Making payments in foreign currency via the SWIFT system
JSC "Octobank" makes foreign currency payments under foreign trade contracts and non-trade transfers of individuals through the international payment system SWIFT.
What is SWIFT?
SWIFT (Society for Worldwide Interbank Financial Telecommunications) is an international interbank system for transmitting information and making payments, ensuring high security of transactions by encrypting data.
Opening and maintaining accounts in foreign currency
JSC Octobank opens bank accounts for legal entities and individual entrepreneurs in foreign currency.
To open an account in foreign currency, you must submit the following documents to the bank:
Entity:
Application for opening an account;
A copy of the Charter (notarized);
A copy of the registration certificate;
Card of sample signatures, notarized in 2
Copies of passports of the director and chief accountant.
Individual entrepreneur:
Application for opening an account;
Patent;
Card of sample signatures, notarized in 2 copies;
Copy of the passport.
Documentary transactions (letters of credit and guarantees)
JSC "Octobank" opens documentary letters of credit under foreign trade contracts in order to minimize the risks of failure to fulfill the obligations of foreign partners to supply goods and/or perform work (services).
What is a letter of credit?
A letter of credit is an obligation of the bank that opened the letter of credit (issuing bank) on behalf of the buyer to pay the agreed amount to the seller, subject to the provision by the seller of the documents specified in the letter of credit. The bank opens a letter of credit based on the buyer's (importer's) instructions drawn up in accordance with the terms of the contract. It is important for both the importer and exporter of goods to note that letters of credit represent a transaction separate from the sales contract or other contracts on which they are based.
Advantages of settlements using documentary letters of credit:
For importers:
A documentary letter of credit helps the importer to significantly reduce the risk associated with the seller's failure to fulfill delivery obligations.
A letter of credit provides confidence that payment will be made only after the provision of documents confirming the shipment of the goods.
Having a letter of credit allows you to completely or partially avoid prepayment.
For exporters:
Guarantee of payment upon presentation of documents stipulated by the terms of the letter of credit.
Reduced production risk, primarily in relation to cases where the buyer cancels or changes an order.
Possibility of structuring the delivery schedule taking into account your interests.
The buyer cannot refuse payment for any claim to the goods.
Transactions with cash foreign currency
Replenishment of the authorized capital of legal entities in foreign currency;
Issuance of travel expenses to legal entities;
Mutual settlements under export contracts.
SWAP operations
JSC "Octobank" concludes SWAP transactions in order to maintain the solvency of export-oriented clients in foreign currency.
What is SWAP?
A SWAP is a derivative financial instrument, an agreement under which currencies are exchanged and at the same time an obligation is assumed to conduct a reverse counter-transaction at a fixed rate within a certain period.
SPOT operations
JSC "Octobank" purchases clients' free foreign currency under a SPOT transaction. Today, clients of Octobank JSC can submit POTS Agreements electronically.
What is SPOT?
SPOT is an immediate transaction for the purchase/sale of foreign currency at the expense of the national currency.
Conversion (purchase/sale) of foreign currency at trading sessions of the Uzbek Republican Currency Exchange
JSC "Octobank" participates in interbank trading sessions in the UzREX on behalf of clients for the purpose of buying or selling (converting) foreign currency. Today, clients of Octobank JSC can submit an Application for foreign currency conversion electronically.
Foreign currency transactions
1. Maintaining current accounts | ||
1.1 | Opening and maintaining an account | For free |
1.2 | Issuing an account statement | For free |
1.3 | Provision of certificates and duplicates of archival documents (account statements, confirmation of SWIFT /TELEX messages) (including VAT) | 0.5 BRV |
1.4 | Calculating interest on a credit balance | For free |
1.5 | Commission for SWIFT /TELEX message (including VAT) | 0.25 BRV |
1.6 | Reimbursement of postal and courier expenses | According to the courier service tariff |
1.7 | Search for an amount, additional requests (on behalf of the client/correspondent bank) (including VAT) | 0.25 BRV + commission for SWIFT /TELEX + foreign bank commission |
1.8 | Issuance of certificates upon client request (including VAT) | 0.50 BRV |
1.9 | Commission to cover the correspondent bank's expenses | 2 BRV |
2. Translations | ||
2.1 | Transfer of client funds outside the Republic of Uzbekistan in foreign currency: | |
2.1.1 | - with partial expense for the beneficiary (SHA) | 0.15% of the amount + "SHA" option + SWIFT /TELEX commission |
2.1.2 | - no costs to the beneficiary (OUR) | 0.15% of the amount + Option "OUR" + SWIFT /TELEX commission + foreign bank commission (if any) |
2.1.3 | Transfer of client funds outside the Republic of Uzbekistan in Russian rubles: | 0.1% of the amount |
