Export contracts support

Crediting of export proceeds in cashless form

  • How to correctly credit funds to 2603 account — MT103 SWIFT message should specify:

    • in field 59 — correct and complete details of the beneficiary — account number and full name;

    • in field 70 — purpose of payment — reference to the number and date of the agreement.

  • Documents required to credit export proceeds:

    • Agreement (contract) with non-resident, other document having the force of an agreement;

    • Specifications/annexes, if they are an integral part of the agreement;

    • If the purpose of an incoming payment (field 70) does not contain the number and date of the agreement, then within a day of the payment’s arrival the Client has to provide a letter in a free form specifying the purpose of payment, the number and date of the agreement, invoice (bill) and other documents, under which the payment is received. The letter should be sent via StarAccess System or delivered to the servicing branch in the name of the head of a branch.

  • How to credit export proceeds:

    • At first export proceeds are credited to the client’s settlement account 2603 for the Bank to verify the documents confirming the validity of funds received:

      • until 17-00 (Monday — Thursday);
      • until 16-00 (Friday).
    • On the next operation day 35% of the export proceeds are credited to the client’s current account in the relevant currency; 65% of the amount is credited to transit bank account 2900 for the mandatory currency sale by JSC UKRSIBBANK on the ICMU without the client’s request.

Crediting of export proceeds in cash form

  • Documents required for the funds to be credited (are provided by an authorized person of non-resident counterparty to the branch):

    • Export agreement or ship freight agreement owned by the Client non-resident that provides for cash payments. The total amount of funds for one agreement and the amount of one-time payment for the ship freight shall not exceed USD 10,000;

    • Original customs declaration form on the import of foreign currency or the bank certificate on the foreign currency withdrawal by non-resident authorised representative;

    • Document confirming the authorities of a non-resident representative (a power of attorney in a free form);

    • Copy of passport of an authorized non-resident representative, containing a photo, name, information about the date of issue and body that issued the passport (substituting document), registration of permanent residence.

  • Free sale of export proceeds:

    • Before 10:45 a.m. the Client has to create an application through StarAccess system or provide a paper application to the servicing branch. Cl.2 of the Application has to describe the way the currency shall be transferred to account 2900010005;

    • In case of individual transfer of funds it is necessary to provide the payment order (PO) for the currency transfer to bank account 2900010005;

    • If the client authorizes the Bank to transfer the currency for selling from current account, no additional action is required.

After the application is executed, the bank charges the fee for foreign currency sale through direct debiting transfer in accordance with cl.4 of the Application. On the day of the Application execution until 11-00 it is necessary to accumulate the UAH amount on the current account sufficient for the FX fee payment to the bank.

Important!

  • Time control of export earnings receiving: 120 days from the date of Cargo documents/ Act registration;
  • Violations are considered:
  1. exceeding of the export earnings receiving time (even within the reference month);
  2. failure to provide the documents under which currency is received to the account before the 1st day of the month following the month of payment coming to your current account.
  • Fiscal office notification: Bank alerts Fiscal office on revealed violations until 10th day of the month following the reporting month. Fiscal office may conduct an audit of the company after receiving of the abuse letter and apply penalties.

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