Terms and Conditions for Correspondent Banks

JOINT STOCK COMPANY “SAVINGS BANK “BELARUSBANK”
Minsk

APPROVED

Board Meeting Minutes
of Belarusbank

dd 05.04.2018 No. 41.2

COLLECTION

of Fees Charged for Operations Performed by Belarusbank

(with amendments and additions made on 26.02.2019 and coming into force on 15.03.2019)

5. OPERATIONS PERFORMED BY CORRESPONDENT BANKS

Services are paid for by the correspondent bank itself, or the amount is written off (debited) from correspondent bank's account by Belarusbank without its instruction (additional instructions).

If it is impossible to collect a fee, a payment order is returned to the correspondent bank unexecuted. Fees specified in p. 5.1 of this Collection of Fees are charged at the established rate except as otherwise provided for in the correspondent account agreement.

The bank pays interest at rates specified by the bank's Financial Committee for storage of funds in correspondent and other accounts with correspondent banks (excluding deposit accounts).

Interest is accrued to actual daily balances of accounts. When interest is accrued and calculated, the number of days in a year is assumed to conventionally comprise 360, and the number of days in a month is assumed to comprise 30. Interest is paid monthly on the last working day of a month.

Fees for services provided under documentary operations are paid by the correspondent bank after billing. To calculate a fee expressed as percent per annum the number of days in a year is assumed to comprise exactly 365 (366 in a leap year), the number of days in a month is assumed to be equivalent to the actual number of days.

Services of third-party banks and expenses related to sending documents by courier are paid additionally upon payment by the bank (excluding services according to p.5.1.4 of this Collection of Fees), unless otherwise provided in the correspondent account agreement. Fees for sending documents by courier within documentary operations (paragraph 5.2 of this Collection of Fees) are charged additionally upon provision of service (sending of documents).

Fees under p. 5.2-5.3 of this Collection of Fees are billed and paid by a correspondent bank for all documentary operations that provide for payment of a fee at the expense of correspondent bank's customer.

If a correspondent bank has Belarusbank's Customer-Bank system installed, a fee for provision of services within this system is charged according to p. 4.5 of this Collection of Fees (unless otherwise provided in the agreement on use of electronic documents for providing services via the Customer-Bank system).

Fee for performing customer credit transfer is charged from the following accounts, if the following information is indicated in the Costs of Transfer field:

from correspondent bank's account/for the account of a correspondent bank – OUR (remuneration for payer's account);

from the amount of transfer – BEN (remuneration for beneficiary's account), SHA (for sender's account, expenses of other banks for beneficiary's account) or in the absence of this field.

5.1. TRANSACTIONS ON CORRESPONDENT ACCOUNTS

No.

Transaction name

Fee amount

5.1.1.

Loro accounts:

 

5.1.1.1.

opening a Loro account:

 

 

- in Belarusian rubles

BYN 53.00

 

- in foreign currency

USD 25

5.1.1.2.

closing a Loro account at correspondent bank's initiative:

 

 

- in Belarusian rubles

BYN 213.00

 

- in foreign currency

USD 100

5.1.1.3.

maintenance of a Loro account (charged monthly for each account):[1]

 

 

- in Belarusian rubles

BYN 30.00

 

- in US dollars and other currencies (excluding accounts in Euro, Belarusian rubles, Russian rubles, yens)

USD 15

 

- in Euro

EUR 15 (monthly) + 0.55% p.a. (on the assumption that there are 365/366 days in a year) of the balance of funds as of the end of every banking day exceeding EUR 100,000[2]

 

- in Russian rubles

RUB 900

 

- in yens

USD 15 (monthly) + 0.7% p.a. (on the assumption that there are 365/366 days in a year) of the balance of the correspondent account as of the end of every banking day2

5.1.1.4.

submission of credit messages (letters of advice) for a Loro account:[3]

for one message

 

- in US dollars, Belarusian rubles and other currencies (excluding messages in Euro and Russian rubles)

USD 0.80

 

- in Euro

EUR 0.65

 

- in Russian rubles

RUB 45**

5.1.2.

Submitting a copy of a statement and a letter of advice (credit, debit), intermediate extract and debit letter of advice

USD 7

5.1.3.

Subparagraph excluded

5.1.4.

Bank transfers in Belarusian rubles [4]

 

5.1.4.1.

Customer and interbank transfers (payment orders of the МТ1ХХ, МТ2ХХ formats)

BYN 1.90

5.1.4.2.

Amending payment instructions or canceling payment orders[5]

BYN 35.00

5.1.5.

Bank transfers in foreign currency

 

5.1.5.1.

