international settlement bank transfer
Settlements by bank transfer at Vneshtorgbank (VTB) are carried out on the basis of the Instruction of VTB Bank OJSC “On the procedure for making settlements for operations related to the export and import of goods, works, services” dated 12/30/2004, developed and approved by this bank. No. 1097, as well as on the basis of the Instruction "On the procedure for the implementation of control and accounting by JSC VTB Bank currency transactions and registration of transaction passports” dated 12.04.2011. 201, which are still valid in terms of bank transfers.
A bank transfer, as one of the forms of international settlements carried out in accordance with banking rules and business customs applied in banking practice, is a banking operation carried out for the purpose of making non-cash payments of customers - counterparties for exported and imported goods and services. A bank transfer is a transfer of funds between the parties to the transaction, namely from the transferor to the beneficiary in accordance with the written order of the first party to the transaction, transmitted to the Bank and consists in the performance by the credit institution of a number of operational and accounting procedures.
Bank transfers are executed through payment orders. Civil Code Russian Federation(part 2 ch.46.st.863 " General provisions on Settlements by Payment Orders” clause 2 “Settlements by Payment Orders”) determines that when making settlements by payment orders, the bank undertakes, on behalf of the payer, at the expense of the funds in his account, to transfer a certain amount of money to the account of the person indicated by the payer in this or another bank in the period provided for by law or established in accordance with it, if a shorter period is not provided for by the bank account agreement or is not determined by the customs of business turnover applied in banking practice.
When concluding contracts of sale, the seller and the buyer agree on the methods of payment for the goods supplied. Methods of mutual settlements for claims and guarantees are usually not specified in the contract, since it is understood that they will be carried out by bank transfers.
In international settlements, banks often perform transfers on behalf of their clients. These operations involve: the transferor-debtor; the transferor's bank that accepted the order; the bank that credits the transfer amount to the transfer recipient; recipient.
When performing a transfer operation, banks take part in settlements by transfer only after the payer submits a payment order to the bank to pay for the contract. In this case, banks are not responsible for the payment.
The Bank does not control the fact of delivery of goods or transfer of documents to the importer, as well as the execution of payment under the contract. With this form of settlement, the bank's obligations include only the transfer of payment from the account of the transferor to the account of the transferee at the time of submission of the payment order (Fig. 5)
Rice. 5.
After the conclusion of the contract (1) between the importer and the exporter, the importer sends an application for transfer to the bank (2). The delivery of goods (3) may precede or follow payment, which is determined by the terms of the contract and the currency laws of the countries.
The importer's bank, having accepted payment order from the importer, sends on its own behalf a payment order (4) to the relevant bank of the exporter. Having received a payment order, the exporter's bank verifies its authenticity and performs an operation to transfer money (5) to the exporter's account.
The economic content of bank transfers depends on whether the goods or services are paid for before they are delivered (advance payments) or after they are received by the importer (open account settlements).
The procedure for settling debts on an open account is determined by an agreement between counterparties. Periodic payments are usually provided for at a fixed time (after the completion of deliveries or the resale of goods by the importer in the middle or end of the month). After reconciliation of the calculations, the final repayment of the debt on the open account is made through banks, as a rule, using a bank transfer. In this regard, banking statistics often include open account settlements in bank transfers.
When paying by bank transfer, the contract must necessarily include the obligation of the buyer to provide a bank guarantee of payment and ship the goods only after receiving such a guarantee and verifying the obligations contained therein.
In order to increase the economic efficiency of trading operations, sellers should be advised to choose the basic terms of delivery with the shortest time to fulfill their obligations. These conditions are: EXW, FCA, CIP, CPT. For example, under CIP and CPT, the seller is considered to have fulfilled his obligations at the time the goods are handed over to the first carrier. Literally on the same day, he can send documents to the buyer by fast communication and receive payment within 3-7 days, while the cargo for deliveries to distant countries can be on the way for several weeks.
If at the time of applying for a guarantee or sending a payment order to the bank, the buyer's account does not have the necessary funds, the transfer bank may require the buyer to deposit the appropriate amount into his account or, if the buyer is a reliable client, credit him on agreed terms.
In accordance with paragraphs 3.1 and 3.1.1 of Instructions of the Bank of Russia dated June 15, 2004 N 117-I "On the procedure for residents and non-residents to submit documents and information to authorized banks when carrying out foreign exchange transactions, the procedure for accounting by authorized banks of foreign exchange transactions and issuing transaction passports" ( hereinafter referred to as Instruction N 117-I), the operation of the procedure for issuing a transaction passport (hereinafter referred to as the PS) established by Section II applies to currency transactions between a resident and a non-resident, which consist in making settlements and transfers through resident accounts opened with authorized banks, as well as through accounts with non-resident bank in cases established by acts of the currency legislation of the Russian Federation or acts of currency regulation bodies, or in other cases - on the basis of permits issued by the Bank of Russia, including for work performed, services rendered under a foreign trade agreement (contract) concluded between resident (legal entity or individual individual entrepreneur) and non-resident.
Work with a bank transfer in VTB Bank is carried out on the basis of the instruction "On the procedure for making settlements for operations related to the export and import of goods, works, services" dated 12/30/2004. No. 1097, which is still valid.
The work consists of two elements, the first, work in the importer's bank - when VTB Bank acts as the importer's bank and the second, when VTB Bank acts as the recipient of funds, i.e. work in the exporter's bank.
The banking operation for the transfer of international settlements at VTB Bank includes several participants:
- "Transfer", a legal entity or an individual entrepreneur, giving a payment order / application for transfer to the bank - the transferor.
