Many people consider foreign currency deposits to be a convenient investment. The article talks about what interest rates the Bank of Moscow offers on deposits in 2015*. Dollars and euros are the main foreign currency of deposits of this institution, but deposits can be made in yen and francs.
Types of foreign currency deposits of the Bank of Moscow
The Bank of Moscow offers deposits in dollars and euros. Foreign currency deposits in this financial institution are opened for a period of 91 to 1095 days. Interest is either added to the deposit amount or paid to a separate account of the depositor.
The minimum amount for opening a deposit is from 100 USD/EUR. When opening a foreign currency deposit through the online Internet banking system, the rate is higher by +0.1% of the basic deposit rate. All deposits can be extended up to 5 times.
Deposit "Maximum income"
Does not imply replenishment or partial withdrawal Money. The exception is interest paid, which is calculated once a month.
Deposit features
- the ability to withdraw interest received at any time during the deposit period;
- early closure of the deposit after 181 days (on preferential terms).
“Maximum growth” deposit
Top up for any amount without restrictions. Interest is accrued monthly and can be withdrawn on any day the deposit is valid.
Deposit features
- when the next amount range is reached, the interest on the deposit increases;
- 180 days after making a deposit, you can withdraw any amount once (it should not exceed the amount of the non-reducible balance).
Contribution “Maximum comfort”
Peculiarities:
- an increase in the interest rate (and, accordingly, the income on the deposit) with an increase in the amount of the non-reducible balance;
- no restrictions on deposit replenishment;
- the ability to spend any amount from the deposit not exceeding the amount of the non-reducible balance.
Deposit "Investment"
This currency deposit differs from others offered by the Bank of Moscow in the following:
- opens only in dollars;
- You can place it only if you have purchased a share of shares investment funds(mutual fund) management company Bank of Moscow or the management company "Pension Reserve".
The deposit is not replenished. Interest is paid at the end of the term. This means spending from the deposit up to the amount of the non-reducible balance. If the withdrawn amount exceeds the minimum threshold, the deposit will be automatically terminated.
These deposits in foreign currency are presented in more detail in the table below:
The Bank of Moscow also offers to make a deposit "Poste restante» . It is convenient for managing your funds, transfers and payments. Conditions:
- Deposits are opened in rubles, US dollars, euros, Swiss. francs, Japanese yen
- the interest rate on all these currencies is 0.10%;
- the minimum contribution is not limited;
- interest is calculated every 91 days;
- replenishment/withdrawal is possible at any time without restrictions.
Comparison of foreign currency deposits by conditions
What is needed to open a foreign currency deposit at the Bank of Moscow
- Go to the “deposits” tab and then “select your contribution”.
- In the window that opens, specify the term, amount and currency, other additional parameters and click “calculate”.
- Compare data. The calculator gives the final result immediately based on the following characteristics of all deposits:
- accumulated amount;
- interest charges;
- short description.
- Having opened deposits in foreign currency, it is beneficial to monitor exchange rate so as not to lose a significant part of your money.
- It is necessary to carefully study all the clauses of the deposit agreement in order to avoid all kinds of commissions. Deposit transactions can significantly reduce interest income.
- Pay attention to the advantages of opening a deposit via Internet banking:
- the deposit rate is higher;
- You can access information about the deposit at any time of the day or night.
*Date of information update – March 2015.
In this material:
Foreign currency deposit is funds in foreign currency, placed in a financial institution, on which interest is accrued. In almost all banks you can open a foreign currency deposit. As a rule, clients prefer to open such deposits in euros or dollars. But if necessary, you can find offers that involve saving funds with interest accrual in other currencies. This could be pounds sterling, francs, yen, yuan, etc.
The terms of foreign currency deposits are practically no different from deposits in national currency. Minimum term opening of such a deposit is 1 month, maximum – 5 years. In this case, the minimum amount should be 100 USD/EUR, less often 1000 USD/EUR.
If the funds in your foreign currency deposit are transferred to Russian rubles do not exceed the amount of 1,400,000, in which case the insurance risk of your deposit is within the scope of state responsibility. That is, in the event of a bank bankruptcy, the state ensures the return of money to the depositor within 14 days. If your investments exceed 1,400,000 rubles, you can use the deposit insurance system, which applies to foreign currency deposits, as well as to all types of deposits.
