Foreign currency transactions for business
- Quick foreign currency sale within up to 5 minutes in Raiffeisen Business Online
- Track SWIFT payments in real time
- Free support line in foreign currency regulation for Business clients
Your advantages
0% on fx transactions for new customers-individual entrepreneurs and legal entities*
Business Elite+
For individual entrepreneurs and legal entities
- Personal fx manager
- Personal Business Premium managerBusine
- ss concierge service
- Free opening of UAH and fx accounts
- Free use of service package and 0% commission fee on fx transactions for the period of 3 months*
Business Direct
For individual entrepreneurs and legal entities
- Remote servicing
- Business concierge service
- Free opening of UAH and fx accounts
- Free use of service package and 0% commission fee on fx transactions for the period of 3 months*
Business Comfort
For individual entrepreneurs and legal entities
- Choice of legal entities
- Free UAH and Fx account opening
- Free use of service package and 0% commission fee on fx transactions for the period of 3 months *
Business Classic
For individual entrepreneurs only
- Remote opening of accounts
- Free USD and EUR account opening
- Free use of service package and 0% commission fee on fx transactions for the period of 3 months *
BenefIT
For individual entrepreneurs in ІТ area
- Free opening of UAH and foreign currency accounts
- Free use of service package in the first 3 months*, after which UAH 40 per month is charged
- 0% on foreign currency transactions for the first 3 months *, after which the commission fee of 0.15% on foreign currency sale is charged
*Open a current account for business from April 01, 2024, until June 30, 2024, and use a current account for business free of charge and get free use of service package with 0% commission fee for foreign currency transactions (purchase/sale/exchange) within 3 months from opening a UAH account. More details are available here here.
If you are Raif’s customer already, it is still easier to open an account
Remotely, if you have QES:
1. Log in to RBO.
2. In the Letters section with the subject “Opening and servicing current account” send a message on your wish to open a foreign currency account and indicate the currency.
3. Sign an application with QES and send it to the Bank.
In the bank’s branch without a queue:
1. Choose the branch convenient for you.
2. Sign up for a consultation via the call center 0 800 505 045.
3. Take your passport, tax id, round seal (if any) and fill in the application for foreign currency
account opening at a branch.
New Raiffeisen Business
Online Internet and mobile banking for business
Solve the issues related to fx transactions quickly and efficiently!
IN UKRAINE (FREE OF CHARGE FROM MOBILE AND FIXED-LINE PHONES):: 0 800 500 025, 0 800 400 425
FOR CALLS FROM ABROAD:: +38 044 299 10 99
Hotline operating Mon-Fri from 9.00 a.m. until 6 p.m.
Useful information on
- foreign currency supervision
- restrictions on foreign currency transactions
- time limitations
- NBU risk indicators
- details for crediting
Currently, all foreign currency transactions both in domestic (UAH) and in foreign currencies are performed with due account for the requirements of the NBU Resolution No. 18 of February 24, 2022, On the operation of the banking system under martial law (as amended) (hereinafter – Resolution No. 18).
Our customers (residents and non-residents) carry out foreign currency purchase/transfer transactions based upon the applications for foreign currency purchase/payment orders in foreign currency and the necessary documents for foreign currency supervision, as well as comprehensive/additional analysis of foreign currency transactions (if the NBU indicator(s) are identified, etc.), considering the restrictions/prohibitions introduced by Resolution No. 18.
In the purpose of payment of the incoming/outgoing foreign currency transfers indicate the nature/purpose of transaction and the documents based on which the transfer is made on a mandatory basis.
The customers-residents (legal entities and individual entrepreneurs) need not provide the bank with supporting documents under export transactions for the equivalent of up to UAH 400 thousand (except for splitting). The customers-residents (legal entities and individual entrepreneurs) must provide the bank with the supporting documents under import transactions for any amount (if such documents are not available at the bank), export transactions for the amount equivalent to UAH 400 thousand or more (if such documents are not available at the bank) for comprehensive/additional analysis (if the NBU indicator(s) is/are identified, etc.).
The customers-residents may purchase foreign currency for every foreign economic agreement concluded with a non-resident for the settlements under trading transactions in one authorized bank. Concurrent servicing of one foreign economic agreement (in terms of the transactions of foreign currency purchase in the foreign currency market of Ukraine) in several authorized banks is prohibited. The Bank carries out the control of the deadlines for settlements (180 days) under residents’ import and export transactions, except for the transactions for the equivalent of up to UAH 400 thousand, the import of tourist services and export of services (except for transportation and insurance services).
