корреспондентский счет

Correspondent account is an account opened by one credit institution, usually a bank, in another bank. The account reflects transactions made by one bank on behalf of and at the expense of another credit institution.

Opening of the correspondent account is standard practice, which allows to significantly expand the scope of activity of a credit institution and attract a large number of customers interested in making payments in foreign currency.

The rules of law applicable to correspondent account agreements are regulated by international law and national legislation of the countries in which the banks are registered.

How to open correspondent account?

Concluding the agreement on the creation of such an account, credit institutions are guided by the fundamental principles of civil, financial, banking law and customary business practices in international law.

In the Russian Federation, a bank tending to open a correspondent account in the currency of another state is guided by the provisions of Chapter 45 of the Civil Code of the Russian Federation.

Legislative bodies made attempts to assign the status of an independent contract to the correspondent account agreement. The foregoing was reflected in the Draft Federal Law No. 47538-6, which outlines the main differences and features of this type of interbank agreements.

It is provided that the parties to the agreement will be free to choose the applicable law: the rights of one of the countries, on which territory the bank is registered, or a third country, which in the event of disputes will act as an arbitrator in conflict situations.

The draft contains provisions that differ from the norms set forth in the Civil Code of the Russian Federation:

• Banks assume mutual obligations for crediting foreign currency funds of the counterparty being transferred on their accounts and fulfill orders and instructions, taking into account the existing agreements on charging fees, payments for postal services and communication services;

• Banks conduct their own transactions for crediting / debiting incoming funds on behalf of customers from the respondent bank account.

How to open correspondent account in US dollars?

Opening correspondent account in the US dollar is not particularly difficult.

Most Russian banks tend to have correspondent accounts with banks that make transactions in USD, as this ensures attracting customers, increasing cash flow and profits.

It is possible to open correspondent account in dollars by entering into an agreement with a bank that has an agreement to open a correspondent account with one of the banks that carries out transactions in the US currency.

How to open correspondent account in Euro?

Along with the US currency, the single currency of the European Union - the euro - is the second most important monetary unit in which payments are made in the territory of European Economic Area. It is possible to open correspondent account in Euro by concluding an agreement with a bank that has a correspondent account agreement with a foreign bank located in the territory of the European Union.

The majority of clients are tending to open correspondent account in Euros with German banks, as it is the country with the most stable economy.

How to open correspondent account in pounds?

Opening correspondent account in pounds (sterling) (the national currency of the UK) in the territory of the Russian Federation involves a certain complexity. This is due to the fact that even being a member of the European Union, Great Britain has never renounced the national currency - the pound sterling.

After the so-called "Brexit" referendum, which confirmed the unwillingness of the population of the United Kingdom to follow the policy of the European Union, the situation with the pound sterling became much more complicated.

In Russia, very few banks provide clients with the opportunity to open correspondent account in pounds.

The pound sterling is one of the most stable currencies, but interest on deposits, and, consequently, the income of clients of English banks are one of the lowest.

How to open correspondent account in Swiss francs?

Switzerland is a recognized leader in terms of reliability and safety of deposits.

It is enough to have a residence permit, because in this case, there is no enhanced control over the origin of funds. No personal presence of a non-resident is required to open correspondent account in Swiss francs.

He can do this by issuing power of attorney or in the branch of the Swiss bank in the territory of the Russian Federation.