- "Beneficiary", a legal entity or an individual entrepreneur, specified in the payment order / application for transfer as a recipient of funds as a result of the execution of a bank transfer.
- "Bank - transferor", a bank that, in accordance with the instructions of the payment order / application for transfer of the transferor, begins banking procedures for its execution.
- "Bank - beneficiary", the bank which is the last in the course of the transfer to receive the payment order and transfers the funds to the beneficiary.
- "Intermediary Bank", any bank involved in the transfer of funds and is not the bank of the transferor or the beneficiary's bank.
- “Correspondent Bank”, a bank that executes on the basis of a correspondent agreement the instructions of the Bank and banks - transferrs / banks - intermediaries for payments and settlements.
- "Responsible executor" - an employee of the Bank's subdivision providing settlement and cash services legal entities in the office or branch of the Bank, in official duties which includes acceptance of a payment order / application for transfer from the Client, as well as verification of the correctness of its execution.
Payments by payment orders for imported goods, works, services in VTB Bank are carried out as follows.
The Bank executes payment orders of customers (legal entities, residents and non-residents, as well as individual entrepreneurs) who have accounts with the Bank, to transfer funds from Russia abroad in favor of non-residents and residents, as well as in favor of non-residents and residents to their accounts with credit institutions located in Russia, through a network of correspondent accounts in payment for the cost of imported goods, works , services, results of intellectual activity.
Transfer of funds on behalf of the Bank's customers in the currency of the Russian Federation through the settlement network of the Bank of Russia is carried out using the payment order form provided for by the Regulation of the Bank of Russia dated 03.10.2002 No. 2-P "On non-cash settlements in the Russian Federation".
Transfer of funds on behalf of the Bank's clients in foreign currency is made on the basis of an application for transfer drawn up in the prescribed form. The application for transfer must contain the following details:
Full official name of the client, his address and telephone number;
The number of the client's currency account from which the transfer amount is debited;
TIN, KPP, OKPO and / or OGRN codes;
The name of the currency and its alphabetic / numeric designation in accordance with the currency classifiers in force on the territory of the Russian Federation;
Date of preparation of the application for transfer and its number;
Transfer amount (in numbers and words);
Name of the payee (beneficiary), location (city, country), and his address;
Beneficiary's account number and/or international bank code of the client - IBAN;
Name of the bank - beneficiary, identifier (BIC, IBAN, FW, CH, etc.), location (city, country) and its address (if any);
Appointment of payment with reference to the document that is the basis for the transfer, indicating its number and date (foreign trade contract, contract, agreement, invoice or other documents). In the absence of an agreement (contract), it should be indicated: “There is no contract”. The purpose of the payment should briefly indicate the economic content of the transaction;
Number, date of the transaction passport (if its execution is required in accordance with the legislation of the Russian Federation) and the visa of the Bank's responsible executor for currency control;
An indication of who is charged bank commission and transfer expenses, as well as the number of the transferor's account from which the commission, expenses and remuneration of a foreign bank are debited, if they are attributed to the transferor's account;
Other information required by the regulations of the Bank of Russia and the Bank.
An application for a foreign currency transfer must be drawn up taking into account the following:
The name of the beneficiary and his address, the name of the beneficiary's bank (the beneficiary's bank), the intermediary bank (if any), as well as technical and other special terms in the transfer application are indicated in English;
The transfer application is signed on behalf of the client by persons entitled to sign documents according to the signature sample card; signatures are sealed with the seal of the organization;
If the transfer amount is expressed in the currency of the contract and is different from the currency of the client's account, at the time of payment the Bank converts the account into the currency of payment at the Bank's exchange rate for conversion transactions on the day of the transaction in accordance with the current regulations of the Bank;
When making transfers in payment for goods, works, services, results of intellectual activity without issuing a transaction passport, the application for transfer must also have a visa of the Bank's responsible executor for currency control.
The application for transfer is valid for 10 days from the date of preparation. Upon receipt of an application for a transfer, the responsible executor checks the correctness of its execution in accordance with this Instruction and other internal regulations of the Bank. Applications for transfers are accepted within a business day. Terms of execution of transactions are established in accordance with the current regulations of the Bank. Application for transfer is submitted to the Bank in 4 copies. Copies of the transfer application are returned to the Client with a mark of acceptance of the transfer application for processing. On the submitted application for transfer, the responsible executor of the Bank puts a mark on the conformity of the signatures on the seal with the declared samples available in the signature sample card of the specified organization stored in the Bank, as well as on the availability of the corresponding amount of funds on the Client's account. In case of incorrect execution of the application for transfer, the responsible executor returns it to the translator, indicating the reasons for the return.
After checking the transfer application for its compliance with the current currency legislation and affixing a visa to the Bank's responsible executor for currency control, the latter transfers it to the operating unit, which checks all the persons mentioned in the transfer application according to the list of organizations and individuals, in respect of which there is information about their participation in extremist activities and, in the event that the data on at least one of the persons are completely identical with the data of the person included in the specified list, performs the actions provided for by the current regulatory documents of the Bank regulating the implementation of measures in the field of countering legalization of proceeds from crime and the financing of terrorism. After carrying out the specified verification, executes the application for transfer no later than the business day following the day the application for transfer is received, if this transfer does not require additional recommendations regarding the route of payment for countries subject to US economic sanctions.
The transfer application is subject to registration in the register with the following required details: name of the organization, transfer application number, recipient country, currency, transfer amount, payment order number to the correspondent bank, foreign bank expenses, date and amount.