Customer transfers (payment orders of the MT1XX format):

 

5.1.5.1.1.

to credit funds to accounts of customers and institutions of Belarusbank:

 

 

- in US dollars, Euro, pounds, Swiss francs, Canadian dollars

1 unit of currency

 

- in tenge

KZT 400

 

- in other currencies

70 units of currency

5.1.5.1.2.

to credit funds to accounts of correspondent banks with Belarusbank:

 

 

- in US dollars, Euro, pounds, Swiss francs, Canadian dollars

3 units of currency

 

- in tenge

KZT 4000

 

- in other currencies

205 units of currency

5.1.5.1.3.

to credit funds to accounts with other banks:

 

 

- in US dollars, Euro, pounds, Swiss francs, Canadian dollars

20 units of currency

 

- in Russian rubles

RUB 800

 

- in tenge

KZT 4000

 

- in other currencies

200 units of currency

5.1.5.2.

Interbank transfers (payment orders of the MT2XX format):

 

5.1.5.2.1.

to credit funds to accounts of correspondent banks with Belarusbank:

 

 

- in US dollars, Euro, pounds, Swiss francs, Canadian dollars

4 units of currency

 

- in Russian rubles

RUB 230

 

- in tenge

KZT 1200

 

- in other currencies

100 units of currency

5.1.5.2.2.

to credit funds to accounts with other banks:

 

 

- in US dollars, Euro, pounds, Swiss francs, Canadian dollars

9 units of currency

 

- in Russian rubles

RUB 600

 

- in tenge

KZT 3000

 

- in other currencies

100 units of currency

 

5.1.5.3.

Amending payment instructions:

 

5.1.5.3.1.

amending a payment instruction executed from a Loro account of a correspondent bank [6]

USD 20

5.1.5.3.2.

amending and supplementing a payment order credited via bank's Nostro correspondent account [7], [8]

USD 20

5.1.5.4.

Cancellation (return) of a payment order: [9]

 

5.1.5.4.1.

executed via a Loro account of a correspondent bank 6

USD 20

5.1.5.4.2.

credited via bank's Nostro correspondent account: 7, [10]

 

 

- under payment orders from USD 10.01 to USD 100 inclusive in equivalent

USD 5

 

- under payment orders from USD 100.01 to USD 1000 inclusive in equivalent

USD 20

 

- under payment orders above USD 1000 in equivalent

USD 40

5.1.5.5.

Execution of a request from a correspondent bank (informing of the date when beneficiary's account was credited)8, 9

USD 20

[1] Remuneration includes submission of statements of Loro accounts. Remuneration for maintaining a Loro account is to be paid on a basis of advance payment for the reporting month, including in case of zero balance and (or) in the absence of account movement:

at account opening – on the day of account opening for the current month;

in the course of maintaining a current account – on the first day of the current month for the current month.

If there are no funds on an account or if account balance is insufficient, the fee for maintaining a Loro correspondent account will be withheld not later than the business day following the day when funds are transferred to such account.

[2] Payment amount is calculated for every calendar day based on the rate and balance of a correspondent account at the end of an operation day with allowance for funds received for crediting to a correspondent account after the time specified in the correspondent account agreement and credited to such account on the following banking day (with value date being the previous banking day), the fee is charged monthly on the first business day of the month following the reporting month.

[3] The fee is charged for messages received via Nostro accounts of Belarusbank in favor of the correspondent bank once a month on the last business day. The amount is calculated based on the number of transmitted credit messages (letters of advice).

If there are no funds on an account or if account balance is insufficient, the fee for credit messages (letters of advice) will be withheld not later than the business day following the day when funds are transferred to such account. A fee can be withheld in a currency other than transaction currency at the rate of the National Bank of the Republic of Belarus as of the day of payment of such fee.

[4] If a transfer is performed via Telex channels at the request of the correspondent bank, additional USD 15 will be charged.

[5] The specified fee is also charged to resident banks that use Loro accounts of non-resident banks with Belarusbank to perform settlements. Fees of third banks are charged additionally upon their presentation.

A fee is charged when by the time amendments are received or payment order is canceled the bank has fulfilled the initial payment order.

[6] A fee is charged when by the time amendments are received or payment order is canceled the bank has fulfilled the initial payment order.

[7]  Not applied to resident banks with Nostro correspondent accounts in the name of Belarusbank.

[8]  Belarusbank sends a request for compensation of a fee to the correspondent bank with witch a Nostro account is opened.

[9]  When a fee is calculated, execution of a request submitted due to bank's mistake made in the course of transfer is not considered.

[10]  A fee is charged from the payment amount when a transfer is returned. A fee is levied both when a request for cancellation (return) of a payment order is received from a correspondent bank, and when a customer refuses to remit funds, or after expiration of fund retention period on accounts 6302, 3819.

