National currency is exchanged for foreign currency primarily for making payments abroad in the event of obligations to foreign legal entities and individuals. On the other hand, the main channel for the entry of foreign currency into the country is payments from abroad.

Monetary claims and obligations in foreign currency arise on the basis of economic, political, cultural, scientific and technical relations between states, legal entities and individuals located in different countries. International payments represent the organization and regulation of payments above specified monetary requirements and obligations.

International settlements act as the daily activities of banks that make settlements with foreign countries on the basis of the conditions, norms and procedures for making settlements developed by the international community and accepted in most countries of the world. The activities of banks in the field of international payments are subject to state regulation.

Basically, international payments are carried out non-cash through banks by establishing correspondent (contractual) relationships between credit institutions of different countries. For this purpose, banks enter into correspondent agreements with each other on opening accounts ("nostro" - accounts of a given bank in other banks and "loro" - accounts of other banks in a given bank), which stipulate the procedure for settlements, the amount of commission, as well as methods for replenishing the correspondent account. accounts as funds are spent.

Banks can carry out international payments through their foreign branches and branches. Depending on the terms of foreign trade contracts, the degree of convertibility and the position of national and foreign currencies, various forms of international payments are used.

Forms, international payments. World practice has developed such forms and methods as collection, letter of credit, bank transfer, advance payments, open account settlements, as well as settlements in the form of bills and checks. In recent decades, a new means of credit cards has emerged.

Although in Russian practice the term “Forms of international settlements” is generally accepted, it would apparently be advisable to distinguish between methods of payment and means of international settlements, bearing in mind that the term “forms of international settlements” combines both of the above concepts.

Payment methods include: advance payment, letter of credit, collection, payments on an open account, payment immediately after shipment of the goods.

Payment means include: check, bill of exchange, bank draft, transfer (postal, telegraphic/telex payment order, SWIFT payment order, international payment order).

Regulation of international payments is carried out using rules and customs developed by world practice. Thus, settlements using documentary letters of credit are codified by the Uniform Rules and Customs, which were first adopted by the International Chamber of Commerce at the Congress of Vienna (in 1933) and are periodically revised (the 1993 edition is currently in effect). Payments in the form of collection are regulated by the Uniform Rules for Collection ( first developed by the International Chamber of Commerce in 1936; currently in effect as amended in 1978). At the same time, it is not countries, but banks that join these documents. In case of accession, the rules and customs become mandatory for banks and their clients who use these forms of payment.

The choice of payment form is determined by a number of factors. The interests of exporters and importers of goods and services do not coincide: the exporter seeks to receive payments from the importer as soon as possible, while the latter seeks to defer payment until the final sale of the goods. Therefore, the chosen form of payment is a compromise, which takes into account the economic positions of the counterparties, the degree of trust in each other, the economic situation, the political situation, etc. In addition, the type of product - the object of the transaction, as well as the level of supply and demand for the product - the object of the transaction, is important. Since international payments are closely related to credit relations, the presence or absence of credit agreements (both at the interstate level and at the level of counterparties) also influences the choice of payment form.

Reaching a compromise does not mean that the exporter and importer receive the same benefits: some forms are more beneficial to the exporter, others to the importer. The most reliable form of payment from the exporter's point of view is an advance payment, and the least reliable is settlement on an open account.

The main forms of international payments are collection and letter of credit.

Collection form of payment. The essence of the collection operation is that the bank, on behalf of its client (exporter or creditor), receives payments from the importer (payer) after the shipment of goods and provision of services. The funds received are credited to the client's bank account. In this case, payments from the importer may be collected on the basis of:

a) only financial documents (simple or pure collection);

b) financial documents accompanied by commercial documents, or only commercial documents (documentary collection).

The payment scheme for collection can be simplified in the following form: after concluding a contract, which stipulates through which banks payments will be made, the exporter ships the goods. After receiving transport documents from the carrier, the exporter transfers all the necessary documents to the bank to which he entrusts collection (remitting bank). The banker, having checked the documents, sends them to the correspondent bank in the importer’s country (collecting bank). The latter, having checked the documents, presents them to the importer-payer. The collecting bank can do this directly or through another bank (the so-called presenting bank). Documents are issued to the payer:

a) against payment;

b) against acceptance; and less often;

c) without payment for documents depending on the collection order. Having received payment from the importer, the collecting bank forwards the proceeds to the remitting bank, which credits it to the exporter's account.