Features of foreign currency deposits
Main feature foreign currency deposits is more low percentage in comparison with deposits in rubles. This factor is explained by the instability of the ruble against the euro and dollar. According to experts, at a time of high inflation in a slow economic growth, holders of foreign currency deposits remain in the black, despite their lower income.
It should be noted that opening foreign currency deposits involves a certain amount of risk. We are talking about the growth of exchange rates. Despite the fact that your deposit is protected by an insurance system, all payments in the system are made only in rubles. Therefore, in the event of bankruptcy or revocation of a bank’s license, all insurance compensation amounts will be calculated according to official rate of a particular currency in relation to the ruble on the date of the insured event.
Next important feature foreign currency deposits are subject to personal income tax at a rate of 35%. We are talking about a part of income that exceeds 18.5% per annum.
Select a deposit in foreign currency
Decor time deposits – the simplest way preserving and increasing their capital. Unfortunately, the devaluation of the ruble devalues the efforts of citizens to obtain a guaranteed income. Weakening positions national currency is not covered by the interest rate offered by banks on ruble deposits.
In these conditions, deposits in foreign currency look more stable. Even with the ruble strengthening, many experts advise taking advantage of the moment to buy currency. Traditionally, deposits in American dollars or in euros.
Dear readers! The article talks about typical solutions legal issues, but each case is individual. If you want to know how solve exactly your problem- contact a consultant:
APPLICATIONS AND CALLS ARE ACCEPTED 24/7 and 7 days a week.
It's fast and FOR FREE!
Alternatively, the deposit currency could be Japanese Yen, english pound sterling or Swiss frank. As a consequence of the economic situation in the country, the interest rate on bank deposits in foreign currency was lowered, but such deposits are better protected from depreciation due to inflation.
Peculiarities
Deposits in foreign currency are gaining popularity among the population, and in the conditions of Russian reality, every fifth Russian prefers to keep money either in US dollars or in Euros.
Foreign currency deposits are characterized by certain features that distinguish them from other methods of investing savings:
- Significantly lower interest rate.
- Income and expenses of citizens of the Russian Federation are carried out in rubles, therefore for foreign currency deposits it is necessary to make exchange transactions, entailing additional costs.
- Deposits in foreign currency are considered a safer way to store funds, in contrast to investments in securities, while guaranteeing a small but stable income.
- The additional value of such a contribution is the increase in income associated with changes in exchange rate differences. The weakening of the ruble leads to an increase in the value of the foreign currency deposit, and in the event of significant fluctuations in the market, additional profitability can increase to 100% .
Taking into account the peculiarities of foreign currency deposits, experts banking sector recommend diversifying methods of storing savings, distributing savings between ruble and foreign currency deposits
Terms of Service
The portfolio of banking offers offers deposits in various foreign currencies. The most profitable way to take advantage of the opportunity to save in Russia depends on taking into account the peculiarities of storing currency and the conditions offered in Russian banks.
Before deciding on a bank and type of deposit, you should consider that average level interest rates for most offers vary between 5 percent per annum. In terms of the interest rate among deposits in foreign currency in 2019, the offers of B&N Bank, Sovcombank, Moscow Credit Bank and etc.