A fee is not applied in case of cancellation (repayment) of pensions, alimonies, benefits and other social payments, if this purpose of payment is stated in the payment order.

5.2. DOCUMENTARY OPERATIONS

No.

Transaction name

Fee amount

5.2.1.

Documentary collection:[1]

 

5.2.1.1.

documents and promissory notes:

0.2% of the amount,
min. USD 30,
max. USD 250

- with issuance against acceptance or payment (review and sending by export, issuance by import)

- execution of a collection order

- with transfer without payment and return of unpaid documents

5.2.1.2.

modification of terms of a collection order or its revocation

USD 40

5.2.2.

Documentary letters of credit1

 

5.2.2.1.

Import letters of credit

 

5.2.2.1.1.

Issuance of a letter of credit:[2]

 

5.2.2.1.1.1.

covered

0.15% of the amount,
min. USD 50

5.2.2.1.1.2.

uncovered

2% p.a. of the amount,
min. USD 100

5.2.2.1.2.

Payment under a letter of credit, acceptance and review of documents:

 

5.2.2.1.2.1.

the bank is a nominated bank; after receiving documents from a nominated bank without examination or if discrepancies aren't listed

0.15% of the amount,
min. USD 50, max. USD 500

5.2.2.1.2.2.

if the bank is not a nominated bank

0.02% of the amount,
max. USD 50

5.2.2.1.3.

Acceptance of discrepant documents

USD 50 for each document package

5.2.2.1.4.

Amendments to a letter of credit:

 

5.2.2.1.4.1.

unrelated to prolongation of term and increase in amount[3]

USD 50 for each amendment

5.2.2.1.4.2.

prolongation of term:[4]

 

5.2.2.1.4.2.1.

covered

0.1% of the amount for each additional quarter or its part,
min. USD 50 for each additional quarter or its part

5.2.2.1.4.2.2.

uncovered

2 % p.a. of the amount

5.2.2.1.4.2.3.

with a red clause, unpaid balance for which is equal to zero

USD 50

5.2.2.1.4.3.

increase in amount:

 

5.2.2.1.4.3.1.

covered

0.1% of the amount of increase,
min. USD 30

5.2.2.1.4.3.2.

uncovered

2% p.a. of the amount of increase,
min. USD 50

5.2.2.2.

Export letters of credit

 

5.2.2.2.1

Preliminary advising of a letter of credit; advising of a letter of credit to a bank customer

0.1% of the amount,
min. USD 50,
max. USD 200

5.2.2.2.2.

advising of a letter of credit to a resident/non-resident bank

0.1% of the amount,
min. USD 50, max. USD 300

5.2.2.2.3.

Advising of amendments

USD 40

5.2.2.2.4.

Authentication of a letter of credit/amendments to a letter of credit

USD 80

5.2.2.2.5.

Acceptance of a letter of credit by the bank:

 

5.2.2.2.5.1.

with a coverage/against security of the European Bank for Reconstruction and Development (or other international financial organizations)

0.2% of the amount,
min. USD 50

5.2.2.2.5.2.

uncovered

3.5% p.a. of the amount

5.2.2.2.6.

Acceptance, review and sending of documents under letters of credit from other banks, branches of banks (at customer's request):

 

5.2.2.2.6.1.

not more than 2 banking days

0.2% of the amount,
min. USD 50,
max. USD 1500 for each document package

5.2.2.2.6.2.

within 5 banking days

0.15% of the amount,
min. USD 50,
max. USD 1000 for each document package

5.2.2.2.7.

Acceptance, review and sending of documents under letters of credit from other banks, branches of banks, where the bank is a nominated bank

0.2% of the amount,
min. USD 50,
max. USD 1500 for each document package

5.2.2.2.8.

Acceptance, sending of documents without review under letters of credit from another bank, branch of a bank

USD 50 for each document package

5.2.2.2.9.

Issue of a repayment (reimbursement) requirement

USD 30

5.2.2.2.10.

Issue of a reimbursement undertaking:

 

5.2.2.2.10.1.

with a coverage/against security of the European Bank for Reconstruction and Development (or other international financial organizations)

0.2% of the amount,
min. USD 50

5.2.2.2.10.2.

uncovered

3.5 % p.a. of the amount

5.2.2.3.

Cancellation of a letter of credit prior to maturity

USD 40

5.2.2.4.

Transfer of a letter of credit

0.2% of the amount,
min. USD 90

5.2.2.5.

Examination of documents replaced or additionally submitted in order to reconcile discrepancies detected upon primary examination

USD 35 for each document package

5.2.2.6.

Issuance of a standby counter-commitment

2 % p.a. of the amount

5.2.3.

Bank guarantees, counter-guarantees and suretyships issued by the bank by order of correspondent banks1

 

5.2.3.1.

