Get roubles for supplies to India
An Indian importer pays through its bank to the account of an agent from our pool. We select the agent to suit that bank and the currency: dollars, dirhams or rupees. Roubles arrive in your account in Russia at the rate written into the payment order before payment.
- 3 business days
- to credit roubles after the currency reaches the agent
Estimate the minimum fee
The final fee and rate are fixed in the payment order
Minimum amount: 10,000 USD or equivalent
- Fee rate
- from 0.4%
- Fee
- from 100 USD
- To be credited (equivalent)
- up to 24,900 USD
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 quoteHow an Indian bank processes an import payment
In India, an importer cannot simply send money abroad. Its bank works under the rules of the country's central bank and tracks each payment until the goods are imported.
Authorized bank
Import payments go through a bank authorized to deal in foreign exchange. It accepts the buyer's application together with the contract and invoice, and only then sends the money.
Importer code
An Indian company must have an Importer-Exporter Code, which is stated in the transfer application. Without the code, the bank will not process the payment.
Import declaration
Once the goods clear Indian customs, the bank matches the transfer against the buyer's import declaration (bill of entry). Until it is in place, the payment counts as open, and this importer's next transfers may stall.
Purpose code
Every transfer from India goes out with a purpose code. Goods and services have different codes, and a wrong code also holds up the money.
Large prepayment
The bank processes a small advance without trouble if the contract sets a delivery date. For a large one, it may require backing from a foreign bank, so discuss the size of the advance before the contract.
Advance, then the balance after customs
Indian buyers often split payment: part before shipment, the balance after the goods are imported. There is one agency agreement for the whole contract, and each part gets its own payment order.
Prepayment
under the advance invoice, while the goods are still with you
Part 1: rate and fee for this partImport into India
the buyer files the declaration, and the bank closes the advance against it
Balance payment
after customs, under the invoice and transport documents
Part 2: rate and fee for this part
Payment for services from India can be received the same way: development, engineering, staff training, if the work is described in the contract and a completion certificate is signed.
We do not take on transfers from private individuals or payments without a contract. If the importer or the goods do not pass the check, we will tell you before the agreement is signed.
What to discuss with a buyer from India
Currency. Indian importers offer rupees, dollars or dirhams. Not every agent converts rupees into roubles, so the currency is chosen before the contract, and we look for an agent in our pool to match it.
Letter of credit. It is common in India, but banks are reluctant to open one for deals with Russia. If there will be no letter of credit, the contract needs a clause on payment through an agent.
Contract addendum. The importer's bank needs to see why the money goes to the agent rather than to you. We will send the text of the agreement, and the buyer will attach it to the transfer application.
Names. The names of your company and the agent on the invoice must match the contract letter for letter. Otherwise the bank will return the application to the buyer for correction.
Goods. Typical supplies from Russia to India: fertilizers, vegetable oil, coal, pulses, timber, metals, equipment. For raw materials, the bank will ask for a certificate of origin and transport documents.
Calendar. Around Diwali and at the end of the Indian financial year in March, banks are overloaded and transfers move more slowly. Do not schedule a large payment for those dates.
Cost of payments from India
from 0.4%
minimum fee for a transfer from India
The rate is set by the currency, the Indian bank, the amount and the agent whose route is open right now. We calculate the advance and the balance separately and write each figure into its own payment order before the transfer. VEDmost does not invoice you: the broker's fee is paid by the agent.
- from 10,000 USD
- minimum for a single transfer; rupees and dirhams are counted at the USD equivalent
- Each part
- advance and balance, each with its own rate and fee
- 3 business days
- to credit the roubles after the currency reaches the agent
Is your Indian buyer already paying through an agent?
Show us what you pay now. We will break the price down into the fee, the FX markup and fixed charges and compare it with what agents in our pool offer. If there is nothing lower, we will say so.
Papers for a deal with India
What we need from you
- A contract with a clause on payment through an agent.
- An invoice with the importer code and the full purpose of payment.
- Shipping documents and a certificate of origin.
- For the balance payment: the import declaration number from the buyer.
- Your company details.
What you keep
- The agency agreement and payment orders for the advance and the balance.
- Confirmation that the currency has reached the agent.
- The agent's report on the roubles credited to your account.
- Papers your bank uses to record the proceeds.
What people ask about payments from India
The buyer wants to pay in rupees. Will you take that?
It depends: not every agent accepts rupees. If there is no rupee route right now, we will suggest dollars or dirhams before the contract is signed.
Why does the buyer need an import declaration?
Its bank matches the import payment against it. Until the declaration is in place, the transfer stays open, and the bank may hold up this importer's next payments.
The Indian bank returned the application. Why?
Usually because of a mismatch in names, a wrong purpose code, or no basis for paying the agent. Send us the bank's reply and we will tell you what to fix.
Can we use a letter of credit instead of a transfer?
The letter of credit is opened by the buyer's bank, and not every bank agrees to do so for deals with Russia. If it cannot be opened, what remains is a transfer to the agent under the contract addendum.
How long until the roubles arrive after payment?
3 business days after the currency reaches the agent, as written in the agency agreement.
Request a quote
Describe the deal: the buyer's country, currency and amount. 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 the buyer pays.