Paying a Swiss supplier from Russia: francs, euros or dollars, regular IBAN, not QR-IBAN, names in three languages, cantonal holidays. 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 quoteMedicines and pharmaceutical raw materials, medical devices, laboratory instruments and reagents, precision tools, flavorings and food ingredients, cheese and chocolate. Switzerland was not included in the list of countries under Russia’s 2014 food import ban, so food of Swiss origin can be imported with a certificate of origin. Goods from the EU resold through a Swiss firm do not benefit from this.
A separate group of payments goes to commodity traders in Geneva, Zug and Lugano. The contract is with them, but the goods ship from third countries.
Laboratory equipment suppliers generally ask Russian buyers for the full amount up front. Reagents and consumables are supplied under a framework contract, and each order gets its own payment order.
Currency: the Swiss franc (CHF). Exporters invoice in francs, euros or US dollars. Liechtenstein also uses the franc; its IBANs start with LI.
The Swiss IBAN is shorter than most European ones: 21 characters, starting with CH. Since autumn 2022, domestic payments have been made only with the QR-bill. It may show a special QR-IBAN that accepts only domestic payments with a reference. An international transfer to such a number will be sent back. Ask the supplier for a regular IBAN and a SWIFT code for payments from abroad.
Every company is entered in the commercial register and receives a UID number: the letters CHE and nine digits. The register is public. A name may be registered in German, French and Italian at once, with the legal form AG, SA, GmbH, Sàrl or Sagl. The payment needs the spelling that appears in the contract and the bank details. The bank will accept different language versions of the same company’s name if they are in the register.
Switzerland applies restrictions on trade with Russia that largely mirror the EU’s. Its banks also require an explanation of the economic purpose of the deal. So we establish what is being bought, who receives the money, at which bank and in which currency before you transfer your roubles, and again for every payment. If the purpose of the purchase is not clear from the invoice, attach the specification or a description of the work right away, not after the bank asks. If there is no lawful route, we say so plainly. We charge nothing for declining.
Choosing an agent for Switzerland means finding the one in our pool whose route in francs, euros or dollars to your particular supplier’s bank works on the payment date. The execution period is set in the agency agreement, and we enter the agent’s exchange rate and the amount of its fee in the payment order before the debit. On request, the roubles wait in a special escrow account at a Russian bank until the currency is credited, for an additional fee. No separate payment to VEDmost is needed: our work is paid for by the agent.
There is one national holiday: August 1. The other days off are set by the cantons. In Geneva, banks are closed on Jeûne genevois, the Geneva fast day in September, and on December 31; Zurich has its own days in spring and autumn. Easter Monday, Ascension Day and Whit Monday are days off almost everywhere. We check the payment deadline against the calendar of the canton where the supplier’s account is held.
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.
No. The QR-bill and the QR-IBAN are designed for payments within Switzerland. A transfer from abroad needs a regular 21-character IBAN starting with CH and the bank's SWIFT code. Ask the supplier for them separately.
No, if both versions are recorded in the commercial register. In the payment we use the spelling that appears in the contract and the bank details. The UID number, the letters CHE and nine digits, is the same in every language.
Switzerland is not on the list of countries covered by Russia's food import ban, so food of Swiss origin can be imported. A certificate of origin is required: goods from the EU resold by a Swiss firm do not benefit from this.
We check each payment separately: the subject, the beneficiary, the currency and the bank. Switzerland applies restrictions that largely match the EU's, and its banks examine the economic purpose of a deal in detail. If no lawful route can be put together, we will tell you before you transfer your roubles.
There is one national holiday: August 1. The rest are set by the cantons, and Geneva or Zurich have their own days off. We check the calendar of the canton where the supplier's account is held.
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.