The income under the export transaction executed must be received to the current account of the customer-resident within 180 days of execution of customs declarations or the services/works acceptance certificates. If goods are imported, the goods must be delivered to the territory of Ukraine within up to 180 days of the advance payment by the resident.
As of the 1st day of the month following the transaction date, the Bank shall provide the National Bank of Ukraine with the information, in particular, on:
- Discovered facts when funds or goods were not received within 180 days (or the residents’ import transactions were not completed within 180 days, without the product import to the territory of Ukraine);
- Resident’s failure to file the documents to the bank, which are necessary for the foreign currency supervision over the observance of deadlines for settlements, by the 1st day of the reporting month;
- Incomplete resident’s transactions of export, import of goods in the event of closure of all the customer’s accounts.
The Bank shall also inform the NBU on the loan agreements providing for the fulfilment of the residents’ debt obligations to the non-residents under the loans raised from non-residents (including gratuitous financial aid) in foreign currency (with due account for supplementary agreements/documents concerning the implementation of the loan agreement/surety agreement and foreign currency transactions under such agreement).
The information is provided on loan agreements for any amount after foreign currency supervision and comprehensive/additional analysis of a complete package of supporting documents.
The customers-residents return the investments (including income, other funds from the non-resident’s investment activities in Ukraine) based on the documents necessary for foreign currency supervision and comprehensive/additional analysis of a transaction (regardless of the transaction amount) and considering the limitations/prohibitions introduced by Resolution No.18.
The deadline for settlements under the goods export and import transactions is 180 calendar days and is applicable to the transactions executed from April 05, 2022.
The deadline for settlements under the agricultural product export and import transactions is 90 calendar days and is applicable to the transactions executed from November 11, 2023.
The deadline for settlements, in particular, does not apply to the following transactions:
- Export or import of goods (including incomplete settlements under an operation) where the amount is less than the equivalent of UAH 400 thousand at the official UAH rate to foreign currencies, except for the splitting of the transaction of goods export or the splitting of foreign currency transactions;
- Import of tourist products (services);
- Export of goods, services (except for transport and insurance services and/or work), intellectual property rights and (or) other non-property rights.
The National Bank of Ukraine simplified foreign currency supervision for the export transactions of the Ukrainian companies that are carried out using letters of credit as a form of settlement. From August 29, 2020, the control over the observance of deadlines for settlements under such transactions can be terminated immediately upon receipt of funds by the company within the limits of the letter of credit.
According to item 7 of section ІІ of the Guidelines on the procedure of foreign currency supervision of banks over the residents’ compliance with the deadlines for settlements under the transactions of goods export and import, as approved by the resolution of the Board of the National Bank of Ukraine No. 7 of 02.01.2019, the bank shall start counting the deadlines for settlements set by the National Bank of Ukraine, in particular, from the date of:
- execution of the customs declaration of type ЕК-10 “Export”, ЕК-11 “Reexport” for the products exported (if the products are subject to customs clearance), or the signing of a certificate or a different document confirming the product delivery to a non-resident under the terms and conditions of export agreement (if the product is not subject to customs clearance) – under product export transactions;
- payment (debiting of funds from the customer’s account), and if settlements in the form of a documentary letter of credit are used, the bank’s payment to the benefit of a non-resident (funds debiting from the bank’s account) under goods import transactions.
If deadlines for settlements are not met, the Bank shall transfer all the information available on the breaches detected under the transactions of the customer’s goods import and export to the National Bank of Ukraine.
The splitting of a foreign currency transaction means artificial division of the total amount of a fx transaction subject to analysis and check, when the following attributes are available at the same time:
- Foreign currency transactions are performed by one and the same person;
- Foreign currency transactions are connected by virtue of the same counterparties, grounds (agreement, contract, other document, which is applied in the international practice and may be deemed an agreement), the purpose of foreign currency transaction;
- Each foreign currency transaction is carried out for the amount of less than the equivalent of UAH 400 000.00 at the official UAH rate to foreign currencies set by the National Bank of Ukraine as of the date of the transaction (hereinafter – “minor amount”);
- Foreign currency transactions are carried out not less than three times per calendar week and/or ten times per calendar month; the total amount of foreign currency transactions per calendar week exceeds the minor amount twofold and/or per calendar month – eightfold; other types of foreign currency transaction splitting, which are set by the bank at its discretion.
