What is the concept of international payments? Basic terms and concepts

05.03.2024

The emergence and evolution of international payments are associated with the internationalization of economic relations. International settlements cover settlements in foreign trade in goods and services, loans and cross-border investments, and transactions in the global financial market.

The concept of international payments

International payments - regulation of payments for monetary claims and obligations arising in connection with economic, political and cultural relations between legal entities and citizens of different countries. International payments include, on the one hand, the conditions, procedure and forms of making payments, developed by practice and enshrined in international documents and customs, and on the other hand, the daily practical activities of banks in making them. The vast majority of settlements are carried out non-cash through entries in bank accounts. At the same time, the largest banks play a leading role in international payments. The degree of their influence in international payments depends on the scale of foreign economic relations of the home country, the use of its national currency, specialization, financial situation, business reputation, and the network of correspondent banks.

To carry out settlements, banks use their foreign branches and correspondent relations with foreign banks, which are accompanied by the opening loro accounts (foreign banks in this bank) and "nostro" (of this bank in foreign countries). Correspondent agreements determine the procedure for settlements, the size of the commission, and methods for replenishing spent funds.

In order to carry out international payments in a timely and efficient manner, banks usually maintain the necessary foreign exchange positions in different currencies in accordance with the structure and timing of upcoming payments and pursue a policy of diversifying their foreign exchange reserves. Banks strive to maintain minimum balances in nostro accounts, preferring to place foreign currency assets on the global financial market in order to make a profit.

The activities of banks in the field of international payments, on the one hand, are regulated by national legislation, on the other hand, they are determined by established world practice, which is generalized in the form of established rules and customs or enshrined in separate documents.

The role of national currencies, international monetary units and gold in international payments

National currencies of leading countries have long been used in international payments. Before the First World War, bills of exchange (drafts) issued in pounds sterling served 80% of international payments. As a result of the uneven development of countries, the share of the pound sterling in international payments fell to 40% in 1948 and 5% in the early 1990s, while the US dollar increased (to 75% in 1982) and then fell to 50%. in the early 2000s, as other leading currencies began to compete with the dollar as international means of payment. Since the 1970s A new phenomenon was the attempt to use international monetary units: SDR - mainly in interstate settlements, and especially the ECU, replaced by the euro since 1999 - in the official and private sector as a price and payment currency. Since the 2000s The share of the euro in international payments has gradually increased to about 25%.

Due to the instability of world currencies in the context of the current global crisis, a tendency has emerged towards the use in bilateral trade of countries of their national currencies that are not freely convertible. This is evidenced, in particular, by Russia’s agreements with the countries of the Customs Union in the EurAsEC and the CIS, as well as with the BRICS countries (signed with China and Brazil) in 2011.

With the ongoing demonetization of gold, there is no longer any need to use it to pay international obligations. However, gold is used as an emergency international means of payment in unforeseen circumstances (wars, economic shocks, etc.) or when the country’s other options have been exhausted.

Example. During World War II, many international payments were made using standard bullion. After the war, the balance of multilateral clearing (European Payments Union 1950-1958) was settled in gold (initially 40%, from 1955 - 75%). In modern conditions, countries sometimes resort to selling part of their official gold reserves in the currencies in which their international obligations under foreign trade and credit agreements are expressed.

The predominant use of national currencies in international payments increases risks in this area. The state of international payments depends on a number of factors: economic and political relations between countries; currency legislation; international trade rules and customs; banking practice; terms of foreign trade contracts and loan agreements.

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Introduction

Chapter 1. International payments: concept and forms

1.1 Concept, terms of international payments

1.2 Forms of international payments

1.3 Letter of credit payment form

1.4 Collection form of payment

1.5 Bank transfer

Chapter 2. Organization and conduct of international payments in the Russian Federation

2.1 The essence and forms of non-cash payments in the Russian Federation

2.2 Carrying out settlement transactions through correspondent accounts in the Russian Federation

2.3Features of non-cash payments at the Savings Bank of the Russian Federation

Conclusion

Applications

List of used literature

Introduction

The issue of international payments is one of the key issues in international trade turnover. Foreign economic relations cover all operations related to the circulation of goods, services, money and capital between different economic and currency zones. A significant part of foreign economic relations is foreign trade. International payments cover payments for 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 assistance to developing countries.

The international market environment includes many different aspects - economic, organizational, legal. This environment is fundamentally different from the business conditions in which business entities are accustomed to operating. The effectiveness of economic activity in a given external environment first of all requires a clear understanding of the legal framework in which it is carried out, and a clear understanding that practically the only instrument for regulating relations between participants in foreign economic agreements is the corresponding legal system, built on both national and international sources . The goal of the state regulatory policy in the field of foreign economic activity of economic agents should be the creation of a rational system of norms and mechanisms that would facilitate the achievement of the goals of enterprises in foreign markets, and ultimately ensure their participation in the international division of labor.

Under international payments refers to the implementation and regulation of payments carried out according to requirements and obligations in connection with various types of relations between residents of different countries. The sphere of international payments and foreign exchange markets is regulated by the international monetary system to ensure sustainable economic growth, curb inflation, maintain balance in foreign economic exchange and payment turnover of different countries.

The choice of the topic of this course work determined the relevance of the problem of international payments. Further development of relations between countries will lead to an increasing role of international mutual settlements and the need to improve their forms and types.

The purpose of this course work is to conduct research and analysis of international payment transactions, their features, the procedure for implementation, their advantages and disadvantages from the point of view of exporters and importers.

In accordance with the set goal, it is necessary to solve a number of interrelated tasks:

· give the concept of international payments and determine their essence

· consider government regulation of international payments

· determine the monetary and financial terms of a foreign trade contract

· analyze the forms of international payments, the procedure for their application, advantages and disadvantages

· consider the document flow for transactions using financial instruments

· determine the procedure for reflecting international payments in accounting accounts

· identify risks when working in the foreign market

· consider financial globalization and risks in international payments

· determine prospects for the development of banking activities in the international market

The object of the course work is international relations arising from the export and import of goods.

The subject of this work includes forms of international payments used for the export and import of goods.

Research method: modern literature, Federal Law of the Russian Federation, magazines

Scientists economists: Avagyan G.L., Vekshin Yu.G., Leventsev N.N., Mikhailov D.I., Streshina M.A., Babich A.M., Kovaleva T.M.

Chapter 1. International payments:conceptAndforms

1 .1 Concept, conditions of internationalcalculations

international settlement financial foreign trade market

International payments are one of the elements of the international monetary system. They service the movement of goods, factors of production and financial instruments (see Fig. 1).

International payments cover payments for the export and import of goods and services, for non-commercial transactions, loans and capital flows between countries, for the construction of facilities abroad, and assistance to developing countries.

International payments - is the settlement of payments for monetary claims and obligations arising in connection with economic, political and cultural relations between legal entities and individuals of different countries. They include, on the one hand, the conditions and procedure for making payments developed by practice and enshrined in international documents and customs, and on the other hand, the daily practical activities of banks in making them. The vast majority of settlements are carried out non-cash through entries in bank accounts. At the same time, the largest banks play a leading role in international payments. The degree of participation of banks in settlements depends on the scale of foreign economic relations of the home country, the convertibility and stability of the exchange rate of its national currency, the specialization and financial condition of banks, their business reputation, the development of their own branch network and the network of correspondent banks.

To carry out settlements, banks use both their own foreign branches and correspondent relations with foreign banks. The system of correspondent relations is built through the opening of “loro” (foreign banks in a given bank) and “nostro” (of a given bank in foreign banks) accounts.

Correspondent accounts are opened on the basis of contracts (agreements) on the establishment of correspondent relations. To open accounts, banks provide each other with complete and detailed information about their financial condition, their own branch network and existing correspondent connections.

The system of interbank correspondent relations today covers almost the entire world, all cities and towns of the vast majority of countries. In agreements on establishing correspondent relations, banks determine the forms of documents used, the payment procedure, methods of exchanging information, the size of the commission, and methods for replenishing accounts. Operations of banks in the field of international payments, on the one hand, are regulated by national legislation, on the other hand, they are determined by established international practice, which is formalized in the form of established rules and customs or enshrined in separate documents. Correspondent agreements, therefore, cannot contradict the national legislation of each of the banks, and at the same time must take into account international rules and customs of banking practice.

Banks are intermediaries in settlements between payers and payees. For timely and rational settlements, banks maintain foreign exchange positions in different currencies in accordance with the structure and timing of upcoming payments and pursue a policy of diversifying their foreign exchange reserves. Since balances on correspondent nostro accounts, as a rule, do not generate income, banks strive to maintain minimum balances on them by placing foreign currency assets on the global capital market to obtain additional profit. Banks place temporary available funds not only independently, but also through their correspondents.

In international payments, the national currencies of the most developed countries have always been used. Before the First World War, 80% of international payments were settled by bills of exchange in sterling. However, the share of sterling in international payments fell to 40% in 1948 and to 5% in the early 90s. The pound sterling was actively pushed out of the sphere of US dollar payments: its share in payments increased to almost 75% in 982. However, the use of currencies of other developed countries (German mark, Japanese yen, French and Swiss francs) in calculations led to a decrease in the value of the dollar to 55 % in the first half of the 90s. Since the 1970s International currency units of account began to be used: SDR - mainly in interstate settlements and ECU - in the official and private sector as a price currency and payment currency. And if the role of the SDR remained extremely insignificant, then the ECU, which replaced the ECU at the turn of the 21st century. The euro has confidently supplanted the US dollar in all areas of the world economy, including in payments.

In international payments, as well as in the monetary sphere, gold has lost its monetary functions. If even during the period of the gold standard gold was used only to pay off the passive balance of the balance of payments, then today all discussions about gold in world money have lost all meaning. Gold, like any other commodity - oil, grain or coffee - can be sold on the world market for currencies in which the international obligations of a particular country under foreign trade contracts and loan agreements are expressed.

The use of national currencies in international settlements increases the dependence of the efficiency of settlements on exchange rate fluctuations, economic and monetary policies of the countries issuing currencies.

The state of international payments depends on a number of factors:

· Economic and political relations between countries;

· Domestic currency and foreign trade legislation;

· Status of balances of payments;

· Inflation rates;

· International rules and customs;

· Banking practice;

· Conditions of foreign trade contracts and loan agreements.

The peculiarity of international settlements as a relatively independent element of international monetary and credit relations is as follows.

First, international payments are governed by international banking rules and customs, for example: the Uniform Check Law (approved by the Geneva Convention in 1931); Uniform Law on Bills of Exchange and Promissory Note (Geneva Bill of Exchange Convention, 1930), Uniform Customs and Practice for Documentary Credits (last published 1993), Uniform Rules for Guarantees (1978) and others, regulating certain forms and methods of international calculations. These documents define the relationship between participants in settlement transactions. The unification of international payments and standardization of transactions is primarily associated with the constant growth of both the volume of international transactions and the number of participants in international relations.

Based on international rules, most countries formulate national legislation in the field of payments.

Secondly, international payments are impossible without the free exchange of national currencies for the currencies of other countries, i.e. currency convertibility. The need to convert export earnings and purchase foreign currency to pay for imports stimulates the creation and development of the infrastructure of the domestic foreign exchange market, the inclusion of the domestic foreign exchange market in the global one.

Thirdly, the vast majority of countries apply certain currency restrictions that directly affect foreign economic settlements. Currency restrictions reduce the possibilities and increase the costs of currency exchange and payments for international transactions.

Picture 1

1.2 Forms of international payments

The form of payment is a method of transferring funds to repay the payer's obligations to the recipient.

World practice has developed the following forms of calculations:

1. Letter of credit

2. Collection

3. Bank transfer, etc.

The primary and necessary condition for the implementation of any foreign trade operation, as already noted, is a foreign trade contract. One of the important requirements in its preparation is the determination of the monetary and financial terms of the agreement. Currency conditions include the following positions: currency prices; payment currency; exchange rate for converting currencies into the payment currency; clauses that protect the parties from the risk of loss. Financial terms include items such as settlement terms; measures against unjustified delays in payment; payment forms; means of payment. A study of the monetary and financial conditions of a foreign trade contract showed that when carrying out a foreign trade transaction, the correct choice of the form of payment is very important, since it allows the parties to the agreement to reduce costs and the risk associated with the failure of the opposite party to fulfill its obligations under the contract). Forms of settlements are methods of fulfilling monetary obligations of enterprises through a bank, regulated by the legislation of the participating country. In Ukraine, international payments are carried out in the manner established by the legislation of the country, as well as by the rules adopted in international banking practice. Based on international trade and banking practice, there are 4 main forms of payment: advance payment, collection, letter of credit and open account. Including settlements using checks, bank transfers and bills of exchange in this classification is considered inappropriate. Given payment instruments are faster payment methods through which the implementation of basic payment forms takes place. Each form of international payments is, to one degree or another, associated with risk for the exporter and importer. This depends on many factors - on the type of product, the degree of mutual trust of the partners, their solvency, the reliability of the banks involved in this agreement, and so on. Therefore, each participant in the agreement strives to defend the form of payment that is more profitable for him and is less associated with risk. Advance payment. An advance is a sum of money or property value transferred by the buyer to the seller for the shipment of goods in order to fulfill obligations under the contract. The advance plays a dual role in this case. On the one hand, the importer credits the exporter with the help of an advance, and on the second, he ensures the fulfillment of his obligations under the contract.

The advance can be provided in cash and commodity forms. The latter provides for the transfer by the importer to the exporter of raw materials or components necessary for the manufacture of the ordered equipment. An advance in cash provides for the buyer to pay the amounts agreed upon in the contract towards payments under the terms of the contract for the shipment of goods (provision of services), and sometimes even for the start of the contract.

In world practice, advance payments are used in the following cases:

1) when the seller doubts the buyer’s solvency;

2) when the political and/or economic situation in the buyer’s country is unstable;

3) when supplying expensive equipment;

4) when supplying strategic goods;

5) with long terms for the implementation of the contract.

The advance can be provided either for the full cost or as a certain percentage of it. Its amount depends on the purpose of the advance, the nature of the goods, its novelty, cost and production time. In world practice, advance payments usually amount to 10-30% of the contract amount. The advance payment is repaid by offset upon delivery of the goods. This condition must be stated in the contract. Advance payments as a form of international payments are more profitable for the exporter and less beneficial for the importer. For the importer, it is a risky form of payment, which is why the importer insists on issuing a guarantee from a first-class bank (a guarantee of the return of the advance or a guarantee of the proper execution of the contract).

In international practice, advance payments, mainly partial, have received sufficient development. However, at present, especially in Western European countries, they are not widely popular. A larger number of agreements are concluded on installment payment terms. Collection form of payment. The use of this form of payment is regulated by the “Unified Rules for Collection” adopted by the International Chamber of Commerce in 1978 (ICC Publication No. 322).

Collection is a banking settlement operation by means of which the bank, on behalf of its client, receives, on the basis of settlement documents, funds due to it from the payer for the shipment of goods to his address or for services provided to him and credits these funds to his bank account. Participating in the implementation of a collection operation for international payments are: the importer (payer); exporter (principal); importer's bank (collecting or representative bank); importer bank (remitting bank). The collection form of payment is combined with the acceptance form.

Acceptance is the payer’s consent to pay the invoice documents. With the acceptance form of payment, goods are shipped immediately, without waiting for the buyer to pay for the goods. The buyer pays for the goods after receiving payment documents, in case the supplier violates the terms of the contract, the buyer may refuse to pay for the goods. If the contract is violated, the supplier has the right to apply sanctions. Collection can be clean and documentary. Pure collection is the collection of financial documents not accompanied by commercial documents (bills of exchange and promissory notes, checks, etc.).