2.1.4 | Change, return, cancellation of a transfer (not due to the Bank's fault) after it has been accepted for execution (including VAT) | 0.50 BRV + foreign bank commission |
2.2 | Transfer of client funds in foreign currency within the Republic of Uzbekistan: | |
2.2.1 | transfer of funds to other accounts of the account holder opened in other banks of the Republic of Uzbekistan | commission for SWIFT /TELEX messages |
2.2.2 | transfer of account balance in connection with the closure of an account with the Bank | 0.2% of the amount + commission for SWIFT /TELEX |
2.2.3 | transfer of funds to accounts of other organizations opened in other banks of the Republic of Uzbekistan | commission for SWIFT /TELEX messages |
2.3 | - transfer of funds in national currency to LORO accounts of foreign banks opened in authorized banks of the Republic of Uzbekistan | 0.6% of the amount + commission for SWIFT /TELEX |
2.4 | Change, return, cancellation of a transfer (not due to the Bank's fault) after it has been accepted for execution (including VAT) | 0.50 BRV |
2.5 | Crediting funds to client accounts | For free |
3. Trade finance transactions | ||
3.1 | Import letters of credit, including standby letters of credit: | |
3.1.1 | Preparation of documents for opening a letter of credit | For free |
3.1.2 | Payment under a letter of credit | For free |
3.1.3 | Opening of a letter of credit | 0.3% of the amount (per quarter or part thereof) + commission for SWIFT /TELEX + commission of the foreign bank/correspondent bank |
3.1.4 | Extension and/or increase of the letter of credit amount (including VAT) | 1.5 BRV + foreign bank/correspondent bank commission |
3.1.5 | Changes to the terms of a letter of credit (except for extension and increase in the amount of the letter of credit) (including VAT) | 1.5 BRV sum per change + foreign bank/correspondent bank commission |
3.1.6 | Reception and verification of documents (including VAT) | 1.5 BRV sum for each document (required by the terms of the letter of credit) |
3.1.7 | Cancellation of a letter of credit before expiration (including VAT) | 1.5 BRV + foreign bank/correspondent bank commission |
3.1.8 | Correspondence on documentary transactions (including VAT) | 1.0 BRV for each message + foreign bank/correspondent bank commission |
3.1.9 | Provision of documents containing discrepancies with the terms of the letter of credit (including VAT) | 1.0 BRV for each document |
3.2 | Export letters of credit: | |
3.2.1 | Crediting of export revenue | For free |
3.2.2 | Preliminary letter of credit advice (including VAT) | 1.0 BRV |
3.2.3 | Advising of a letter of credit (including VAT) | 1.8 BRV |
3.2.4 | Letter of credit confirmation (including VAT): | 0.3% of the amount (per quarter or part thereof) + commission for SWIFT /TELEX + foreign bank commission |
3.2.5 | Receipt, verification and dispatch of documents (including VAT) | 1.5 BRV for each document (required by the terms of the letter of credit) + commission for SWIFT /TELEX + courier service costs |
3.2.6 | Advising on changes to the terms of a letter of credit or its cancellation (including VAT) | 1.5 BRV + foreign bank commission |
3.2.7 | Extension or increase of the letter of credit amount: |
|
3.2.8 | Correspondence on documentary transactions (including VAT) | 1.0 BRV for each message + foreign bank commission |
4. Warranty operations | ||
4.1 | Issuance of a guarantee | by agreement |
4.2 | Change of terms of the issued warranty or cancellation | by agreement |
4.3 | Payment under the guarantee | For free |
4.4 | Advising/confirmation of warranty conditions (including VAT) | 1.50 BRV + foreign bank/correspondent bank commission |
4.5 | Advising/confirming changes to warranty conditions or cancellation of warranty conditions (including VAT) | 1 BRV + foreign bank/correspondent bank commission |
4.6 | Registration, verification, and submission of documents to receive payment under the guarantee (including VAT) | 0.25 BRV per document + SWIFT /TELEX fee + courier service costs |
4.7 | Verification of documents, authenticity of keys/signatures for guarantees (including VAT) | 0.10 BRV + foreign bank/correspondent bank commission |
5. Conversion operations | ||
5.1 | Purchasing foreign currency from a bank | At the established rate of JSC " Octobank " |
5.2 | Sale of foreign currency to a bank under a SPOT transaction | At the established rate of JSC " Octobank " |
5.3 | For transactions involving the conversion of one foreign currency into another | For free |
5.4 | Reception and processing of applications for the conversion of sums into foreign currency conducted on the domestic foreign exchange market | For free |
6. Transactions with cash currency | ||
6.1 | Acceptance of foreign currency in cash | Free for currencies: USD, EUR, GBP, CHF, JPY, CNY, |
6.2 | Issuance of foreign currency in cash | 0.5% of the amount |
The bank's commission fee, including commissions of foreign banks and correspondent banks, charged to the accounts of clients of JSC Oktobank, are charged in national currency at the exchange rate of the Central Bank of the Republic of Uzbekistan on the date of the transaction.
Advantages of Octobank
Support at a convenient time
Contact our call center from 9:00 AM to 9:00 PM, 6 days a week. We're always ready to help!
Loyalty program
Receive exclusive offers and bonuses
Payments without hidden fees
All necessary information about the service is provided in advance in full.
Safety
Our bank guarantees the security of all your accounts.
