How an international payments broker works
We are a broker with our own network of executing companies. For your payment we choose the network company whose route works, put the deal together before you transfer your roubles and make sure the payment reaches the recipient.
Who is involved
You: a company or sole proprietor in Russia with a payment under a foreign trade contract. VEDmost selects the agent and route, prepares the documents and monitors execution. An agent from our pool executes the foreign currency payment under an agency agreement with you. A sub-agent is engaged only if the beneficiary's bank accepts payment only from a specific payer, and only with your consent.
- VEDmostdeal broker, not a party to the payment: agent selection, agreement, payment order, documents, execution control
- Your companyroubles from a Russian bank
- Escrowon request, for an additional fee
- Agent from the poola company of our own network; pays the recipient in currency under a payment order. A sub-agent is engaged only if the recipient’s bank requires it, with your consent
- Suretyon request, for large volumes: a large exporter stands surety for the network company
- Recipientsupplier under the invoice
Which agreements are signed
- Agency agreement with a company of our network. It sets the execution period. The company is known before your roubles are debited.
- Payment order for each payment. Amount, currency, beneficiary, exchange rate and fee.
- No agreement with VEDmost. We select the network company and prepare these documents, and you sign them with that company.
How a deal runs
Request
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.
Agreement and route
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.
Payment
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.
Payment order
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.
Execution
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.
What it costs
Payment to a supplier: from 0.9%. Repatriation of export proceeds: from 0.4%. Minimum payment: 10,000 USD or the equivalent, less for payouts to individuals.
This is the minimum fee. The final cost depends on the country, amount, beneficiary's bank and route, including whether a sub-agent is needed. The final fee and exchange rate are fixed in the payment order before your roubles are debited.
If something goes wrong
If the route closes before the currency is sent, the procedure is set out in the agency agreement. Under the escrow scheme, the roubles wait in a special account at a Russian bank the whole time.
When we decline
If the subject of the payment, the country or the beneficiary does not pass our checks, if no lawful route can be built, or if the documents do not support the deal. We tell you before you transfer your roubles. We charge nothing for declining.
Request a quote
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.