Documentary collection is the collection of financial documents accompanied by commercial documents (invoices, insurance documents, etc.), as well as collection of only commercial documents.

Documentary collection in international trade is the obligation of the bank to receive, on behalf of the exporter, from the importer the amount of payment under the contract against the latter’s transfer of commodity documents and transfer it to the exporter.

1. The exporter ships the goods to the buyer’s address in accordance with the terms of the contract.

2. The exporter prepares a package of shipping documents and a collection order for his bank.

3. The remitting bank, having checked the compliance of the provided documents listed in the collection order, sends them along with the collection order to the importer’s bank.

4. The importer’s bank gives the received documents to the importer.

5. The collecting bank receives payment from the importer.

6. The payment amount is transferred by the buyer's bank to the seller's bank.

7. The remitting bank credits the money to the exporter’s account.

Collection operations are relatively simple and inexpensive for counterparties. At the same time, they have serious disadvantages that sharply reduce the advantages in export calculations. One of these disadvantages is the time gap between the shipment of the goods, the transfer of documents to the importer’s bank and the receipt of payment (sometimes from several weeks to several months), which, of course, delays the turnover of the exporter’s funds. Letter of credit form of payment.

A letter of credit is a written undertaking by the bank to make payment to the exporter, upon request and in accordance with the instructions of the importer, against a set of documents that fully comply with the terms of the letter of credit. The following persons take part in a letter of credit operation: the importer, who instructs his bank to open a letter of credit (the applicant of the letter of credit), the beneficiary (usually the exporter), in whose interests the letter of credit is opened; the bank that issued the letter of credit (issuing bank); the bank through which the payment is made in the interests of the beneficiary (executing bank).

A documentary letter of credit is the most profitable form of payment for an exporter, thanks to the reliability of payment and faster receipt of export proceeds.

1.3 Letter of credit payment form

Letter of Credit is a financial instrument through which a bank substitutes its credit for the credit of an individual, firm or company in order to create safer and more economical conditions for international trade.

Essentially, this is a letter containing a request to one person to make an advance to another person at the expense of the institution that issued the letter of credit.

Letters of credit can be general, addressed to all correspondents of the institution that issued the letter of credit, or special, addressed only to one specific correspondent.

A letter of credit is a transaction separate from the contract of sale or other contract on which it may be based, and banks are in no way bound or obliged to deal with such contracts, even if the letter of credit makes any reference to such a contract.

The client, as a result of his relationship between the issuing bank or the recipient of funds (beneficiary), cannot make a claim under the bank’s obligations to make payment, pay or accept bills of exchange (drafts) or negotiate (buy or discount) them, or fulfill any other obligations under the letter of credit.

In transactions with letters of credit, all parties deal only with documents, not with goods, services or other types of fulfillment of obligations to which the documents may relate. The bank's obligation under the letter of credit is independent and does not depend on the legal relations of the parties under the commercial contract.

Documentary letter of credit- this is the bank’s obligation to pay a sum of money in favor of a third party against the latter’s submission of a set of documents that comply with the terms of the letter of credit.

The parties participating in the transaction under a documentary letter of credit are:

· Payer-orderer (importer), who instructs the bank to open a letter of credit;

· The issuing bank that opens the letter of credit and acts on behalf and on behalf of the applicant;

· Advising bank, which is entrusted with notifying the exporter about the opening of a letter of credit in his favor and transferring to him the text of the letter of credit;

· Confirming and (or) nominated bank, which, by virtue of a special agreement with the beneficiary, undertakes to pay, as well as accept or negotiate the documents specified in the documentary letter of credit. If such operations are necessary, this role can be assumed by the advising bank or the issuing bank;

· Beneficiary (exporter) in whose favor the letter of credit is opened.

The main advantage of the letter of credit form of payment for the exporter is the almost complete guarantee of receipt of payment. At the same time, a letter of credit provides quite a wide range of options for choosing methods of financing a transaction. To the importer, i.e. to the payer, this form of payment guarantees that the exporter will be able to receive payment only after fulfilling the obligations under the contract.

Letters of credit can be revocable or irrevocable, covered (deposited) or uncovered (guaranteed), confirmed or unconfirmed.

Irrevocable letter of credit there is a firm obligation to pay the issuing bank. To change or cancel the terms of a letter of credit in an irrevocable form, the consent of both the beneficiary and the responsible banks is required. It gives the beneficiary a higher degree of assurance of payment.

In the case of an irrevocable unconfirmed letter of credit, the correspondent bank only advises (confirms) the opening of the letter of credit to the beneficiary: the bank does not accept the obligation to make payment according to the beneficiary’s documents.

If an irrevocable confirmed letter of credit is issued, this means that the correspondent bank undertakes to make payment according to documents that comply with the terms of the letter of credit.

Revocable letter of credit may be changed or canceled at any time by the issuing bank, usually at the direction of the applicant of the letter of credit without prior notice to the beneficiary. In this case, no legal payment obligation of the bank is created. Therefore, it does not provide sufficient security to the beneficiary and can be used between partners who trust each other. A revocable letter of credit can only be unconfirmed.

Coated a letter of credit provides for the deposit of funds of the applicant of the letter of credit in the amount of the letter of credit in a separate (letter of credit) account.

Uncovered A letter of credit is a guarantee by the issuing bank to make payment to the beneficiary upon fulfillment of the terms of the letter of credit without first depositing the amount of the letter of credit in a separate account. An uncovered letter of credit can only be unconfirmed.

The main types of letters of credit are:

· A standby letter of credit replaces bank guarantees, as it is designed in case of failure by counterparties to fulfill their obligations under a foreign trade contract;

· Transferable letter of credit - a letter of credit under which the beneficiary can request the executing bank to allow the letter of credit to be used in whole or in part by one or more other beneficiaries;

· Other types of letters of credit: confirmed, transit, compensation, etc.

Letters of credit are issued in compliance with the following rules:

1) Each letter of credit must clearly indicate that it is a letter of credit or it must be named accordingly;

2) The letter of credit must indicate the date of termination of the bank's obligations or the period during which the letter of credit is valid;

3) The volume of bank liabilities must be limited;

4) The bank is obliged to make payment only upon presentation of a bill of exchange or other document specified in the letter of credit. The bank cannot be required to participate in resolving commercial or legal issues between the parties to the letter of credit. The bank does not go beyond the instructions established in the letter of credit;

5) The bank client, by whose order the letter of credit was issued (applicant), is obliged to unconditionally reimburse the bank for payments made under the letter of credit.

Transactions with documentary letters of credit are carried out under separate contractual agreements that operate independently of the original commercial contract between the exporter and the importer.

Letter of credit operation scheme

· Conclusion of a foreign trade contract between the exporter and importer;

· Message from the exporter about the readiness of the goods for shipment to the importer in accordance with the terms of the foreign trade contract;

· Instruction from the importer to his bank to open a letter of credit;

· An appeal from the importer's bank to the exporter's bank to open a letter of credit in favor of the exporter;

· Message from the exporter's bank to the exporter himself about the conditions of the letter of credit opened to him;

· Delivery of goods by the exporter to the importer and registration of title documents related to this delivery;

· Transfer by the exporter to his bank of documents of title and receipt of funds due to him for the goods delivered to the importer;

· Forwarding to the exporter's banks of documents of title received from the exporter to the importer's bank;

· Transfer by the importer's bank of documents of title to the importer for receipt of goods purchased by him from the exporter.

International payments in the form of a documentary letter of credit are presented in this diagram:

1. Conclusion of a contract, which states that the parties will use a letter of credit form of payment.

2. Notification of the importer about the preparation of goods for shipment

3. Submission by the importer of an application to his bank to open a letter of credit with a precise indication of its conditions.

4. Opening of a letter of credit by the issuing bank (executing bank) and sending it to the exporter (beneficiary) through the bank, as a rule, servicing the beneficiary, which (bank) notifies (advises) about the opening of the letter of credit.

5. The advising bank verifies the authenticity of the letter of credit and transfers it to the beneficiary.

6. Check by the beneficiary of the letter of credit for its compliance with the terms of the contract and, if he agrees, to ship the goods within the established time frame.

7. Receipt by the beneficiary of transport (and other documents required under the terms of the letter of credit) documents from the carrier.

8. Submission by the beneficiary of documents received from the carrier to his bank.

9. Checking by the exporter’s bank of documents received from the beneficiary and sending them to the issuing bank for payment, acceptance (agreement to payment or guarantee of payment) or negotiation (purchase).

10. Verification by the issuing bank of received documents and (if all conditions of the letter of credit are met) transfer of the payment amount to the exporter.

11. Debiting by the issuing bank of the importer's account.

12. Crediting of proceeds to the beneficiary’s account by the advising bank.

13. Receipt by the importer-orderer of documents from the issuing bank and taking possession of the goods.

A documentary letter of credit consists of the following main elements:

· Name (title);

· Beneficiary address;

· Promise to pay bills of exchange;

· Duration of bills;

· Letter of credit amount;

· List of required documents;

· Nature of the goods;

· Expiration date of the letter of credit;

· Possibility of canceling a letter of credit;

· Additional details including date and letter of credit number, references to legal numbers, etc.

Letters of credit can be divided according to several criteria:

1) By type of commodity transaction:

· Export;

· Imported;

2) By the nature of the security:

· Documentary;

· Clean;

3) According to the terms of bills issued:

· Payment upon presentation;

· Payment within a certain period of time;

4) According to the form:

· Disposable

Renewable

5) For additional obligations of the bank:

· Irrevocable confirmed letters of credit;

· Irrevocable unconfirmed letters of credit;

· Revocable unconfirmed letters of credit;

6) Upon implementation of the letter of credit:

· Letter of credit with payment against documents;

· Acceptance letters of credit.

These classification principles are not mutually exclusive. For example, a letter of credit can be import, one-time, documentary, payable on sight within 60 days, be revocable and unconfirmed with payment in national currency.

Export letters of credit are intended to receive payment for goods shipped for export, while import letters of credit are used to pay for goods imported from abroad. A letter of credit accompanied by documents (invoice, bill of lading) is called documentary. If documents under the terms of the letter of credit are not attached, the letter of credit clean.

The difference between urgent letters of credit (opened for a certain period) and sight letters of credit is that in the first case, payment of bills is made only a certain number of days after their acceptance.

A one-time letter of credit is opened for settlements for a specific delivery of goods, after which the letter of credit is closed. The amount of a revolving letter of credit is automatically restored after each payment and cannot be exhausted before the expiration date of the letter of credit.

The opening of a revocable letter of credit means that the issuing bank has the right to refuse the obligation to pay bills of exchange in favor of the beneficiary. Technically, this right is recorded in the letter of credit with a “valid until cancelled” clause or a similar entry. When issuing an irrevocable letter of credit, the issuing bank makes a firm commitment before the expiration of the letter of credit not to cancel it without the prior consent of the parties. An irrevocable letter of credit may be supported by unconditional guarantees on the part of the bank disbursing the letter of credit in the country of the exporter that it will fulfill all obligations of the issuing bank even if the latter refuses to accept the drafts for payment or acceptance. This type of letter of credit is called irrevocable confirmed. If the paying bank only fulfills the instructions of the bank that opened the letter of credit in relation to the beneficiary, without accepting his obligations, then the letter of credit is called irrevocable unconfirmed.

A letter of credit with payment against documents means that the applicant (importer) deposits the corresponding amount with the bank when opening the letter of credit. This doesn't happen often. The most common is an acceptance letter of credit, when the applicant undertakes to transfer the corresponding amount to the bank that opened the letter of credit within the agreed period.

When opening a letter of credit, the bank does not need to pay cash amounts, unless it itself takes into account the bills accompanying the letter of credit. The amount of obligations arising in connection with the opening of a letter of credit is not limited, however, banking legislation or prudential supervision standards usually establish limits on the total amount of such obligations.

Main features of a letter of credit as a form of payment:

1) a letter of credit is not a negotiable instrument. It is not transferable to another person;

2) the bank that opened the letter of credit does not have the right to refuse to pay bills presented by the bank that made the payment under an irrevocable commercial letter of credit (which does not require the presentation of shipping documents), if all the conditions of the letter of credit are met;

3) the bank that opened the letter of credit may refuse to pay bills submitted in violation of the conditions specified in the text of the letter of credit itself;

4) the intermediary is not responsible for the quality of goods and the condition of documentation;

5) the bank that opened the letter of credit is responsible to the applicant for the beneficiary’s compliance with the agreed conditions;

6) the contract between the bank opening the letter of credit and the beneficiary is in no way dependent on the contract for the sale of goods between the seller and the buyer. The bank that opened the letter of credit cannot, citing a violation by the seller of the goods of the sales agreement, refuse bills of exchange issued in accordance with the terms of the letter of credit.

A standby letter of credit is a document, regardless of its name, containing the obligations of the issuing bank to the beneficiary:

· Reimburse the funds spent by the bank to make the payment or advanced to this bank;

· Make payments in repayment of any debt incurred by the paying bank;

· Make payments necessary in the event of a breach of its obligations by the bank, which must make payment under the letter of credit.

1.4 Collection form of payment

Collection- These are transactions with documents carried out by banks on based on the instructions received for the purposes of:

· Receipt of payment and (or) acceptance;

· Transfer of documents against payment and (or) acceptance;

· Transfer of documents on other terms.

Documents can be financial and (or) commercial. Financial documents include bills of exchange, promissory notes, checks or similar documents used to obtain payment in money. For commercial - invoices, transport documents, titles of title or any other documents that are not financial.

There are two types of collection:

· Net collection means the collection of financial documents - bills of exchange and promissory notes, checks, payment receipts and similar documents used to receive payment in the form of cash;

· Documentary collection is the collection of commercial documents not accompanied by financial documents (all types of shipping documents accompanying goods), or financial documents accompanied by commercial documents.

Participants in the collection operation (collection parties) are:

· Principal (principal) - the party who gives the bank an instruction for collection;

· Remitting bank - the bank to which the principal entrusts the collection operation;

· Collection bank - any bank, other than the remitting bank, participating in the collection operation;

· Providing bank is the collecting bank that makes presentation to the payer.

The payer is the person to whom presentation must be made in accordance with the collection order.

Collection operations are conducted in accordance with the Uniform Collection Rules (International Chamber of Commerce Publication No. 522, 1995)

All documents sent for collection must be accompanied by a collection order, which contains accurate and complete instructions. Banks do not have to examine documents to find the necessary instructions.

The collection order must contain the following information:

· Information about the bank from which the collection order was received and its details;

· Information about the principal (principal), including his full name, and, if necessary, postal address, telephone, fax;

· Information about the payer, including its full name, postal address or place where the representation should be made, and, if necessary, telephone, fax;

· The amount of currency to be collected;

· List of attached documents indicating the number of sheets of each document;

· Term and conditions for receiving payment and (or) acceptance;

· Conditions for transfer of documents. These conditions must be stated clearly and unambiguously;

· In relation to recoverable expenses, it is indicated whether refusal to pay them is allowed or not;

· With regard to interest subject to collection (if any), it is indicated whether refusal to pay it is possible or not, and also the amount of interest, the interest period, the basis for calculation (for example, 365 or 360 days a year);

· Method of payment and form of notification;

· Instructions in case of non-payment, non-acceptance and (or) disagreement with other conditions.

The collection payment scheme can be presented as follows:

1. Conclusion of a contract (usually indicating the banks through which payments will be made).

2. Shipment by the exporter-principal of the goods in accordance with the terms of the contract.

3. Receipt by the exporter of transport documents from the carrier.

4. Preparation by the exporter of a set of documents (transport, etc., as well as financial ones, if necessary) and submitting them when collecting orders to his bank (remitting bank).