The splitting of an export transaction means artificial division of the goods supplied under an export transaction, when all of the following attributes are available at the same time:
- Goods export transactions are performed by one and the same resident;
- Transactions are connected by virtue of the same non-resident counterparty and agreement (contract, deed, other document, which is applied in the international practice and may be deemed an agreement);
Amount of each goods export transaction is minor; amount of export transactions exceeds a minor transaction amount more than tenfold.
The bank’s customers may transfer a foreign economic agreement for servicing to a different bank based on a written application. The application must contain the customer’s permission to receive the information on incomplete settlements under foreign economic agreement from the bank, via which the settlements under such agreement were carried out.
The bank to which an agreement is transferred for servicing shall, within 3 business days of receiving the customer’s written application, contact the bank, via which payments/settlements under this agreement were made, to receive all the information in its possession on the customer’s incomplete settlements under the agreement.
The bank shall provide the information on the customer’s incomplete settlements within 5 business days of receiving the application of the bank to which the agreement is transferred for servicing. The information exchange between banks is carried out by means of the NBU’s email.
Correspondent banks may charge the commission fee for the transmission of payments via their correspondent accounts. The amount of the commission fee shall be determined by the internal rates of the correspondent bank. This concerns both incoming and outgoing payments.
The amount of foreign currency income will also depend on the chosen type of the commission fee.
The type of the commission fee depending on SWIFT format may be indicated in field 71А or in field Charges Bearer:
- OUR/DEBT – the commission fee is paid by the sender. The payment amount in such case will not be reduced, except for cases when the USD payment is transferred via two correspondent banks. The second correspondent bank may change OUR code to SHA and withhold a part of the commission fee from the payment amount.
- BEN/CRED – the commission fee is paid partially by the sender, partially by the recipient. The recipient’s commission fee will be withheld from the amount of payment.
- SHA/SHAR – the commission fee is paid partially by the sender, partially by the recipient. The recipient’s commission fee will be withheld from the amount of payment
Foreign currency can be purchased or transferred based on the document originals (including electronic documents) or copies of paper-based document originals in electronic/paper-based form.
A copy of a paper-based document must be certified with a signature of the company’s CEO or an authorized person. It is stored in the bank.
The customer creates an electronic copy of the document by scanning a paper-based document original and getting it certified with a qualified/enhanced electronic signature of the customer’s authorized person.
The document copies are sent to the bank by means of Raiffeisen Business Online. The documents in a foreign language, except Russian, must be translated into Ukrainian before submission to the bank. The translation must be certified by the translator, his/her signature certified by a notary or the company’s CEO or his/her authorized person. The documents where the text in a foreign language and Ukrainian/Russian is available at the same time are not translated.
Country | Bank | S.W.I.F.T.-BIC | Currency |
Germany (276)
|
Commerzbank AG |
COBADEFF | EUR |
Deutsche Bank AG | DEUTDEFF | EUR | |
Poland (616) | Bank PKO. S.A. | PKOPPLPW | PLN |
Switzerland (756) | UBS SWITZERLAN AG | UBSWCHZH80A | CHF, JPY , USD, EUR, GBP |
| JSC "Ukreximbank" | EXBSUAUX | USD, GBP, AUD, EUR, UAH, RUB, CHF, JPY |
United Kingdom (826) | Barclays Bank PLC |
|
|
|
THE BANK OF NEW YORK MELLON
| IRVTUS3N |
|
Austria (040) | Raiffeisen Bank International AG | RZBAATWW | EUR, USD, SEK, NOK, DKK, GBP, CHF, CAD, JPY, AUD, CZK, RUB, CNY, HUF |
- Law of Ukraine On foreign currency and fx transactions;
- Law of Ukraine On prevention and counteraction to legalization (laundering) of illegal income, financing of terrorism and financing the proliferation of weapons of mass destruction;
- Law of Ukraine On foreign economic activities;
- NBU Resolution No. 1 Regulation on the structure of foreign currency market of Ukraine, terms and procedure for trading in foreign currency and precious metals in currency market of Ukraine;
- NBU Resolution No. 2 Regulation on transactions with currency valuables;
- NBU Resolution No. 5 Regulation on protective measures and defining the procedure of executing certain transactions in foreign currency;
- NBU Resolution No. 6 Regulation on the Procedure of Providing Banks with Information to the National Bank of Ukraine on Contracts, which provide for the residents’ execution of debt obligations to non-resident creditors for credits, loans borrowed by residents;
- NBU Resolution No. 7 Instruction on the Procedure of Foreign Currency Bank Supervision of the Compliance of the Residents with the Deadlines of Payments for Export and Import Transactions;
- NBU Resolution No. 8 Regulation on the Procedure for the Analysis and Verification of Documents (Information) on Foreign Currency Transactions by Authorized Institutions;
- NBU Resolution No.18 On the operation of the banking system in the period of the martial law.