Scheme 1. Calculations in the form of collection /З/

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, in this case called 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 by the remitting bank of the received proceeds to the exporter’s account.

The collection operation turns out to be generally more profitable for the importer, since payment is made against the documents giving him the right to the goods. Consequently, until this moment, the importer can keep his funds in circulation. At the same time, he is not exposed to the risk of paying for goods that have not yet been shipped. On the contrary, the exporter is not guaranteed payment after shipment of the goods: there is always a risk that the importer may refuse the goods for various reasons. In addition, the exporter receives the proceeds due to him not immediately after shipment of the goods, but after some time. Thus, the exporter actually provides credit to the buyer. In addition, since the passage of documents through banks can last from several weeks to a month, and in some cases longer, there is a risk of introducing foreign exchange restrictions (this applies primarily to countries that have not yet announced their accession to Article VIII of the IMF Charter on the abolition of currency restrictions on current transactions).

Letter of credit form of payment. The letter of credit form of payment is more profitable for the exporter. A letter of credit is an order from a bank (or other credit institution) to make, at the client’s request, payment for documents in favor of a third party - the exporter (beneficiary), subject to the fulfillment of certain conditions. In addition, a letter of credit can provide a short-term loan, subject to the bank’s consent to record (purchase) documents. The letter of credit form of payment consists of the following main points.

The exporter and importer enter into a contract for the supply of goods or services, indicating that payments will be made in the form of a letter of credit. The importer applies to his bank (issuing bank) with an application to open a letter of credit in favor of the exporter. The issuing bank sends a letter of credit to one of the banks in the exporter's country with which it maintains a correspondent relationship (advising bank), instructing it to transfer the letter of credit to the exporter.

After receiving (a copy of) the letter of credit, the exporter ships the goods and, in accordance with the terms of the letter of credit, submits the required documents to the bank specified in the letter of credit (this may also be the advising bank), which forwards them to the issuing bank. The issuing bank checks the correctness of the documents and makes payment for them. After transferring money to the advising bank, the issuing bank issues documents to the importer. The advising bank credits the funds received from the issuing bank to the exporter's account, and the importer receives the goods.

However, in accordance with the terms of the letter of credit, payment for the documents submitted by the exporter can be made not only by the issuing bank, but also by another bank specified in the letter of credit (executing bank). In this case, the executing bank (it may also be the advising bank), after paying for the documents submitted by the exporter, demands reimbursement of the payment made from the issuing bank.

International payments in the form of a documentary letter of credit can be represented by the following scheme:

Scheme 2. Letter of credit payment form /4/

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 for opening 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) the latter about the opening of the letter of credit.

5. Verification by the advising bank of the authenticity of the letter of credit and its transfer to the beneficiary.

6. Checking by the beneficiary of the letter of credit for its compliance with the terms of the contract and, if agreed, shipment of 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 the importer's account by the issuing bank.

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.

Banks charge higher fees for letter of credit payments because they are complex and costly.

Payments in the form of an advance payment. Payments in the form of an advance payment (that is, payment of part of the contract value before shipment of the goods) are most profitable for the exporter. As a rule, payment in the form of an advance payment can reach up to 1/3 of the total contract amount. However, this form can only be used when the importer is extremely interested in receiving the goods (if the number of sellers on the world market or the quantity of goods is limited), or when the exporter puts strong pressure on him, which the importer cannot do for a number of reasons. resist.

Payment after shipment of goods is made by the buyer (if the seller and buyer agree to use such a payment method) after receiving a telegraphic or telex message from the seller with a detailed description of the goods shipped. If payment is not received from the buyer, then the exporter has some guarantee, since all the documents necessary to receive the goods are in his hands. However, in this case, the problem of selling the shipped goods arises. Given the risk involved in this payment method, it can be used primarily between firms with strong ties.

Settlements on an open account. In open account settlement, the importer makes periodic payments to the exporter after receiving the goods. Once settlements are completed, final reconciliation and settlement of the remaining debt is performed. This payment method is most beneficial for the importer, but the exporter does not have firm guarantees of receiving payment for the shipped goods. In addition, in some cases he has to resort to a bank loan. Therefore, payments on an open account are more often used between business partners who have close economic relations and have a high degree of trust in each other.

