Some depositors want to open deposits in different currencies. In this case, the account must be issued in one bank. Such offers differ from standard programs. A multicurrency account has design features. It is subject to special conditions and requirements.
Deposits in Russian banks provide a stable income. It is only necessary to choose a suitable organization in which the funds will be under reliable protection. With a multi-currency account, it is important to understand many issues of finance.
Definition
A multi-currency account is opened in 3 currencies. Usually it is rubles, dollars and euros, but other compounds are also found. There are deposits in 5 currencies. A multi-account is required to generate income from the difference in exchange rates. No bank visit is required to buy or sell currency. Management takes place through a personal account.
Conversion is carried out at the bank’s internal rate, which is not always beneficial for the client, therefore it is better to open a multi-account during growth rates. This will allow you to make a profit. The first investment is made in the currency with a steady upward trend.
To successfully manage funds and make high profits, you need to know about the situation on the foreign exchange market. For example, during the growth of the dollar, some funds should be transferred to rubles or to purchase currency after the ruble has increased. It turns out that financial control is necessary to obtain benefits.
Why is a multi-account required?
A multi-currency account is necessary to create the optimal structure of the bank’s currency basket, as well as to change this ratio, so you can earn on currency fluctuations. Many may notice that it will turn out to acquire and sell currency without issuing accounts, but in this case it is necessary to catch the rate and react in a timely manner.
Due to visiting the bank and waiting for your turn, you can skip this moment, and a multi-account and constant access to it will help to be mobile. In an open account, it will turn out to carry out operations unlimitedly, choosing a profitable combination. No commission is charged for this. No need to close accounts and open new ones. Investing money will be profitable in an unstable economic time, because with stability there will be no income, and the purchasing power of currencies is reduced. First, it is better to choose a certain amount of currency, and then transfer funds, given the market situation.
Discovery Features
To open a multi-currency account, you should take into account some subtleties:
- Currency selection. Please note that many banks offer to open an account in rubles, and then convert to other currencies. Then the client may have losses.
- Withdrawal currency. With account closure, banks convert funds into one currency, which may be unprofitable.
- Commission. It is advisable to choose programs without fees, but in some tariffs they are provided. Although the commission is usually small.
If a multi-currency account is opened, then it will come in handy for earning. Keep track of current market trends. Such diversification is considered the result of the modern world. A multi-account will allow you to save money, as well as make a profit.
Opening
To apply for a multi-account to an individual, you must contact the bank by submitting a package of documents:
- passport;
- signature card;
- confirmation of authority of the persons indicated on the card;
- INN
Persons who do not have citizenship of the country must provide proof of their right to be in the Russian Federation.The same list of documents required by the entrepreneur, only additionally need a license.
A multicurrency account of a legal entity is opened by Russian and foreign organizations. For this we need the following documents:
- Constituent documentation.
- Licenses, patents, permissions.
- Card with signatures and stamp.
- Confirmation of authority of the persons indicated on the card.
- Confirmation of authority of the head.
If a multi-account is opened by a legal entity located in the Russian Federation, but registered in another country, the same papers are required to be submitted as for Russian companies.
Where to open?
It is important to decide where to issue a multicurrency account. Banks offer their conditions for its opening. Requirements differ in minimum amounts and currencies. A multicurrency account in Sberbank opens with minimum indicators: 5 rubles, 5 dollars, 5 euros. And you can replenish from 1000 rubles, 100 dollars and 100 euros.
Offers such services "VTB". A multicurrency account opens from 20 thousand rubles, from 400 euros and 500 dollars. With the opening of such a contribution, you can get a high income, given the nuances of the financial market. Opening a multi-currency account is possible at Alfa Bank. Minimum indicators are: 5000 rubles, 200 dollars and 200 euros. Accounts are drawn up in Promsvyazbank, Trustbank.
Receiving a profit
To make a profit from the deposit, you need to constantly monitor the exchange rate and carry out the exchange when it is high. If there are not many personal funds on deposit, then the income from transferring money from one currency to another will not be very noticeable. But with a large contribution, the profit will be high.
To quickly respond to changes in international currencies, you should use online banking. It will turn out to repeatedly exchange any currency. It is advisable to open an account with Sberbank. If you invest 2 million rubles, then the rate will be 4.5% per year, so the rate in dollars will be 4.2%, and in euros - 3.75%. A large rate will be on the deposit balance in rubles, the average level of income will be on the balance in dollars and very little in euros.
Advantages and disadvantages
Open a multicurrency bank account is usually offered because of the opportunity to gain additional income. This is done as follows: there is tracking of currency jumps, and then a transfer is made to the one at which the rate is growing. But these are not all the benefits of deposits.
The benefits include:
- earning potential due to interest capitalization, as well as currency conversion;
- safe transfer of funds from one currency to another without loss of interest;
- Currency conversion is possible throughout the entire term of the deposit;
- the number of transfers is unlimited, but this should be done by non-cash method;
- in addition to standard currencies, you can choose others;
- interest is paid monthly.
Among the disadvantages, the following points are distinguished:
- interest for early termination is usually required;
- some banks charge a fee for conversion;
- for many programs, the list of acceptable currencies is limited;
- there is not always an admission to expense and replenishment;
- according to the multicount, the rates are usually understated;
- to earn money, you must be able to make forecasts on fluctuations in rates.
Thus, in order to receive income, you must first learn how to determine and predict exchange rates. For ordinary citizens, experts advise opening deposits individually in different currencies. Most of the funds should be transferred to a ruble deposit at a high rate. Term deposits should not be chosen to generate income, but they will be an excellent choice for keeping money.
It is possible to insure deposits, but this is done at the state level and only for specific risks, which do not include exchange rate fluctuations. If you choose deposits in dollars or other currencies, you should choose a deposit with self-conversion.
Reporting
Often accounts are drawn up by business entities for convenient settlement with counterparties registered outside the Russian Federation. Residents must provide reports on the movement of funds on accounts in banks of the Russian Federation to the Federal Tax Service of the Russian Federation at the place of registration.
For all accounts drawn up outside the country, a report is provided. They are opened for settlements with counterparties in different currencies. The deposit allows you to receive passive income due to currency conversion.
Alternative
To increase income, you should open several mono accounts for each currency. To change the amount of funds and not lose interest, you need to select the option of partial withdrawal and replenishment. To obtain additional profit, a virtuoso skill is required regarding the management of the asset, since the market situation is changing regularly. The skills needed to quickly and correctly understand macroeconomic issues.
But in the absence of knowledge in this area, one should not invest in a multicurrency account. Diversification is needed to protect the savings of citizens. Even with an unstable economic situation, one can competently manage one's funds. Moreover, they must not only be saved, but also increased. And what it will be - a multi-account or the opening of several deposits, depends on knowledge.