intermediaries strictly: the source of the funds, the seller’s link to the cargo, the end buyer. We review the subject and the documents before you transfer your roubles.
For each payment we select an agent from our pool whose route in US dollars or SGD leads to your Singapore seller’s bank and works on the payment date. You sign the payment order showing this agent’s rate and fee before the roubles are debited. If you need a guarantee, the roubles wait in a special escrow account at a Russian bank until the seller receives the currency: this is on request and for an additional fee. There is no need to pay VEDmost: the broker receives its fee from the agent.
A Singapore distributor usually ships to a new buyer after full prepayment, and sells large equipment with an advance and the balance before shipment. The advance and the balance get separate payment orders under one agency agreement.
Singapore’s holidays come from four cultures: Chinese New Year (two days), Hari Raya Puasa and Hari Raya Haji by the Islamic calendar, Vesak Day, Deepavali, Good Friday, Christmas and National Day on August 9. If a holiday falls on a Sunday, the Monday becomes a day off.
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.
Yes. The money goes to the seller named in the contract, and the transport documents show where the goods are coming from. Goods that pass through a Singapore warehouse without processing remain goods of the country of manufacture. The certificate of origin for Russian customs is issued where the factory is, not in Singapore. The Singapore bank will ask the beneficiary about this, so it makes sense to obtain the shipping documents before payment.
The beneficiary's name, the account number and the SWIFT code. Some banks also ask for a four-digit bank code and a three-digit branch code. Singapore does not use IBANs.
The company's number in the government register. It shows the registration date, the address, the directors and the declared business activities. We check them against the contract and against what you are buying.
Only if they are not covered by Singapore's restrictions on exports to Russia. Since 2022, Singapore has not allowed a range of electronics, computer and telecommunications equipment to be supplied to Russia. We check the subject against the invoice before you transfer your roubles.
On Chinese New Year, Hari Raya Puasa and Hari Raya Haji, Vesak Day, Deepavali, Good Friday, May 1, August 9 and Christmas. A holiday that falls on a Sunday moves to the Monday.
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.