Currency Exchange

Due to continual execution of currency exchange transactions and wide partner network, we can exchange virtually any amount at favourable rate.

We offer transactions of the following types:

  • TOD — currency exchange transaction the value date of which is the current day.
  • TOM — currency exchange transaction the value date of which is the following bank day after the date of concluding the transaction.
  • SPOT — currency exchange transaction the value date of which is in two bank days after the date of concluding the transaction.

We offer several ways of currency exchange.

  • Exchange at the bank’s general rate
    • currency exchange order is submitted via Internetbank, by fax, or personally at the bank’s office (exchange is performed automatically).
  • Exchange applying the rate agreed upon with the bank’s dealer (over the phone)
    • for amounts above EUR 10 000 or equivalent amounts in other currency;
    • you should submit currency exchange order to the bank within the bank day;
    • currency exchange order is submitted via Internetbank, by fax, or personally at the bank’s office;
    • the transaction is deemed concluded over the phone, and given oral consent to the transaction conditions it cannot be cancelled.
  • Online exchange over the phone
    • for amounts above EUR 10 000 or equivalent amounts in other currency;
    • exchange is performed applying the rate agreed upon with the dealer;
    • customer is identified based on the current account password;
    • when calling, current account balance should be sufficient for executing the transaction;
    • no additional currency exchange order should be submitted.
  • Procedure of Concluding Transaction

    1. identification of customer (when concluding transaction over the phone, the last 6 digits of IBAN and the company name should be provided);
    2. the transaction is deemed concluded when the following is agreed upon with the dealer: currency pair, transaction amount, transaction type (buy/sell transaction), value date (date of performing the exchange) and exchange rate.
    3. The agreed currency exchange rate shall be stated in the forex order, otherwise the transaction shall be executed at the general rate of the Bank.

    All telephone conversations are recorded and in case of necessity can be used as a proof of the transaction details agreed upon.

    Sample transaction concluded over the phone:
    Dealer: Hello.
    Customer: Hi, my customer code is 123456 (last 6 digits of IBAN), Trade Ltd. I would like to buy USD 100 000 for Russian roubles today. What would be the exchange rate?
    Dealer: Currently, I can offer you the exchange rate of 67.10.
    Customer: Ok, agreed. I confirm the transaction!
    Dealer: Thank you, good-bye!
    Customer: Thank you. Bye!

    Sample online exchange over the phone:
    Dealer: Hello.
    Customer: Hi, my customer code is 123456 (last 6 digits of IBAN), Trade Ltd. I would like to buy USD 100 000 for Russian roubles today, performing online exchange over the phone.
    Dealer: Tell me your current account password, please.
    Customer: ABCDEF
    Dealer:
    (checks the password and the amount of balance in the customer’s current account) Currently, I can offer you the exchange rate of 67.10.
    Customer: Ok, agreed. I confirm the transaction!
    Dealer: Thank you! (performs the exchange in the customer’s current account.) As a result of the transaction, your current account is debited with 6 710 000 Russian roubles and credited with USD 100 000. There is no need to submit the currency exchange order.
    Customer: Thank you. Bye!
    Dealer: Thank you, good-bye!

  • Limit Order

    Limit Order is an order for currency purchase and sale, where the rate reaches the level specified by you, taking into account the bank’s charges. The maximum order validity period is 3 months. The minimum transaction amount is EUR 100 000 or equivalent amount in another currency.

    To perform a Limit Order transaction, you should contact the dealer to agree upon the transaction conditions. You need to submit a written currency exchange order to the bank on the same day.

    When submitting the order, words “Limit Order” and the order validity period (until cancellation, execution or a particular date) should be stated in the “Notes” section.

    Limit order can be cancelled prior to execution only after agreement with the dealer. Your current account balance should be sufficient for performing the transaction at the moment of the transaction execution.

    If you do not fulfil your obligations under the transaction, the transaction shall be deemed terminated, and you will have to reimburse the bank for all expenses that might be incurred by the bank due to this reason. The bank’s expenses will be debited from your current account without acceptance.

  • Forward Transactions

    Forward transaction is a currency exchange transaction executed on a definite future date, but not earlier than on the third bank day after concluding the transaction, applying the rate determined at the moment of concluding the transaction. The transaction maximum validity period is 6 months, and the minimum amount required for concluding such transaction is EUR 100 000.

    We conclude Forward transactions in the following currencies: EUR, USD, GBP, RUB, JPY, CHF, AUD, or CAD. One side of the transaction should be USD or EUR.

    The procedure of concluding Forward transaction is the same as that of currency exchange transaction.

    All Forward transactions are combined in one portfolio, to which multicurrency Forward transaction collateral account is linked. The amount of funds held in this account and the results of revaluation of all concluded Forward transactions are used as single collateral of all Forward transactions in the portfolio.

    Collateral required for Forward transactions

    • 5% — minimum collateral level for concluding a Forward transaction. The calculation is made on the basis of all concluded Forward transactions revalued at market rate.
    • 2% — the amount of collateral for Forward transactions upon reaching which the bank is entitled to request increase of the collateral amount.
    • 1% — the amount of collateral for Forward transactions upon reaching which the bank is entitled to unilaterally initiate the process of closing the customer’s Forward transactions.

    The information about concluded Forward transactions – confirmations of the concluded transactions, market value of the transactions, current and required amount of collateral, and portfolio report – is available in the Internetbank. The revaluation of the transaction portfolio is performed in the currency chosen by the customer.

    Forward transactions can be concluded for the sake of reducing the risks of commercial activities only. Moreover, to conclude Forward transactions, the customer should have LEI number (only for legal entities–residents of the EU) and should comply with other requirements of EMIR.
  • Currency Rates

  • Additional Information for Customers

    Use your Internetbank ID and password to access customer information.

  • Overdraft instead of conversion

    Our commercial client pays to his suppliers in euros and sells goods for U.S. dollars.
    • Once, when it was time to pay to the supplier and our client had dollars on his account, he saw that the dollar against the euro was growing, so he decided that it was not profitable to buy euros at the moment, and it would be better to do it later.

      The client called us for advice. His private banker offered him to take an overdraft in euro secured by dollars the client had on his current account.

    • Thus the client would be able to pay in euro for the delivery immediately, and to convert later when paying off the overdraft.

      The client was correct in his forecast of currency rate change, and ultimately the cost of the overdraft was significantly lower than the rates difference that provided the client with an extra profit from the transaction.

    Sergei Deinekin

    Head of Private Banking Department West