BANK SICH operates as the authorized bank when books foreign exchange transactions incompliance of the NBU’s limitations.
As provided by the provision on protection and determination of a procedure of certain transactions in foreign currencies approved by the Resolution No 5 of the Board dated January 02, 2019, a resident legal entity/individual entrepreneur may transfer funds in foreign currencies from Ukraine in order to:
- place money on their account beyond Ukraine;
- invest abroad;
- grant a loan to a non-resident (reimbursable financial assistance) in a foreign currency;
- undertake some types of economic activity.
A legal entity/individual entrepreneur may transfer foreign currency abroad for the above purposes within one calendar year in the total amount up to EUR 2,000,000.00, included (equivalent in other currency/UAH at the NBU rate at the date of transaction). The above transactions are performed within the determined limits (hereinafter – Е-limits) in the authorized bank through the Authorized Information System “E-limits”.
Е-limits apply to currency transactions of individuals, provided that such transactions are performed by individuals for their own purposes and are not related to their business.
Transactions of remittance of foreign currency abroad, within the E-limits, are available for the Customers-legal entities/ individual entrepreneurs that hold accounts with JSC “BANK SICH”.
Money is transferred from a Customer’s account in the currency of transaction or from UAH account with a cashless purchase of currency.
To perform a currency transaction, a legal entity/individual entrepreneur shall present the following documents:
- application for remittance of foreign currency abroad, within the E-limits, signed by the Customer’s authorized person;
- Confirmation of financial capacity of a legal entity/individual entrepreneur:
- Financial statements of a legal entity/individual entrepreneur (if any) made in accordance with the law of Ukraine and received by the Bank directly from the entity (balance sheet, profit & loss statement, tax return, annex to the tax return, and other finance report), with the notice of receipt of an appropriate public authority of Ukraine);
- Confirmation of purpose of transaction:
А) to place money on their account beyond Ukraine
- Statement issued by a foreign bank that a Customer holds an account (must contain name of such a bank and country of location, bank’s SWIFT code, and account number/IBAN.
B) to invest abroad (to purchase the property right in the authorized capital of a non-resident legal entity, to purchase securities at stock markets, to purchase real estate):
- contracts (agreements) and/or other documents (shareholder’s resolution, minutes of the General Meeting of Shareholders etc.) which are regarded as the ground for investing abroad;
- confirmation of registration of the share in authorized capital which a resident plans to purchase (statements from securities account, certificate of corporate rights, non-resident’s incorporation documents which contain information about the registered authorized capital etc.);
- confirmation of the non-resident’s property right to the investment object (statements from securities account, extracts from the register of real estate etc.).
C) Granting a loan to a non-resident (reimbursable financial assistance):
- loan agreement (reimbursable financial assistance).
The list of documents is not exhaustive and depends on the purpose of money transfer and conditions provided in the contract/agreement, a basis for money transfer.
Currency transaction, which are subject to NBU limitations, are performed on the basis of originals of supporting documents (including electronic documents) or hard/soft copies of hard originals.
Soft copies are scanned by a Customer from the original in a paper format and certified by a computer generated signature f a Customer (for legal entities – by the signature of the Customer’s authorized person), according to the law of the electronic trust services (hereinafter – soft copy). Soft copies are submitted through “Client Bank” and kept by the Bank.
Copies of the documents (hard copies) shall be signed by a Customer/Customer’s authorized person and be kept in the Bank.
Documents in a foreign language shall be translated into Ukrainian. Translation shall be signed by a Customer/Customer’s authorized person. Documents in the Russian language, as well as documents made both in Ukrainian (Russian) and a foreign language, shall not be translated into Ukrainian.
Authorized Bank shall notify a legal entity/individual entrepreneur that transaction is registered in the Authorized Information System “E-limits” or annulled, by providing information from the register.
The Bank may perform a foreign currency transaction only after the message from the National Bank of Ukraine, though the Authorized Information System “E-limits”, but not later that the next business day after such a message.
For more information please call us at: +38(044) 207-14-93