Based on the data contained in the transfer application and in accordance with the Bank's regulations, the Bank's payment order is generated (message format МТ 103/202). The payment order is sent to the correspondent bank via the SWIFT/TELEX system or other telecommunication channels. When executing a payment order upon an application for a transfer, the Bank reserves the right to choose a correspondent bank through which settlements will be made, as well as the right to choose the method of its execution. The payment order must be executed by the responsible executor, taking into account the requirements of foreign banks for automatic processing MT 103/202. Payment order MT 103/202 can be used through the Loro account of the correspondent bank, if there is no direct indication in the transfer application which account to use when making the payment.
Authorization of outgoing payment orders of the Bank is carried out by authorized employees of the UKS. During authorization, control is exercised over the correctness of the indication in payment orders of the value period / DPP provided for by the relevant regulatory documents of the Bank, the choice of a correspondent bank for settlements, as well as the compliance of payment orders with the requirements set by correspondent banks for processing payment orders. All outgoing payments in foreign currency are subject to automatic control for the presence in payment instructions of the information contained in the OFAC lists. A payment order is considered executed if a confirmation is received that the message has been delivered to the bank receiving the message (auto-reply).
Simultaneously with the sending of the payment order, the responsible executor shall form an appropriate accounting entry on the balance sheet, in accordance with the current regulations of the Bank. If there are indications in the application for transfer: “all expenses at the expense of the sender” /OUR/, “expenses of VTB Bank OJSC at the expense of the sender, expenses of intermediary banks at the expense of the recipient” / SHA/, the amount of remuneration is collected from the client’s account specified in the application to the transfer simultaneously with the amount of the transfer, and is reflected in the credit of the Bank's income account. If the transfer costs are at the expense of the beneficiary / BEN /, the responsible executor executes the transfer in the amount reduced by the amount of the Bank's remuneration for
Making a transfer that is credited to the relevant income accounts of the Bank. The payment order of the bank sent to the correspondent bank shall indicate the amount of the withheld remuneration.
Payment orders and accounting documents reflecting on the balance sheet of the Bank are signed by responsible persons in accordance with orders for the Bank on the procedure for signing monetary documents and correspondence. Not later than the next business day, the original transfer application and the generated payment order of the Bank with the signatures of the responsible executors, as well as the accounting document reflecting the operation on the bank's balance sheet, are transferred for subsequent control and the formation of "documents of the day"
Control over the fulfillment by correspondent banks of the Bank's payment orders is carried out when reconciling settlements on correspondent accounts of the Bank. To resolve discrepancies identified as a result of reconciliation of settlements by payment orders, correspondence with foreign banks is conducted by the UKS.
The commission of correspondent banks, as well as intermediary banks, related to the execution of clients' applications for transfer of funds, as well as the Bank's expenses related to correspondence on behalf of clients arising after the acceptance for execution of a transfer application (unless otherwise agreed by the client), are charged by the Bank to customer accounts at actual cost. The Bank reserves the right to reimburse expenses for the execution of payment orders of customers as they arise in settlements with counterparty banks.
Making payments by payment orders at VTB Bank for exported goods, works, services.
The Bank carries out operations to credit funds to customer accounts in payment for the export of goods, works and services in accordance with the instructions contained in the payment orders (Credit advice) of correspondent banks.
Payment orders (Credit advice) are received by the UKS. Settlements are made if there is coverage for the transfer on the Bank's "Nostro" accounts or within the limits of funds that allow the execution of the payment order of the correspondent bank on the "Loro" account, unless otherwise provided by the relevant regulatory documents of the Bank. Calculations are made according to the value period specified in the payment order. The amounts of payment orders with correct instructions shall be credited to the accounts of the Bank's clients/accounts of the MFR in accordance with the deadlines for execution of payment documents established by the Bank. Settlements with the client - the beneficiary on payment orders received at the end of the Bank's business day, are made on the next working row.
After reflecting the received funds on correspondent accounts, payment orders (credit - advice note) are routed to structural subdivisions / additional offices for crediting funds to the beneficiaries' accounts. Routing is carried out using a specialized workstation during the Bank's business day, in accordance with the Bank's current Workflow Schedule with the simultaneous formation of an accounting entry, in accordance with the Bank's current regulations. Transfer of funds to the client - beneficiary is carried out by the responsible executor of the structural unit / additional office directly to the AWS according to a copy of the payment order (credit - memo) received in in electronic format as a result of routing or by printing routed messages. When enrolling Money verification of the client - the beneficiary and other persons mentioned in the payment order according to the list of organizations and individuals in respect of which there is information about their participation in extremist activities.
Received funds in foreign currency are credited to the transit currency account of the client - beneficiary, while for each payment order of the sending bank, an accounting document is drawn up in the prescribed form to reflect the operation on the bank's balance sheet.
Payment orders with unclear advice, from the content of which it is possible to establish that the transaction belongs to a division of the Bank, there is no name and / or account number of the client - beneficiary or the account number of the recipient bank corresponds to its name, are subject to crediting to account 47416 “Amounts received on correspondent accounts before clarification." Accounts are maintained by currency. When making settlements in the currency of the Russian Federation, the Bank takes prompt measures to obtain supporting documents and ensure that funds are credited as intended by sending a request to the payer's bank (branch) with a request to confirm the correctness of the details. If within five working days the details are not specified and the account holders are not clarified, the transfer amount is returned to the payer's (branch) bank by a payment order drawn up in accordance with the requirements of the regulations of the Bank of Russia.
