Forex & Payments

Exchange Rates Forex Contract International Payments International Collection Procedures

The procedures for negotiating money collection from abroad:

1. The client sends the company written notification of the incoming money collection which includes the following information:
   1. the name and registered office of the principal
   2. the name and registered office of the principal's bank
   3. the principal's bank account number
   4. or the SWIFT code
   5. the reason for the payment
   6. the designation of the currency using the ISO code
   7. the amount
   8. the client's name and registered office
   9. the company's name and registered office
   10. the expected maturity date
   11. any eventual further instructions
   12. the client's express instruction to assume the collection of the receivable
   
   see the money collection from abroad sample
   
   
2. After receiving the notification, the company informs the client of the account number, the bank or the variable symbol (the description of the payment) for the receipt of the money – the client immediately informs the principal of the requirements for the money collection according to the provided information
   
   
3. If the company is unable to properly identify any collected monies after they have been credited to the company’s bank account, for example because of the insufficient identification of the principal, the company will request the client to provide additional identification of said monies.

   If it is not possible to additionally identify the collected monies, the company will be authorised to send the given amount back to the principal within a deadline of 15 days. The client will be obliged to pay all additional costs (especially the banking fees) associated with this.

4. The contractual parties have agreed to a contractual fee for the crediting of the collected monies to the company's account at the amount of 300 CZK, excluding VAT. The aforementioned fee will be increased by the bank fees charged by the principal's bank, by the bank fees associated with the incoming payment to the company’s account and by any fees associated with the crediting of the given amount from the company's account to that of the client.
   
   
5. The company sends the client a further written document confirming the negotiation of the money collection and then sends the client a document on the realisation of the money collection within 1 day of the receipt of the monies. The company may reach a further agreement with the Client on the realisation of an exchange transaction.