Other forms of payment. Among the settlement tools, settlements using the SWIFT system (the joint stock company Worldwide Interbank Financial Telecommunications Network, created in Brussels in 1973; Russia (USSR) has been a member since 1989) and telegraphic transfers require less time. Settlements using checks and bills of exchange take a longer period.

Bills of exchange (drafts) used in international settlements represent an unconditional order from the drawer (creditor) to the drawee (borrower) to pay a certain amount of money to the remittor (third party) within the period specified in the bill. Drafts accepted by banks (that is, drafts that have the payer's consent to payment) can be converted into cash by discounting (that is, by selling them to a bank or specialized institution before expiration, which charges a specified fee for it). The regulation of bill of exchange legislation is based on the Uniform Bill of Exchange Law adopted by the Geneva Bill of Exchange Convention of 1930.

Settlements using checks are based on the Checks Convention of 1931. A check is a monetary document of an established form containing an unconditional order from the drawer to the bank to pay the bearer of the check the amount specified in it. A check can be issued in any currency. Registration costs are relatively low. However, existing risks (for example, loss of a check during transmission) reduce the effectiveness of this means of payment.

In recent years, credit cards have been increasingly used in international payments - personalized monetary documents that give their owners the opportunity to purchase goods and services without paying in cash. The credit cards used are issued primarily by US banks. Recently, there has been a tendency towards an increasing role of credit cards in Russia.

It should be expected that as scientific and technological advances are introduced into the practice of international payments, the role of electronic means will increase.

Russia, which has begun a radical transformation of its economy, is gradually forming a national currency system taking into account existing world practice. Russia's accession to the International Monetary Fund means that it accepts the obligations contained in the Charter of this organization. The formation of the national currency system is proceeding at a rapid pace. Russian commercial banks are beginning to enter the international capital market, establishing correspondent relations with foreign banks, and increasingly using existing forms of international payments.

International monetary relations are one of the most dynamically developing forms of international economic relations. Countries' currencies become currencies when used in international economic relations. Depending on the degree of freedom of exchange of national currency for foreign currency, freely convertible (freely used), partially convertible and non-convertible (closed) currencies are distinguished. The relationship between two currencies, the price of one currency expressed in the monetary units of another country, is called the exchange rate. The exchange rate is affected by numerous factors. The formation of stable economic relations regarding the purchase and sale of currency and their legal registration form currency systems (national, regional and global). The monetary system consists of a number of interrelated elements and interdependencies. In the history of the world economy, there are three world monetary systems (Paris, Genoa and Bretton Woods). Currently, the Jamaican currency system is in force, which enshrines the change in the role and place of the main industrialized countries in the world economy in the second half of the 20th century. The Russian currency system is in its infancy. The Russian ruble is a partially convertible currency. Economic, political, and cultural ties between countries give rise to monetary claims and obligations, payments for which are subject to regulation. For this purpose, various forms of international payments are used. The choice of payment form is determined by a number of factors. Some forms of payment are more beneficial to the exporter, others - to the importer.

Navigation

« »

International payments- regulation of payments for monetary claims and obligations arising between legal entities (states, organizations) and citizens of different countries based on their economic, political and cultural relations. Payments are made non-cash in the form of entries in bank accounts. To do this, on the basis of correspondent agreements with foreign banks, correspondent bank accounts are opened: “loro” (an account of foreign banks in a national credit institution) and “nostro” (an account of a given bank in a foreign bank).

In international payments they are used mottos- means of payment in foreign currency. Among them:

commercial bills of exchange (drafts) - written orders to pay a certain amount to a certain person within a certain period, issued by exporters to foreign importers;

ordinary (simple) bills - debt obligations of importers, borrowers;

bank bills - bills issued by banks of a given country to their foreign correspondents. Depending on the reputation of banks, the circulation of their bills is wider than that of commercial bills. Having purchased bank bills, importers forward them to exporters to pay off their obligations;

bank checks - written orders from the bank to its correspondent bank to transfer a certain amount from its account abroad to the check holder;

bank transfers- postal and telegraphic transfers abroad;

bank cards(credit, plastic, etc.) - personalized monetary documents giving the owners the right to use them to purchase goods and services abroad on a non-cash basis.

In international payments, mainly the leading freely convertible currencies (dollar, euro, yen, pound sterling, Swiss franc, etc.) are used.

In conditions of fiat credit money, gold is used only as emergency world money in unforeseen circumstances (wars, economic and political upheavals, etc.). States, if necessary, resort to selling part of their official gold reserves in the currencies in which their international obligations are denominated.