The best currency investment ideas:
| Riabank ("Summer Joys") | Interesting rate until 6% in dollars and 5,5% in Euro depending on the term ( from 30 to 367 days) and amounts. Without capitalization. Most favorable deposit is issued for a period of 9 months. |
| ("The hit of the season") | Allows you to accumulate up to 5% by dollar deposit and up to 4.5% In Euro. The deposit does not provide for the performance of income and expense transactions, and there is also no preferential rate for early termination of the contract. |
| Bank "Saint-Petersburg" | Offers to place deposits under 5% in dollars and 4% In Euro. The disadvantage is the bank's insufficiently extensive service network. |
| It cannot boast of high interest rates on its foreign exchange portfolio, but Russian depositors traditionally prefer to keep their savings in it due to the bank’s reliability and coverage of territories throughout the country. Highest percentage income ( 2,78% ) are received by investors who have made a foreign currency deposit in Sberbank-Online. |
Other options
| Currency | Bid | Bank | Deposit | Term | Peculiarities |
| U.S. dollar | 4,50% | Classic Economy Bank | Profitable | More 367 days | Possibility of early closure, replenishment, quarterly capitalization%. |
| U.S. dollar | 4,50% | Classic Economy Bank | Classical | More 367 days | Possibility of early closure, replenishment, accrual of interest at the end of the term. |
| U.S. dollar | 3,95% | Rosselkhozbank | Your income | 1095 days | Favorable conditions upon termination of the contract, accrual of interest at the end of the term, are issued only for investors with an activated “Ultra” service package. |
| U.S. dollar | 3,70% | Your income | 1095 days | Similar conditions with the condition of monthly payment. | |
| U.S. dollar | 3,65% | Rosselkhozbank | Golden Online | 1460 days | Early termination is provided, opening a deposit through a terminal, ATM, Internet bank, % is accrued when closing. |
| Euro | 3,50% | Classic Economy Bank | Profitable | More 367 days | Possibility of replenishment, early termination, accrual of interest at the end of the term. |
| Euro | 3,50% | Classic Economy Bank | Classical | More 367 days | Possibility of replenishment, early termination, interest accrual every quarter. |
| Euro | 3,40% | Sunny summer | 367 days | Provides for income and expense transactions, termination ahead of schedule, interest accrual every month. |
What to choose from
The attractiveness of a deposit is influenced not only by the size of the interest rate; expanded and combined offers are of interest, depending on the preferences of a wide range of depositors.
| Sberbank | Supporters of reliable and stable banks turn their attention to the deposits offered in Sberbank’s foreign exchange portfolio:
|
Offers more attractive returns on the following deposits:
|
|
| Rosselkhozbank | Of interest is the “Accumulative” deposit with a rate 0,1-1,9% per annum with the possibility of paying or capitalizing interest and a “Managed” deposit, which allows you to receive income 0,1-1,6% with the possibility of replenishment. |
|
|
| Bank of Moscow | Within the “Maximum” deposit, there are 3 condition programs with a minimum amount from 100 dollars or Euro. Bank of Moscow promises profitability up to 2% by deposit with the possibility monthly capitalization or interest payments. |
| BPS-Sberbank Association | Offers to take advantage of the deposit offer in foreign currency to its clients in the territory of the Republic of Belarus. To make a deposit in dollars, we offer a “Trust” deposit with a rate 2,9% with a minimum amount from 100 dollars. To store funds in dollars or Euros, it is proposed to use the “Save” deposit with a rate from 2.3 to 3.5%. |
| Agroprombank | Offers to use the line of deposits, maximum income according to which it amounts to up to 1.2% for the “Target” deposit from 1000 dollars or Euro with the possibility of replenishment and monthly capitalization. |
| allows you to increase income up to 1.7% per annum on deposits in US dollars and 0,35% In Euro. | |
| Priorbank | Tariffs “Vyshe.net” and “5 stars” offer to increase income from 1.5% to 2.5% depending on the term of the deposit. The latest tariff provides for the possibility of transferring interest. |
Notes on foreign currency deposits
How to calculate
Proper calculation when determining a foreign currency deposit will allow you to receive maximum income with the least risk and conditions that are comfortable for the client. When determining the real return on a deposit, inflation risks are taken into account. If for developed countries its level is no more 3% , then Russian reality requires a more careful attitude to foreign exchange investments.
An approximate calculation of profitability is as follows:
Initial deposit amount – 100 000 dollars with interest rate 5% . Estimated inflation – 3% . The real return on the deposit minus inflation losses will be 2% per annum.
It should be taken into account that currency inflation in countries with developed economies is significantly lower than in developing countries.
In Russia, when placing deposits, it is necessary to take into account possible risks and force majeure situations, including significant fluctuations in exchange rates
- Determining the choice of deposit depends on what goals the client is pursuing. If you need to receive a certain income within a short period of time, an investment in the form of a foreign currency deposit is unjustified. If the client's income consists of foreign exchange earnings, a foreign currency deposit is simply necessary.
- Setting the goal of obtaining maximum profit in conditions of significant currency fluctuations does not justify itself. The costs associated with currency conversion must be taken into account.
- It makes sense to think about diversifying investments so that you can take full advantage of the interest rates on foreign currency deposits.