The list of critical import goods is determined by the Resolution of the Cabinet of Ministers of Ukraine No. 153 of 24.02.2022.
Follow the link to find out more.
We strongly recommend providing the Bank with a complete package of supporting documents by 3 p.m. of the business day on the eve, that is one business day before the foreign currency transfer transaction under new contracts (including the first transaction under a new document package) or transactions with the NBU indicators.
Payment instructions in foreign currency at the expense of own funds, which are provided together with the supporting documents package before 3 p.m. will be sent on the current banking day (if the following requirements are met: the balance of funds on the current account in foreign currency is sufficient for the transfer and the funds in domestic currency are sufficient for the payment of the Bank’s commission fee, the supporting documents (foreign economic agreement, invoice, specification, containing the information on the goods manufacturer, including the certificate of origin of goods) are sufficient for the currency supervision and there are no grounds for the additional analysis of the FX transaction). If the first transaction under a new document package is carried out or if the NBU indicator(s) is(are) discovered, the time for the filing of the payment instruction and the documents is by 3 p.m. on the day before the funds transfer day.
Payment instructions in foreign currency at the expense of the purchased foreign currency, which are provided together with the supporting documents package by 3 p.m., will be sent on the current business day (if the following requirements are met: the balance of funds on the current account in domestic currency is sufficient for the purchase of foreign currency and for the payment of the Bank’s commission fee, the supporting documents are sufficient for the foreign currency supervision and there are no grounds for the additional analysis of the FX transaction). If the first transaction under a new document package is carried out or if the NBU indicator(s) is(are) discovered, the time for the filing of the payment instruction and the documents is by 3 p.m. on the day before the funds transfer day.
Additional time is from 3 p.m. until 4 p.m. (the applications filed later are executed on the following operation day).
Kindly pay attention that if the application is filed in additional time, the Bank cannot guarantee that your application will be executed on the day of the submission thereof due to a number of factors, such as: effective time limitations on the NBU’s side; execution of the application may depend on the situation in the interbank foreign currency market of Ukraine, the necessity of prior approval of the application’s admission for trading by the respective manager for forex product sales and/or foreign currency supervision.
The crediting of funds under incoming SWIFT payments received by the Bank before 4.30 p.m. is executed on the current business day, provided that cash cover is available, the value date corresponds and the documents for foreign currency supervision are available.
We strongly recommend providing the Bank with a complete package of supporting documents by 3 p.m. of the business day on the eve, that is one business day before the desired day of foreign currency purchase transaction under new contracts (including the first transaction under a new document package) or transactions with the NBU indicators.
For the transaction to be executed on the current banking day, an application for foreign currency purchase should be sent by 12.00. The transaction will be executed subject to availability of:
funds on the account; all the necessary documents (foreign economic agreement, invoice, work/services acceptance certificate, specification, containing the information on the goods manufacturer, including the certificate of origin of goods) for the foreign currency supervision and comprehensive/additional analysis of the FX transaction,
documents of ownership structure and ultimate beneficial owners (controllers) of the counterparty-non-resident (in the event of the NBU indicators’ discovery).
If you make the first transaction under a new document package or if the NBU indicator(s) is(are) discovered, the time for the filing of the application shall be by 3 p.m. on the day immediately before the purchase day.
The Bank shall carry out comprehensive/additional analysis of the customer’s FX transaction with the drafting of an opinion in the following cases: If the customer concludes a new foreign economic agreement; If material changes are introduced into the foreign economic agreement, except for changes concerning the amount or the period of the agreement; If the NBU indicator(s) is/are discovered; if the customer’s ownership structure and its ultimate beneficial owner change.
Additional time is from 12.00 until 2.30 p.m. (the applications filed later are executed on the following operation day).
Kindly pay attention that if the application is filed in additional time, the Bank cannot guarantee that your application will be executed on the day of the submission thereof due to a number of factors, such as: effective time limitations on the NBU’s side; execution of the application may depend on the situation in the interbank foreign currency market of Ukraine, the necessity of prior approval of the application’s admission for trading by the respective manager for forex product sales and/or foreign currency supervision.
For the transaction to be executed on the current banking day, an application for foreign currency sale should be sent by 3 p.m. The transaction will be executed subject to availability of the funds on the account.
