Multi-currency contribution of a private person
The multicurrency deposit of an individual is today considered a relatively new service of banking organizations of the Russian Federation.
Therefore, many of the future investors have no idea about its advantages and disadvantages. Despite the fact that a multicurrency deposit was declared by most banks upon receipt of a license to provide financial and credit services, most of the clients of financial institutions began to use it only recently.
The first advantage of a multicurrency deposit is that when concluding an agreement on opening a deposit, the client receives at least two accounts: one in Russian rubles, and the second in the currency chosen by the client. You can open several foreign currency accounts (dollars, euros, pounds, and so on). At the same time, the conversion of rubles into currency is carried out within the framework of the contract for opening an account and by bank transfer. That is, the client does not need to contact various foreign exchange points.
Most multicurrency accounts refer to “term” deposits. That is, they provide for a certain limit of the deposited cash amount and a certain period of validity of the contract. For example, Russian Standard Bank opens multicurrency accounts with a withdrawal period of the entire amount of money (with accrued interest) within 1 … 3 years, but at the same time allows the introduction of additional amounts for the entire period of the contract, the Russian standard offers cash loans at a pastoral interest. The annual percentage of payments is 6, 9%. Bank Vozrozhdenie has a contract period of 1 year without cash withdrawal, but with the possibility of additional replenishment.
In addition to these commercial structures, multicurrency deposit accounts are opened by Sberbank of Russia, Raiffeisenbank, Axonbank and other commercial banks. The minimum amount of a ruble deposit ranges from 5, 0 to 6, 0 thousand rubles. At the same time, having opened several currency accounts within the framework of one agreement, the client can convert funds from one currency to another, depending on fluctuations in its exchange rate. That is, if the exchange rate of one currency against another decreases, the bank, on behalf of the client, conducts an internal currency conversion. The exchange rate is selected by the client either at the exchange rate of the Central Bank of Russia or at the internal exchange rate of the depository bank. Now the leading financial institutions of our country offer multi-currency account management through Internet banking services.
In addition to the usual multicurrency account, the client can also receive a multicurrency bank card, but the money will be withdrawn after closing the account.