5. Checking the documents by the remitting bank (based on external signs) and sending them along with the collection order to the correspondent bank (collecting bank) in the importer’s country.

6. Submission by the collecting bank of a collection order and documents to the importer (payer) for verification in order to receive payment or accept drafts (bills of exchange) directly or through another bank (called in this case the presenting bank).

7. Receipt by the collecting bank of payment from the payer and issuance of documents to him.

8. Transfer of proceeds by the collecting bank to the remitting bank (by mail, telegraph, telex, as indicated in the relevant instructions).

9. Crediting of the received proceeds to the exporter’s account by the remitting bank.

Performance- This is the procedure for the presenting bank to transfer documents to the payer in accordance with received instructions. The instructions must clearly indicate the time period for the payer to perform any action. The documents must be presented by the payer in the form in which they were received, with the exception of affixing identification marks for the collection operation required by the endorsement.

Banks involved in collection transactions are required to act in good faith and exercise reasonable care. When checking the documents, they must make sure that they correspond in appearance to those listed in the collection order.

The banks participating in the collection operation do not bear any responsibility or liability for the consequences arising from delays or losses in transit of any messages, letters or documents; for distortions, delays or errors in the transmission of telegrams, telexes or communications via electronic systems; for errors in translation or interpretation of technical terms, as well as for force majeure circumstances.

Goods should not be sent directly to the bank for consignment to the bank without its prior consent. If this happens, the bank is not obliged to accept the goods, the risk and responsibility for which continues to be borne by the sender.

1.5 Bank transfer

Bank transfer- This is a sequence of operations that begins with the issuance of payment instructions by the payment initiator, according to which one bank (the sending bank) transfers funds at the expense of the payer to another bank (the receiving bank) in favor of the person specified in the payment instructions (the beneficiary).

Bank transfers are carried out through payment orders addressed from one bank to another, and, if there is a special banking agreement, through bank checks or other payment documents.

A payment order is an order from a bank addressed to its correspondent to pay a certain amount of funds at the request and at the expense of the transferor to a foreign guarantor, indicating the method of reimbursement to the paying bank for the amount paid. Banks send payment orders to each other, usually electronically via the SWIFT international system.

With the development of electronic technologies, the increase in interstate labor flows and international tourism, the volume and importance of international transfers by individuals, the so-called transfers without opening an account, have increased significantly. These transfers are carried out by banks and non-bank specialized organizations. Currently, there are several dozen international clearing centers in the world through which payments are made to individuals. The most famous of these systems is Western Union. At the beginning of 2004, nine such systems operated in Russia, including seven of them organized on the basis of Russian banks.

Settlements using bills and checks.

In international payments, bills of exchange are used. Exhibited by the exporter to the importer. A draft is a document drawn up in the form prescribed by law and containing an unconditional order from one person (the drawer) to another (the drawee) to pay within a specified period of time a certain amount of money to the third party (remitee) or bearer named in the bill. The drawer and the remitee can be the same person if the draft is issued “to oneself”. Essentially, a draft is a bill of exchange that is negotiable, unlike a non-transferable bill. Both terms are used primarily in international transactions. The acceptor, who is the importer or the bank, is responsible for paying the bill. Drafts accepted by banks can easily be converted into cash by accounting. The form, details, conditions for issuance and payment of drafts are regulated by bill of exchange legislation, which is based mainly on the Uniform Bill of Exchange Law adopted by the Geneva Bill of Exchange Convention of 1930, as well as national legislation (for example, the Uniform Commercial Code in the USA since 1954, the law on bills in Great Britain).

The prototype of the draft was that which appeared in the 12th-13th centuries. covering letters requesting payment to the submitter (usually the merchant) of the appropriate amount in local currency. With the development of commodity-money relations and the globalization of economic relations, the bill has become a universal credit and settlement document. The use of a draft in addition to collection and letter of credit gives the right to receive credit and foreign exchange earnings.

Drafts differ: a) to bearer, b) paid 30 days after presentation, must have acceptance and thereby become a guaranteed financial document.

When making payments using a bill of exchange, the exporter submits the draft and trade documents for collection to his bank, which receives the currency from the importer. The importer becomes the owner of these documents only against payment or acceptance of the draft. The payment period for the bill of exchange for export deliveries on credit is determined by the agreement of the parties. Using one bill of exchange as a means of payment, you can pay off several different monetary obligations with the help of an endorsement (endorsement) on it. Vary endorsements: registered, blank, non-negotiable, conditional.

Retratta- a counter bill of exchange issued by the holder of an unpaid or unaccepted bill of exchange to the drawer or endorser for the amount of the bill plus costs for the purpose of prolonging it.

In international payments they are also used checks, first appeared in the 16th century. In the form of receipts from cashiers who charged interest from depositors for storing money. If payment is made using a check, then the debtor (buyer) either issues the check himself (customer's check) or entrusts its issuance to the bank (bank's check). The forms and details of the check are regulated by national and international legislation (the Check Convention of 1931). The check is payable (collection) upon presentation.

Traveler's checks and euro checks are used as a means of payment in international non-trade payments. Travel (tourist) check- a payment document, a monetary obligation (order) to pay the amount of currency indicated on it to its owner. Traveler's checks are issued by major banks in national and foreign currencies. Euro girls- a check in eurocurrency - issued by the bank without a preliminary deposit of cash by the client and for larger amounts on account of a bank loan for a period of up to a month; paid in any country party to the Eurocheck agreement (since 1968) The standard form of a Eurocheque, accompanied by a guarantee Eurocard, gives the owner the right to receive money from foreign banks and pay for purchases in stores in a number of countries when traveling abroad.

Credit card payments

Since the 60s XX credit cards are actively used in international payments. A credit card is a personal monetary document issued by a credit institution, which certifies the presence of money in the account of its owner. That electronic payment tool gives the owner the right to purchase goods and services using non-cash payments. Computer, electronic and space communications are used to process them. Computers of banks and shops are connected via telephone to the central computers of the system, which process information.

Since the late 80s. Russian banks began to issue credit cards, including international ones. But there are few of them compared to developed countries, where their number exceeds the population. In connection with the development of payment cards, various card payment systems have been formed - a set of their participants and relationships between them. International payment associations include, for example, Visa International (formed in 1997), which has 20 thousand members in a number of countries, including Russia, the Italian payment system (Servizi Interbankart), and the French one (Carte Bleu). These associations provide clearing and settlement of international payments for debit and credit cards, traveler's checks. The international telecommunications system links member banks with two interbank settlement centers in the UK and the US.

In 1992, the international payment system Europay International was created in Brussels based on the merger of three companies that serviced Eurochecks and Eurocards. Since 1999, its payment products have been denominated in euros, including relatively new ones: Europack, which combines several types of them, and “electronic plasticine” for transferring an encrypted plastic card number from the buyer through the seller to the server of a trusted company. Members of the card payment system are required to comply with the rules of issue, use of standard payment cards, as well as clearing and settlements through a settlement bank.

Under the influence of scientific and technological revolution, computers are being actively introduced into international payments; electronic signals are used in the form of records in the memory of banking computers transmitted via remote communication channels on the Internet. The transfer of information on interbank settlements is carried out through SWIFT.

2. Organization and conduct of international payments in the Russian Federation

2.1 Essenceand forms of international payments in the Russian Federation

Now let's look at the forms and principles of non-cash payments in the Russian Federation. Non-cash payments form the basis of monetary payments between enterprises and organizations for various goods and services. Non-cash payments allow you to make payments in a short time. Thanks to automated accounting of cash flows, they can be easily controlled.

Defining a clear procedure for carrying out settlement transactions allows credit institutions and legal entities to choose such forms and payment routes that will most optimally ensure the receipt of funds (payments) to their final recipient.

The first chapter determines the procedure for using the forms of non-cash payments established by Chapter 46 of the Civil Code (Settlements by payment orders, letters of credit, checks, settlements by collection).

The second chapter contains general rules for conducting settlements on correspondent accounts of credit institutions opened in the divisions of the Central Bank settlement network. Features of conducting settlement operations on correspondent accounts of credit institutions opened in other banks through the intrabank settlement system on interbranch settlement accounts.

The third chapter describes the features of non-cash payments at the Savings Bank of the Russian Federation. I took as a basis the principles and work experience used at Sberbank, because this bank is one of the largest banks in Russia and has extensive experience in establishing and maintaining correspondent relations, both on the territory of the Russian Federation and abroad.

The work was based on: Banking. Textbook /ed. Ed. V.I. Kolesnikova. - M.: Finance and Statistics, 2000; official documents of the Central Bank of the Russian Federation and Laws of the Russian Federation.

Non-cash payments are monetary payments made through entries in bank accounts, when amounts of money are debited from the payer's account and credited to the recipient's account. Non-cash payments are organized according to a specific system, which is understood as a set of principles for organizing non-cash payments, the requirements for their organization, determined by specific business conditions, as well as forms and methods of payments and related document flow.

Bank of Russia September 8, 2000 adopted the Regulation "On non-cash payments in the Russian Federation". The regulation was developed in accordance with the Civil Code of the Russian Federation, the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”, the Federal Law “Banks and Banking Activities” and other laws of the Russian Federation (hereinafter referred to as legislation), regulates non-cash payments in foreign currency of the Russian Federation and on its territory, in the forms provided for by law, determines the formats, procedure for filling out and processing the settlement documents used, and also establishes the rules for conducting settlement transactions on correspondent accounts (sub-accounts) of credit institutions (branches), including those opened with the Bank of Russia, and inter-branch settlement accounts. .

1. CONCEPT AND TYPES OF FOREIGN TRADE TRANSACTIONS

Russian law does not contain the concept of a foreign economic transaction. Russian doctrine and practice classify as foreign economic transactions those that have two essential features: firstly, the transaction involves persons (subjects) of different nationalities, and secondly, it outlines the range of relations in which such transactions are concluded (export-import transactions goods, services, etc.). Foreign economic transactions include contract agreements, barter agreements, agreements for the provision of various services for the provision of technical assistance in the construction of industrial facilities, as well as a foreign trade purchase and sale agreement for goods.

There are different types of purchase and sale agreements.

A one-time supply contract is a one-time agreement that provides for the delivery of an agreed quantity of goods by a certain date, period, period of time. Delivery of goods is made one or more times within a specified period. Upon fulfillment of accepted obligations, the legal relationship between the parties and the contract itself are terminated.

One-time contracts can be with short delivery times and long delivery times.

A contract with periodic delivery provides for the regular (periodic) delivery of a certain quantity, batches of goods over a period established in the terms of the contract, which can be short-term (usually one year) and long-term (5-10 years, and sometimes more).

Contracts for the supply of complete equipment provide for connections between the exporter and the buyer-importer of the equipment, as well as specialized forms involved in completing such a delivery. In this case, the general supplier organizes and is responsible for the complete set and timely delivery, as well as for quality.

Depending on the form of payment for the goods, there are contracts with payment in cash and with payment in commodity form in whole or in part. Contracts with payment in cash provide for settlements in a certain currency agreed upon by the parties using payment methods stipulated in the contract (cash payment, payment in advance and on credit) and forms of payment (collection, letter of credit, check, bill).

In modern conditions, contracts with payment in a mixed form have become widespread, for example, during construction on the terms of targeted lending to a turnkey enterprise, payment of costs occurs partly in cash and partly in commodity form.

In our country, barter transactions have become widespread - commodity exchange and compensation agreements that provide for the simple exchange of agreed quantities of one product for another. These agreements either establish the quantity of mutually supplied goods, or stipulate the amount for which the parties undertake to supply goods.

A simple compensation agreement, like a barter agreement, provides for the mutual supply of goods of equal value. However, unlike a commodity exchange transaction, a compensation transaction involves the parties agreeing on the prices of mutually supplied goods. Such a transaction usually involves not two goods, but a significant number of goods offered for exchange.

2. LEGAL REGULATION OF FOREIGN ECONOMIC TRANSACTIONS

International treaties of a regional and universal nature play an important role in the legal regulation of foreign economic transactions. Of particular importance when concluding foreign economic contracts is the UN Convention on Contracts for the International Sale of Goods of 1980 (Vienna Convention), to which the Russian Federation is a party (as the legal successor of the USSR), containing general conditions and procedures for making payments. The USSR joined it on May 23, 1990, therefore its provisions, by virtue of legal succession, are binding on Russia. Vienna Convention of 1980. Came into force in Russia on September 1, 1994.

The Convention provides for the buyer’s obligation to pay the price for the goods, establishes the place and time of payment, the consequences of non-payment for the goods, including the accrual of interest for late payment, compensation for losses, etc.

“The procedure for payments under foreign economic contracts is provided for by other international agreements, in particular the General Conditions for the Delivery of Goods between Organizations of the CMEA Member Countries (CMEA GUP 1968/1998), the General Conditions for the Delivery of Goods from the USSR to the People's Republic of China and from the People's Republic of China to Union of SSR, General conditions for the supply of goods between foreign trade organizations of the USSR and foreign trade organizations of the Democratic People's Republic of Korea." It should be borne in mind that, in accordance with current legislation, international treaties (conventions) in which the Russian Federation participates are considered as part of the national legal system, which has priority and mandatory character. This follows from paragraph 4 of Art. 15 of the Constitution of the Russian Federation, which established the rule that: “generally recognized principles and norms of international law and international treaties of the Russian Federation are part of the legal system. If an international treaty establishes rules other than those provided by law, then the rules of the international treaty apply.”

There are also a number of universal level international agreements on the regulation of foreign economic transactions. These are, first of all, the Hague Conventions of 1964 “On a Uniform Law on the International Sale of Goods” and “On a Uniform Law on the Procedure for Concluding Agreements on the International Sale of Goods”. Due to the limited number of countries that have signed these conventions, they are not widely used. The USSR (and therefore Russia) is not a party to these conventions. This convention is universal and compromise in nature, since it takes into account the principles and institutions of various legal systems, and also takes into account the interests of developing countries in establishing a new international economic order. The 1964 Hague Conventions are essentially incorporated into the 1980 Vienna Convention.

States parties to the 1964 Hague Conventions must denounce them if they accede to the 1980 Vienna Convention (Article 99, Chapter 3) or ratify it. In connection with the special procedure for signing foreign economic transactions provided for in Russian legislation, provided for in the Resolution of the Council of Ministers of the USSR dated February 14, 1978, the Vienna Convention of 1980 is valid on the territory of Russia with the reservation that contracts for the international sale of goods must be in writing, if one of the parties is a Russian enterprise.

Conditions for payments under foreign trade contracts are also included in the document “Principles of International Commercial Contracts” adopted in 1994 by the International Institute for the Unification of Private Law (UNIDROIT), which can also be used when concluding contracts.

“International customs play an important role in concluding and executing foreign economic transactions, and especially international sales contracts. In order to avoid contradictions between trading partners in understanding trade customs, the International Chamber of Commerce developed and published collections of their interpretations - “Incoterms” - in 1953. Over time, “Incoterms” were republished several times, making additions and changes. From a legal point of view, Incoterms is a set of rules that are optional in nature, which follows from the instructions in paragraph 22 of the Introduction to the 1990 edition that merchants wishing to use these rules must provide that their contracts will be governed by the provisions of Incoterms "1990" .

The use of basic conditions simplifies the drafting and negotiation of contracts and helps counterparties find equitable ways to resolve disagreements that arise.

The main commercial document is the commercial invoice, or invoice. A commercial invoice is issued to the buyer and contains an indication of the amount required for payment. The commercial invoice contains the full and exact name of the goods; in other documents, the description of the product may be given in general terms.