Basic forms of international payments are similar to the forms of internal payments, but have the following features:

1) there are certain relations between participants in foreign economic transactions and their banks regarding the execution, forwarding, processing and payment of documents provided for in the contract;

2) international payments are documentary in nature, i.e. carried out against documents, financial (bills, checks, payment receipts) and commercial (invoices, shipping documents - bills of lading, invoices, receipts, insurance policies, various certificates);

3) are regulated by unified rules and customs of the main forms of international payments.

The basis for carrying out international currency settlement transactions is a foreign trade contract (FTC), concluded by a Russian enterprise with a foreign partner and defining the relationship between the participants in a foreign trade transaction. Monetary and financial terms of a foreign trade contract contain currency and financial terms. Currency terms include price currency, payment currency, currency conversion rate, and protective currency clauses. The financial terms of the VTC include two elements: terms of settlement (payment) and forms of payment.

The main forms of international payments are: collection form of payment, letter of credit, bank transfer, advance payment, open account settlements, settlements using bills of exchange, checks, bank cards, currency clearings.

Collection form of payment - a client's instruction to the bank to receive payment from the importer for goods and services and to credit these funds to the exporter's bank account. Based on the instructions received from the exporter, the bank carries out collection operations in accordance with the Uniform Collection Rules.

The initiator of settlements is the exporter who ships the goods, draws up documents (including bills of exchange) and submits them for collection to the importer. This form of payment is beneficial to the importer, since it guarantees that the exporter will fulfill its obligations. Depending on the types of documents used, two types of collection are distinguished:

clean– collection of financial documents. In this case, checks, bills of exchange, and payment receipts are used to receive payment. Net collection is rarely used;

documentary collection - collection of commercial documents (commercial invoice or invoice, payment requests) provides the importer with additional guarantee of shipment of goods.

Using the collection form of payment is beneficial for the exporter, because banks protect the exporter's right to the goods until payment or acceptance of documents. The right to the goods is given to the importer by shipping documents, which he takes possession of after payment or acceptance (unless there is an instruction from the principal to transfer the documents to the payer without paying for them).

The use of the collection form of payment is also beneficial for the importer, since he pays for the goods actually delivered, which is confirmed by shipping documents. The costs of carrying out a collection operation are low, and therefore the amount of bank commissions is also small. The importer can review the documents before accepting them or paying the seller (which is another positive side of collection).

However, the collection form of payment also has certain flaws. It takes a significant amount of time to receive payment. Due to the need to send documents between banks, the period for their payment or acceptance can take from several weeks to a month (sometimes more). In addition, the importer may refuse to pay or accept the submitted documents. Then the exporter will bear additional costs associated with storing the goods, finding a new buyer in the same or another country, and returning the goods.

Also, difficulties in receiving payment may arise due to the peculiarities of currency regulation in individual countries.

Letter of credit payment form- an agreement on the bank’s obligation, at the client’s request, to pay for documents or to accept or take into account (negotiate) a draft in favor of a third party (beneficiary) for whom the letter of credit is opened. The procedure for making payments is regulated by the Uniform Customs and Practice for Documentary Letters of Credit. A letter of credit (especially irrevocable and confirmed) guarantees timely payment. At the same time, this is the most expensive form of payment: the importer is forced to reserve the amount of the letter of credit or use a bank loan.

Documentary letter of credit - the most profitable form of payment for the exporter, ensuring quick and timely receipt of export foreign currency earnings. The initiator - the importer, issuing a letter of credit in favor of the exporter - orders the bank to make payment on the terms specified in this document.

There are the following types of letters of credit: revocable, irrevocable, covered, uncovered, confirmed, unconfirmed, transferable, revolving, “with a red clause” and standby.

Revocable letter of credit may be changed or canceled by the issuing bank without prior notice to the beneficiary. However, the Uniform Rules for Documentary Credits require that the issuing bank of a revocable letter of credit must reimburse the authorized bank for its expenses if it has already made payment against documents that comply with the terms of the letter of credit.

Opening covered letter of credit, The issuing bank is obliged to provide the executing bank making payment in favor of the exporter with foreign currency (coverage) to make payments under the letter of credit.

Confirmed letter of credit confirms an additional guarantee of payment from another bank that is not the issuer. The confirming bank undertakes

obligation to pay for documents if the buyer refuses payment. Typically this bank is the exporter's bank.