When making settlements in foreign currency, the amounts of payment orders (credit - advice note) received from correspondent banks with a Nostro account during the current business day are credited to account No. 47416. At the same time, a request is sent to the sending bank to clarify the purpose of the payment. Subsequent requests are sent to the foreign bank after five business days. Upon receipt of additional instructions from the sending bank, allowing the execution of the payment order, the transfer amount is credited to the beneficiary. The sending bank, upon its request, may be given confirmation of the execution of the operation for crediting funds to the beneficiary with the simultaneous presentation of a request for payment of remuneration in accordance with the Bank's Tariff.
Copies of payment orders (credit - advice), on the basis of which funds were credited to the beneficiary's account, are transferred to the Bank's responsible executor for currency control in accordance with the procedure established by the Bank.
Not later than the next working day from the date of crediting the funds to the transit currency account of the beneficiary, copies of payment orders together with accounting documents are transferred for subsequent control and formation of "documents of the day".
When making a documentary transfer, the payment order of the correspondent bank must contain a condition on the transfer of funds to the beneficiary against the submission of documents. The amounts of such transfers are accounted for on the balance sheet account No. 47422 “Bank's obligations for other operations”, maintained in the directory of the structural unit / branch at the place of customer service. The client - beneficiary no later than the next business day is sent a relevant notice of receipt of export earnings with a request to provide the Bank with the documents specified in the payment order. The terms for submitting documents, calculated taking into account the location of the client, cannot exceed fourteen calendar days from the date of sending the relevant notice to the beneficiary.
The Bank executes payment orders of sending banks when paying for exported goods, works, services in favor of beneficiaries served in other commercial banks(transit transfers). Transit transfers are made in favor of beneficiary banks located on the territory of the Russian Federation or the CIS countries, provided that the details of the beneficiary bank are clearly indicated, the Bank's Nostro account is covered, and also subject to reimbursement to the Bank of the commission fee for performing settlements. Payment order instructions (payment route) may be supplemented by the Bank on the basis of data on the beneficiary bank contained in its SSI or reference data used by the Bank when determining the payment route. The commission fee for settlements is charged in accordance with the Bank's Tariff, at the rate provided for settlements with clients of other banks. Currency control is carried out in the bank - the beneficiary. Verification of transit transfers for the presence in payment instructions of information contained in the OFAC lists is carried out in accordance with the current regulatory documents of the Bank.
The legal basis for international settlements by payment orders is the UNCITRAL Model Law on International Credit Transfers, developed by the UN Commission on International Trade Law.
3.2.1. The concept of bank transfer
A bank transfer is a simple instruction from a bank to its correspondent bank to pay a certain amount of money at the request and at the expense of the transferor to a foreign recipient (beneficiary), indicating the method of reimbursement to the paying bank for the amount paid. A bank transfer is carried out by means of payment orders addressed by one bank to another, and also (if there is a special interbank agreement) through bank checks or other payment documents. Commercial or shipping documents are sent with this form of payment from the exporter to the importer directly, i.e. bypassing the bank.
When making settlements by bank transfers, commercial banks execute payment orders of foreign banks or pay, in accordance with the terms of correspondent agreements, bank checks drawn on them for monetary obligations of foreign importers, and also issue payment orders and bank checks to foreign banks for monetary obligations of Russian importers.
When performing a transfer operation, the beneficiary's bank is guided by the specific instructions contained in the payment order. For example, a payment order may contain a condition on the payment to the beneficiary of the appropriate amount against the presentation by him of the commercial or financial documents specified in the payment order or against the provision of a receipt.
When performing a transfer operation, banks take part in settlements by transfer only after the payer provides the bank with a payment order to pay for the contract. In this case, banks are not responsible for the payment. Banks do not control the fact of delivery of goods or transfer of documents to the importer, as well as the execution of payment under the contract. With this form of settlement, the bank's obligations include only the transfer of payment from the account of the transferor to the account of the transferee at the time of the submission of the payment order.
Rice. 3.1. Settlement scheme by bank transfers
After the conclusion of the contract (1) between the importer and exporter, the importer sends an application for transfer to the bank (2). The delivery of goods may precede or follow payment, which is determined by the terms of the contract and the currency laws of the countries. The importer's bank, having accepted the payment order from the importer, sends the payment order (3) on its own behalf to the appropriate exporter's bank. Having received a payment order, the bank verifies its authenticity and performs an operation to transfer money (4) to the exporter's account.
In international banking practice, bank transfers can be used to pay an advance under a contract if its terms contain a provision on the transfer of a part of the contract value (15-30%) in advance, i.e. before the goods are shipped. The rest is paid for the actually delivered goods. An advance payment actually means hidden credit for the exporter and is unprofitable for the importer. In addition, the transfer of an advance creates a risk for the importer of losing money if the exporter fails to fulfill the terms of the contract and non-delivery of goods.
In order to protect the importer from the risk of non-return of the advance in case of non-delivery of the goods by the exporter, there are several protection methods in international banking practice:
1. obtaining a bank guarantee for the return of the advance - in this case, before the transfer of the advance payment, a guarantee of a first-class bank is issued;
2. use of a documentary or conditional transfer - in this case, the exporter's bank makes the actual payment of the advance, subject to the exporter providing transport documents within a certain period.
Instruction of the Vneshtorgbank of the USSR dated December 25, 1985 N 1 "On the procedure for performing banking operations for international settlements"
Another well-spread form of settlement in foreign economic activity is an international bank transfer - an order from one bank to another to pay a certain amount to the transfer recipient (beneficiary).