- Choosing a deposit involves taking into account the amount available and the duration of the investment.
Advantages and disadvantages
| pros | The advantages of foreign currency deposits include the following characteristics:
|
| Minuses | The most significant disadvantage of a foreign currency deposit is the low interest rate, which is several times lower than deposits for similar amounts and terms in rubles. |
Each person saves money for different purposes. However, what many people don't realize is that keeping your savings at home is not the best solution. Instead of generating income for their owner, they only lose their real value due to inflation. In addition, people often do not restrain themselves and spend money. However, deposits in Moscow will help you not only preserve your finances, but also increase them in accordance with the agreement.
Today this product is a universal investment tool. Unlike the stock market or precious metals, you do not need special knowledge or constant analysis of the economic situation. You simply find a suitable offer and sign the contract. Moreover, in most organizations there are no restrictions on minimum contributions, and if there are any, they are small.
The contract itself is very important, so you need to familiarize yourself with the text in person before signing it. To do this, ask the bank employees to provide a sample in printed or in electronic format and read all points carefully, especially those written in small print and marked with an asterisk. With the help of such tricks, unscrupulous organizations try to mislead a potential client and include conditions that are unfavorable for him in the agreement.
Description of important points
The main advantage of the service, in addition to a stable income, is reliability. Consumer accounts are protected by the state at the legislative level through the program compulsory insurance. Therefore, in the event of liquidation or revocation of the license, you will be paid compensation. However, it is limited to 1.4 million rubles, which does not prevent you from dividing the amount exceeding this limit and placing it in several organizations, eliminating various risks.
The next aspect we will look at is account types. The first one is urgent. In this case, you place funds for a certain period of time. Of course, you have the right to apply for early withdrawal, however, with a high probability the bank will refuse to pay the accumulated interest. Wherein this type The deposit is divided into savings and accumulative, which is provided for periodic replenishment (popularly called a “piggy bank”).
The second option - on demand - comes at a low rate. The thing is that it is not profitable for an organization to keep finances for itself, knowing that the owner has the right to demand their return at any time. Such a product is preferred by that category of customers for whom the fact of reliability is enough, and potential profits are of little interest to them.
Online assistant
On the website you will find current products on the market. Reliable information is collected here, which our specialists check and update daily. By comparing services according to their main parameters - and this is the interest rate, opening cost and commission, you can make the right decision, and the ratings section will help you in choosing an organization. the site is the largest financial supermarket Runet, successfully operating for more than ten years.
Citizens who have free money in Russia invest it in various areas, including investing them in the bank.
One of the passive investments are deposits in foreign currency. The dollar or euro is considered more stable compared to the ruble in Russia.
In addition, they are more reliable: their exchange rate drops slightly. Further sale of currency after the end of the contract will bring benefits to the investor.
Advantages and disadvantages of deposits in foreign currency
Currency deposits are funds deposited in a bank. Interest is charged on them. The advantages of foreign currency deposits include the following:
- Forming a basket different currencies, the investor is doing the right thing. It reduces: if, this is compensated by an increase in the dollar or euro.
- In Russia, credit institutions offer various options deposits: not necessarily in dollars or euros, but also in other currencies, for example, yen.
- It is best to invest money in foreign currency if the investor does not make part of the purchases.
- Most banks offer to open a deposit in foreign currency. Its minimum amount ranges from 50 euros or dollars.
Important: You can deposit money into the bank's cash desk in national currency.
According to the conditions: replenishment, partial withdrawal, account management remotely, deposits in foreign currency are no different from Russian deposits.
In addition, deposit insurance by the state (limited to 700,000) does not apply to foreign deposits.
Financial currency investments have one drawback: interest rates for them is much lower than for their ruble counterparts.
Important: When opening foreign currency savings in any season, you should pay attention to certain nuances. Banks offer clients to arrange for their comfort. But its maintenance is very expensive, and the commission charged for this will reduce profits. When drawing up an agreement, you need to carefully study the provisions related to servicing a foreign currency account.
Types of deposits
They are classified according to placement periods:
- Poste restante.
- Time deposits (savings and savings).
On demand – the investor has unlimited access to savings: funds are withdrawn from the account upon the clients’ first request. He can also deposit or withdraw money.
