Currency control
Foreign currency transactions are regulated by the Federal law № 173-FZ "On Currency Regulation & Currency Control" from the 10th of December, 2003 and other federal laws adopted in accordance with 173-FZ and legal acts on issues on foreign exchange regulation.
As a currency control agent, OTP Bank provides the following services to its clients:
- Currency control over foreign exchange transactions in a foreign currency and Russian Ruble executed by residents of Russia and non-residents;
- Signing passport of deals and other related documents;
- Checking that currency control documents are completed correctly and foreign exchange transactions are registered.
In order to improve service quality, the Bank provides a service to pass currency control documents and supporting documents (agreements, invoices etc.) via Internet banking system. The Bank acts as a currency control agent on the basis of electronic documents: it signs the passports of deals, executes clients’ foreign exchange transactions without clients attending the Bank’s office.
Currency Control over Transactions of Non-Residents
The currency control legislation does not set special requirements for non-residents to execute payments in a foreign currency.
For settlements in Ruble non-residents must complete payment documents correctly, following Bank of Russia Instruction of 04.06.2012 г. № 138-I.
- Completing the field "Purpose of payment" in payment and settlement document
- List of currency transaction codes for non-residents executing payment in favor of non-residents
Completing the Field "Purpose of Payment" in a Settlement Document while Executing Payments in Favor of Residents.
A non-resident must enter a currency transaction code in the field "Payment purpose” before a text in accordance with Appendix 2 to Bank of Russia Instruction of 04.06.2012 № 138-I The code confirms a payment purpose and reflects economic nature of an executed transaction. The payment purpose must be written in such a way as to enable the bank employee to check that this code confirms to the nature of the deal. This information is to be put in curly brackets and have the following format {VO< currency transaction type code >}. Indents (spaces) inside curly brackets are not allowed. Separating characters "VO" are put in capital Latin letters (for instance, {VO70010})
If it is not possible to check correctness of a currency control code in the field “Purpose of payment: the bank refuses executing this transaction until required information is provided.
List of Currency Transaction Codes in Non-Residents’ Payments in Favor of Non-Residents
| 60 | 070 | Transfers of the Russian Federation currency from the non-resident’s bank account in RF currency to this non-resident’s another bank account (deposit account) in RF currency opened with the same authorized bank, as well as from the non-resident’s deposit account in RF currency to this non-resident’s bank account with the same authorized bank. |
| 60 | 071 | Transfers of the Russian Federation currency from the non-resident’s bank account in RF currency with an authorized bank to this non-resident’s another bank account (deposit account) in RF currency opened with a different authorized bank, as well as from the non-resident’s deposit account in RF currency to this non-resident’s bank account with a different authorized bank. |
| 60 | 075 | Transfers of the Russian Federation currency from the non-resident’s bank account in RF currency with an authorized bank to this non-resident’s another bank account (deposit account) in RF currency opened with non-resident bank, as well as from the non-resident’s deposit account in RF currency opened with an authorized bank to this non-resident’s bank account in RF currency opened with a non-resident bank. |
| 60 | 080 | Transfers of the Russian Federation currency from the non-resident’s bank account in RF currency to another non-resident’s bank account (deposit account) in RF currency opened with the same authorized bank |
| 60 | 080 | Переводы валюты Российской Федерации с банковского счета нерезидента в валюте Российской Федерации на банковский счет (счет по депозиту) в валюте Российской Федерации другого нерезидента, открытый в этом же уполномоченном банке. |
| 60 | 081 | Transfers of the Russian Federation currency from the non-resident’s bank account in RF currency with an authorized bank to another non-resident’s bank account (deposit account) in RF currency opened with a different authorized bank. |
Liability for Violating Currency Control Legislation
In accordance with Article 25 of Federal Law № 173-FZ «On Currency Regulation & Currency Control», dated from the 10th of December, 2003 residents and non-residents are liable for violation of the Russian Federation currency legislation acts and acts of currency regulation bodies.
Article 15.25 of Administrative Offences Code of the Russian Federation of 30.12.2001 № 195-FZ defines the enforcement actions applied to residents and non-residents for violating RF currency legislation.
To avoid violation of the currency legislation acts and currency regulation bodies’ acts, please, provide currency control documents within the term required by legal acts, and comply with currency legislation while executing foreign exchange transactions.
