Exchange Accounts Use
The use of Exchange accounts for payments under the contracts is high guarantee of obligation fulfillment. It secures exchange trade participants from non-fulfillment of contractual obligations by the counterparts.
The customer can be sure that the Exchange will transfer money to the seller after the commodity delivery is confirmed (by order of the customer). What's more, the seller is secured from the customer's non-payment. Depositing money at the account can be considered as a prepayment, confirmation of financial competence, reliability of the counterpart and guarantee of the contract fulfillment.
The use of Exchange's accounts is not the collateralization method of fulfillment of obligations
for exchange transactions.
Exchange deposit, as well as money for exchange contracts can be transferred to the Exchange accounts. The exchange contracts include export and import operations, and money for it is transferred to the accounts of importers and exporters. Therefore, it is reasonable to provide requisites of the correspondent Exchange account during the conclusion of the Exchange Transaction Contract. It is also expedient to register additional agreement for the payment change under the exchange contract and pay using the accounts of the Exchange.
Exchange accounts using for these operations are specified in the section «Bank Details».
Please note that in case of work with exchange deposit payments under exchange contracts must be made with the use of Exchange accounts only in the following cases:
- in case the exchange deposit is provided by the seller and the exchange contract requires the prepayment,
- in case the exchange deposit is provided by the customer and under the exchange contract commodity is delivered before the payment.