Pay a currency contract on schedule with bank-ready documents
The contract with the supplier remains yours. An agent from our pool pays under it as set out in your payment orders, and we assemble the documents so that each payment can be evidenced in your bank's contract records. The terms of each payment are written down before your roubles are debited.
- 3 business days
- execution period under the agency agreement
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 0.9%
- Fee
- from 225 USD
- Amount incl. fee
- from 25,225 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 quoteThe contract from bank registration to closing
The order matters here: the contract is registered no later than the first payment, and the documents for each payment go to the bank after it is made.
We check the contract
Parties, amount, currency, the supplier's bank, payment procedure and deadlines. We also check whether the contract allows payment by a third party: that is exactly how you pay through an agent.
Registration with your bank
If the contract amount reaches the threshold set by the Bank of Russia instruction, you register the contract with your bank. The bank assigns a unique contract number (UCN). From then on, the deal documents carry this number.
An agency agreement for the contract
We select an agent from our pool for the supplier's country and bank. The agreement is signed once, and the execution term is written into it.
Payments on schedule
Each payment under the contract goes under its own payment order. The amount, rate and fee are fixed before your roubles are debited.
Documents for the bank
After each payment we send you the payment confirmation, the agent's report and completion certificate. You submit them to your bank, and the bank uses them to record the payment against the contract.
What we check in the contract before the first payment
These are the points that the agent's bank, the supplier's bank and your bank's currency control will read later.
Payment by a third party
The contract or an addendum must state that payment may be made by another payer. Otherwise the supplier's bank and your bank cannot tell why the money did not come from you.
Amount and currency
The payment currency matches the contract currency or is provided for in the contract. The total of the specifications does not exceed the total contract amount.
Payment procedure and deadlines
Advance, payment after delivery or stages. The bank checks these deadlines against the payment and delivery dates.
Contract performance date
The date by which the supplier must deliver the goods or perform the services. If delivery slips after an advance, the date on the bank's records is updated by an addendum.
Parties' details
The supplier's name, address and bank must match in the contract, the invoice and the payment order. A mismatch often stops the payment.
Who is involved in a contract payment
You sign the contract with the supplier. The agency agreement links you with an agent from our pool, and a payment order describes each payment. VEDmost selects the agent, writes down the terms and monitors execution, but does not move the contract money itself.
- 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
Documents for currency control
What we need from you
- The contract with all specifications and addenda.
- The invoice for the current payment.
- The unique contract number, if the contract is already registered.
- The supplier's bank details and your company details.
What you keep
- The agency agreement and a payment order for each payment.
- Payment confirmation, with a SWIFT confirmation on request.
- The agent's report and completion certificate with the contract and invoice numbers.
- The set you submit to your bank for the contract records.
What it costs
from 0.9%
minimum fee for a contract payment
The final fee depends on the supplier's country and bank, the amount and the route. For a contract with a payment schedule, we fix the terms for each payment separately, in the payment order, before your roubles are debited. You don't pay us: the broker's fee is paid by the executing agent.
- from 10,000 USD
- minimum per payment, or the equivalent in another currency
- Rate
- its own in each payment order, fixed before debiting
- 3 business days
- execution period under the agency agreement
Already paying under the contract through an agent?
Send us the payment order or report for a past payment. We'll calculate the full cost and look for a lower rate in our pool for the next scheduled payments. If we can't find one, we'll say so.
A currency contract and bank registration
A currency contract with a foreign supplier outlives a single payment. It may involve an advance, payment after delivery and additional payments under specifications. The bank monitors the contract as a whole: how much you have paid, what you have imported or received, and whether the two match.
When a contract is registered
An import contract is registered with the bank if its amount reaches the threshold in the Bank of Russia instruction on currency control. A contract below the threshold is not registered, but the bank may still request payment documents. Registration is done no later than the first payment, and the bank assigns the contract a UCN.
How a payment through an agent looks to the bank
The payment consists of two transfers. You make the first: roubles to the agent under the agency agreement. The agent makes the second: currency to the supplier under your contract. In the contract records, the second transfer counts as payment by a third party under your payment order. It is evidenced by the agent's report, the payment confirmation and the completion certificate. That is why the contract or an addendum states in advance that payment may be made by another payer.
If dates or amounts change
Delivery has slipped, a specification has been added, the price has changed. Such changes are made by an addendum and submitted to the bank so that the contract records match the facts. An advance leaves you with an obligation: the goods must arrive, and if the delivery falls through, the supplier returns the advance within the period set in the contract.
What the broker does
We select an agent from our pool for the supplier's country and bank, write down the terms of each payment before your roubles are debited, and prepare the documents so that each payment can be evidenced at the bank. How the payment to the supplier works and which payment routes exist is described on the import payments page. For a one-off invoice without a schedule, see invoice payments.
Questions about currency contract payments
Can I pay a currency contract in roubles?
You pay the agent in roubles under the agency agreement. The supplier receives the contract currency from the agent. The conversion rate is written into the payment order before debiting.
Do we need to register the contract if we pay through an agent?
Yes, if the contract amount reaches the threshold set by the Bank of Russia instruction. The payment method does not change this: your bank keeps the contract records, and a payment through an agent is evidenced by the agent's report and the payment confirmation.
The contract has no third-party payment clause. What should we do?
Sign an addendum with the supplier or get a letter from them. We check this before the agency agreement is signed and tell you which document is missing.
Can we pay under the contract in several installments?
Yes. There is one agency agreement, and each payment goes under its own payment order with its own rate and fee. The minimum per payment is 10,000 USD or the equivalent.
What documents are needed to register a contract with the bank?
The contract with specifications and the contract details in your bank's form. The exact list is set by the bank. We prepare the documents for payments through an agent: the payment order, payment confirmation, the agent's report and completion certificate.
Who pays the supplier under the contract?
An agent from our pool, whom you know before your roubles are debited. A sub-agent is used only with your consent, if the supplier's bank accepts money only from a specific payer.
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.