FX conversion for foreign trade
and multi-currency payments: CNY, USD, AED, EUR
FX conversion for foreign trade is not just about the rate: it matters which currency you pay in, so the money is not converted twice, and how the operation is documented, so the bank has no questions. We arrange conversion through the bank and multi-currency payments for your deal: yuan to the supplier, dollars to the shipping line, dirhams to a UAE counterparty.
A Russian resident may buy foreign currency only through an authorised bank (Art. 11 of Law 173-FZ), so every operation goes through a bank with supporting documents. We don't promise rates or costs in advance — we calculate them per deal and show the total before payment.
Specification
Specification · Conversion and multi-currency payments. Standard terms · rate and costs are confirmed per operation
Service
- Operations
- conversion and transfers for trade deals
- Currencies
- CNY, USD, AED, EUR, etc.
- Options
- several payees and currencies per deal
Terms
- Timing
- calculation within a day; crediting depends on banks
- Documents
- contract, invoice, instruction, UNK if needed
- Rate
- bank rate at the time of the operation
Process
- Before
- currency choice, total calculation
- Operation
- currency purchase by the bank and transfer
- After
- confirmation of rate and amount
Price
- Base
- fee — quoted per deal
- Extras
- bank charges — shown in the calculation
Service flow
- 01
Brief
We confirm the price and payment currencies under the contract, the amount, due date and payee's bank. If the contract is in USD but the supplier wants CNY, we check for a currency clause.
0.5 day - 02
Calculation
We prepare the calculation: bank rate, conversion and transfer costs, total in roubles. You approve it before giving the instruction.
within a day - 03
Documents
We check the supporting documents: contract, invoice and UNK where needed. The bank uses them to assign the currency operation code.
1 day - 04
Conversion and transfer
The bank buys the currency at the rate at the time of the operation and sends the transfer; with several payees, one deal can involve several payments in different currencies.
1–2 days - 05
Confirmation
We provide confirmation with the actual rate, amount and fees — for accounting, FX differences and currency control.
1–3 days
Problems
Double conversion: roubles go into dollars, then the supplier's bank in China converts dollars into yuan — a spread is lost at every step.
We pay in the currency the payee receives without conversion — for China usually CNY — and put this in the contract.
The contract is in dollars, the supplier wants yuan, and the rate moved between invoice and payment — the parties argue over the amount.
We propose a currency clause: payment currency, whose rate and at which date. The calculation is fixed in writing before payment.
The payment is held or returned: the payee's bank doesn't accept that currency or needs extra bank details.
Before paying we ask the payee which currency and details their bank accepts.
Documents
The documents the bank relies on to convert and transfer. The Incoterms rule decides how many payments, and in which currencies, one shipment involves.
Incoterms
- FOB
- goods in CNY or USD, freight as a separate payment, often in another currency
- CIF / CFR
- freight included in the price — one payment to the supplier in contract currency
- DAP
- delivery included in the price; freight currency risk is on the seller
Documents
- Contract
- stating the price currency, payment currency and currency clause
- Invoice
- in the payment currency, with the payee's bank details
- Instruction
- amount, currency, payee and the agreed calculation
- UNK
- the registered contract number — where registration is required
- Confirmation
- actual rate, amount and fees — for accounting and FX differences
FAQ
Through the bank: roubles are converted into CNY and transferred to the supplier's account under the contract and invoice. You need the full details of the payee's bank; for payments to mainland China the bank often asks for the CNAPS code. If the contract is in another currency, payment in yuan should be set out in the contract or an addendum.
At the bank's rate at the time of the operation, which reflects the market rate plus the bank's terms. We don't promise a rate in advance: before payment we prepare a calculation with the rate, fees and total in roubles, and proceed only once you approve it.
Yes, if the contract allows it. A currency clause or addendum should state the payment currency and the conversion rule: whose rate and at which date. Without it the bank may ask for justification and the supplier may dispute the amount.
Only through an authorised bank: residents buy and sell foreign currency through authorised banks (Art. 11 of Law 173-FZ). Any currency dealing outside a bank creates risks under currency law, which is why we work only through bank operations backed by supporting documents.
The contract, an invoice in the payment currency and the payee's bank details; if the contract is registered, its UNK. The bank uses these to assign the currency operation code and check the payment reference.
Payments to several payees in different currencies for one shipment: goods to the supplier in CNY, freight to the line in USD, services to a UAE agent in AED. We bring them into one calculation so you see the full cost of the shipment in roubles.