Transactions with bank guarantees, counter-guarantees and suretyships issued by the bank by order of correspondent banks

 

5.2.3.1.1.

Issuance of a bank guarantee/counter-guarantee:

 

 

- covered

0.2% of the amount,
min. USD 100 for each quarter or its part

 

- uncovered

3.5% p.a. of the amount

5.2.3.1.2.

Amendment of a guarantee/counter-guarantee:

 

5.2.3.1.2.1.

unrelated to prolongation of term and increase in amount

USD 50 for each amendment

5.2.3.1.2.2.

prolongation of term:

 

 

- covered

0.2% of the amount for each additional quarter or its part,
min. USD 50 for each additional quarter or its part

 

- uncovered

3.5% p.a. of the amount

5.2.3.1.2.3.

increase in amount:

 

 

- covered

0.2% of the amount of increase,
min. USD 100

 

- uncovered

3.5% p.a. of the amount of increase

5.2.3.1.3.

Acceptance, review of a request and documents under a guarantee

0.2% of the amount of request,
min. USD 50,
max. USD 500

5.2.3.1.4.

Payment under a guarantee/counter-guarantee

0.2% of the amount of request,
min. USD 50,
max. USD 500

5.2.3.1.5.

Cancellation of a guarantee/counter-guarantee prior to maturity

USD 50

5.2.3.1.6.

Transactions under received bank guarantees

 

5.2.3.1.6.1.

Preliminary advising of a guarantee; advising and transfer of a guarantee without obligations on behalf of Belarusbank

0.15% of the amount,
min. USD 40, max. USD 200

5.2.3.1.6.2.

Advising of amendments to a guarantee without obligations on behalf of Belarusbank

USD 50

5.2.3.1.6.3.

Authentication of a guarantee/amendments to a guarantee issued by another bank

USD 80

5.2.3.1.6.4.

Acceptance, review of a request for payment and documents under a guarantee issued by another bank (at customer's request):

0.2% of the amount of request,
min. USD 50,
max. USD 500

5.2.3.1.6.5.

Forwarding a request for payment under a guarantee issued by another bank

USD 100

5.2.4.

Forwarding a message to a correspondent bank at customer's request (under a letter of credit/guarantee/counter-guarantee/collection)1

USD 20 for each Swift-message

[1]  If a letter of credit is issued with a tolerance (permissible variation) with regard to the amount of a letter of credit, a fee is collected from the amount of such letter of credit with a plus tolerance. If a letter of credit is issued for an "approximate" amount, a fee is collected from the amount increased by 10%.

If a letter of credit is canceled, a paid fee is not refundable.

If a fee under an import letter of credit is to be paid by the beneficiary, and the latter hasn't paid such fee as of the moment of execution/expiration without execution of the letter of credit, a fee calculated according to p. 4.4 of this Collection of Fees is charged on the applicant.

A fee for services specified in p. 5.2.1, 5.2.2, 5.2.3 and 5.2.4 of this Collection of Fees can be charged on the correspondent bank in a currency other than payment currency at the cross-rate of the National Bank of the Republic of Belarus as of the day when the fee was charged, and is paid by the correspondent bank in the currency of submission not later than the the day when payment under the letter of credit/guarantee/collection was made and expiration date of the letter of credit/guarantee.

[2]  When an uncovered letter of credit is issued, the fee is calculated from the amount of a letter of credit for actual amount of days from the day when such letter of credit was issued up to its maturity.

When a letter of credit is issued with a partial coverage granted by the applicant at the moment when such letter of credit is issued, the fee for issuing a letter of credit is calculated as follows:

to calculate a fee for the paid share of a letter of credit, a fee specified in p. 5.2.2.1.1.1 of this Collection of Fees is applied;

to calculate a fee for the unpaid share of a letter of credit, a fee specified in p. 5.2.2.1.1.2 of this Collection of Fees is applied.

[3]  A fee is collected for every amendment of any field in the text of the letter of credit irrespective of the number of amendments to be made to this field.

[4]  A fee is calculated from the amount of unpaid balance as of the moment when an amendment is made. If any amendments are made to an uncovered letter of credit, a fee is calculated according to p. 5.2.2.1.4.2.2 of this Collection of Fees without regard to partial coverage submitted by the applicant during validity of the letter of credit.

5.3. OTHER SERVICES

No.

Transaction name

Fee amount

5.3.1.

Submission of information for an audit company (at a request of the bank/non-bank financial institution/audit company)

USD 85 (with VAT)

5.3.2.

Authentication of telegraph keys (verification of test validity) with a third bank

USD 30

5.3.3.

Transmission of a message regarding documentary operations via the SWIFT system by order of resident banks, non-resident banks

USD 60 (with VAT)

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