Currency transaction code

Currency transaction code (VO code): a five-digit code from the list set by the Bank of Russia in Instruction No. 181-I on currency control. The code tells the bank what is behind a payment: payment for imported goods, an advance for services, the return of an advance, a loan, interest and so on.

How the code is chosen

The code is chosen according to the substance of the transaction:

• goods or services;
• prepayment or payment after delivery;
• import or export;
• the main payment or a return of funds.

For example, an advance for imported goods and payment for the same goods after import have different codes. If the contract is registered with the bank, the code must match that contract.

Where it is stated

When roubles are transferred to a non-resident, the code goes at the start of the payment purpose, in curly brackets: {VO} and five digits. For foreign currency transactions, the code is given to the bank in the transaction documents, and the bank checks it against the contract and the supporting documents.

Mistakes and consequences

If the code, the payment purpose and the documents say different things, the bank asks for explanations and may suspend the transaction. A wrong code distorts the records for the contract, and the discrepancies then have to be explained. Breaches of the procedure for submitting documents and information on currency transactions are punishable by fines under the Code of Administrative Offenses.

If you pay through an agent

The code depends on whom you pay and under which agreement: the agent under the agency agreement or the supplier under the contract. We’ll suggest a code based on the contract and the agreement with the agent, and your bank makes the final check. We put together the currency control package for the payment: Currency control.

This is a general overview. We decide on your deal after reviewing the documents.