Important: if an investor may need currency at any time, he usually places a demand deposit. But it does not bring high income.
We replenish the savings deposit according to its conditions, but not the savings deposit. A savings deposit is highly profitable, but has one drawback: the investor, if the contractual relationship with the bank is terminated early, loses interest.
The conditions for its placement in different credit institutions may differ from each other. In addition, the interest payment mechanism is different (for example, with a fixed rate).
Important:a savings deposit will be beneficial to those citizens who plan to save a large sum in foreign currency, for example, for subsequent costs. In order to increase profits, you must choose banking product with provisions for capitalization of % and the condition for replenishing the account.
How is deposit income generated?
In Russia and all over the world, by investing money in a bank account or in other objects, each client receives income. For deposits, it is formed from several sources:
- Difference in exchange rates for euro, dollar, etc.
- The interest rate charged by the credit institution on the amount of the deposit for the use of the client’s money.
Foreign currency savings and their features
In Russia, for example, in the city of Orsha, in most banks that attract foreign currency deposits, low rates by percentage.
Experts attribute this phenomenon to the instability of the domestic economy and jumps in the domestic currency over a wide range of prices compared to the dollar or euro. Typically the percentage for the products in question ranges from 2 to 4%.
Important: the bank can offer more high bid by percentage, but an excessive figure should alert the citizen.
Although the competition that exists between credit institutions forces them to increase interest rates. But high percentages can be obtained for amounts over 10 thousand US dollars and an investment period of at least three years.
For short-term, but to a greater extent for long-term deposits, the interest on them must be calculated according to the scheme of the sum of the bank's interest and the growth of the currency at the existing rate.
The annual percentage is higher, and this circumstance attracts clients to this type of deposit, although it is unrealistic to fully calculate and guarantee their profitability. This is due to the instability of the global economy.
Investors often choose among the types of deposits multicurrency deposit. It means that the bank opens several accounts for the client for one deposit.
Interest accruals from banks are carried out for each currency separately. Transfers between accounts are allowed at the ruble exchange rate established by the Central Bank.
The advantage of these investments is their protection from instability, including on financial market. But to open these deposits in Russia you need financial investments free cash flow to a large extent.
Some nuances of foreign currency savings
In Russia for Lately There is a tendency for the regulator to revoke licenses from commercial banks. If this situation, negative for the investor, occurs, the funds are returned to him not in foreign currency, but in rubles, recalculated at the exchange rate.
The amount is paid to the depositor 14 days from the date of official publication of information about the revocation of the license. A similar situation occurs with interest on deposits.
In Russia, income tax is levied on deposits. Personal income tax rate 35%. If the profitability of deposits is up to 16% per annum, the deposit is not subject to taxation. This should be taken into account. Banks, when communicating with a client about the terms of the agreement, miss this detail.
Parties to the agreement
Bank is credit organisation, having the right to attract funds from the population. In addition, the bank has many areas of activity. The work permit is issued to the bank by the Central Bank of the Russian Federation.
When applying to a bank to conclude an agreement of the same name, a citizen-depositor must be 18 years of age. In addition, he provides a passport (should not be).
The initial amount of currency sufficient to open a deposit varies. It all depends on the conditions of the specific banking offer.
Typically, the minimum deposit made to the bank is from 50 to 100 dollars or euros. It is not necessary to bring only currency to the bank; rubles are also accepted for the deposits in question. They will be converted at the Central Bank rate into the currency chosen by the bank visitor.
In Russia, not only a resident of the country can be an investor. For foreigners, it is enough to present a passport and migration card to the bank and confirm on what basis it is in the country. There are several ways to deposit money into an account opened in the applicant’s name:
- cash register;
- ATM;
- Internet banking.
Important:An investor, when opening a deposit, pursues the goal of generating income. To increase profits, you should put money for 2-3 years. In any case, when contacting a bank and concluding an agreement, first of all, you need to decide on the optimal investment program option.
What deposits are popular in our country?
US dollars remain in the lead. The euro is in second place. Experts advise opening a deposit in three currencies: dollar, euro and ruble.
This will help diversify the investor's risks, and a small income received in one currency will be offset by a higher profit in another.
We must not forget that the investor must constantly monitor not only the Russian economic situation, but also in the world.
What you need to know about foreign currency deposits