Russian law enables any business entity to carry out export-import operations and conclude agreements with foreign counterparties. Since money transactions with foreign firms are prohibited in Russian rubles, it becomes necessary to create a bank account in the appropriate currency.
Currency account - what is it?
Foreign currency intended for further circulation is placed on a special account with a bank, which is called currency. Any operations with it, like the opening itself, are strictly regulated by the Regulations of the Central Bank of the Russian Federation and the legislation of the country. The ban on foreign exchange transactions stems from the absence of a corresponding license issued by the Central Bank.
What is a currency account for?
An entity that has opened a foreign currency account with a bank has two main types of operations carried out in foreign currency: current transactions and operations related to the movement of capital.
The current financial activities include the following:
- financial charges for export or import of goods;
- loan processing for a period not exceeding 6 months;
- accrual of income from used capital - interest, dividends and other;
- any other monetary accruals: pension, salary, fees.
Transactions in foreign currency accounts associated with the movement of capital:
- investments in securities or authorized capital of foreign companies;
- acquisition of real estate in other countries, provided that this operation is permitted by law;
- registration of a loan product for a period exceeding six months;
- deferred payments on transactions related to export and import;
- any other currency actions.
Currency in a foreign currency account that is not used for a certain time is taxed with interest calculated by the bank. Such payments represent a financial reward to customers for the fact that their cash is in circulation.
Legal entity opening a foreign currency account
A foreign currency bank account is opened according to certain rules. First of all, it is necessary to collect a package of documents. Requirements for securities may vary depending on the selected bank, so you need to contact the managers of the credit organization in advance to obtain the necessary information.
Basically, in order to open a foreign currency account, the following documents are required:
- Standardized statement.
- Agreement on opening a bank currency account.
- Certificate of state registration.
- Constituent documents in case the currency account is opened by the organization.
- Certificate of registration with the Federal Tax Service.
- Extract from the state register.
- A card on which samples of signatures and stamps of those representatives of firms that will have access to account management are presented.
- Original documents of authorized persons.
The list of documents is reduced many times if the entrepreneur opens a foreign currency account in a banking institution where he is already served and has a current ruble account. In such a situation, managers of a credit organization require only the conclusion of an agreement and execution of an application for opening the right account.
According to the current legislation of the Russian Federation, a client who has passed a banking audit and has opened a current foreign currency account is required to inform the tax service about this within a week.Failure to comply with this paragraph is punishable by fines of 5 thousand rubles.
Varieties of currency accounts
A transit foreign currency account is opened by banks for the purpose of accounting in foreign currency accounts. The client, in fact, simultaneously receives two bills at once:
- Transit. All foreign exchange earnings are initially credited to him. Funds are stored on it until the client provides the documents necessary for passing control.
- Current foreign currency account. After all the necessary documents are confirmed, money is credited to it. The currency on such an account can be used by the client at his discretion: he can simply store money or transfer it to foreign agents. In addition, it is possible to transfer money into rubles according to the current exchange rate adopted by the bank.
If necessary, residents can open a special transit account. It is created for the purpose of accounting for purchases made by the client, and for the sale of currency in domestic financial markets.
How is currency control carried out?
Foreign currency accounts opened with banks are subject to mandatory currency control. The client will receive a notification from the banking organization after the funds have been credited to the transit account. The bank must receive documents within the next 15 days from the moment of calculating the funds in order to confirm the transaction. Such documents include a transaction passport, a contract or a certificate of currency transactions, especially if the amount received on the account exceeds 50 thousand US dollars. In addition to the passport, other documents are also provided - invoices, acts, documents for import / export of goods or any other supporting papers.
Today, many banks draw up some documents and certificates instead of the client, making the service more comfortable and faster. You can use such a service only if the necessary changes are made to the contract and a full package of documents is provided.
The bank may require written confirmation from the company even if funds are transferred to the supplier’s account.
Documents for currency control
The tax service, like a credit institution, most often requests the following documents for currency control:
- ID document.
- Certificate of registration of a legal entity or entrepreneur.
- Certificate of tax registration.
- Passport of the perfect deal.
- Customs declaration.
- Signed contract.
- Bank statements confirming financial transactions.
- A document confirming that the client has an open bank account abroad.
Foreign currency accounts of individuals
Individuals can open foreign currency accounts intended for foreign exchange transactions in favor of private individuals: accrual of fees, alimony, wages, inheritance and other income. Current legislation allows you to open a similar account for both a foreigner and a resident of the Russian Federation.
How to open a foreign currency account for an individual?
To open a foreign currency account, an individual must provide the bank with a package of documents (military ID, passport of a citizen of the Russian Federation, passport) and sign an agreement on the provision of services, opening and maintaining an account. To open such an account, a certain amount must be paid. In foreign currency, of course.
An individual can open any currency account. Which account will be opened depends on the desires of the bank's client and the currency with which the banking organization works. Entrepreneurs open them mainly in euros and dollars. Both currencies are considered universal and more often than others are used in international transactions.
If an individual or legal entity is already a client of the bank, no fee will be charged for opening a foreign currency account. If the first appeal to the bank for the counterparty, then the conclusion of the contract will cost 1000 rubles on average. Internet banking and subsequent account maintenance services are provided by most banks at no cost.
Varieties of accounts for individuals
For individuals - residents of the Russian Federation, the following types of currency accounts are available for opening:
- Current. It stores all the money of the resident. An individual can use them for any purpose, with the exception of those that are prohibited by law. This account can be of two types: from the first one you can freely transfer money to other countries, and the second bank imposes some restrictions.
- Deposit. It stores personal savings in foreign currency in the form of savings deposits. Among the deposit accounts include bills, certificates and any other securities. As practice shows, they are the most popular among the population, because they allow you to invest money.
Currency risks
Opening and further use of foreign currency accounts is always accompanied by certain risks. The most important are changes in interest rates and currency fluctuations. Almost all participants in foreign exchange transactions are affected by such risks.
Currency risks threaten not only individuals and legal entities that have opened accounts, but also the bank itself. In the latter case, the credit institution is at risk due to fluctuations in the value of income from foreign exchange transactions conducted by customers. In order to protect themselves from probable risks, banking institutions often carry out additional write-offs of funds after transactions. In the ranks of financiers, such manipulations are called revaluation of the foreign currency account.
Score 52
In accounting, account 52 “Currency accounts” is used to designate currency accounts and control the movement of funds to them. Such documents are mainly used to repay loans and conduct operations with foreign counterparties. Cash is only cashed if it is planned to pay for travel abroad. Foreign currency accounts can also be used to conduct transactions with residents of other states.
The financial statements record all operations carried out in a foreign currency account.