After 2008, interest in multicurrency deposits on the part of the population dropped sharply. Indeed, in a period of financial stability, the advisability of opening such a deposit is questionable. But recent events and strong exchange rate fluctuations have increased the demand for multicurrency deposits.
Benefits of multicurrency deposits
The main advantage of multicurrency deposits is the ability to diversify investments and maximize protection against currency risks. Our compatriots often neglect the golden rule, which states that "you cannot keep all your eggs in one basket". In multicurrency deposits, funds are distributed among several currencies.
In Russia, the most common deposits are those that simultaneously include rubles, dollars and euros. But some banks add British pounds or Swiss francs to such a standard investment portfolio. Although the demand for exotic currencies is still low.
The second important advantage is flexibility in managing funds. The client can transfer funds from one currency to another without losing interest.
When opening separate deposits in rubles and foreign currency, the depositor does not have such an opportunity. Before converting, he needs to withdraw money from the deposit ahead of schedule and lose all profitability.
Disadvantages of multicurrency deposits
One of the disadvantages of multicurrency deposits is that they have lower interest rates compared to classic deposits. True, at the end of 2014, banks raised rates on such deposits. For example, the rates on multicurrency deposits in Bank Ugra are currently set at 12-18% for rubles, 4-6% for the euro and 4.5-7% for the dollar. In "BinBank" they are 8-13% for rubles, 2-6% in euros and 2.5-6% in dollars. In Sberbank, the marginal rates in rubles are 8, 18%, in euros - 3, 75%, in dollars - 3, 96%.
It is worth noting that in multicurrency deposits there is such a thing as an irreducible balance. That is, it is possible to convert funds not indefinitely, but within the established limits.
Some banks even offer this product exclusively to high net worth depositors. Therefore, they set higher starting amounts for opening a multicurrency deposit.
According to depositors, the advantages of multicurrency deposits are canceled out by extremely unprofitable spreads set by banks. With small fluctuations between rates, conversion often becomes meaningless. Favorable conversion conditions for multicurrency deposits are rare. After all, the difference between the purchase price and the sale price of currency by banks is established independently, and not on the basis of the exchange rate of the Central Bank of the Russian Federation. It can reach 1, 7-1, 9 p.
A number of banks set favorable conversion rates only for relatively large transactions. For example, in the bank "Yugra" the difference between the purchase and sale price is 6-14 kopecks, but only for transactions from 1000 dollars or euros, 50,000 rubles.
Multicurrency or separate classic ruble and foreign currency deposits?
To calculate the profitability of investing money in multicurrency and individual ruble and foreign currency deposits, you can take offers from one of the largest banks - Alfa-Bank. The initial parameters are as follows: 100 thousand rubles, 1000 euros and dollars each, the period is 1 year.
If we assume that there was no conversion during the year, the yield on the multicurrency deposit will be as follows:
- in rubles - 10 143 rubles. (rate 9, 7% with monthly capitalization);
- in dollars - 42 dollars (rate 4.1% with monthly capitalization);
- in euros - 37 euros (rate 3, 6% with monthly capitalization).
For traditional deposits (for example, the "Victory" deposit):
- in rubles - 16 788 rubles. (rate 15.62% with monthly capitalization);
- in dollars - 59 dollars (rate 5.75% with monthly capitalization);
- in euros - 53 euros (rate 5, 22% with monthly capitalization).
Thus, the traditional way of distributing currencies is obviously more advantageous in terms of profitability. At the same time, you can take advantage of seasonal profitable offers from different banks and get even more profit.
But the point of opening a multicurrency deposit is not getting the maximum passive income. It should be understood that in order for a multicurrency deposit to become truly profitable, its owner is required to understand the market currency situation. It is necessary to analyze the factors affecting the behavior of currencies, and be able to choose the right moment to buy or sell them. The depositor must constantly monitor the situation in the financial market. That is, this product is not for a mass investor.
If you do not plan to convention the currency, then it is better to open traditional separate deposits.
