The instability of exchange rates makes citizens think about options for saving their own money. After the state has taken a number of measures to protect the savings of depositors, many open deposits in financial institutions. In banks of the Russian Federation, in addition to the ruble, you can open a foreign currency account. It has its advantages and disadvantages, which must be taken into account in order not only to preserve, but also to increase savings.
Currency account - what is it
An account with foreign currency opened by a bank by individuals and legal entities for non-cash circulation and accumulation of money for targeted use is called a foreign currency account. All operations that will be performed with it are regulated by federal law and the regulations of the Central Bank of the Russian Federation. The main restriction for a legal entity or individual to open a foreign currency account with a bank is the lack of a CB license from a financial institution. It can be opened by both residents and non-residents who have the right to conduct operations with foreign hard currency.
Advantages and disadvantages
Before deciding which bank to open a foreign currency account with, it is necessary to understand all its advantages and disadvantages.
Pros:
- The most attractive feature in foreign currency deposits is the opportunity to earn extra money, provided that the currency grows.
- Payment for goods and services outside of Russia.
- There are no restrictions on the maximum deposit amount.
- For citizens who are often abroad, the presence of a foreign currency account can reduce the cost of commission fees during conversion. No need to search for exchange offices.
- The ability to open a multi-currency deposit, in which you can store several different currencies and convert them without commission.
Minuses:
- Keeping money in foreign currency is always a risk. In the event of a market collapse, no one will compensate for the loss.
- Interest rates on such deposits are very low. With small amounts, the economic feasibility of a currency account is highly controversial.
- A small selection of deposits in foreign currency compared to peers in Russian rubles.
- In the event of an insured event, the guaranteed insurance amount will be paid in rubles.
How to choose an account
In order to decide on the choice of a currency account, first you need to figure out for what purpose it is opened and how it will be used.
Deposits, or deposit accounts make it possible to receive monthly or annual income from the interest rate. But given that it is very low, income is also low. Many banks charge a service fee for a banking product, which makes it even more unprofitable.
You can open a current currency account, but it does not imply interest on the balance, and if they are, then they are very small. It is not used for investing and accumulating funds. Most often it is used to make payments.
Recently, banks offer a universal product - a multicurrency account. It has certain advantages:
- Ability to store savings in three different currencies. In addition to the "classic troika", some banks include other currencies: the pound sterling, the Chinese yuan.
- Funds can be distributed between currencies in any percentage ratio. You can change the proportion yourself without notifying the bank at any time. This is true at times when the foreign exchange market is in a fever.
- The interest rate is the same as when opening a deposit.
The multicurrency deposit has its drawbacks:
- Currency can be converted only at the domestic rate, and it is below market.
- For each conversion you need to pay a commission.
- In fact, only those who are good at analyzing the financial market receive income.
Which bank is better to open a foreign currency account
Regardless of the reasons why people want to keep their savings in the monetary units of a foreign state, everyone wants to receive benefits in the first place. It is also important that the risks are minimal. To ensure that these conditions are met, the following should be considered when choosing a bank:
- An account must be opened in the currency in which payments will be made. Before opening it is necessary to clarify in the currencies of which countries a deposit can be opened. If, for example, the account is in Singapore dollars, and the payment is in RMB, you can lose a lot of money during external conversion.
- It is extremely undesirable to open bank accounts that have come under international sanctions. Due to the fact that they do not have the right to work in the foreign market, the Central Bank and the population provide them with currency, this affects the domestic rate, as a rule, it is very low.
- It is important to pay attention to the cost of the commission. At low amounts, a foreign currency account is unprofitable for the client.
Features of the procedure
Before opening a foreign currency account, you should familiarize yourself with all the conditions of the bank. Credit and financial organizations can change them, but the update on the site occurs later. Therefore, it is necessary to clarify information by phone, especially if you intend to open an account online.
The opening procedure is simple and does not take much time, if you do not take into account the queue in the bank. To open an account you will need:
- Passport. Only persons over 18 can open a deposit on their own.
- Filling out and signing the application.
- Making through the cash desk of the institution the down payment required to open an account. In different banks, the amount is different, but usually does not exceed $ 10.
When opening a deposit, you can draw up a card attached to it. For citizens working or often traveling abroad, it is important that the card payment system is used in most countries of the world, such as, for example, VISA or Mastercard. You need to know that when you open an account in a branch, you can close it only in the same place as you can get a card if it is lost or expires.
How to open a foreign currency account in Sberbank
One of the oldest financial institutions in Russia is known for deposit offers on different conditions. You can open a deposit both independently and by proxy in bank branches or online. The interest rates on deposits in banknotes of foreign countries vary from 0.01 to 1.7% per year. The minimum placement period is 1 month, the maximum depends on the conditions stipulated by the agreement of the selected bank deposit.
The most current foreign currency accounts of Sberbank:
- "Savings account". It has no restrictions on the duration and withdrawal of funds. The invoice amount is not limited, daily replenishment is allowed. You can open an account in US dollars, euros, yuan, pounds sterling, Hong Kong, Singapore and Canadian dollars.
- "Universal". Validity - 5 years. The minimum amount is 5 dollars or euros, the recharge amount is not limited. There is the possibility of early termination on favorable terms (interest is accrued, however, without capitalization).
In order to open a foreign currency account in a bank branch, you must perform the following steps:
- To come to the bank office with an identity document (for residents - the passport of a citizen of the Russian Federation, for non-residents - international).
- Fill out and sign the standard contract form.
- Deposit a minimum amount equivalent to five US dollars.
To open an account, you can use Sberbank Online.
VTB 24
VTB offers customers 3 types of foreign currency deposits. Interest rates range from 0.01 to 2% per annum depending on the term of the deposit, the type of rate and the amount in the account.
- "Profitable."The minimum possible amount for opening a deposit is $ 500. Deposit term - from 91 to 1830 days.
- "Replenished." The minimum balance is $ 500. The minimum replenishment amount is equivalent to 15 thousand rubles.
- "Comfortable". A deposit is opened subject to replenishment by 3 thousand dollars.
You can open a deposit at a bank branch if you have a passport or in the Internet bank.
Tinkoff
Unlike other financial institutions, all procedures and operations at Tinkoff are carried out remotely. In order to open a foreign currency account in a bank, you need to submit an online application on the official website. After a while, a Tinkoff employee will call you back to clarify and clarify the nuances and confirm intentions.
This bank has always offered favorable interest rates. For a legal entity or individual, you can open a foreign currency account with Tinkoff at 2.5% per annum.