The transport document is the basis for issuing a commercial invoice. Transport documents include: bills of lading (sea and river), giving their holders ownership of the goods; waybills (railway, road and air waybills); acceptance certificates, as well as postal receipts, safety receipts and warehouse receipts.

Insurance policies or insurance certificates indicate the existence of a cargo insurance contract.

Other commercial documents include various types of certificates (origin, quality, weight, dimensions, etc.).

The terms of the contract must indicate the name of the documents to be submitted and by whom they should be issued, and if specific documents are required, their content.

3. FORMS
INTERNATIONAL SETTLEMENTS

In the practice of international trade, the form of payment for products supplied, work performed or services performed is of great importance. Taking into account the mutual interests of participants in foreign economic transactions, settlements are carried out in a variety of forms - in the form of advance payments, through collection or acceptance of bills of exchange, checks, letters of credit, etc.

“When making non-cash payments, settlements by payment orders, letters of credit, checks, collection settlements, as well as settlements in other forms provided for by law, banking rules established in accordance with it and business customs applied in banking practice are allowed” (clause 1 of Art. 862 of the Civil Code of the Russian Federation).

The form of payment represents the methods of registration, transfer and payment of shipping and payment documents established in international commercial and banking practice. The specified forms of international payments are used for payments, both in cash and on credit. In this case, bank transfers are used in payments for cash, documentary letters of credit - in payments for cash and when providing a short-term commercial loan, the collection form of payment - for payments in cash, as well as when making payments using a commercial loan.

The choice of a specific form of payment in which payments will be made under a foreign trade contract is determined by agreement of the parties - partners in a foreign trade transaction.

The procedure for making payments for exported and imported goods (services) is regulated by the legislation of the country, and is also subject to international rules for the documentation and payment of payment documents.

The forms of international payments used differ in the share of participation of commercial banks in their implementation. A minimum share of participation of banks is assumed when making a bank transfer, i.e. execution of the client's payment order. A more significant share of banks' participation in the collection operation is control over the transfer, forwarding of shipping documents and their issuance to the payer in accordance with the conditions of the principal. The maximum share of participation of banks is in settlements using letters of credit, which is expressed in providing the recipient (beneficiary) with a payment obligation, which is implemented subject to compliance with the conditions contained in the letter of credit.

3.1. Bank transfer

Bank transfer concept

“A bank transfer is a simple order 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.”

Bank transfer is carried out non-cash from one bank to another. Sometimes transfers are made through bank checks or other payment documents. With this form of payment, commercial or shipping documents are sent from the exporter to the importer directly, i.e. bypassing the bank.

When making payments by bank transfers, commercial banks execute payment orders from foreign banks or pay, in accordance with the terms of correspondent agreements, bank checks issued on them for the monetary obligations of foreign importers, and also issue payment orders and bank checks to foreign banks for the monetary obligations of Russian importers.

When performing a transfer operation, the transferee's bank is guided by specific instructions contained in the payment order. For example, a payment order may contain a condition on payment to the beneficiary of the corresponding amount against the provision by him of commercial or financial documents specified in the payment order or against the provision of a receipt to him.

Rice. 1. Payment scheme by bank transfers

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. However, banks are not responsible for payment. Banks do not control the delivery of goods or the transfer of documents to the importer, as well as the execution of payment under the contract. With this form of payment, the bank’s responsibilities include only transferring the payment from the account of the transferor to the account of the transferee at the time of submitting the payment order.

After the conclusion of the contract (1) between the importer and the exporter, the importer sends an application for transfer (2) to the bank. Delivery of goods (3) may precede or follow payment, as determined by the terms of the contract and the foreign exchange laws of the countries.

The importer's bank, having accepted the payment order from the importer, sends a payment order (4) on its behalf to the corresponding bank of the exporter. Having received the payment order, the bank verifies its authenticity and performs an operation to credit money (5) to the exporter’s account.

In international banking practice, bank transfers can be used to pay an advance on a contract if its terms contain a provision on the transfer of part of the contract value (15-30%) in advance, i.e. before the goods are shipped. The rest is paid for the actual goods delivered. An advance payment actually means hidden lending to the exporter and is disadvantageous to the importer. In addition, the transfer of an advance creates for the importer the risk of losing money in the event of failure by the exporter to fulfill the terms of the contract and non-delivery of the goods.

In order to protect the importer from the risk of non-repayment of the advance in the event of non-delivery of goods by the exporter, there are several protection methods in international banking practice:

obtaining a bank guarantee for the return of the advance; in this case, before transferring the advance payment, a guarantee from a first-class bank is issued;

use of documentary or conditional translation; in this case, the exporter's bank makes the actual payment of the advance to his account, subject to the provision of transport documents within a certain period.

Legal features of transactions using bank transfers

Payments by payment orders (bank transfer) are the most commonly used form of payment in property transactions. In some legal relations, the use of this form of payment has a priority nature. For example, in relations for the supply of goods, the buyer pays for the goods supplied in compliance with the procedure and form of payment provided for in the supply agreement. If the procedure and forms of settlements are not determined by agreement of the parties, then settlements are carried out by payment orders (see Article 516 of the Civil Code of the Russian Federation).

The use of this form of payment means that the bank undertakes the obligation, 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 specified by the payer in this or another specified bank within the period provided for by law or established in accordance with it , if a shorter period is not provided for in the bank account agreement or is not determined by the business customs used in banking practice (clause 1 of Article 863 of the Civil Code of the Russian Federation).

3.2.Collection

Collection concept

One of the most balanced forms of payment for both the buyer and the supplier will be collection payments. Collection is an order from the exporter to his bank to receive from the importer (directly or through another bank) a certain amount or confirmation (acceptance) that this amount will be paid on a due date. Collection is used in settlements both under conditions of payment in cash and using a commercial loan.

Often, problems in choosing forms of payments between Russian entrepreneurs and their foreign partners arise due to basic ignorance of the regulatory framework.

When conducting collection operations, banks and their clients are guided by the Uniform Rules for Collection (Publication of the International Chamber of Commerce No. 522, as amended, came into force on January 1, 1996). The Unified Rules for Collection are the main international regulatory document governing this form of payment.

The unified rules determine the types of collection, the procedure for providing documents for payment and making payment, acceptance, the procedure for notifying about payment, acceptance or non-payment (non-acceptance), define the duties and responsibilities of the parties, give a uniform interpretation of various terms and resolve other issues.

Rice. 2. Payment scheme for collection

According to the Uniform Rules, collection is an operation carried out by banks on the basis of instructions received with documents for the purposes of:

receiving acceptance and/or payment;
issuance of commercial documents against acceptance and/or payment;
issuance of documents on other conditions.

Depending on the types of documents with which the collection operation is carried out, two types of collection are distinguished:

pure collection, i.e. collection of financial documents, which include checks, bills of exchange, payment receipts and other documents used to receive payment in money;
documentary collection, i.e. collection of commercial documents, which may or may not be accompanied by financial documents.

Participants in the collection operation are:

principal - a client who entrusts the collection operation to his bank;
remitting bank - the bank to which the principal entrusts the collection operation;
collecting bank - any bank that is not a remitting bank, participating in the operation to execute a collection order;
presenting bank - the bank that directly receives the payment or acceptance, making the presentation of documents to the payer;
payer - the person to whom documents must be presented in accordance with the collection order.

Calculations in the form of collection are constructed as follows (see diagram). After concluding a contract (1), in which the parties stipulate through which banks payments will be made, the exporter ships the goods (2) in accordance with the terms of the concluded contract. Having received transport documents (3) from the transport organization, the exporter prepares a set of documents, which includes commercial, and possibly also financial documents, and submits it to his bank (receiving bank) upon collection order (4).

Having received documents from the principal, the remitting bank checks them according to the external signs indicated in the collection order, and then acts in accordance with the instructions of the principal contained in this instruction and the Uniform Rules.

The remitting bank sends the documents to the collecting bank (5), which is usually the bank of the importing country.

Legal features of the commission
transactions involving collection

It must be remembered that a number of provisions of the Unified Rules differ significantly from the corresponding provisions of Russian law. When applying the Unified Rules in practice, you may encounter concepts and concepts that are absent in Russian law, and sometimes are directly opposite to the content of legal norms that apply to settlements carried out in the domestic Russian market.

For a clearer and more complete understanding of collection payments used in foreign trade transactions, a comparative analysis of the norms of international law and Russian legislation governing these relations is necessary.

“... Any documents sent for collection must be accompanied by a collection order containing complete and accurate instructions” (Article 2 of the Rules).

Russian legislation is inconsistent in defining collection and the documents on the basis of which collection payments are made.

Article 874 of the Civil Code of the Russian Federation states:

"1. When making collection payments, the bank (issuing bank) undertakes, on the client’s instructions, to carry out actions at the client’s expense to receive payment from the payer and (or) acceptance of payment.

The issuing bank that has received the client’s order has the right to involve another bank (executing bank) to carry it out.

The procedure for making collection payments is regulated by law, the banking rules established in accordance with it and the business customs used in banking practice... .

The legislator does not mention the documents (financial or commercial) necessary for making collection payments, but refers us to other regulations governing this type of non-cash payments.

By-laws also do not clarify this issue. “In accordance with Article 283 of the Rules for Non-Cash Payments in the National Economy (Rules of the USSR State Bank of September 30, 1987 No. 2), a collection order is used only when funds are written off from the payer’s account without acceptance on the basis of executive and equivalent documents.”

On the territory of the Russian Federation, collection settlements in the sense of their definition in Article 2 of the Unified Rules “are carried out by payment requests-orders, which represent the supplier’s requirement to the buyer to pay on the basis of settlement and shipping documents sent to the payer’s servicing bank for the cost of products delivered under the contract, work performed , services rendered." In this situation, the supplier engages the remitting bank to process the collection, which can engage the presenting bank to process and forward these documents to the payer and receive payment and (or) accept payment. Moreover, the issuance of a payment request-order must be made only through the remitting bank. Otherwise, firstly, this will be a violation of the law, and, secondly, certain difficulties may arise with the preparation and forwarding of financial and commercial documents.

Thus, collection operations, that is, the bank’s actions on behalf of the client, aimed at receiving payment and (or) acceptance of payment, according to Russian legislation, are carried out using collection orders, payment requests-orders, payment requests.

Comparing the provisions of the Unified Rules with the provisions of Russian regulations, we can conclude that pure collection is represented in our legislation by payment requests and collection orders, and documentary collection (financial documents accompanied by commercial documents) is carried out on the basis of a payment request-order issued to the payer’s account.

Unfortunately, in banking practice, collection orders are often issued instead of payment requests, payment requests instead of payment requests-orders, etc. This confusion could have been avoided if the legislator had established a clear and uniform procedure for collection payments, which would be carried out by the mandatory submission of a collection order in addition to the remaining (in each case different) documents.

The most convenient type of collection payments for both the supplier and the buyer is documentary collection.

To reveal the discrepancies between the norms of international law and Russian legislation, which in case of ignorance can lead to negative results, we will consider the following significant points.

Firstly, in accordance with Article 1 of the Uniform Rules, their application is optional. They will be applicable only if the parties to a foreign trade transaction agree to subordinate a specific collection operation to these Rules and in the collection order itself “a special clause will be made” (clause “a” of Article 1). The Rules are binding on all parties, unless otherwise specifically stated, which makes it possible, by directly excluding certain provisions of the Rules in a collection order or instructions to it, to limit the scope of their validity in relation to a specific transaction.

Therefore, in case of discrepancies between the norms of the Rules and the norms of national law applicable to collection payments, the provisions of the latter prevail (clause “a” of Article 1 of the Rules). This should be kept in mind, given that in some countries the Rules cannot be fully applied: for example, direct debiting of funds by issuing a collection order on the basis of an executive or equivalent document in our country is a legally established practice, which cannot be said, for example , about American legislation.

To summarize, it should be noted that when carrying out foreign economic settlements, it is necessary to be guided by the provisions of the Rules, and it is also necessary that the party to the transaction, which is aware of the existence of any mandatory rules in its national law, notifies the other parties about this. Therefore, when concluding an agreement for the provision of goods, services, etc. the parties must stipulate not only the form of non-cash payments, but also the restrictions that exist for this form in the national legislation of the payer’s country.

Disadvantages of the collection form of payment

In conclusion, it is worth noting that collection settlements carried out in accordance with the Uniform Rules are beneficial for both banks and parties to the transaction. When executing customer orders, banks do not need to open an additional account or accumulate funds in another way (for example, a letter of credit). The buyer can be sure that after paying the settlement documents he will receive the right to the goods, as well as shipping and title documents. The supplier will be confident that until the money is received, his goods will be in his possession.

Unfortunately, such a form of non-cash payments as collection is rarely used in our country, not to mention its use in settlements with foreign partners. Ignoring the obvious advantages of collection payments occurs, in my opinion, due to the confusion and imperfection of Russian legislation regulating these relations, as well as the low legal culture of Russian entrepreneurs in the field of both international and Russian legislation.

3.3. Letter of Credit

Letter of credit concept

Settlements under a letter of credit are one of the most frequently used forms of payment for goods (works, services) in foreign economic contracts. When making payments under a letter of credit, the bank, acting on behalf of the payer and in accordance with his instructions (issuing bank), undertakes to make payments to the recipient of the funds or pay, accept or honor the bill of exchange (clause 1 of Article 867 of the Civil Code). For settlements under a letter of credit, it is typical that the withdrawal of money from the payer’s account precedes the dispatch of goods to his address. This distinguishes the letter of credit form from other forms of payment, in particular from collection payments. Payments are made by the payer's bank (recipient of the goods) in accordance with his instructions and at the expense of his funds or the loan received by him against the documents named in the letter of credit and subject to other conditions of the order, which the bank brings to the attention of the party authorized to receive payment. In this case, the money listed on the letter of credit continues to belong to the recipient of the goods and is withdrawn from the letter of credit only after the seller sends the specified goods and submits the relevant documents to the bank.

The use of a letter of credit is most favorable to the seller of goods (payee). Settlements under a letter of credit are made at its location, which brings the payment closer in time to the time of shipment of goods, helping to accelerate the turnover of the seller’s funds. In turn, the untimely opening of a letter of credit by the payer allows him to delay delivery or even refuse to fulfill the concluded contract, citing the insolvency of the counterparty. The opening of a letter of credit gives him confidence that the goods delivered will be paid for. Payments by letters of credit are carried out in accordance with the scheme shown in Fig. 3.

The exporter and importer enter into a contract between themselves (1), in which they indicate that payments for the delivered goods will be made in the form of a documentary letter of credit. The contract must specify the payment procedure, i.e. the terms of the future letter of credit are clearly and fully formulated. The contract also specifies the bank in which the letter of credit will be opened, the type of letter of credit, the name of the advising and executing bank, the terms of payment, the list of documents against which payment will be made, the validity period of the letter of credit, the procedure for paying bank commissions, etc. Payment terms contained in contract must be contained in the importer’s order to the bank to open a letter of credit.

After concluding the contract, the exporter prepares the goods for shipment and notifies the importer (2). Having received the exporter's notice, the buyer sends an application to his bank to open a letter of credit, which specifies the terms of payment contained in the contract (3). After opening a letter of credit, the issuing bank sends the letter of credit to a foreign bank, usually the bank serving the exporter (4) - the advising bank. The advising bank, having verified the authenticity of the received letter of credit, notifies the exporter about the opening and conditions of the letter of credit (5).

Rice. 3. Scheme of payments by letters of credit

The exporter checks the compliance of the terms of the letter of credit with the payment terms of the concluded contract. In case of discrepancy, the exporter notifies the advising bank of non-acceptance of the terms of the letter of credit and the requirement to change them. If the exporter accepts the terms of the letter of credit opened in his favor, he ships the goods within the time period established by the contract (6). Having received transport documents (7) from the transport organization, the exporter submits them, along with other documents provided for by the terms of the letter of credit, to his bank (8).