Additional time is from 3 p.m. until 4 p.m. (the applications filed later are executed on the following operation day).
Kindly pay attention that if the application is filed in additional time, the Bank cannot guarantee that your application will be executed on the day of the submission thereof due to a number of factors, such as: effective time limitations on the NBU’s side; execution of the application may depend on the situation in the interbank foreign currency market of Ukraine, the necessity of prior approval of the application’s admission for trading by the respective manager for foreign product sales and/or foreign currency supervision.
For the transaction to be executed on the current banking day, the application on foreign currency purchase for another foreign currency shall be provided not later than at 4 p.m. of the current day.
The application will be executed if there is a sufficient amount of funds on the current account in foreign currency and funds on the current account in domestic currency are sufficient for the payment of the Bank’s commission fee.
Risk indicator is an attribute or a set of attributes of foreign currency transactions, the participants of foreign currency transactions and their intentions/actions that are subject to additional analysis and check and/or enabling to identify doubtful foreign currency transactions, which is(are) set by the National Bank of Ukraine and the authorized institutions.
Indicator | Content |
11 | Volume of foreign currency operations does not coincide with the volume of usual business operations of the subject of foreign currency operation.
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12 | An individual carries out a foreign currency operation not related to business activity for the amount of UAH 400 thousand or more, except for: Operations of the payment for medication at medical facilities of a foreign state; Payment of costs for the transportation of patients; Payment of costs related to the death of citizens abroad (transportation and burial costs); Payment of tuition fees (payment for the training process exclusively); Transfer of funds received as payment for labour by non-residents in Ukraine; Transfer of pensions, child-support payments; Transfer of funds for the amount of up to EUR 50 000 inclusive, or for the amount equivalent to the said amount at the official exchange rate of the National Bank of Ukraine as of the date of operation carried out based on sentences, decisions, orders and rulings of court, investigative and other law-enforcement agencies, as well as for the payment of costs, to foreign court, investigative, notary and other authorized bodies (including the payment of taxes, fees, other statutory payments).
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13 | Execution of a foreign currency operation by a legal entity or an individual entrepreneur within the limits of certain fx operations introduced by the National Bank of Ukraine, which must be shown in the automated information system of the National Bank of Ukraine “Limits of Foreign Currency Operations”.
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21 | Type of product/work/service/asset (including securities, corporate rights, obligations under agrarian receipts) are not typical of usual business of the subject of the foreign currency operation.
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22 | The nature of foreign currency operations does not match the content of activities of the subject of a foreign currency operation/counterparty.
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23 | Foreign currency operations with no economic expedience (sense) and/or no obvious legitimate purpose.
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24 | Mismatch between the cost of product/work/service/asset (including the securities, corporate rights, obligations under agrarian receipts) stated in the agreement/invoice/acceptance certificate, and its fair price in the market of identical or, if not available, similar products/work/services/assets (including the securities, corporate rights, obligations under agrarian receipts); Mismatch between the cost of loan/borrowing under a separate loan agreement/borrowing agreement, which provides for the fulfilment of the obligations by the resident borrower to the non-resident borrower, and market conditions.
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25 | Foreign currency operations for settlements (advance payments) related to the existing risks of non-fulfilment of the non-resident contractor’s obligations relating to the supply of goods under a foreign economic agreement (including the breach by the counterparty – non-resident of legislative requirements concerning the terms of settlements, creation of intricate and/or artificial terms of payments, existence of legislative restrictions on the import of products to the territory of Ukraine).
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31 | Settlements to the benefit of a third party are carried out under the agreement.
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32 | Foreign currency operations under the agreement are carried out: using promissory notes; by the surety provider based on surety agreement; to the benefit of the party that acquired the right as a consequence of assignment of the right of demand under the obligation; by the party that acquired the obligation as a result of debt transfer; using the offsetting of liabilities.
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33 | The existence of agreements/supplementary agreements providing for the product supply to the customs territory of other countries.
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34 | The payment of penalties (including the payment based on a court decision or amicable agreement, reimbursement of losses).
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41 | The terms of settlements under a foreign currency operation provide for the use of legal entities (shell companies) bearing the signs listed in the recommendations of FATF (including non-transparent ownership structure).
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42 | The participants of foreign currency operations have registration, residence or location in the countries (jurisdictions) included to the list of risky states (jurisdictions) drawn up by the authorized institution.