Transferable letter of credit implies the possibility of its use in whole or in part, in addition to the beneficiary himself, by third parties (used when supplying equipment when subsuppliers act as second beneficiaries).

Revolving (renewable) letters of credit are used in calculations for regular supplies (when supplying raw materials), and provide for automatic recovery

the amount of the letter of credit as used over a certain period of time.

Letter of credit “with red clause” provides for payment for unshipped goods, the issuing bank transfers to the exporter's executing banks the right to issue an advance to the exporter up to a certain amount. Banks issue advances against the exporter's commitment to make the shipment. The issuing bank undertakes to reimburse the executing bank for the amount of advances paid if the shipment is not completed thereafter. Such letters of credit are essentially an unsecured loan from the bank and are therefore rarely issued.

Standby letter of credit- a special type of letter of credit (pure letter of credit). It is issued by the issuing bank on behalf of the importer and ensures that the issuing bank makes payment to the exporter in the event that the buyer, refusing to make payment for the goods delivered, becomes insolvent. Payment under a standby letter of credit is made against the exporter's bills of exchange (drafts) or special documents indicating the buyer's failure to fulfill its payment obligations. Used as additional payment security for bank transfers and documentary collection. It belongs to the category of unsecured loans and is issued only to those importers who have opened an account with the issuing bank.

Bank transfer- an order from one bank to another to pay the transfer recipient a certain amount. In international payments, the transferor is often bank clients. In the form of a transfer, collection payments, advance payments, and recalculations are made. Bank transfers are often combined with other forms of payment, as well as with bank guarantees. This form of payment is beneficial to the importer and disadvantageous to the exporter - when paying after receiving the goods; beneficial to the exporter and disadvantageous to the importer - with advance payment. Client orders are executed by the bank at the expense of the transferor. A bank transfer does not guarantee the parties proper fulfillment of the terms of the contract.

Flaws: banks do not control the fact of delivery of goods or transfer of documents to the importer, and are not responsible for the payment itself; one of the parties to the contract always bears the risk. Therefore, the use of bank transfers in settlements for goods supplies is limited in international practice.

Advance payment- payment for goods by the importer in advance before shipment, and sometimes before their production (for example, when importing expensive equipment, ships, aircraft). Unlike world practice, in which advance payments amount to 10-33% of the contract amount, in Russia they often reached 100%. Those. Russian importers provide credit to foreign suppliers. The Russian importer’s consent to advance payment is associated either with his interest (this is one of the types of “flight” of capital in the form of advance payment under fictitious contracts), or with pressure from the exporter.

Settlements on an open account provide for periodic payments on time from the importer to the exporter for regular deliveries of goods on credit against this account. These calculations are most beneficial for the importer and are practiced in the case of a trusting and long-term relationship with a foreign supplier.

Settlements using bills of exchange, checks, bank cards. In international payments they use bills of exchange and ordinary bills. The acceptor (importer or bank) who agreed to pay it is responsible for paying the bill. The Uniform Bill of Exchange Law (1930) regulates the form, details, conditions for issuing and paying bills.

For non-trade transactions, traveler's (tourist) checks are used, issued by large banks in different currencies. Check- a monetary document of the established form containing an order to the bank to pay the currency indicated on it to its owner. The form and details of the check are regulated by national and international legislation (Check Convention of 1931, etc.). Since the 60s, Euro checks have been used, accompanied by a Euro guarantee card, which gives the owner the right to receive money in banks or pay in stores when traveling abroad.

They are actively used in international payments bank cards. As a result

The merger of three companies (Eurocard, Eurochek, Eurochek-holding) in September 1992 created the international payment system Europay International in Brussels. Payment organizations and banks from a number of countries, including Russia, participate in it. Since 1994, EMV (Europay Master Card Visa) has been issuing and accepting smart cards (with a microprocessor).

International payments are made using electronic signals in the form of recordings in the memory of bank computers transmitted via remote communication channels. Information on interbank settlements is transmitted via SWIFT. Joint Stock Company "Worldwide Interbank Financial Telecommunications Network" (since 1977) serves more than 7 thousand. banks and financial institutions of 189 countries, including Russia (2003);

currency clearings- settlements in the form of mandatory mutual offset of international claims and obligations on the basis of intergovernmental agreements. Mutual offsets for currency clearing are carried out without fail in the presence of an intergovernmental agreement. Currency clearings were first introduced in 1931 during the global economic crisis. Clearing international settlements of exporters and importers are carried out in national currency with clearing banks, which offset mutual claims and obligations. Exporters receive not foreign, but national currency . Importers deposit national currency into the clearing bank

With the introduction of currency convertibility, interstate currency clearings are almost never used. But in the private sector, international clearings operate, for example, for interbank settlements, stock transactions (Sedel, Euroclear), interbank transactions (in ecu - in 1985-1998, in euros - the TARGET system, etc.).

