How to receive a currency transfer from abroad in the face of new economic sanctions

Fewer and fewer tools are left to receive payment for their services for those who work with foreign customers from the Russian Federation. As a result of the imposed sanctions and the disconnection of some banks from SWIFT, problems arise in receiving foreign exchange transfers. In addition, foreign banks refuse their clients to make transfers to residents of the Russian Federation. Also, there was an obligation to sell at least 80% of the foreign exchange earnings received on the account.

In turn, the banks of the Russian Federation, when converting, use a spread (difference) of up to 30% when buying / selling currency: all participants in foreign economic activity, that is, legal entities, individual entrepreneurs, self-employed and individuals, are obliged to sell foreign exchange earnings. The exception is physical persons working under an employment contract.

The main risk that arises in the current situation is that for foreign customers, working directly with Russian contractors becomes toxic. What opportunities for receiving money from abroad exist today?

  • Bank transfer. Send the payment details to your customer and ask them to make sure their bank will send the payment beforehand. Follow the same procedure at your bank, specify the possibility of receiving a payment from the specified jurisdiction to make sure that there are no restrictions. Make sure your bank is not disconnected from SWIFT. After receiving the payment, you will have to exchange control. The rules are different and depend on the amount transferred, check the information with your bank.
  • Payment via Wise. If your customer has an account in the Wise payment system, then you can convert currency into rubles within the system and receive funds to a ruble account, which will save you from the need for currency control. It is possible that at the moment a resident of the Russian Federation will not be able to open a new account in Wise, and freeze current accounts. Systems such as Western Union, KoronaPay and the like transfer funds from an individual to an individual; it will not work to send money from a legal entity to an individual.
  • Easystaff and the like. In this case, a foreign customer (company) works with a European legal entity under a b2b contract and transfers funds first to Easystaff, and only then you withdraw funds to your ruble card. At the moment, perhaps, the only opportunity to receive a currency transfer from a foreign company to an individual in the Russian Federation. You can withdraw to the MIR.