It is popular in Russia to keep money in foreign currencies. Therefore, some banks offer a product such as a multicurrency deposit. It opens immediately in rubles, US dollars and euros. At the request of the client, currencies can be transferred to one another during the term of the deposit, without losing interest.
Features of the
Multicurrency deposits differ from all others in that the bank opens three accounts for them at once. One of them is in rubles, the other two are in dollars and in euros. Accordingly, the client deposits money in three currencies.
During the duration of the deposit, you can transfer (convert) one currency into another, in whole or in part. For example, it is possible to exchange dollars for euros, convert some rubles into foreign currency, etc. At the same time, banks do not take a commission and retain all interest on the deposit.
This feature of the deposit allows you to save funds from depreciation in case of sharp changes in exchange rates. For example, if the dollar began to fall, you can convert it into rubles or euros without loss. There is no need to wait for the end of the deposit term.
But you need to understand that the decision to convert one currency into another is made only by you. The bank does nothing for you and does not give advice. But from guarantees the safety of the due amount and all accrued interest.
To convert one currency into another, the client needs to contact their bank branch. However, many credit institutions provide Internet banking services. In such cases, the client can exchange currencies on his multicurrency deposit himself through his personal account.
How much money is needed
Banks' requirements for the total amount of a multicurrency deposit are very different. Many banks prefer to provide such a product only to wealthy clients, and set a lower threshold for the amount of hundreds of thousands or even millions of rubles. Other banks offer democratic conditions that are accessible to most working people.
The proportions between the three currencies of the deposit also depend on the conditions of a particular bank. Some lending institutions only limit the minimum amount for each of the three accounts. That is, which currency will be more or less is left to the discretion of the depositor.
Other banks have severe restrictions. For example, in one of them, when opening a deposit, rubles must be at least half of the total amount.
Other conditions
As a rule, multicurrency deposits are designed for a period of six months to two years. But in some banks you can also find short-term offers. In most cases, an automatic extension of the deposit is provided if the client does not withdraw the money at the end of the term.
Multi-currency deposits in different credit institutions can be replenished without additional payments. Banks very rarely offer the possibility of partial withdrawals on deposits in different currencies.
Interest can be calculated at the end of the term or monthly, quarterly - as with ordinary deposits. Capitalization of interest is often allowed, when the accrued income is added to the principal amount of the deposit.
