Bank customers are so accustomed to using a variety of financial services that they usually do not think about how to optimize their relationship with a credit institution. Not everyone knows whether it is possible to withdraw currency from a ruble account, how much the conversion procedure will cost, and whether there is a chance to save on numerous bank fees.
When they urgently need foreign currency in cash, citizens try to get it in a variety of ways: some buy dollars at exchange offices, others withdraw from the foreign currency deposit, and still others buy from private individuals. Some of these methods are expensive, while others are inconvenient. The owners of savings in the national currency, who are trying to withdraw dollars from the ruble account, often find themselves in a difficult situation. Before insisting on such an operation, you should carefully read its features, study the bank's rates, so as not to lose a decent amount as a result of the conversion.
Conversion of funds on deposit accounts
If you have a regular ruble deposit, you will not be able to withdraw currency directly from it. In fact, you will have to perform 2 operations:
- withdrawal of a part of the deposit (if the conditions for it allow it) or closing the deposit;
- purchase of dollars for the money issued at the bank's sale rate.
Withdrawing ruble cash from a deposit is free, but for buying dollars you will have to pay a commission to the bank, which will be equal to the difference between the official exchange rate and the commercial rate of the bank that will sell it to you.
If you have a multicurrency deposit, then you can withdraw funds from it in any currency stipulated by the agreement. Even if now there are rubles on the deposit, you can withdraw your deposit in US dollars at any time. Moreover, the conversion of funds will be carried out at the current official exchange rate, and you will not have to pay a commission.
Currency transactions with plastic cards
Today many people have debit cards, but most of them are issued in rubles. According to available statistics, only 1 card out of 10 is issued in foreign currency. Of course, if necessary, you can withdraw dollars from the ruble card, but then you will have to pay a rather large commission. What does it consist of?
First, from the difference in the official exchange rate of the ruble to the US dollar. In fact, you buy currency from a bank and pay a certain amount for this operation. Secondly, you need to know that the base currency for the VISA payment system is the dollar, and for the MasterCard payment system, the euro. Therefore, if you want to withdraw US dollars from the ruble MasterCard card, you will have to pay for 2 conversions at the rates of the payment system: the funds will first be transferred from rubles to euros, and then from euros to dollars. Thirdly, it is expensive to withdraw currency from an ATM: the bank will certainly write off the commission for cash withdrawal from the card.
Those who are still going to carry out such operations on a regular basis can only advise one thing: in order to avoid unnecessary expenses when converting money, it is reasonable to issue a multi-currency plastic card or open a similar deposit.