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43 | The availability of information (including received by the authorized institution from public sources), which may evidence that the foreign bank of a foreign currency operation counterparty is one of the banks that are/may be used for foreign currency operations related to the avoidance of requirements/restrictions/prohibitions provided for by the laws of Ukraine.
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51 | The fulfilment of the obligations under import agreements (contracts) on the settlements for the products actually supplied to the territory of Ukraine under customs declarations executed before January 1 of the calendar year before the date of foreign currency operation/intention to perform such operation.
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61 | Foreign currency operation related to the return of dividends to a foreign investor/non-resident (hereinafter – non-resident).
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71 | Foreign currency operation of transfer by the fx operation’s subject -permanent representative office of a legal entity- non-resident to the account of a legal entity-non-resident whose interests such office represents on the territory of Ukraine.
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72 | Foreign currency operation of the return of funds received from the sale of corporate rights/securities to a foreign investor/non-resident.
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73 | Foreign currency operation of the transfer of funds by a legal entity – resident to the accounts of its own branches, representative offices and other separate units without the formation of a legal entity, opened abroad.
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81 | Regular execution of fx operations, for which the filing of documents is not required, by a group of persons, to the benefit of one counterparty, for the amount of less than UAH 400 thousand (in the equivalent at the official UAH rate to foreign currencies, as set by the National Bank of Ukraine as of the date of transaction).
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82 | Splitting of a foreign currency operation – the artificial division of the total amount of the foreign currency operation subject to analysis and check, with all of the following attributes present at the same time: Foreign currency operations are performed by one and the same person; Foreign currency operations are connected by virtue of the same counterparties, grounds (agreement, contract, other document, which is applied in the international practice and may be deemed an agreement), the purpose of the foreign currency operation; Each foreign currency operation is carried out for a minor amount; Foreign currency operations are carried out not less than three times per calendar week and/or ten times per calendar month; Total amount of foreign currency operations exceeds the amount provided for by article 20 of the Law of Ukraine On prevention and counteraction to legalization (laundering) of illegal income, financing of terrorism and proliferation of weapons of mass destruction, more than twofold per calendar week and/or more than eightfold per calendar month (in the equivalent, based on UAH rate to foreign currencies set by the National Bank of Ukraine as of the date of the operation). Other types of foreign currency operation splitting, which are set by the authorized institution at its discretion.
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91 | The presence of other indicators of a foreign currency operation (at the discretion of the authorized institution).
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Currently, Resolution No. 18 allows resident business entities to purchase foreign currency for its transfer outside Ukraine for the import of goods (products, services, work, intellectual property rights and other non-property rights intended for sale (paid transfer)), as indicated in the resolution of the Cabinet of Ministers of Ukraine of February 24, 2022, No. 153 “On Certain Issues Regarding Ensuring the Implementation of Import”, provided that the supply of goods under such transactions was/is carried out after February 23, 2021.
- If you plan to carry out import transactions for the amount of the equivalent of UAH 400 thousand or higher, please provide the Bank with the following minimum required documents when carrying out transactions with the NBU risk indicators:
▪ Application for foreign currency purchase/Payment order in foreign currency according to the required form.
▪ Foreign economic agreement/contract with all additional agreements and annexes.
▪ Invoice, acceptance certificate of services/work may be submitted, depending on the type of transaction.
- Information/documents for the confirmation of the correspondence of the nature and amount of the customer’s foreign currency transaction to its financial standing and content of activities, as well as the content of the counterparty’s activities, in particular, letters of justification from the customer, etc.: - essence, purpose, economic expedience (sense) of a foreign currency transaction; - types, content of activities and business reputation of the participants of a foreign currency transaction (participants of an agreement);
▪ Customer’s financial reports as of the last reporting date (balance sheet, profit and loss report, customs declaration, annexes to the customs declaration, other financial statements) with a note of the respective state agency of Ukraine on receipt/acceptance).
▪ Information/documents for the confirmation of the sources of origin of funds, which are used for foreign currency transactions. Disclosure of information on the ownership structure and ultimate beneficial owners (controllers) of the parties involved in a foreign currency transaction.
▪ Fiduciary management agreements (Trust agreements, trust declarations), if any.
In addition, considering the temporary restrictions set by the NBU, the following documents are provided:
1) In order to identify the financial transactions of legal entities-residents, which may be connected to the residents of the Russian Federation/Republic of Belarus, when the Customer purchases foreign currency with its subsequent transfer outside Ukraine (the purchase of critical imports), the following documents/information must also be provided to the Bank:
a) supporting documents (foreign economic agreement, invoice, specification), which contain the information on the manufacturer of goods, including the certificate of origin of goods;
b) documents of ownership structure, ultimate beneficial owners (controllers) of the non-resident counterparty.
