Servicing of Foreign Trade Transactions
PJSC “Trustbank” performs transactions on behalf of customers and correspondent banks in all major currencies.
The application of the most recent banking technologies combined with efficient maintenance of correspondent accounts enables our customers to make payments to their counterparts located in any country of the world in the shortest possible time. PJSC “Trustbank” is constantly improving the system of international settlements and correspondent bank networks. Our objectives in this field are determined by the financial and economic interest of the bank, trends of development of trade and financial cooperation of the Republic of Belarus with the CIS and far-abroad countries, as well as by the interaction of PJSC “Trustbank” with banks and companies of such countries.
PJSC “Trustbank” performs the following transactions and provides the following services:
- Interbank money transfers in foreign currency on behalf of customers and correspondent banks
- bank guarantees
- Documentary credit
- Documentary remittance
Interbank Money Transfers
Such most recent banking technologies as SWIFT-system combined with efficient maintenance of NOSTRO correspondent accounts in the leading banks of the world enable our customers to make payments to their counterparts located in any country of the world in the shortest possible time. Payments in foreign currency are performed on the day of receipt of the customer’s payment order. A tailored approach is applied to each customer for the preparation of a message and the development of an appropriate payment schedule in order to minimize the expenses.
Bank guarantee enables payments against a written demand and other eventual documents specified in the guarantee in accordance with an agreement/ a contract. Bank guarantee is a written liability of the bank to pay a certain amount to the creditor in accordance with the terms specified in the guarantee. Guarantees and sureties are issued against a certain security provided (pledge of property).
A documentary letter of credit means a liability of the bank to pay a certain amount against the documents specified in such letter of credit to the supplier (beneficiary). Thus many risks arising from foreign trade activities are insured. This trade insurance tool is appropriate for short-term financing. It is regulated by the Unified Documentary Credit Rules and Regulations.
Documentary remittance implies the payment effected by the purchaser's bank against the documents received from the supplier's bank including the payment order and related commercial documents (invoices, shipment documents, documents of title).
Foreign trade transactions are regulated by Edict № 178 of the President of the Republic of Belarus of 27.03.2008 On Foreign Trade Transactions and Controls effective from 02.10.2008. The Edict was subsequently amended by Edict № 104 of the President of the Republic of Belarus of 19.02.2009.
The main new idea of this Edict is that banks may act as currency control agents performing registration of transactions. In accordance with Edict № 104 the registration of transactions is performed upon an application. The applicant is responsible for the compliance of the transactions performed with the applicable legal regulations. Banks acting as currency control agents are responsible for foreign trade transactions related to pay out and pay in operations performed in accordance with foreign trade contracts without the application of registration procedures in compliance with Paragraphs 1.11 of Item 1 of Edict № 178. Only the amount of transactions subject to registration shall be controlled by banks.
Banks acting as currency control agents verify the legitimacy of settlements between counterparts of foreign trade transactions — residents and non-residents — in foreign currency and in Belarusian rubles and check documents submitted by counterparts to perform currency transactions.
Directorate of International Transactions and Correspondent Relations, phone (017) 250 43 95