In international settlements, only a credit transfer by means of a payment order is used. A bank transfer is carried out by bank transfer from one bank to another. Sometimes transfers are made by means of bank checks or other payment documents. Commercial or shipping documents are sent with this form of payment from the exporter to the importer directly, i.e. bypassing the bank. The credit bank transfer scheme is shown in fig. 4.3.
After the conclusion of the contract (1) between the importer and the exporter, the importer sends an application for transfer to the bank (2). The delivery of goods (3) may precede or follow payment, which is determined by the terms of the contract and the currency laws of the countries.
The importer's bank, having accepted the payment order from the importer, sends the payment order (4) on its own behalf to the relevant exporter's bank. Having received a payment order, the bank checks its authenticity and performs an operation to transfer money (5) to the exporter's account.
When performing a transfer operation, banks take part in settlements by transfer only after the payer provides the bank with a payment order to pay for the contract. In this case, banks are not responsible for the payment. Banks do not control the fact of delivery of goods or transfer of documents to the importer, as well as the execution of payment under the contract.
Rice. 4.3. Scheme of international bank transfer
And |in this form of payment, the bank's obligations include only the transfer of payment from the account of the transferor to the account of the transfer-Iyin gel at the time the payment order is provided.
II (in the form of a bank transfer, payments are made on account of suspicious settlements, advance payments. In addition, recalculations and other operations are made by i|h u iBOM transfer time - according to the system of remote data transmission SWIFT.
SWIFT is the abbreviation of the Society for \ H ¦ h Iclwide Interbank Financial Telecommunication (Society No. Peaceful Interbank Financial Telecommunications).
This system can be used not only for trans- cial transfers of financial resources, but also for internal. In addition, through this telecommunications system, interbank credit and currency-pimsy transactions are made, letters of credit are issued, confirmed and advised * the so-called free message format) correspondence on other (interbank cooperation surveys.
Compared to traditional methods of conducting international settlement transactions, the SWIFT system has three significant advantages:
- speed - time of message transfer from bank to bank (increased to a minimum;
- reliability - thanks to standardization and built-in mineral elements, the transmission of a message to its destination, false interpretations or distortions are practically exhausted;
- cost-effectiveness - the system works without documents and the CM leads to a significant rationalization of operations.
- An agreement by virtue of which the bank undertakes, at the request of the client, to pay documents to a third party or make payment, acceptance of a draft issued by the beneficiary, or negotiation (purchase) of documents is:
b) collection;
m) bank transfer;
12 Fribourg Declaration on Cultural Rights, 2007. URL: http://www.unifr.ch/iiedh/assets/files/declarations/eng-declaration.pdf (accessed 14.08.2012).
13 URL: http://www.un.org/Russian/events/literacy/decl_divers.pdf (accessed 05.05.2012).
14 Symonides Cultural Rights: A Neglected Category of Human Rights // International Social Science Journal. 1998. Issue 158. P. 595-609.
15 Donders Y. A Right to Cultural Identity in UNESCO // Francioni F., S^einm (eds.) Cultural Human Rights. Brill, 2008. P. 317-318.
16 Francioni F. Cultural, Heritage and Human Rights: An Introduction // Francioni F., Scheinin (eds.) Op. cit. P.1.
17 Stamatopoulou E. Cultural Rights in International Law. Leiden, Boston, 2007, pp. 79-80.
18 Melnik T.E. The concept of the development of legislation on culture // Concepts of the development of Russian legislation / ed. T.Ya. Khabrieva, Yu.A. Tikhomirov. M., 2010. S. 385.
19 See: Mezhuev V.D. The idea of culture. Essays on the philosophy of culture. M., 2012. S. 387.
20 See: Boguslavsky M.M. Cultural values in international circulation. Legal aspects. 2nd ed. M., 2012. S. 48-49.
21 URL: http://www.un.org/ru/documents/decl_conv/declarations/culture.shtml (accessed 17.06.2012).
22 See art. 2 Agreement between the Government of the Russian Federation and the Government of the Federal Republic of Germany on the activities of cultural and information centers (Munich, February 4, 2011). URL: http://www.conventions.ru/view_base.php?id=1132 (date of access: 09/14/2012).
23 URL: http://www.un.org/Russian/events/literacy/decl_divers.pdf (accessed 30 April 2012).
24 URL: http//whc.unesco.org/archive/convention-ru.pdf (accessed 18.08.2012).
25 URL: http//cis.minsk.by/reestr/ru/index/html#reestr/view/text?doc=85 (date of access: 07/05/2012).
26 URL: http://www.un.org/ru/documents/decl_conv/conventions/pdf/underwater_heritage.pdf (accessed 04.09.2012).
27 URL: http://www.conventions.ru/view_base.php?id=1257 (date of access: 23.08.2012).
28 URL: http://www.conventions/en/view_base.рhp? id=1176(date of access: 08/01/2012).
29 URL: http://unesdoc.unesco.org/images/0013/00132540r.pdf (accessed 17 May 2012).
30 See: Babekin D.V. International legal principle of conservation cultural heritage in situ process of globalization // Culture: management, economics and law. 2012. No. 1. S. 4-8.
31 See: International Charter for the Conservation and Restoration of Monuments and Sites: Adopted at the II International Congress of Architects and Technicians of Historical Monuments (Venice, 1964). URL: http://art-con.ru/node/848 (date of access: 07/14/2012).