The documents (information) mentioned above are provided in a package together with the Application for foreign currency purchase/payment order in a foreign currency/UAH.
c) other documents at the demand of the Bank (defining the purpose and economic expedience of the transaction), etc.
2) Effective from October 01, 2022, the Customer-resident (except for private individuals) for the foreign currency purchase transaction must provide the Bank with the information (in the form of the Certificate of fx funds balance) on the total amount of foreign currency funds placed on its current/deposit accounts and information on the availability of grounds to apply the exceptions to the Customer, as provided for by subitems 1215, 1216 of the NBU Resolution No.211 of 29.09.2022, as of the foreign currency purchase date. As the Bank has no right to purchase foreign currency on behalf of the customer-resident (except for a private individual) having the foreign currency funds in the amount that equals or exceeds the equivalent of UAH 400 000 as of the purchase date (at the official UAH rate to the respective foreign currencies) placed on the current and savings/deposit accounts, such customer-resident fulfils its foreign currency obligations at the expense of own foreign currency funds available.
Currently, such foreign currency transactions are performed considering the restrictions/prohibitions introduced by Resolution No.18. This transaction falls under the NBU risk indicator.
In order to carry out the transaction of the return of funds received from the sale of corporate rights/securities to a foreign investor/non-resident, the following minimum required documents must be provided to the bank:
- Application for the purchase of foreign currency/Payment order in a foreign currency according to the required form.
- Documents confirming foreign investments (agreement on purchase and sale of corporate rights/securities, agreement on joint investment activities without establishing a legal entity, decision/minutes of the general meeting on the sale of corporate rights, statement from securities account, statement from the register of stock exchange agreements (contracts) concluded based on stock exchange trading results, which confirms the execution of such transactions using the electronic trading system of the stock exchange, constituent documents of the legal entity – object of foreign investment, the certificates of resident banks on0 foreign investments in a foreign currency/hryvnia carried out by foreign investors, customs declarations on import of goods to Ukraine for the purpose of investment and/or other documents, which confirm foreign investments according to the requirements of the laws of Ukraine).
- The filing of the documents confirming the foreign investor’s rights to the investment object is sufficient, if the period between the date of acquisition of ownership title to the investment object and the date of foreign currency transaction of the return of a foreign investment and income, profit, other funds received under the objects of investment activities in Ukraine, to the foreign investor exceeds five calendar years.
- Agreement on the return of a foreign investment, income, profit, other funds received by foreign investors from investment activities in Ukraine, to foreign investors, and/or other documents confirming the amount of monetary obligations payable to the foreign investor based on the result of investment activities in Ukraine.
- Agreement on the transfer of object of foreign investment between non-residents, providing for the settlements outside Ukraine, with documented confirmation of its fulfilment (this is submitted subject to the acquisition of ownership title to the investment object using the specified method). In such case, the documents submitted must confirm the earlier foreign investment in Ukraine into the respective investment object by its previous owner-non-resident.
- Information/documents for the confirmation of the source of origin of funds used for foreign currency transactions.
- Disclosure of information on the ownership structure and ultimate beneficial owners (controllers) of a foreign currency transaction participants.
- Information/documents for the confirmation of the correspondence of the nature and amount of foreign currency transactions of the customer to the financial standing and content of activities of the latter, as well as the counterparties’ content of activities.
- Letters of justification from the customer on the economic expedience (sense), the type of activities and business reputation of the foreign currency transaction participants (parties to an agreement).
- Customer’s financial statements as of the last reporting date (balance sheet, profit and loss report, tax declaration, annexes to the tax declaration, other financial statements) with receipts/notes of statistics agencies on their receipt/acceptance.
- Opinion on the market value of corporate rights from an independent appraiser acceptable for the bank. The acceptability is determined at the bank’s discretion.
Currently, such foreign currency transactions are performed considering the restrictions/prohibitions introduced by Resolution No. 18. This transaction falls under the NBU risk indicator.
· In order to carry out this transaction, the following minimum required documents must be provided.
▪ Application for foreign currency purchase/Payment order in foreign currency according to the required form.
▪ Documents confirming a foreign investor’s ownership title to the corporate rights/investment certificates of a Ukrainian issuer, based on which dividends are paid out (articles of association, statement of securities account, etc.).
