Why do I need a currency account and what is it like?

The specificity of Russian business is that the domestic currency - the ruble - has a limited circulation in the world. This means that they can not be paid for goods or services provided by foreign partners. Operations on such transactions are carried out with the help of foreign money, most often - US dollars. However, the usual settlement account can not be used for this - the legislation does not allow. Then the organization or an individual entrepreneur opens a foreign exchange account.

The bank that provides such services must comply with the requirements of the law. If all regulatory requirements are met, a separate license is issued to the financial institution. After that you can safely carry out operations with foreign money. However, all the same, most of the accounting transactions are carried out in rubles, just the money coming to the foreign exchange account or taken from it, are converted to the Russian currency at the rate of the Central Bank.

It is noteworthy that the clients of banks are not limited to one denomination of foreign money, for example, US dollars. It is allowed to open sub-accounts for each type of currency used in the activity. In this case, the organization or entrepreneur will receive bank statements for each type.

As you know, opening accounts in the bank does not present special difficulties. The client will not have any big problems and with the registration of relations in this particular sphere. The institution should be provided with the usual set of documents:

- statement with details of the future client;

- a copy of the charter or foundation agreement (always certified);

- a copy of the documents on state registration;

- a card with signatures (also usually notarized by a notary).

In the event that a foreign currency account is opened by a foreign person or a joint venture, they must provide evidence of their belonging to enterprises with foreign investment. In this capacity, a certificate of inclusion in the relevant registry.

After a small check with the applicant, a bank service contract is concluded. The organization or the entrepreneur after that opens two accounts: transit and current. The first - transit - is considered a relic of the past. Previously, he served the state for forced currency repurchase. Only after that the remaining part and rubles were distributed to their sectors. The current account serves for all basic operations.

Opening accounts is now available abroad. And here each country sets its own rules, sometimes quite tough. Here, for example, is a summary of how to open an account with a Swiss bank.

There are many banks in this country, and each of them can set its own minimum of funds. But from practice it is known that if the money is less than 10 thousand Swiss francs, then the probability of getting a refusal is high. And if it succeeds to become the owner of such a flattering account, with a small number of transactions, after a while, a proposal to terminate the contract will be received.

Before opening a foreign exchange account, bank managers must meet in person. Extramural procedure is almost completely excluded. If there is a representative office of the bank in Russia, then it is possible to solve the issue in it. If not, you will have to travel.

Naturally, in advance it will be necessary to request a list of required documents in order to pass them for verification. They are very different from Russian: this may include the size of the business, its characteristics and even the amount of income. The time for meticulous research will go from two weeks to a month. The procedure can be simplified only with the help of a very solid client recommendation, and it will not be possible to speed it up.