32 URL: http://www.ifap.ru/ofdocs/unesco/digit.htm (date of access: 18.08.2012).
T.A. Ivanova
FORMS OF INTERNATIONAL MONEY SETTLEMENTS
The article reveals the forms of international monetary payments: letter of credit, collection, bank transfer. Calculations using checks and bills are analyzed in detail. Special attention is given to the process of unification in this area.
Keywords: forms of international payments, bill, check, bank, bill of exchange.
THE FORM OF INTERNATIONAL MONEY PAYMENTS
Article expanded forms of international settlements: credit, collections, bank wire transfer. Detailed analysis of calculations using checks and promissory notes. Special attention is given to the process of harmonization in this area.
Key words: forms of international payments, bill, check, bank, translated bill.
In Russia, the problem of international settlements currently occupies one of the main places. This is due to the ongoing reforms aimed at creating real market conditions for managing, which cover
© Tatyana Ivanova, 2012
PhD in Law, Associate Professor, Associate Professor of the Department of Civil and Private International Law (Saratov State Law Academy); e-mail: [email protected]
vayut foreign economic activity, which is an integral part of any economically developed state. The purpose of settlements is the proper registration of the transfer of money from the hands of the debtor to the hands of the creditor1.
Economic ties arise between different legal systems, which are reflected in international trade. The manufacturer (seller) seeks to obtain any guarantees of timely and full payment; it is in the interests of the acquirer (buyer) to pay for the goods after receiving them, making sure of the proper quality and quantity of the goods received.
To resolve these problems, the international practice of trade relations has developed several forms of settlements that differ from each other depending on the degree of mutual trust of trading partners, as well as the role that banks are called upon to play in each specific case in settlements between the seller and the buyer. The possibility of using certain forms of international payments, as well as their types, are determined in interstate agreements, interbank agreements between Russian and foreign commercial banks. The following factors influence the choice of these forms:
1) the type of goods that is the object of a foreign trade transaction;
2) the existence of a loan agreement;
3) solvency and reputation of counterparties in foreign economic transactions;
4) the level of supply and demand for this product in world markets.
The established relationship of trust with this firm is also taken into account,
the terms under which the counterparty trades with other firms. Taking into account these factors, counterparties independently determine in the contract which form of international settlements they will use. In accordance with the established ¿-practice, the following main forms of international settlements are currently used: documentary letter of credit, collection, bank transfer. ? In addition, there are settlements using checks and bills of exchange. I International settlements are the regulation of payments on monetary requirements
| vaniyam and obligations arising in connection with the economic, political | | cultural, cultural relations between business entities and citizens different countries. International settlements cover settlements on foreign? trade in goods and services.
® The form of payment is regulated by the norms of the international
§ private law payment terms. The choice of a specific form of payment, in which £ payments will be made under a foreign trade contract, is determined by | by agreement of the parties - partners in a foreign trade transaction. The procedure for carrying out settlements for exported and imported goods is regulated by the legislation of the country, and is also subject to international rules of documentation.
£ tal registration and payment of payment documents.
and Actively used in the settlements of Russian entities with foreign counterparties
1 there is a bank transfer, which is an instruction from one bank to another
mu to transfer a certain amount to the transferee. In international settlements, banks often perform transfers on behalf of their clients. The transferor - the debtor participates in these operations; the transferor's bank that accepted the order; the bank that credits the transfer amount to the transferor; recipient. Through the transfer, recalculations and other operations are performed. A bank transfer is carried out by mail or telegraph, respectively, by postal or telegraphic payment orders.
The parties to international sales contracts may agree on the international transmission of a payment order via electronic communication channels.
International payments by bank transfer, from the point of view of legal protection, are a rather risky form of payment.
Along with a bank transfer, one of the main forms of international payments is a letter of credit. A letter of credit is a monetary obligation of the bank issued by it on behalf of the applicant (buyer of goods) in favor of the beneficiary (seller), for which the bank must make payment, accept or negotiate drafts (bills of exchange) issued to the bank, subject to the conditions specified in letter of credit2. From the point of view of L.I. Freya, a letter of credit is a payment order accompanied by some conditions3. There is another point of view, according to which the letter of credit is considered as a security4. The legal nature of a letter of credit transaction is quite often defined in Russian legal science as a kind of commission agreement5. Relations under a letter of credit transaction between the parties to a foreign trade transaction of sale and purchase, as well as banks, are regulated by the Uniform Customs and Practice for Documentary Letters of Credit6. The letter of credit form of payment is the most complex and expensive7.
Collection - a banking operation: in settlements for exported goods, an authorized bank accepts a collection order from the exporter, acts in strict accordance with the instructions of the client and assumes the obligation to conduct transactions with the submitted documents in order to receive payment8. The remitting bank, which has received a collection order, has the right to attract for its execution, in addition to the presenting bank, other banks (collecting). The practice of settlements through collection is systematized by the International Chamber of Commerce9. Collection settlements can be conditionally divided into the following stages: I
1) issuance of a collection order by the principal to the remitting bank; R
2) issuance of a collection order by the remitting bank to the collecting bank, as well as to the presenting bank; |
3) execution by the presenting bank of the collection order; at
4) transfer of money or transfer of an accepted bill to the principal. R
Collection is a safer form of international settlement |
commodities than bank transfers, since it gives certain advantages to import- | ru, since he does not need to divert funds from his circulation in advance and banks protect his rights to the goods until the moment of payment of documents or acceptance of a bill. The exporter, however, continues to retain legal rights to dispose of the goods until payment by the importer. I
At the same time, the collection form of payments has a number of disadvantages. First, the exporter bears the risk associated with the importer's possible refusal to pay, which may be due to a change in market conditions or a deterioration in the financial position of the payer. Therefore, the condition of the collection form of settlement of invoices is the trust of the exporter in the solvency of the importer and his goodwill.
conscience. Secondly, there is a significant gap in time between the receipt of foreign exchange earnings from collection and the shipment of goods, especially during long-term transportation of goods.