The bank checks whether the submitted documents comply with the terms of the letter of credit, the completeness of the documents, the correctness of their preparation and execution, and the consistency of the details contained in them. After checking the documents, the exporter's bank sends them to the exporting bank (9) for payment or acceptance. The covering letter specifies the procedure for crediting the proceeds to the exporter.

Having received the documents, the issuing bank carefully checks them and then transfers the payment amount to the bank serving the exporter (10). The importer's account (11) is debited for the payment amount. The exporter's bank credits the proceeds to the exporter's account.

The importer, having received commercial documents (13) from the issuing bank, takes possession of the goods.

Types of letters of credit.

In international practice, a wide variety of types of letters of credit are used - transferable (transferable), standby, renewable (revolving), “early opened”, letters of credit with a “red clause”, compensatory letters of credit and letters of credit of priority, etc.

Transferable (transferable) letters of credit are increasingly used in international practice. It allows you to make payments from it not only in favor of the beneficiary, but also third parties - second beneficiaries. The transfer of a letter of credit in favor of third parties is carried out at the request of the beneficiary in whole or in part. A transferable letter of credit is usually used if the beneficiary is not the supplier of the goods or the delivery is made through an intermediary.

The second beneficiary, having shipped the goods to the importer, submits to the bank commercial documents that comply with the terms of the letter of credit to receive payment. The beneficiary in whose favor the transferable letter of credit was opened is given the right to replace the invoices (and drafts) provided by the second beneficiary with his own invoices (and drafts) and receive the possible difference between the amounts of these invoices. The scheme of payments using transferable letters of credit is presented in Fig. 4.

Rice. 4. Payment scheme using a transferable letter of credit

In Fig. 4. The following stages of calculations are indicated:

1 - buyer’s application for opening a letter of credit;
2 - notification of the seller’s bank about the opening of a letter of credit;
3 - advice from the seller about opening a letter of credit;
4 - beneficiary's order to transfer the letter of credit in favor of the supplier;
5 -advising the second beneficiary to open a second letter of credit;
6 - shipment of goods to the buyer’s address;
7 - submission to the bank of documents provided for by the terms of the letter of credit;
8 - payment from a letter of credit in favor of the supplier;
9 - sending documents on behalf of the beneficiary to the issuing bank.

If the terms of the letter of credit do not provide for the possibility of its transfer, and the beneficiary of the letter of credit is not the supplier of the goods, a back-to-back letter of credit can be used in settlements. It is opened by the beneficiary of the main, basic letter of credit as a counter letter of credit in favor of the manufacturer of the goods or sub-supplier. Basic and back-to-back letters of credit are independent and are not legally related to each other. How settlements with a back-to-back letter of credit occur is presented in the diagram shown in Fig. 5.

Rice. 5. Scheme of settlements using a back-to-back letter of credit

After opening the main letter of credit (1), the issuing bank notifies the seller's bank (2). This bank, acting as an advising and, as a rule, confirming bank, notifies the seller about the opening of a letter of credit (3). The seller applies to the bank with an application to open a counter letter of credit on the basis of the basic letter of credit in favor of the manufacturer of the goods or the sub-supplier (4). The second issuing bank opens a letter of credit and notifies the bank serving the manufacturer of the goods (5), and the bank notifies the supplier (6). The supplier ships the goods to the buyer (7) and submits to the bank the documents required by the terms of the letter of credit.

When opening a back-to-back letter of credit, the terms of the back-to-back letter of credit must comply with the conditions provided for by the basic letter of credit. This concerns, first of all, the terms of delivery of goods and the requirements for the submitted documents. If the terms of the basic and back-to-back letters of credit are the same and the same documents must be submitted to receive payment under the letter of credit, then after replacing the drafts, the documents submitted by the supplier under the back-to-back letter of credit can be used for payment under the basic letter of credit. If the conditions of the basic and back-to-back letters of credit do not match, the seller must supplement the set of documents received from the supplier when implementing the back-to-back letter of credit.

To ensure payment under a back-to-back letter of credit, its validity period must extend beyond the validity period of the basic letter of credit.

When delivering goods in equal lots, a revolving (renewable) letter of credit can be used in settlements. A revolving letter of credit provides for the replenishment of the letter of credit by a certain amount (quota) or to the original amount as it is used. When opening a revolving letter of credit, as a rule, the total amount of the letter of credit, the size of one quota and the number of quotas, as well as the period for using the quota are indicated.

To ensure payment under a letter of credit, a letter of credit with currency coverage may be opened. When opening covered letters of credit, the issuing bank makes available to the foreign bank executing the letter of credit foreign currency funds in the amount of the letter of credit being opened for the period of its validity, subject to the condition that these funds are used for payments under the letter of credit. Currency funds can be transferred by crediting the account of the nominated bank with the issuing bank or with a third bank; by granting the executing bank the right to debit the account of the issuing bank opened with that bank for the amount of the letter of credit; by opening a deposit with the executing bank by the issuing bank.

Providing currency coverage when opening a letter of credit leads to freezing the funds of the issuing bank for the duration of its validity. Therefore, in international practice, uncovered letters of credit are mainly used, which do not require the diversion of funds from the issuing bank at the time of opening the letter of credit.

In international practice, a letter of credit “with a red clause” is sometimes used, which provides for the issuance by the executing bank of advances to the exporter up to a certain amount. The advance is usually used by the beneficiary to purchase goods intended for export. In fact, part of the letter of credit amount goes to pay for unshipped goods. Banks issue advances against the exporter's submission of a “shipment undertaking” or other similar document.

By opening a letter of credit “with a red clause,” the issuing bank undertakes to reimburse the executing bank for the amount of advances paid, even if the shipment of goods under this letter of credit was not completed.

As a method of fulfilling obligations under a contract, a standby (guarantee) letter of credit is used in international practice. It opens both in favor of the exporter and the importer under the contract. A standby letter of credit can be used similarly to a documentary one, as well as to additionally secure payments in favor of the exporter when making payments in the form of collection or bank transfer. At the same time, a standby letter of credit can be used to ensure the return of an advance previously paid by the importer or the payment of fines and penalties in favor of the importer in the event of improper fulfillment by the exporter of the terms of the contract.

Payments under a standby letter of credit are made by banks on the basis of statements by the beneficiary that the applicant under the standby letter of credit has not fulfilled its obligations. However, banks do not check the authenticity of such a statement, i.e. make the payment unconditionally. Thus, a standby letter of credit can be considered as a guarantee to ensure payment in the event that the applicant under the standby letter of credit fails to fulfill its obligations under the contract.

Legal features of transactions using letters of credit

The procedure for settlements under a letter of credit in the legislation of the Russian Federation (RF) is currently determined by the Civil Code (Civil Code) of the Russian Federation (Chapter 46 § 3 “Settlements under a letter of credit”). In the field of foreign trade, settlements under letters of credit are also carried out in accordance with the instruction of the Vneshtorgbank of the USSR No. 1 of December 25, 1985 on the procedure for performing banking operations for international settlements.

In international trade, the Uniform Customs and Practice for Documentary Credits (1993 edition), International Chamber of Commerce (ICC) Publication No. 500, has been developed and is widely used, the result of many years of efforts to systematize international trading and banking practices. These Rules represent a private (unofficial) codification and, to a certain extent, unification of business practices that have developed in practice.

In the letter of credit form of payment, there are two main stages. At the first of them, the seller and buyer of goods agree on payment in the sales contract and determine the form of payment for goods under the letter of credit. The second stage is associated with the opening of a letter of credit and the bank’s fulfillment of a monetary obligation on behalf of the buyer (applicant) to pay the seller (beneficiary) for goods that fall into the category of “bank transactions”.

These stages are associated with the fulfillment of obligations relating to various types of civil transactions. In this case, the norms of domestic legislation (the norms of “applicable law”), international treaties, the rules and business customs established in international trade, which govern the relations of participants in a foreign economic transaction, must be taken into account.

The Uniform Rules provide for the use of standby and transferable letters of credit. Currently, they do not have special regulation for the use of standby letters of credit and, as follows from Article 2, this type of letter of credit is subject to the general definition that applies to any documentary letter of credit, i.e. a letter of credit under which payments are made against the presentation of documents.

The use of a transferable letter of credit means the transfer by the beneficiary of the rights and some of the obligations arising from the letter of credit to another person (usually its supplier) such that that person becomes a party to the letter of credit. In Art. 48 of the Uniform Rules, a transferable letter of credit is characterized as “a letter of credit under which the beneficiary (first beneficiary) may request the bank authorized to make payment that the letter of credit may be used in whole or in part by one or more beneficiaries (second beneficiaries).” A transferable letter of credit has the advantage that it can cover multiple obligations. However, the transfer of rights and obligations under such a letter of credit requires the consent of the buyer who opened the letter of credit, as well as the issuing bank, which undertakes to make the payment.

The Uniform Rules provide guidelines regarding the contents of a letter of credit. Each letter of credit must clearly indicate whether it is revocable or irrevocable. In the absence of such an indication, the Uniform Rules assume that the letter of credit is irrevocable. This provision is significant, given that the previous version of these rules established a presumption of revocability of a letter of credit.

The difference between these two types of letter of credit is that an irrevocable letter of credit cannot be amended or canceled without the prior consent of the beneficiary in whose favor it is opened, while in a revocable letter of credit these changes are made without prior notice to the beneficiary. According to Art. 9d of the Uniform Rules, it is considered that the beneficiary has agreed to the changes in the terms of the letter of credit advised to him if he informed the advising bank about this or submitted documents corresponding to the changed terms of the letter of credit, and from this moment the letter of credit is recognized as modified. If changes are made to a revocable letter of credit, the payer can make the corresponding changes only through the issuing bank, which notifies the recipient's bank (executing bank), and only the latter notifies the recipient.

The issuing bank's obligation to the beneficiary to make payment is conditioned on the presentation by the beneficiary (supplier) of the documents confirming shipment specified in the letter of credit and compliance with the conditions for their presentation.

A special feature of a letter of credit is its strictly formal nature. This means that all interested parties involved in transactions under a letter of credit deal with documents, and not with goods, services and/or other types of performance of obligations to which the documents may relate.

The Unified Rules provide for the submission by the beneficiary, in accordance with the letter of credit, to the issuing bank (another authorized bank) of transport, insurance documents, and commercial invoices. They also provide a description of special types of transport and other documents and the basic requirements that the information contained in such documents must satisfy. The absence of any of these requirements in a letter of credit does not make this letter of credit void, although it may slow down settlements on it. So, according to Art. 20 of these Rules, “to characterize the person who issued any document that must be presented under a letter of credit, terms such as “first-class”, “well-known”, “qualified”, “independent”, etc. should not be used. » . If such terms are included in a letter of credit, banks will accept the document as presented, provided that it appears to comply with the other terms of the letter of credit and has not been issued by the beneficiary. A similar rule is also established by Art. 21, according to which, if the beneficiary is required to submit documents other than transport, commercial and insurance, the letter of credit must include the name of the person who issued the document, as well as instructions on its contents. If this is not specified in the letter of credit, then banks accept these documents in the form in which they are presented, unless their contents contradict any other of the presented documents provided for in the letter of credit, etc.

"a. Banks must examine all documents specified in a letter of credit with reasonable care to ensure that they appear to comply with the terms of the letter of credit. The conformity of these documents, in terms of external features, with the terms of the letter of credit is determined by accepted international banking practice, as reflected in these Rules. Documents that appear to contradict each other by their external features will be considered as inconsistent with the external features of the letter of credit.

Documents not specified in the letter of credit will not be verified by banks. If banks receive such documents, they will return them to the person who submitted such documents, or transfer them without liability on their part.

b. The issuing bank, the confirming bank, if any, or the nominated bank acting on its own behalf shall have a reasonable time, not exceeding seven banking days following the day of receipt of the documents, to examine the documents and decide whether to accept or reject the documents, and for appropriate communication to the party from whom the documents were received.

c. If a letter of credit contains conditions without specifying the documents to be presented in accordance with them, banks will consider such conditions not specified and will not take them into account."

It should be noted that the Uniform Rules have specified the period established for verification of documents by banks in comparison with the previously valid version.

Banks accept documents provided that they are presented by the beneficiary:

A) within the validity period of the letter of credit;

b) no later than within the period specified in the letter of credit after shipment of the goods. If these terms are violated, payments under the letter of credit are not made.

The term of validity of the letter of credit is reflected by indicating in it the expiration date provided for payment in Article 42:

"a. All letters of credit must specify an expiration date and a place for presentation of documents for payment, acceptance or, with the exception of negotiable letters of credit, a place for presentation of documents for negotiation. The expiration date provided for payment, aspect or negotiation shall be construed as the expiration date for the presentation of documents.

b. Documents must be submitted on the day of expiration or before the expiration of the period, except for the cases specified in Art. 44a.

c. If the issuing bank indicates that the letter of credit is subject to use “within one month”, “within six months”, etc., but does not specifically indicate the date from which this period is calculated, then the date of issuance of the letter of credit by the issuing bank will be considered day from which this period will be calculated. Banks should advise against specifying the maturity date of the letter of credit in this manner."

Article 44a states:

“If the expiration date of the letter of credit and/or the deadline for the presentation of documents specified in the letter of credit or provided for in article 43 falls on a day on which the bank where the documents are required to be presented is closed for reasons other than those specified in article 17, then the agreed date expiration and/or the last day of the deadline for submitting documents after the date of issue of the transport document must be extended until the first following working day of the bank.”

The letter of credit must provide for a period of time after the date of shipment during which documents must be presented in accordance with the terms of the letter of credit. Considering that this condition is not always included in the letter of credit, the Uniform Rules as amended in 1993 provided a provision that, if such a period is not provided in the letter of credit, banks will not accept documents presented to them later than 21 days after the date of shipment, but no later than the expiration of the letter of credit.

Sometimes in practice difficulties arise in connection with determining the conditions for using a letter of credit when shipping goods in parts (using a letter of credit in parts). In this matter, banks adhere to the rule that if any part of the goods is not shipped within the specified time frame and/or the letter of credit is not partially used, the letter of credit becomes invalid both for that part and for subsequent parts, unless the letter of credit provides other (Article 41 of the Uniform Rules).

Of great practical importance is the question of the relationship between a foreign economic contract and a letter of credit opened by the buyer on its basis. The Uniform Rules establish the principle of abstractness of a letter of credit.

Article 3 states:

“a) A Letter of Credit is by its nature a transaction separate from the agreement of sale or other agreement on which it may be based, and banks shall in no way be affected or bound by such contracts, even if any or references to such contracts are included in the text of the letter of credit. Consequently, the bank's obligation to make payment, accept and pay drafts or negotiate and/or fulfill any other obligations under the letter of credit cannot be the subject of any claims of the applicant or claims against the latter arising from its contractual relationship with the issuing bank or beneficiary.

b) The beneficiary may in no case take advantage of the contractual relationship existing between the banks or the applicant and the issuing bank."

Disadvantages of the letter of credit form of payment

The use of a letter of credit in calculations is most beneficial for the exporter, who receives an unconditional guarantee of payment before the start of shipment of the goods. At the same time, receipt of payment under a letter of credit (subject to the exporter fulfilling the terms of the letter of credit and submitting the documents specified in it to the bank) is not associated with the buyer’s consent to payment.

