RUB – Russian Ruble
The payment processing of this currency is considered to be complex, mainly due to the various elements of information that need to be added.
- Currency Guidelines
Russian authorities use a dedicated five digit purpose of payment code to describe the reason of payment. This code is known as a VO code (see Appendix II), it is mandatory and has to be added to the reason of payment.
A clear reason / purpose of payment is mandatory and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.
Example of a “VO Code” and “reason of payment”: VO20100
RENT MID-AUGUST / MID-SEPTEMBER 2014
Moreover, it is strongly recommended to indicate the amount of VAT if any, or add the mention “without VAT” into the remittance information.
Payments in RUB toward Russia
Beside the standard information, the domestic account number (twenty-digit account number), full name (written out in full, without abbreviations or acronyms), full address and tax ID (INN or KIO code) of the beneficiary are mandatory.
The Russian Tax ID is the INN code (a unique taxpayer code). If the beneficiary is a Russian resident or non-resident who pays taxes in Russia, then they have an INN code; otherwise they have a KIO code (tax ID for foreign legal entities in Russia). The tax ID can be:
INN + 12 digits for an individual paying taxes in Russia
INN + 10 digits for a legal entity paying taxes in Russia
KIO + 5 digits for foreign entities not paying taxes in Russia
INN 0 (in case beneficiary doesn’t have Tax ID or to specify “No Tax ID”).
Example of INN code: INN123456789012
In case of tax payments, the KPP code (nine-digit code) must be added beside to the INN or KIO code. The KPP describes a tax payment reason.
Example of INN code & KPP code: INN123456789012, KPP 123456789
The KPP code is always needed for tax payments however these payments can require more information. Please contact your Account Manager.
The BIK code (Russian bank identifier sort code - nine digits code) and the beneficiary bank’s correspondent account number with the Central Bank of Russia (twenty digits) are mandatory and should be added to the remittance information.
Example of BIK Code (the first nine digits) and the beneficiary bank’s correspondent account number with the Central Bank of Russia (the last twenty digits after the BIK code): 044525716.30101810100000000716.
Payments in RUB outside Russia
Beside the standard information, the full name (written out in full, without abbreviations or acronyms), full address and tax ID of the beneficiary are mandatory.
The beneficiary bank’s correspondent account number with the Central Bank of Russia is recommended.
- Instructions, technical guidelines & more
To consult the Technical Guidelines of this currency, click hereTECHNICAL GUIDELINES
To consult the Appendix(es) click hereAppendix II: Purpose of Payment Code (RUB)-VO Code