Bills of exchange are widely used in modern trade. The current bill is a written promissory note of the established form, issued by the drawer to the holder of the bill and giving the latter the right to demand payment by a certain date of the specified 2 ° 7
the amount in it. The bill of exchange form of payment is carried out by using two types of bills: simple or transferable. In accordance with Art. 2 Citizens of the Russian Federation and legal entities of the Russian Federation are entitled to be bound by a bill of exchange and a promissory note10. A promissory note is an unconditional obligation of one person (the drawer) to pay a certain amount to another person (the holder of a bill) or his order upon presentation of a document or within the prescribed period.
In the practice of international trade, a bill of exchange (draft) is more often used - a security containing a written order of the drawer, given to the payer, on the payment to the bill holder or his order of a certain amount of money indicated in the bill on time or upon presentation of the bill. Thus, a bill of exchange is an instrument that in itself contains a guarantee of payment.
The bill belongs to the category of securities to which the legislation imposes extremely strict requirements regarding their form. The laws of all countries contain a list of elements (details) that must be contained in a bill. According to the Uniform Law on Bills of Exchange and Promissory Notes11, a bill of exchange must have the following details:
1) "bills" (i.e. the word "bill" in the language in which the entire text of the document is drawn up);
2) an unconditional order or obligation to pay a certain amount of money;
3) name of the payer;
4) indication of the payment term (if the term is not specified, the bill is considered as 3 payable upon presentation);
¿- 5) indication of the place of payment (in the absence of such indication of the place of payment
w is considered the place indicated next to the name of the payer); ? 6) the name of the person to whom or to whose order the
1 shen payment;
| 7) an indication of the date and place of drawing up the bill (in the absence of an indication of
| the place of drawing up the bill is considered to be the place indicated next to the name
by the drawer);
8) the signature of the drawer. The absence of one of the obligatory requisites of a bill of exchange deprives the document of bill of exchange force, unless otherwise provided by national legislation.
£ A bill of exchange may be issued by order of the drawer himself, on
| his name, at the expense of a third party, may be payable at the place of residence of the
Third person or place of residence of the payer.
§ By its legal nature, a check in civil law countries is
£ a security, the implementation of a fixed right in which cannot be carried out without presenting this security. In terms of content, a check is considered a monetary document and contains an unconditional order from the owner of the current account (drawer) to the payer-bank to pay a certain amount of money to a certain person (check holder) or his order upon presentation of the check for payment. The bank pays out money from the funds deposited by the drawer as a client of the bank. Relations between the drawer and the bank are based on a check agreement, according to which the drawer has the right to dispose of his funds by issuing checks, and the bank, if properly drawn up,
leniye checks undertakes to pay them.
Like a bill of exchange, a check is a security containing a written order to make payment to a specified person or bearer in the amount of a specified amount of money. The differences between a bill of exchange and a check are as follows. The bill can be considered as an instrument of commercial credit. A check is a type of bank credit and is always issued only to the bank where the drawer has an account. A bill of exchange and a check differ from each other in terms of circulation. If the term for which a bill is issued is determined at the discretion of the parties - participants in the bill of exchange legal relationship, then the terms for the circulation of a check are clearly defined either in domestic legislation or in international agreements.
In the 60s. 20th century credit cards began to be actively used in international payments, allowing owners to withdraw cash from the bank, pay for their purchases, etc.12 Cards are intended for settlements from their own bank account anywhere in the world. They must meet the following requirements: the card must have a logo with its name, security elements, the card must not have damage and signs of forgery, the validity period of the card, indicated on its front side, must already have come, but not yet expired. On the reverse side of the card, in the space provided for this, the signature of the owner must be put, and the signature put on the account notice in the presence of the cashier must be identical to the signature on the reverse side of the card.
International settlement relations are constantly changing and improving, reflecting the processes taking place in the world economy. In this regard, at present, a number of trends in the development of international settlements can be distinguished. First of all, there is a process of unification of the rules governing international settlements, common to other branches of private international law. This process does not proceed evenly for all forms of settlements: the norms governing settlements under a letter of credit and collection have reached a significant degree of unification (the unified rules developed by the ICC are widely used by subjects of foreign economic activity in many countries); As for settlements using checks and bills of exchange, conflict issues still arise here.
The trend in the development of international settlements is also the introduction into settlement relations of such achievements of scientific and technological progress as electronic and computer equipment, new information technologies.
The use of computer technology, electronic communication networks has made international payments simpler, faster and more reliable.
The emergence and further changes in international payments are associated with the development and internationalization of commodity production and circulation. They reflect a relatively isolated form of the movement of values in international circulation due to the mismatch between the periods of production and sale of goods, the remoteness of sales markets. International settlements cover settlements on foreign trade in goods and services, as well as non-commercial transactions, loans and capital movements between countries, including those related to the construction of facilities abroad and the provision of assistance to developing countries.
International settlements include the conditions and procedure for making payments, developed by practice and enshrined in international documents and customs, as well as the daily practical activities of banks in conducting settlements.