Related information.

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.

They are similar to forms of internal payments, but have the following features:

1. Certain relations between participants in foreign economic transactions and their banks regarding the execution, forwarding, processing and payment of documents provided for in the contract.

2. The documentary nature of international payments that are carried out against documents: financial (bills, checks, payment receipts) and commercial (invoices, shipping documents - bills of lading, invoices, receipts, insurance policies, various certificates).

3. Unification of customary rights of the main forms of international payments.

The main forms of international payments are:

collection payment form - a client's instruction to the bank to receive payment from the importer for goods and services and to credit these funds to the exporter's bank account. Banks carry out collection operations using instructions received from the exporter in accordance with the Uniform Collection Rules;

letter of credit payment form - an agreement on the bank’s obligation, at the client’s request, to pay for documents or to accept (negotiate) a draft in favor of a third party (beneficiary) for whom the letter of credit is opened. The procedure for implementing this form of payment is regulated by the Uniform Customs and Practice for Documentary Letters of Credit. A letter of credit (especially irrevocable and confirmed) guarantees timely payment to a greater extent than collection. At the same time, this is the most complex and expensive form of payment; the importer is forced to reserve the amount of the letter of credit using a bank loan;

bank transfer - an order from one bank to another to pay the transfer recipient a certain amount. In international payments, the transferor is often bank clients. In the form of a transfer, collection payments, advance payments, and recalculations are made. Bank transfers are often combined with other forms of payment, as well as with bank guarantees;

advance payment - payment of goods by the importer in advance before shipment, and sometimes before their production (for example, when importing expensive equipment, ships, aircraft). Unlike world practice, where advance payments amount to 10-33% of the contract amount, in Russia they reach 100%. Thus, Russian importers provide credit to foreign suppliers. The importer's consent to advance payment is associated either with his interest or with pressure from the exporter;

open account settlements - settlements providing for periodic payments on time from the importer to the exporter for regular deliveries of goods on credit against this account. These calculations are most beneficial for the importer and are practiced in the case of a trusting and long-term relationship with a foreign supplier;

settlements using bills of exchange, checks, bank cards - international payments in which bills of exchange and ordinary bills are used. The acceptor (importing bank), who agreed to pay it, is responsible for paying the bill. The Uniform Bill of Exchange Law (1930) regulates the form, details, conditions for issuing and paying bills.

For non-trade transactions, traveler's (tourist) checks are used, issued by large banks in different currencies. Check - a monetary document of the established form containing an order to the bank to pay the currency indicated on it to its owner. The form and details of the check are regulated by national and international legislation (Check Convention of 1931, etc.).

They are actively used in international payments bank cards (Visa, MasterCard, American Express).

International settlements are carried out using computers, electronic signals in the form of records in the memory of banking computers, transmitted through remote communication channels. Information on interbank settlements is transmitted via SWIFT. Joint Stock Company - Worldwide Interbank Financial Telecommunications Network (since 1977) serves about 4 thousand banks and financial institutions in almost 100 countries;

currency clearings - settlements in the form of mandatory mutual offset of international claims and obligations on the basis of intergovernmental agreements. In contrast to internal interbank clearing, mutual offsets for currency clearing are not carried out voluntarily, but are mandatory in the presence of an intergovernmental agreement. Currency clearings were first introduced in 1931 in the context of the global economic crisis. They spread widely before and especially after the Second World War (from 74 in 1935 to 400 bilateral clearings in 1950). In 1950-1958 multilateral clearing - the European Payments Union (EPU) - covered 17 countries in Western Europe.

Thanks to clearing, international settlements of exporters and importers are carried out in national currency with clearing banks, which make the final settlement of mutual claims and obligations. Exporters receive not foreign, but national currency. Importers deposit national currency into the clearing bank.

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 various 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 by 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.

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.

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 settlements for delivered goods, 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.

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 SWIFT channels.

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."