Paying a Taiwanese factory from Russia: US dollars, not TWD, English name at the bank, machine tool export ban, typhoon days off. 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 quoteTaiwan is one of the world’s largest exporters of fasteners, and bolts, screws and nuts from Taiwanese factories are well known to Russian buyers. Next come hand and power tools, bicycles and bicycle parts, body panels and headlights for the automotive aftermarket, plastics and resins, technical textiles and LED products. Many suppliers here are mid-sized family factories that sell directly, without trading houses.
The island’s currency is the New Taiwan dollar (TWD). It hardly circulates outside Taiwan, so Taiwanese exporters quote prices in US dollars. If the supplier has invoiced in TWD, we first check whether any route in that currency is open.
IBANs are not used in Taiwan. A transfer requires the SWIFT code, the account number and the bank branch. Inside Taiwan, banks carry three-digit codes and branches four-digit ones, and suppliers sometimes send only these. That is not enough: the SWIFT code is required.
When a Taiwanese company receives a large amount from abroad, it files a foreign exchange transaction declaration with its bank, stating what the money is for. Generic wording such as “payment under contract” gets in the way here. So we put the invoice number and the goods themselves into the payment reference.
A Taiwanese company’s official name is Chinese. The exporter registers an English name separately, and the bank may record it in a shorter form or with a different legal form, for example Co., Ltd. instead of Corporation. The payment must go to the bank’s spelling. Ask the supplier to send a letter with the details for incoming foreign currency transfers.
Every company has an eight-digit unified number, which can be used to look it up in the public register. Dates in Taiwanese official documents are often written in the local era: the year 115 means 2026.
Taiwan bans the export to Russia of advanced semiconductors, many machine tools and a range of other high-tech equipment. If the goods are on this list, the factory will not ship them, and payment will not help. Fasteners, tools, plastics and textiles are generally not covered by the ban. We review the subject against the invoice before you transfer your roubles.
For the payment we select an agent from our pool that sends dollars to your supplier’s Taiwanese bank on the payment date. The agent’s exchange rate and its fee end up in the payment order, and you put your signature under it before the roubles are debited. If you need a guarantee, the roubles wait in a special escrow account at a Russian bank until the dollars are credited to the factory: this scheme is on request, for an additional fee. VEDmost charges you nothing separately: the broker’s fee is paid by the executing agent.
The usual scheme at Taiwanese factories is a prepayment when the order is placed and a second payment once the cargo is loaded and a copy of the bill of lading is available. Banks close for several days at Chinese New Year, and for the Dragon Boat Festival, the Mid-Autumn Festival and October 10. In summer and autumn there may be typhoon days off: the authorities announce them the day before, and banks do not work that day.
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 Taiwan dollar hardly circulates outside the island, and there are few routes in it. The supplier usually agrees to US dollars. If it insists on TWD, we first check whether the agents in our pool have such a route on the payment date.
The company's unified business number. It is used to look the company up in Taiwan's public company register. We check the name, the address and the status against the contract before you sign the agency agreement.
Its official name is Chinese. The exporter registers an English name separately, and the bank may record it differently. The payment needs the bank's spelling: ask the supplier for a letter with the details for incoming foreign currency transfers.
With caveats. Taiwan bans the export to Russia of advanced semiconductors, many machine tools and a range of other equipment. We review the subject against the invoice before you transfer your roubles and say plainly if there is no route.
If a strong typhoon is heading for the island, the local authorities declare a non-working day, and banks close. Besides that, banks are closed for several days at Chinese New Year, for the Dragon Boat and Mid-Autumn festivals, and on October 10.
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.