▪ Issuer’s decision on the dividend payout to a foreign investor (decision/minutes of the general meeting of the company’s shareholders/participants on dividend payout). Customer’s financial statements as of the last reporting date (balance sheet, profit and loss report, tax declaration, annexes to the tax declaration, other financial statements) with receipts/notes of statistics agencies on their receipt/acceptance.
▪ Disclosure of information on the ownership structure and ultimate beneficial owners (controllers) of the customer and persons owning 10 or more percent of the share capital of the customer that pays out the dividends.
▪ Information/letter of disclosure of the counterparty’s ownership structure with the shares held in the share capital is disclosed down to the level of individuals – actual ultimate beneficial owners.
▪ Confirmation of the payment of tax on the non-resident’s profit (income) with its source of origin in Ukraine or the grounds for tax exemption according to the requirements of the applicable law of Ukraine.
The documents may be as follows:
1) Documented confirmation of the non-resident’s profit (income) tax payment (payment order, statement, certificate, etc.), or, if the non-resident’s profit (income) tax is paid on the territory of a different state, the respective explanation/justification from the customer must be provided;
2) Duly legalized certificate, translated according to the laws of Ukraine (or its notary certified copy) confirming that the non-resident is a resident of the country, with which Ukraine entered into an international treaty on avoidance of double taxation [in the event of exemption from (reduction of) taxation of the non-resident’s profit (income)] or a certificate on profit (income) tax paid by the non-resident in Ukraine, provided by the customer;
3) Certificate on the profit (income) tax paid by the non-resident in Ukraine based on the form approved by the Order of the Ministry of Finance of Ukraine dated December 3, 2012, No. 1264 “On the approval of the Procedure for issue of a certificate on the profit (income) tax paid by the non-resident in Ukraine and the forms of such certificate”, registered in the Ministry of Justice of Ukraine on December 24, 2012, No. 2155/22467;
4) Customer’s written notice containing:
- name of the resident paying the income with a source of origin in Ukraine to the benefit of a non-resident (name, taxpayer’s code in EDRPOU);
- full name of the non-resident receiving income;
- calculation of the amounts of profit (income) accrued (paid) to the benefit of a non-resident, with the indication of the period for which the income was paid;
- amounts of non-resident’s profit (income) tax withheld from them, or the documents provided by the non-resident if the non-resident assesses and pays taxes itself;
If the information listed in item 4 is available in the decision (minutes) on dividend payment provided to the bank, a written confirmation is not required.
Documents confirming that a foreign investment was carried out and, as a consequence, that a participant/shareholder is a foreign investor (agreements on settlements, certificates from banks on the crediting of funds when creating the authorized fund, SWIFT messages, etc.).
Letters of justification from the customer regarding the type of activities and business reputation of the foreign currency transaction participants (parties to an agreement). Information/documents for the confirmation of the source of origin of funds used for foreign currency transactions.
Currently, such foreign currency transactions are performed considering the restrictions/prohibitions introduced by Resolution No.18.
In order to conduct the analysis and inform the NBU on a new agreement/introduction of changes and settlements under loans from non-residents (if the NBU indicators are present), the following documents must be provided: Loan agreement/borrowing agreement concluded with a non-resident, together with additional agreements and annexes to the loan agreement/borrowing agreement. NBU’s documents regarding the registration of the loan agreement/borrowing agreement, including the additional agreements thereto (if any).
Letters of justification from the customer regarding:
- Economic expedience (sense) of a foreign currency transaction (with the indication of the goals for which the loan is disbursed/was used, justification of lending by that Lender rather than another Lender on the territory of Ukraine (for the registration of a new loan agreement), justification of the causes and economic expedience of the change of parties (if any), the information on the nature of connection between the parties of a foreign currency transaction, etc.);
- Type, content of activities and business reputation of the foreign currency transaction’s participants (parties to an agreement);
- Information/documents that can confirm that the nature and size of the customer’s foreign currency transactions correspond to the customer’s financial standing, in particular, explanation of the sources of origin of funds, at the expense of which the loan/borrowing will be repaid.
Customer’s financial statements as of the last reporting date (balance sheet, profit and loss report, tax declaration, annexes to the tax declaration, other financial statements) with receipts/notes of statistics agencies on their receipt/acceptance) and the trial balance of the balance sheet account, on which the debt under the agreement is booked;
Disclosure of information on the ownership structure and ultimate beneficial owners (controllers) of the participants of a foreign currency transaction. If settlements are made under a loan agreement/borrowing agreement, the application for foreign currency purchase/payment order in foreign currency must be provided according to the required form.
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