The legal basis for the organization of settlement and credit relations in foreign economic transactions are bilateral intergovernmental agreements on trade and economic cooperation.
1 See: Vavilin E.V. etc. Credit and settlement obligations in civil law Russia. Saratov, 2003, p. 53.
2 See: International private law: a textbook for universities / ed. N.I. Marysheva. M., 2000. S. 296.
3 See: Frey L.I. Organization and technique of work of foreign banks. M., 1994. S. 138.
5 Shershenevich G.F. Textbook of commercial law. M., 1994. S. 245.
6 See: Kanashevsky V.A. International private law: textbook. 2nd ed., add. M., 2009. S. 392.
7 See: Alibuttaeva D.M. Legal regulation of international settlements through documentary letters of credit: author. dis. ... cand. legal Sciences. Saratov, 2004.
8 See: Anufrieva L.P., Bekyashev K.A., Dmitrieva G.K. International private law: textbook. 2nd ed., revised. and additional M., 2008. S. 488.
9 See: Uniform Collection Rules: International Chamber of Commerce Publication No. 522 (as revised in 1995). The document has not been published. Access from the reference-legal system "ConsultantPlus".
10 See: Law of the Russian Federation of March 11, 1997 No. 48-FZ “On transferable and promissory notes” // Collected. legislation Ros. Federation. 1997. No. 11, art. 1238.
11 See: Collection of laws of the USSR. 1937. Dep. II. No. 18, art. 108.
12 Platonova I.N. Currency market and currency regulation. M., 1996. S. 244.
E.O. Pazyna
LEGAL FRAMEWORK FOR SUPRANATIONAL BUDGET FINANCING OF LABOR AND RELATED SOCIAL RELATIONS IN THE EUROPEAN UNION
The article analyzes the legal foundations of various financial programs included in the budget of the European Union, the purpose of which is to support labor and related social legal relations in its member states. Particular emphasis is placed on the role of the European Social Fund and the European Fund for Adaptation to Globalization as the most important financial instruments in the area under study.
Key words: European Union budget, European Social Fund, European Fund for Adaptation to Globalization, labor relations, financial instruments.
THE LEGAL ASPECTS OF SUPRANATIONAL BUDGET FINANCING OF THE LABOR AND CONNECTED SOCIAL RELATIONS IN THE EUROPEAN UNION
In this article the legal aspect of different financial programs included into European Union's budget which are targeted to support the labor and connected social relations of its member states are analyzed. Author highlights the role of the European social fund and European globalization adjustment fund as the main financial instruments of investigation sphere.
Keywords: European Unions" budget, European social fund, European globalization adjustment fund, labor relations, financial instruments.
The process of developing European integration, the inclusion of new member states in the European Union, in addition to what it entails whole line obvious benefits, poses a number of problems for integration education,
© Pazyna Evgeny Olegovich, 2012
PhD in Law, Associate Professor of the Department of European Law and Comparative Law (Saratov State Academy of Law); e-mail: [email protected]
One of the forms of the latter is international settlements, which is understood as a set of methods of mutual settlements for trade and non-commercial transactions between counterparties located in different states. They are carried out through banking institutions and are governed by agreements between the parties, national legal acts and international rules.
In the process of concluding an agreement between counterparties, the type of currency used for mutual settlements and the procedure for its exchange are determined. As such, the national currency of one of the states of the parties to the agreement or any other can act. The bulk of international payments are made in US dollars. More than 50% of payments for trade transactions and over 80% of foreign exchange transactions are carried out in US currency.
Forms
With the development of trade relations between countries, a certain system of mutual settlements has developed and is constantly being improved. The following forms of payments between countries are most often used:
- Advance payment, full or partial. In the latter case, it can be from 20 to 30% of the transaction amount and allows minimizing the risks of exporters.
- Deferred payment from bank guarantee or backed by a standby letter of credit. Payment is made using an open account with appropriate collateral.
- Documentary (commercial) letter of credit. The most complex and expensive option international settlements, avoiding the possibility of incomplete payment under the contract.
- Documentary collection. A fairly secure method of mutual settlements, however, there is a risk that the buyer will not pay.
- Open account. This method of mutual settlements involves the supply of goods with their subsequent payment within the terms established by the contract (usually 30, 60 or 90 days).
The latter form of international settlements is used between reliable business partners when the creditworthiness of the importer is beyond doubt. In order to reduce risks, exporters resort to credit insurance. There are other forms of international payments in the form of bank or electronic transfers, bills of exchange, checks (traveler's and tourist), as well as the use of debit or credit cards. A special type of mutual settlements between counterparties is currency clearing.
Functions and rules
Financial and credit operations, within the framework of foreign economic activity of legal entities and individuals, involve making payments and a system that guarantees the observance of the interests of the parties when concluding transactions. International settlements perform the following functions:
- Payment. Payment is made by the buyer (importer) by bank or electronic transfer, bank draft or otherwise.
- Security. Provision of guarantees for the fulfillment of obligations by the parties to the contract, using documentary or commercial letters of credit, as well as insurance instruments.
- Lending or financing. Provides for the provision of borrowed funds to the seller or buyer for export-import operations. It is possible to use such instruments as transferable or compensatory letters of credit, as well as other forms of mutual settlements.
In world practice, there are three basic rules for international settlements. First of all, to guarantee and ensure payment for supplies, export credits are insured. Secondly, reducing the risks associated with fluctuations in exchange rates. Thirdly, the involvement of factoring companies that specialize in checking payment discipline, making advance payments and recovering overdue obligations.