However, for exporters, a letter of credit is the most complex form of payment: receiving payment from a letter of credit is associated with strict compliance with its terms, correct execution and timely submission to the bank of the documents specified in the letter of credit. By monitoring compliance with the terms of the letter of credit and the submitted documents, banks protect the interests of the buyer, acting on the basis of his instructions.

The disadvantage of the letter of credit form of payment is the complex workflow and delays in the movement of documents associated with the control of documents in banks and their transfer between banks.

The Appendix provides an example of a memo for clients of one of the largest Russian banks, Guta-Bank, who use a letter of credit in their payments. It becomes clear the responsibility that participants in foreign trade activities assume when choosing a letter of credit.

Literature

1. Nesterova T.N. Bank operations. Part IV: Banking services for foreign economic activity. - M.: INFRA - M, 1996.- 96 p.

2. Civil Code of the Russian Federation. Part II. - 2nd ed. - M.: “Axis 89”, 1997. -288 p.

3. Legal regulation of banking activities / Ed. prof. E.A. Sukhanova - M.: Educational and Consulting Center "YurInfoR", 1997. - 448 p.

4. Zykin I.S. Agreement in foreign trade activities. - M.: 1990.

5. Voloshin V.V., Bykov G.N. Contracts in foreign trade practice. - Kyiv, 1988.

6. Banking. Edited by O.I. Lavrushin. - M.: "RoSTo" - 1992.

7. Usoskin V.M. Modern commercial bank: management and operations. - M.: “ALL FOR YOU” -1993.

8. Guta Bank Internet page www.guta.spb.ru

9. Rudakova O.S. Banking electronic services - M.: Banks and exchanges, UNITY, 1997.

10. International monetary, credit and financial relations: Textbook. Ed. L.N. Krasavina. - M.: Finance and Statistics, 1994.

11. Unified ICC Rules and Customs for Documentary Letters of Credit / ICC Publication No. 500 (UPO 500, 1993) / Legal reference system “Garant”.

12. Unified for collection edition 1978 (translation from English) / ICC Publication No. 322 / Reference and legal system “Garant”.

13. Blomstein G.D., Summers B.D. Banking and payment system. - M.: - 1995.

14. Berezina M.P., Krupnov Yu.S. Interbank settlements - M.: Finstatinform, - 1994.

15. Money and Credit, No. 2 - 1990.

16. Penrose P. Electronic money and money laundering - Banking Technologies, No. 1, 1996.

International payments. Features and forms.

Most of the transactions in foreign currency carried out by authorized banks are related to servicing international trade turnover, that is, with payments for goods and services.

International settlements are the regulation of payments for monetary claims and obligations arising in connection with economic, political, and cultural relations between legal entities and citizens of different countries.

International payments include, on the one hand, the conditions, procedure and forms of making payments, developed by extensive practice and enshrined in international documents, and on the other hand, the daily practical activities of banks in making them.

A significant part of payments is carried out non-cash, through entries in bank accounts.

To carry out settlements, banks use their foreign branches and correspondent relations with foreign banks, which are accompanied by the opening of “loro” accounts, i.e. foreign banks in this bank and “nostro” - bottom bank accounts in foreign ones. Correspondent relationships determine the size of the commission, the payment procedure, and the methods of executing the spent funds.

The activities of banks in the field of international payments are regulated by national legislation, on the one hand, and determined by established world practice, which is summarized in the form of established rules and enshrined in separate documents, on the other hand.

In accordance with established practice, the following main forms of international payments are currently used: documentary letter of credit, bank transfer, collection, open account, advance. In addition, checks and bills of exchange are also used.

Features of international payments:

- Importers and exporters, their banks enter into certain relationships separate from the foreign trade contract related to registration, shipment, processing of title and payment documents, and making payments. The scope of obligations and the distribution of responsibility between them depends on the specific form of payment.

International payments are regulated by regulatory legal acts, as well as international banking rules and customs.

International payments are, as a rule, documentary in nature.

International payments are carried out in various currencies. The effectiveness of their implementation is influenced by the dynamics of exchange rates.

Within the framework of one contract, several different forms of settlements, the so-called combined settlements, can be used.

When choosing a form of international payment, a number of factors influence:

Product type;

The level of supply and demand for this product in world markets;

The reputation and solvency of counterparties in foreign economic transactions determines the compromise between them.

Bank transfer

A bank transfer is a simple order from a commercial 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 by it.

The transfer recipient's bank is guided by the specific instructions contained in the payment order. Thus, the payment order may contain a condition on payment to the beneficiary of the corresponding amounts against the presentation of specified commercial and financial documents or against the presentation of a receipt (documentary or conditional transfer).

The “Terms of Payment” section of the foreign trade contract must indicate that payments for the delivered goods will be made in the form of a bank transfer. In this case, a detailed list of documents sent from the exporter to the importer (by quantity and type) must be contained. In addition, the bank details of the transfer recipient (account number, name of the exporter's bank, address) must be indicated, as well as within what time frame the payment will be made.

Banks begin to participate in this form of settlement when they provide the importer’s bank with a corresponding order to pay for the contract. Banks do not bear any responsibility for payment (delivery of goods, transfer of documents, as well as the payment itself are not the functions of the bank until the payment order is submitted). Thus, banks bear minimal liability when making a bank transfer and, therefore, charge a minimal commission for this form of payment. Thus, when making a bank transfer, a commission, as a rule, is collected by the importer’s bank from the transfer recipient, and its size is determined in the Commission Tariff of a commercial bank for working with clients (its size is determined by the bank itself and is either fixed or expressed in ppm, percentage, etc.). d.). The importer's bank, having accepted the payment order from the importing client, sends on its behalf the payment order to the corresponding exporter's bank in the manner specified in the client's order: by mail, telex, SWIFT system. Currently, in international banking practice, payment orders are sent either by telex or through the channels of the SWIFT system.

Upon receipt of the payment order, the exporter's bank verifies its authenticity (for example, using a telegraph key) and makes a corresponding credit to the exporter's account.

A commercial bank executes payment orders from foreign correspondent banks for the payment of funds in favor of transfer recipients - clients of its bank or clients of correspondent banks of this commercial bank within the country - provided that the payment order specifies one of the following methods of reimbursement of the amounts paid:

a) crediting the transfer amount to the Nostro account at the transferor’s bank;

b) crediting the transfer amount to the Nostro account in a third bank;

c) granting the right to debit the transfer amount to the Loro account of the transferor's bank in a commercial bank.

For each payment order of a foreign bank, a memorial order is drawn up in the prescribed form, that is, the bank's Nostro account in the bank from which the payment order was received is debited, and the client's distribution account is credited.

The amounts of documentary transfers received from correspondent banks are not credited to the client’s account, but are listed in a temporary account until they provide the documents specified in the order within the established time frame (for example, within 15 days from the date of receipt of the order). If documents are not received, instructions regarding the transfer are requested from the foreign transfer bank.

Checks issued by foreign banks in favor of Russian organizations with payment made to a Russian commercial bank (bank checks) are paid by them in the manner established for the execution of payment orders of foreign banks, subject to the provision of preliminary currency coverage. Bank checks that do not cover are generally dishonored and are returned to the customer or bank from which they were received.

A commercial bank carries out instructions from its clients - enterprises and organizations that have a current foreign currency balance account with the bank - to transfer currency abroad to pay for the cost of imported goods, trade documents or documents on the provision of services; as advance payments provided for by the terms of foreign trade contracts; in payment of promissory notes and bills of exchange for goods purchased on credit; to repay debts arising as a result of recalculations, and for other purposes related to the import and export of goods and services within the balance of funds on the client’s foreign currency account.

Transfer of funds abroad on behalf of clients of commercial banks is carried out on the basis of an application for transfer. It indicates: the amount of the transfer in foreign currency (in numbers and in words), the method of making the transfer, the name of the transfer recipient and his exact address, as well as the account number of the transfer recipient in his bank, the name of the bank whose client is the transfer recipient, the purpose and purpose of the transfer, number and the date of the foreign trade contract, the name of the product, the client account number from which the transfer amount should be debited, as well as possible costs and commission for the transfer. The application for transfer must indicate the method of transferring the payment order abroad. A transfer via telex or SWIFT channels is made at the expense of the transferor and by debiting the amount of the cost of the message from the client’s account in accordance with the established tariff for charging such expenses in each specific bank. The responsible executor must complete the application for transfer within the prescribed period and, after execution, provide the translator with a copy of the application for transfer with a receipt for execution. If there are correspondent banks abroad, the application for transfer is endorsed before execution by the employee who is responsible for maintaining the foreign exchange position in the Nostro accounts of the commercial bank in foreign banks. This employee enters the name of the foreign correspondent bank through which the transfer should be made.

Based on the data contained in the client’s application, a postal payment order, telex payment order or message via the SWIFT system in the MT100 form is drawn up. Telex messages are supplied with a transfer key. Postal payment orders are issued on standard forms. Telex and postal orders are signed by two authorized bank employees. The payment order informs the foreign bank of the method of reimbursement of the amounts paid for the transfer: as a rule, permission to debit the Nostro account with the paying bank; less often, foreign banks open Loro accounts in commercial banks, that is, the message will contain instructions on crediting the account. Loro."

As mentioned earlier, international payments are the regulation of payments for monetary claims and obligations arising in connection with economic, political, scientific, technical and cultural relations between states, organizations and citizens of different countries. Payments are made through banks non-cash. To do this, banks use their foreign apparatus and correspondent relations with foreign banks, which are accompanied by the opening of “loro” and “nostro” correspondent accounts. Correspondent relationships determine the procedure for settlements, the size of the commission, and methods for replenishing spent funds.

Foreign trade contracts provide for the transfer of goods or documents of title, which are sent by the exporting bank to the importer's bank or the bank of the payer country for payment within a specified period. Payments are made using various means of payment used in international transactions: bills, checks, payment orders, telegraphic transfers.

Schematically, the mechanism of international payments can be represented as follows:

the importer buys a telegraphic transfer, bank check, bill or other payment document from his bank and sends it to the exporter;

the exporter receives this payment document from the importer and sells it to his bank for the national currency that he needs for production and other purposes;

the exporter's bank sends a payment document abroad to its correspondent bank;

the amount of foreign currency received from the sale of this document is credited by the importer's bank to the correspondent account of the exporter's bank.

This mechanism allows for international settlements through correspondent banks by offsetting counterclaims and obligations without the use of cash. Banks usually maintain required foreign exchange positions in different currencies in accordance with the structure and timing of payments, and also pursue a policy of diversifying their foreign exchange reserves.

In accordance with established practice, the following main forms of international payments are currently used: documentary letter of credit, collection, bank transfer, open account, advance. In addition, settlements are carried out using bills of exchange and checks. Bank guarantee operations for certain forms of payment (for example, collection, advance, open account) are closely related to international settlements; they serve as additional security for the fulfillment by foreign trade partners of the obligations assumed under the contract. Historically, the following features of international payments have developed:

1. Importers and exporters, their banks enter into certain relations separate from the foreign trade contract related to the registration, forwarding, processing of title and payment documents, and making payments. The scope of obligations and the distribution of responsibilities between them depend on the specific form of payment.
2. International payments are regulated by national regulations, as well as international banking rules and customs. In the United States, the Uniform Commercial Code contains rules regarding payments, including international ones.
3. International payments are an object of unification, which is due to the internationalization of economic relations and the universalization of banking operations. At conferences in Geneva in 1930 and 1931. International Bills of Exchange and Check Conventions were adopted, aimed at unifying bill and check laws and eliminating the difficulties of using bills of exchange and checks in international payments. The Uniform Bill of Exchange Law serves as the basis for national legislation in most countries. The United Nations Commission on International Trade Law (UNCITRAL) is further unifying bill of exchange legislation. The International Chamber of Commerce, created in Paris at the beginning of the 20th century, develops and publishes Uniform Rules and Customs for Documentary Letters of Credit for Collection. For example, the first collection rules were developed in 1936, then revised in 1967 and 1978. (came into force January 1979). Most banks in the world have announced their adherence to the Uniform Rules for Letters of Credit and Collection. The International Chamber of Commerce has developed Rules on Contract Guarantees and is working on preparing rules on payment guarantees.
4. International payments are, as a rule, documentary in nature, i.e. carried out against financial and commercial documents. Financial documents include promissory notes and transferable bills, checks, and payment receipts. Commercial documents include:
- a) invoices;
- b) documents confirming the shipment or dispatch of goods, or acceptance for loading (bills of lading, railway, road and air waybills, postal receipts, combined transport documents for intermodal transport);
- c) insurance documents of insurance companies of marine insurers or their agents, since export cargo is usually insured;
- d) other documents - certificates certifying the origin, weight, quality or analysis of goods, as well as their crossing of the border, customs and consular invoices, etc.

The bank checks the content and completeness of these documents.

5. International payments are made in different currencies. Therefore, they are closely related to foreign exchange transactions, the purchase and sale of currencies. The effectiveness of their implementation is influenced by the dynamics of exchange rates.

The choice of forms of international payments is influenced by a number of factors:

1. type of goods that are the object of a foreign trade transaction (forms of payment differ for the supply of machinery and equipment or, for example, food); for the supply of some goods - wood, grain - traditional forms developed by practice are used;
2. availability of a credit agreement;
3. solvency and reputation of counterparties in foreign economic transactions, which determine the nature of the compromise between them;
4. the level of supply and demand for a given product in world markets.

The contract stipulates the conditions and forms of international payments.

Letter of credit form of payment. In accordance with the Uniform Customs and Practice for Documentary Letters of Credit, a letter of credit is an agreement by which the bank undertakes, at the request of the client, to pay for documents to a third party (the beneficiary in whose favor the letter of credit is opened) or to make payment, acceptance of a draft issued by the beneficiary, or negotiation (purchase) of documents. The bank's obligation under the letter of credit is independent and does not depend on the legal relations of the parties under the commercial contract. This provision is aimed at protecting the interests of banks and their clients: the exporter ensures that the requirements for preparing documents and receiving payment are limited only by the terms of the letter of credit; to the importer - strict compliance by the exporter with all the terms of the letter of credit.

The following are involved in settlements under a documentary letter of credit:

the importer (applicant) who approaches the bank with a request to open a letter of credit;

issuing bank opening the letter of credit;

an advising bank, which is entrusted with notifying the exporter about the opening of a letter of credit in his favor and transferring to him the text of the letter of credit, certifying its authenticity;

beneficiary-exporter in whose favor the letter of credit is opened.

CALCULATION SCHEME

BY DOCUMENTARY LETTER OF CREDIT

EXPORTER - BENEFICIARY		IMPORTER - CUSTOMER

ADVISING BANK		BANK - ISSUER

1. Submitting an application for opening a letter of credit.
2. Opening of a letter of credit by the issuing bank and sending the letter of credit to the beneficiary through the advising bank.
3. Notification (advice) of the beneficiary about the opening of a letter of credit in his favor.
4. Shipment of goods for export.
5. Registration and presentation by the beneficiary of the kit to the bank

documents for receiving payment under a letter of credit.

6. Forwarding of documents by the advising bank to the issuing bank.
7. Verification by the issuing bank of received documents and their payment (if all conditions of the letter of credit are met).
8. Issuance by the issuing bank of paid documents to the applicant of the letter of credit.
9. Crediting of export proceeds to the beneficiary by the advising bank.

