GeneralCorporate BankingMoney servicesInternational transfers in rubles of the Russian Federation

International transfers in rubles of the Russian Federation

When processing payments in rubles of the Russian Federation, AS "Meridian Trade Bank" is obliged to comply with the rules established by the Bank of Russia, including with regard to completion of the payment order. The text of the payment order must be executed in Russian, it should take into consideration the features of payment system of the Russian Federation, rules of currency and tax control in the Russian Federation, and also bank practice in the Russian Federation.

 

Existence of details of payment with the explanation of an essence of operation and the indication of its code allows to execute payment in due time and relieves of the need to provide to the Russian bank additional explanations. Upon non-compliance with the recommendations provided below, the Bank doesn't guarantee execution of the payment order, and additional expenses related to investigations, specifications, communication and other actions, will be charged to the Customer.  

 

Recommendations about filling of the payment order regarding international transfer in rubles of the Russian Federation

 

1. Language of the text of the payment order

 

Most of the Russian banks are participants of the SWIFT international system of interbank communications, and the Latin font is the unique font for use in SWIFT. To provide execution of the payment order in Russian, the SWIFT Russian National Association has approved rules of a converting of the Russian alphabet in Latin, which is presentation by means of the Latin alphabet of the letters, words, expressions and the connected texts that have been written down by means of the Russian alphabet (Cyrillic). 

 

See the table for Cyrillics transliteration in the SWIFT format

 

2.      Content of the payment order 

 

At registration of the initial payment order in rubles of the Russian Federation it is necessary to specify the following information:

 

  • Amount and currency
  • Full name (name, surname) and address (city) of the beneficiary. If the name of the beneficiary cannot be located in the field "Name of the beneficiary", it is recommended to continue it in the field "Address of the beneficiary".
  • 9-12-character identification number of the taxpayer (INN) of the beneficiary, if the beneficiary is a legal entity and resident of the Russian Federation
  • 20-character number of the beneficiary's account
  • Full name and address (city) of beneficiary's bank
  • 9-character bank identification code (BIC) of the beneficiary's bank
  • 20-character number of correspondent account of beneficiary's bank in the Bank of Russia. The number begins with 301 and ends with three figures which coincide with three last BIC figures
  • If the account of the beneficiary is in the branch of beneficiary's bank, 20-character number of correspondent account which begins with figures 303 is specified in addition
  • An exact and unequivocally understood payment purpose, for example, number and date of the invoice and the contract, the VAT amount and sum. If goods/services aren't taxed, it must be specified "without VAT"
  • Code of currency transactions (VO code) 

 

See the table with VO codes

 

When filling the fields of details of payment, the information begins with an operation code, which consists of a designation combination "CT" (currency transaction) (in Russian - «ВО») and (without a gap!) digital code of currency transaction (5 digits). For example, ВО01010 Payment for the goods on the invoice No. 123 dated 12.01.2010, including VAT (20 %) 1800 rubles 00 kopeks should be written down as VO0101 PAYMENT FOR INVOICE No.123 DATED 12.02.2010 (in Russian - OPLATA ZA TOVAR PO ScoTU n123 OT 12.02.2010), V T. c. NDS (20p) 1800 RUB.00 KOP.

 
Information
AS "Meridian Trade Bank" Head office
57 Elizabetes Str., Riga, Latvia, LV-1050

Ph.: +371 67019393
WhatsApp: +371 27677569 (chat)
Skype: mtb_info (chat)
E-mail: info@mtbank.eu
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