The scheme of the letter of credit payment form is as follows. The importer submits an application to the bank to open a letter of credit. The importer's bank, which opened the letter of credit, sends a letter of credit to one of its correspondents in the exporter's country, appointing it as the advising bank and instructing it to transfer the letter of credit to the beneficiary. After receiving a letter of credit opened in his favor (as security for payment of goods), the beneficiary ships the goods, submits documents, as a rule, to the advising bank, which forwards them for payment to the issuing bank. After checking the correctness of the documents, the bank that opened the letter of credit makes payment for them. If the document meets the terms of the letter of credit, the bank transfers the money according to the instructions of the advising bank and issues the documents to the importer, who receives the goods. The received proceeds are credited to the exporter's account. In accordance with the terms of the letter of credit, an advising bank may also be appointed as a bank authorized to pay for documents (executing bank), which in this case will pay for the documents to the exporter at the time they are presented to the bank, and then demand reimbursement of the payment made from the bank - the issuer (for non-covered letters of credit). Usually, if the executing bank and the issuing bank do not have mutual correspondent accounts, then a third (reimbursing) bank takes part in the calculations, in which correspondent accounts of these banks are opened. When opening a letter of credit, the issuing bank gives instructions (reimbursement authority) to the reimbursing bank to pay the claims of the executing bank during the validity period and within the amount of the letter of credit.

The types of letters of credit are varied and classified according to the following principles:

1. From the point of view of the possibility of changing or canceling a letter of credit by the issuing bank, the following are distinguished:
- a) irrevocable letter of credit - a firm commitment of the issuing bank not to change or cancel it without the consent of the interested parties;
- b) revocable, which can be changed or canceled at any time without prior notice to the beneficiary. In the absence of a corresponding indication, the letter of credit is considered irrevocable.
2. In terms of additional obligations of the other bank under the letter of credit,
a) confirmed;
b) unconfirmed.

If the issuing bank authorizes or requests another bank to confirm its irrevocable letter of credit, then such confirmation (if the required documents are presented and all the conditions of the letter of credit are met) means a firm obligation of the confirming bank in addition to the issuing bank's obligation under the letter of credit. -teju, acceptance or negotiation of a draft.

3. From the point of view of the possibility of renewing a letter of credit, rollover (revolving, renewable) letters of credit are used, which are opened for part of the contract value with the condition of restoring the original amount of the letter of credit after its full use (for a number of sets of documents) or after the presentation of each set documents As a rule, the text of the letter of credit indicates the total amount, which cannot exceed the totality of obligations under this letter of credit. Rollover letters of credit, which reduce distribution costs, are widely used in settlements under contracts for large amounts with regular shipment of goods over a long period.
4. From the point of view of the possibility of using a letter of credit by second beneficiaries (direct suppliers of goods), transferable letters of credit differ. For complete deliveries carried out by sub-suppliers, at the direction of the beneficiary, the letter of credit can be transferred in whole or in part to second beneficiaries in the latter’s country or in another country. A transferable letter of credit is transferred no more than once.
5. From the point of view of the availability of currency coverage, covered and uncovered letters of credit are distinguished. When a covered letter of credit is opened, the issuing bank transfers the currency in the amount of the letter of credit, usually to the advising bank. Other forms of letter of credit coverage include deposit and blocked accounts, insurance deposits, etc. In modern conditions, uncovered letters of credit predominate.
6. From the point of view of the possibilities for implementing a letter of credit, the following are distinguished: letters of credit with payment against documents; acceptance letters of credit, providing for the acceptance of drafts by the issuing bank, subject to fulfillment of all requirements of the letter of credit: letters of credit with installment payment; letters of credit with negotiation of documents.

Unlike a documentary letter of credit, a cash letter of credit is a personal document containing an order to pay money to the recipient within a certain period of time, subject to the conditions specified in it.

A type of letter of credit is a circular letter of credit with free negotiation. It is addressed to any bank willing to fulfill it. Such letters of credit are irrevocable and are issued only by large banks known in business circles for their first-class reputation, otherwise it is difficult for the exporter to implement them.

In modern conditions, back-to-back and back-to-back letters of credit are also used. The economic content of these types of letters of credit is as follows. The beneficiary in whose favor a letter of credit is opened on behalf of a foreign buyer is an intermediary and not the manufacturer of the goods. In order to ensure the delivery of goods to the final buyer, he is obliged to purchase it. If settlements with the manufacturer of the goods must be carried out in the form of a documentary letter of credit, then, as security for opening such a letter of credit, the intermediary organization can offer the bank the original letter of credit opened in its favor by the importer's bank. Some countries, especially the United States, use a stand-by letter of credit, which serves as a guarantee that counterparties will fulfill their obligations under the contract.

The letter of credit form of payment is the most complex and expensive. For carrying out letter of credit operations (advising, confirmation, document verification, payment), banks charge a higher commission than for other forms of payment, such as collection. In addition, to open a letter of credit, the importer usually resorts to a bank loan, paying interest on it, which makes this form of payment more expensive. For the importer, the letter of credit form of payment leads to the immobilization and dispersion of his capital, since he must open a letter of credit before receiving and selling goods, but at the same time gives him the opportunity to control (through banks) the fulfillment of the terms of the transaction by the exporter. For the exporter, after advance payments, settlements in the form of a letter of credit are the most profitable, since this is the only form of settlement (except for bank guarantee operations) containing the bank’s obligation to make payment. Thus, for an exporter, an irrevocable letter of credit has the following advantages compared to the collection form of payment:

reliability of payments and guarantee of timely payment for goods, as it is carried out by the bank;

speed of receipt of payment if the bank makes payment immediately after shipment of the goods against the presentation of shipping documents (otherwise, the exporter can obtain a loan from his bank in national currency before receiving payment under the letter of credit);

obtaining permission from the importer to transfer currency to the exporter’s country when issuing a letter of credit in foreign currency.

Collection form of payment. Collection is a banking operation through which the bank, on behalf of the client, receives payment from the importer for goods shipped to him and services provided, crediting these funds to the exporter’s bank account. In accordance with the Uniform Rules for Collection, collection operations are carried out by banks on the basis of instructions received from the exporter.

The collection form of payments involves:

1) principal - a client entrusting a collection operation to his bank;
2) the remitting bank, to which the principal entrusts the collection operation;
3) the collecting bank receiving foreign currency funds;
4) the presenting bank, making the presentation of documents to the importer-payer;
5) payer.

There are simple and documentary collection. Simple (pure) collection means collection of payment on financial documents not accompanied by commercial documents; documentary (commercial) - collection of financial documents accompanied by commercial documents, or only commercial documents. At the same time, banks do not have any obligations to pay for documents.

Documentary collection is an order from the exporter to the bank to receive from the importer the amount of payment under the contract against the transfer of commodity documents to the importer and transfer this amount to the exporter. Such payment is regulated by the Uniform Rules for Collection, issued by the International Chamber of Commerce in 1978, and VEB instructions. Documentary collection operations are carried out in a certain sequence:

after shipment of the goods, the exporter draws up the documents stipulated by the contract and transfers them to his bank;

The bank sends a complete set of documents to its correspondent (bank) in the importer’s country;

The importer's bank notifies the buyer and transfers to him documents against the amount of currency specified in the collection order (for cash payments) or against acceptance of the draft (for providing a loan in bill form);

The importer's bank notifies the exporter's bank that the contract amount has been credited to its correspondent account.

There are two main types of collection orders:

a) documents are issued to the payer against payment (D/P);
b) against acceptance (D/A).

The collection order submitted by the domestic exporter to its bank must contain complete and accurate instructions in accordance with which the banks act. If the documents are accompanied by a draft payable at a future date, but the collection order itself does not contain any instructions. The documents will be transferred to the importer only after payment.

The exporter, after dispatching the goods, instructs his bank to receive from the importer a certain amount of currency on the terms specified in the collection order containing complete and accurate instructions.

The received collection order usually indicates the deadline for payment (acceptance) of the collected documents. Collections without specifying a deadline are paid by the importer within two weeks from the date of receipt of the documents by the bank, unless other payment terms are established in the foreign trade contract.

When paying a collection order, the Kazakh importing enterprise submits an application for transfer in the prescribed form, but no later than three working days before the due date for payment of the collection order. Applications for payment are accepted only in the currency specified in the collection order of the foreign bank. The collection commission is at the expense of the foreign bank, unless otherwise specified in the collection order.

Sometimes the practice is to issue documents to the importer without payment against his written obligation to make payment within a specified period of time. Using such conditions, the importer has the opportunity to sell the purchased goods, receive the proceeds and then pay collection to the exporter. In order to speed up the receipt of foreign currency earnings by the exporter, the bank can take into account expenses or provide a loan against commercial documents. Thus, the collection form of payments is associated with credit relations. Collection is the main form of payment under contracts on commercial credit terms. In this case, the exporter issues a draft for collection for acceptance by the payer, as a rule, against the delivery of commercial documents to him (documentary collection); when the payment deadline arrives, the accepted bills are sent for payment for collection (clean collection).

Payments in the form of collection provide certain advantages to the importer, whose main obligation is to make payment against the commodity documents giving him the right to the goods, while there is no need to divert funds from his turnover in advance. However, the exporter continues to legally retain the right to dispose of the goods until payment by the importer, unless it is the practice to send one of the originals of the bill of lading directly to the buyer to speed up receipt of the goods.

However, the collection form of payment has significant disadvantages for the exporter:

the exporter bears the risk associated with the importer's possible refusal to pay, which may be due to a deterioration in market conditions or the financial position of the payer. Therefore, the condition for the collection form of payment is the exporter’s trust in the importer’s ability to pay and his integrity.

There is a significant time gap between the receipt of foreign currency earnings from collection and the shipment of goods, especially during long-term transportation of goods.

To eliminate these shortcomings of collection, additional conditions are applied in practice:

1) the importer makes payment against a telegram from the exporter’s bank about the acceptance and sending for collection of commodity documents (telegraphic collection). This type of collection is not widespread;
2) on behalf of the importer, the bank issues a payment guarantee in favor of the exporter, assuming an obligation to the exporter to pay the in-cash amount in the event of non-payment on the part of the importer. An additional guarantee of payment is usually used when making payments on a commercial loan, since when payment is delayed, the risk of non-payment by the importer of documents increases due to a possible change in the financial position of the payer. Sometimes the importer's bank valorizes the bill. Aval (guarantee of payment) is a bill of exchange guarantee. The avalist bank accepts responsibility for the payment, usually placing a signature on the front side of the bill with a reservation for whom the payment guarantee is specifically issued; otherwise, it is considered that the aval is issued for the drawer of the bill of exchange (ex-porter);
3) the exporter resorts to a bank loan to cover immobilized resources.

Bank transfer. It represents an order from one bank to another to pay the transfer recipient a certain amount. In international payments, banks often carry out transfers on behalf of their clients.

These operations involve:

transferor-debtor;

the transferor's bank that accepted the order;

the bank that credits the transfer amount to the transferee;

transfer recipient.

In the form of a bank transfer, collection payments, payments towards final settlements, and advance payments are made. In addition, recalculations and other operations are carried out through transfer. Bank transfer is carried out by mail or telegraph, respectively, by postal or telegraph payment orders; currently - according to the SWIFT system. Bank transfers can be combined with other forms of payment (for example, in-cash), as well as with guarantees. The exporter prefers to combine transfers with a guarantee from the bank, which, if the importer does not pay for the goods, makes a payment against the guarantee. To make a transfer for goods, the importer often resorts to a bank loan, the term of which is shorter than the loan for opening a letter of credit.

A postal money order (postal money order) is a written payment order sent by one bank to another (foreign) bank, which can be authenticated as signed by the appropriate officer at the sending bank or which represents an instruction to another bank to pay a certain amount of money specified to the th beneficiary (or at the direction of the specified beneficiary).

The postal transfer is sent by the bank that issued the order to the foreign bank by airmail. There must be an account in the foreign bank in the name of the disposing bank, namely: this account will be debited for the amount paid to the beneficiary. Unlike a banker's draft, a postal transfer is sent by the bank itself to another bank, and not by the bank's client to a foreign supplier. Since a postal order is sent by airmail, it is a faster method of payment than a bank draft. However, there is always the possibility that instructions will be delayed or lost.

Telegraphic Transfer: Telegraphic or telex payment orders follow the same procedure as postal transfers, only the instructions are sent by telegraphic or telex rather than by airmail. Therefore, telegraphic transfers are slightly more expensive for the client of the paying bank, but they will speed up payments.

Large value payments should be made by wire transfer or SWIFT because the additional costs of wire transfer are offset by the additional interest income from the interest cost savings that can be realized by using wire transfer.

The advantage of telegraphic transfer over postal transfer is also that there is no danger of delays or loss of instructions at the post office. But here the problem arises of verifying the authenticity of these instructions. Unlike postal transfer instructions, their authenticity cannot be verified through a signature, so authentication is carried out using a “control key” or “code word” - the identity of the sender of a given message, as well as the payment amount specified in this request .

The SWIFT system refers to international money transfers by water and international express money transfers in SWIFT. It is an international interbank organization for financial settlements by telex. SWIFT is a cooperative society of member banks (registered in Brussels) that has established a computerized international communications network to improve the efficiency of bank management and speed up the transfer of international payments between them. These improvements were achieved through the use of computerization systems of participating banks, interconnected through international telecommunications lines.

Payment messages are printed on the receiving bank's printer. As SWIFT systems expand, the use of postal and wire transfers is reduced, as the SWIFT system has its own compilable payment methods. A SWIFT system message is a payment equivalent to a postal transfer when both the paying bank and the foreign correspondent bank are members of the SWIFT system.

A SWIFT priority message is a payment equivalent to a wire transfer. The priority message of the SWIFT system is called an international express money transfer. The difference between regular and urgent SWIFT messages lies in the speed of settlement actions, and not in the time it takes to transmit the message.

Therefore, if the bank that issued the instructions and the bank that is to execute the payment are members of the SWIFT system, then the postal transfer message will be sent as a SWIFT message and the wire transfer message as a SWIFT priority message. Postal or telegraphic transfers should be used if banks are not members of the SWIFT system.

Payments through the SWIFT postal or telegraphic transfer system can be made in any foreign currency. Let's consider the actions that a bank must take when making a payment to a foreign beneficiary on behalf of its importer.

The client issues a written instruction to the bank stating that a certain amount of money is to be paid to a named beneficiary abroad, the bank must send this payment instruction via postal or telegraphic transfer (international money order or international express money order) . This instruction must contain the name and address of the beneficiary, as well as the name of the beneficiary's bank.

The customer instructs his account to be debited for the amount of his payment. If a payment is to be made in a foreign currency and the customer does not have an account in that currency, he must also direct the bank to sell him that currency and debit his account, for example, with the sterling equivalent of the foreign currency payable. The bank debits the customer's account for the amount of his payment, plus service fees and any foreign exchange fees. It also credits another account, which is a nostro account, if payment is to be made in a foreign currency; Vostro account if payment is to be made in pounds sterling.

The bank then sends payment instructions with confirmation of authenticity via postal or telegraphic transfer (depending on which one was specified by the client) or, if possible, a SWIFT message. Payment to a foreign beneficiary is made by transferring funds to a foreign bank. The foreign bank then instructs the payment to be made to the foreign beneficiary. The foreign bank receives instructions. The SWIFT system message is displayed as a computer printout at the system's final point at the receiving bank. The authenticity of this instruction must be established (using a control key in the case of a telegraph message and by checking the signature in the case of a postal transfer). Then a check is made: whether the bank that issued the instructions has sufficient funds in its account to carry out this payment, whether orders have been made for reimbursement of expenses by this bank.

If the payment must be made in foreign currency, that is, in the currency of the country of the foreign market, then the foreign bank must debit the foreign currency account of the bank that sent the instruction by mail, telegraph or SWIFT. If the payment is to be made, for example, in pounds sterling, then the UK bank must credit its sterling account with the overseas bank before sending the payment instruction. The foreign bank makes the payment to the beneficiary.

In international payments, an international money order is used, which is a means of transferring relatively small amounts of money from one country to another through a postal agency or an international bank. Since only small amounts of transfer are involved, international money orders are most suitable for making advance payments at the request of the exporter, since the small amounts of money involved do not justify, from a financial point of view, the provision of credit to the buyer or the availability of even minimal banking costs associated with collections or letters of credit.

In general, payment methods such as checks and bank drafts are relatively slow. Postal or international money orders are faster, wire transfers or international money orders are faster because the draft is issued to the exporter for forwarding to the beneficiary and therefore there is always some delay in transmitting it for forwarding to the beneficiary.

An international money transfer is sent via a regular SWIFT message. The SWIFT system has a computerized switching network for transmitting message instructions from one bank to another in a foreign country. No regular mail, telex service or transmission over "public" telegraph channels is used here. An international money transfer can be sent using this system if the corresponding

The bank in the supplier's country is a member of the SWIFT organization.

Telegraphic transfer is a very fast payment method, since the payment order is sent to the bank in the supplier's country via telex or cable message. An international express money transfer is similar to a wire transfer, except that the payment order will be sent over the SWIFT network as a SWIFT priority message.

The economic content of bank transfers depends on whether payment for goods or services is made before they are delivered (advance payments) or after they are received by the importer (settlements in the form of an open account).

Payments in the form of an advance payment. These calculations are most beneficial for the exporter, since payment for goods is made by the importer before shipment, and sometimes even before their production. If the importer pays for the goods in advance, he credits the exporter. For example, advance payments for part of the contract value are included in the terms of contracts for the construction of facilities abroad. When importing expensive equipment, ships, aircraft manufactured to individual orders, partial advance payments are also practiced. According to international practice, advance payments amount to 10-33% of the contract amount. On behalf of the exporter, for the amount of the advance payment, the exporter's bank usually issues a guarantee for the use of the importer of the return of the advance received in the event of failure to fulfill the terms of the contract and non-delivery of the goods. In addition, it is customary to pay in advance for a number of goods: precious metals, nuclear fuel, weapons, etc. The importer’s consent to these payment terms is associated either with his interest in the supply of goods, or with pressure from the exporter.

Settlements on an open account. Their essence consists in periodic payments from the importer to the exporter after receiving the goods. The amount of current debt is recorded in the books of trading partners. This form of international payments is associated with a loan on an open account. The settlement procedure for repaying debt on an open account is determined by agreement between the counterparties. Typically, periodic payments are provided on a set date (after completion of deliveries or resale of goods by the importer in the middle or end of the month). Once the accounts have been reconciled, the final settlement of outstanding balances on the open account is made through banks, usually using a wire transfer or check. Therefore, banking statistics often include open account settlements in bank transfers.

An open account is used for settlements between: companies connected by traditional trade relations; TNK and its foreign branches for export supplies: exporter and brokerage firm; mixed firms with the participation of exporters; for goods sent on consignment for sale from a warehouse. Typically, open account settlements are used for regular deliveries, when trust is supported by long-term business relationships, and the buyer is a reputable company. The peculiarity of this form of payment is that the movement of goods is ahead of the movement of money. In this case, settlements are divorced from commodity supplies and are associated with a commercial loan, and usually the exporter unilaterally credits the importer. If supplies of goods are carried out mutually with subsequent settlements on an open account, then they are reflected on the current account (single account), bilateral lending and offset of mutual claims occur.

Open account settlements are most beneficial for the importer, since he makes subsequent payments for the goods received, and interest for the loan provided is not charged separately: there is no risk of paying for undelivered or unaccepted goods. For the exporter, this form of payment is less profitable, since it does not contain a reliable guarantee of timely payment, slows down the turnover of its capital, and sometimes makes it necessary to resort to a bank loan. The risk of non-payment by the importer of goods when using this form of payment unilaterally is similar to the risk of under-delivery of goods by the exporter with advance payments. In fact, this form of payment is used for lending to the importer and reflects the exporter’s confidence in him. Therefore, this form of payment is usually used only on reciprocal terms, when counterparties alternately act as seller and buyer, and failure to fulfill obligations by the importer entails the suspension of goods supplies by the exporter. For one-way deliveries, open account settlements are rarely used.

Settlements using bills and checks. In international payments, bills of exchange are used, issued by the exporter to the importer. Draft is a document drawn up in the form prescribed by law and containing an unconditional order from the creditor (drawee) to the borrower (drawee) to pay within a specified period of time a certain amount of money to a third party (remitee) or bearer named in the bill.

Payment by bank draft is a check drawn by a bank on one of its bank accounts. For example, a bank draft may be issued by a given bank in a country and contain instructions for payment from its own bank account to the account of a correspondent bank in a foreign country.

Payment of debts to foreign suppliers by bank draft is carried out as follows: for example, if a British company wishes to pay in francs to a supplier in France by bank draft, it issues a written request to its British bank for the provision of such a draft. In this request, the client instructs the bank to buy francs at the spot rate on his behalf and debit his account with the sterling equivalent of the draft plus bank commissions. If the customer has a French currency account with his UK bank, he can order the draft to be made available by debiting that foreign currency account.

The British bank debits the client's account and passes the draft to the client's domestic representative; the draft must be sent by the client to the supplier in France. In other words, it is the bank customer who is responsible for sending the draft abroad. The draft is drawn on a bank account that the British bank maintains with its correspondent bank in France. This account is maintained in francs. The British bank informs the French bank of the issue of this draft and asks it to debit its account with the British bank when this draft is presented by the French supplier. This request will be sent by airmail. As a result, the French supplier will submit a draft to the French bank for payment, and the bank will honor the payment by debiting the British bank account (in francs).

The above payment procedure applies to drafts denominated in foreign currency. A bank draft may also be issued containing an order for payment in pounds sterling. In this case, the foreign supplier presents this draft to its bank in France and asks it to collect the payment.

Bank drafts are widely used, however, they are a slow method of payment and are not used when payment is required to be made quickly.

The advantage of a bank draft is that the exporter receives direct confirmation that the payment amount is available to him. If this draft is issued for an advance payment and the exporter expects receipt of it before shipping the goods abroad, then this direct confirmation can speed up their shipment.

BILL AND PROmissory Note.

A bill of exchange as a certain form of monetary obligation is widely used in international payment transactions. Its use as a means of circulation and payment in this area is due to the fact that part of foreign trade turnover is carried out through credit.

When making payments for foreign trade transactions, a bill of exchange (draft) and a promissory note are used. The most widely used bill of exchange , which is an unconditional offer of the drawer (creditor), addressed to the drawee (debtor), to pay to a third party (remitee) within the prescribed period the amount indicated on the bill. When such a monetary obligation arises, the drawer acts as both a creditor in relation to the debtor and a debtor in relation to the remittor. When the drawer issues a bill of exchange to the drawee with an offer to pay a sum of money to the drawer (creditor), the latter becomes at the same time a remittor, and the bill serves as an instrument regulating the debt relationship between them.

A simple form of monetary obligation when making payments on the terms of a commercial loan is much less common. As a rule, it is also due to the sale of goods on an installment plan. A promissory note is issued not by the creditor, but by the debtor, called the drawer, who takes an unconditional obligation to pay the creditor a certain amount of money at a specified time and in a certain place. The issuance of promissory notes is intended to settle debt relations arising during the implementation of foreign trade contracts.

The bill is drawn up in a strictly established form. In the field of international payment turnover, the norms of both national and international law are applied. Thus, in 1930 in Geneva, a number of countries adopted the Uniform Bill of Exchange Law (UZL). On its basis, the participating states of the agreement unified their national bill of exchange legislation. In some countries, mainly with Anglo-American law, regulations that differ from the EBA have been preserved and are in force. The third, independent group is formed by countries whose bill of exchange legislation cannot be attributed to the first two systems of bill of exchange law. Therefore, in international payments for commercial loans, participants in foreign economic relations must take into account the existing differences and features of bill of exchange legislation applied in different countries, and stipulate in trade contracts which of the current regulations will regulate their relations with the transaction partner.

The bill of exchange must be drawn up in writing and, in accordance with the EPL, contain a certain list of required details. Thus, a promissory note in accordance with this law must have the following details:

bill mark;

a simple and unconditional obligation to pay a certain amount of money;

time and place of payment;

recipient's name;

date and place of drawing up of the bill;

drawer's signature.

Without any of the above details, the document does not have the force of a promissory note.

According to Anglo-American law, a promissory note must contain:

an unconditional order to pay a certain amount of money; payment term; name of the payer;

the name of the recipient or an indication that the bill is payable to the bearer; drawer's signature.

In accordance with the ETS, a bill of exchange (draft) must contain the following details:

the name “bill” included in the text of the document and expressed in its language;

a simple and unconditional offer to pay a certain amount of money;

name of the drawee (debtor);

indication of the payment term; indication of the place of payment; name of the person (receiver, recipient) to whom or to whose order the payment must be made;

indication of the date and place of drawing up the bill of exchange; signature of the person (drawer, drawer) who issues the bill.

A document without any of these details does not have the force of a bill of exchange.

According to Anglo-American law, a bill of exchange must contain:

an unconditional order to pay a specified sum of money;

payment term;

name of the payer;

the name of the recipient or an indication that the bill is payable to the bearer;

signature of the drawer.

Anglo-American law, unlike the EPL, does not consider a bill of exchange invalid if it does not have a bill of exchange mark, is not dated, does not indicate the place of issue of the bill or the place of payment.

To rationalize transactions with bills of exchange used in commercial transactions, bill forms have been developed in many countries of the world that meet the requirements of one or another bill of exchange legislation. You can also issue a bill of exchange that is not drawn up on a special form, but it must contain all the necessary details.

The acceptor, who is the importer or the bank, is responsible for paying the bill. Drafts accepted by banks can easily be converted into cash by accounting. The form, details, conditions of issuance and payment of drafts are regulated by bill of exchange legislation, which is based on the Uniform Bill of Exchange Law adopted by the Geneva Bill of Exchange Convention of 1930. The prototype of the draft was the cover letters that appeared in XII-XIII with a request to pay the bearer (usually the merchant) the corresponding amount in local currency. With the development of commodity-money relations and the internationalization of economic relations, the bill became a universal credit and settlement document. The use of a draft in addition to a collection and a letter of credit gives the right to receive a loan and foreign exchange earnings.

CHECK AND CHECK CHANGE.

Checks, which first appeared in the 16th century, are also used in international payments. in the form of receipts from cashiers who charged interest from depositors for storing money. If payment is made using a check, then the debtor (buyer) either issues the check himself (customer's check) or entrusts its issuance to the bank (bank's check). The forms and details of a check are regulated by national and international legislation (the Check Convention of 1931). The check is payable (collection) upon presentation.

A check is a written unconditional offer from the drawer to the payer to make payment of the amount of money indicated on the check to the check holder in cash or by transferring it to the account of the check owner in the bank. Kazakh legislation provides that only a credit institution can be the payer, and the drawer himself does not have the right to act as a payer. Therefore, a check can be considered as a written order from the drawer to a bank (other credit institution), drawn up in the form established by law and unconditionally payable by the bank (payer) upon presentation by the check holder or his order.

As a means of circulation and payment, checks arise from the function of money as a means of payment, but are not real money, but only replace them in payment circulation. The circulation of checks as a means of payment is limited:

this is a private monetary obligation and therefore cannot be used as a general means of payment;

checks are only a written authorization for the bank to dispose of funds in the current account of the drawer at the bank and cannot be an instrument of credit, although they act as credit money.

The document issued by the drawer must be covered. Moreover, the legislation of most countries provides for criminal liability for issuing a dishonored check. Checks issued by bank clients are issued up to the amount available in their current and other accounts, including amounts received into these accounts as a result of bank loans. Check legislation expressly prohibits the accrual of interest on the amount of a check. Credit cooperative partnerships can act as payers of checks only with the permission of those financial authorities with which their charters are registered.

At the same time, the use of a check in payment transactions as a means of payment significantly simplifies settlements between the seller and the buyer, as well as between the bank and its clients. It saves the cost of handling actual money and speeds up payments, since all checks are paid upon presentation. Therefore, checks are widely used in both domestic and international payment transactions. As a means of payment in international circulation, a check is used in payments for goods delivered, in final payment for goods and services, settlement of complaints about goods and other penalties, repayment of debt, etc., as well as in settlements for non-trade transactions. A check can be used to receive cash, for non-cash payments and in other forms related to the circulation of checks as a means of payment.

The form of checks and their circulation are regulated by national legislation and international law. Countries not included in the system of Geneva check law regulate the circulation of checks by national legislation, and states included in the system of Anglo-American law - by the norms of this law. In accordance with international law, when resolving disputes related to the form of checks and their circulation, the law of the country where the check was issued is applied. According to Kazakhstani legislation, the form of the check and the obligations under it are determined by the law of the place where the check was issued or the corresponding obligation was established. However, if a check is issued within the Republic of Kazakhstan with payment abroad, the right of a person to be the payer of the check is determined by the law of the place of payment, and the form of the check and the obligations under it are determined by Kazakhstani legislation. A check has the form of a written document strictly established by law and is issued, as a rule, on a special form issued to the drawer by a bank or similar credit institution.

The check must contain the following basic details:

the name of the “check” (check mark), expressed in the language in which it was issued;

a simple and unconditional order to the payer to pay the amount indicated on the check, which should not contain any terms of payment. The drawer is responsible for payment of the check, but does not have the right to limit it by any notes on the check. According to the legislation of the Republic of Kazakhstan, the amount of the check must be indicated in writing and written by hand;

the name of the payer, which is a bank (other credit institution), where the drawer has his current and other accounts.

The law also regulates check recall. According to the Geneva Convention, it can be revoked only after the deadline for presenting the check for payment has expired.

For the cancellation (cancellation) of a check, the bank does not bear any responsibility to the check holder. In relation to the drawer of the check, criminal sanctions are provided for issuing a check that the check holder knows is not payable, and for canceling a check without good reason. In turn, the check holder bears criminal liability for the transfer of a check that he knows is not payable.

Traveler's checks and euro checks are used as a means of payment in international non-trade transactions. A traveler's (tourist) check is a payment document, a monetary obligation (order) to pay the amount of currency indicated on it to its owner. Traveler's checks are issued by large banks in national and foreign currencies of various denominations. A sample of the owner's signature is provided at the time the check is sold to him. Euro check - a check in euro currency is issued by the bank without the client making a preliminary contribution of cash and for larger amounts on account of a bank loan for a period of up to a month; paid in any country that is a party to the Eurocheck agreement (since 1968). As of early 1991, banks in 21 countries were issuing Eurochecks. A unified form of Eurochecks, their payment only if the owners present guarantee cards, and control over the processing of Eurochecks using a computer help improve settlements for international tourism.

Since the 60s of the XX century. Credit cards are actively used in international payments. A credit card is a personal monetary document that gives the owner the right to purchase goods and services using non-cash payments. Credit cards of American origin predominate (Visa International, Master Card, American Express, etc.). At the end of 1990, 21.6 thousand banks from approximately 200 countries and territories issued more than 300 million Visa credit cards, 29 thousand banks from more than 70 countries - 150 million Master cards. The American Express system serves about 100 million credit cards around the world. Computer, electronic and space communications are used to process them. Computers in banks and shops are connected via telephone to the central computers of the system, which process information.

Under the influence of scientific and technological revolution, computers are actively being introduced into international payments; electronic signals are used in the form of records in the memory of banking computers transmitted via remote communication channels. The transfer of information on interbank settlements is carried out through SWIFT.

What is the concept of international payments? Basic terms and concepts

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The role of national currencies, international monetary units and gold in international payments

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Bank transfer concept

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Legal features of transactions using letters of credit

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