The bank takes a commission for storing currency in accounts. What to do with money?

What happened?

Banks introduce a commission for servicing foreign currency accounts. From June 23, take money for storing US dollars, euros, pounds sterling and Swiss francs will startFrom June 23, we are introducing a fee for servicing accounts in foreign currency / Tinkoff Telegram channel Tinkoff. This will affect accounts that hold more than 1,000 in the corresponding currency. The commission will be 1% per month and will be deducted daily in installments.

From June 30 for keeping money for accounts in dollars, euros, pounds sterling, Swiss francs and Japanese yen percent will chargeOn changing the conditions for placing funds on current foreign currency accounts / Raiffeisenbank and Raiffeisenbank. It will be possible to store up to 5,000 in the listed currencies for free, with the Premium and Premium-5 service packages - up to 50,000, except for yen. For Japanese currency accounts, the thresholds will be 500,000 and 5 million, respectively. From exceeding the limits at the end of the month, 0.2% will be charged. If the client stores more than 500 thousand in dollars, euros, pounds sterling, Swiss francs, the commission will be 0.5% per month.

In Tinkoff, this decision is explained by the "unreliability of foreign partners in working with currency for Russia." In "Raiffeisenbank" - the fact that it "will allow you to more effectively manage funds in foreign currency."

Other Russian banks are in the same economic environment. Therefore, it is likely that they will introduce similar commissions.

Why is this happening?

Banks - commercial enterprises, not charities, they earn money from their services. This also applies to the storage of funds. The client places his savings on accounts and deposits, the bank puts them into circulation and earns on it. And part of the profit in the form of interest is shared with the owner of the money.

Now it is unprofitable for banks to keep the currency in non-cash form. It is difficult to make money on it in the conditions of sanctions and various restrictions. Banks do not want to keep clients' money for free or at a loss.

However, the introduction of the commission can be interpreted not only as an attempt to shift the costs to customers. Taking into account restrictions For the withdrawal and purchase of foreign currency, many will be forced to convert it into rubles in order not to pay a commission. And banks will gladly (and with interest!) accept rubles back for storage.

Is this even legal?

In Russia prohibitedFederal Law of December 2, 1990 No. 395‑1 “On banks and banking activities” negative interest rates, that is, the conditions when a person brings money to the bank and pays the institution extra for it. But the law only applies deposits. For current accounts, there is no ban, which banks use.

However, this does not mean that it will be possible to profitably continue to keep the currency on deposits. They just stop opening. For example, since May 28, the same Tinkoff has been offering deposits only in rubles. Starting June 23, this will also apply to savings accounts. The funds existing in dollars and euros will be closed, the funds stored on them will be transferred to regular customer accounts in the same currencies. And there they will begin to charge a commission, as we remember.

What to do with money if you do not want to pay a commission?

The situation is getting ugly. For example, 1% per month from Tinkoff - at first glance, it seems not to be scary. But in annual terms it is already 12%, which is a lot. For comparison: even for ruble deposits, the bank now offers a rate up to 10.47%Deposits for individuals / Tinkoff per annum. So such a commission does not look like an attempt to make money on customers, but rather a signal “do something with your dollars, we don’t need them.” In support of this version, we can say that until June 30, Tinkoff canceled the commission for SWIFT transfers.

But what, in fact, can be done with the currency? There are options, even if they are all with nuances.

Pick up cash

At first glance, this is the easiest way. But due to restrictions, few people will be able to withdraw the currency. Because at least until September 9, the following termsThe Bank of Russia clarified the temporary procedure for issuing funds from foreign currency deposits and accounts of citizens, valid until September 9, 2022 / Central Bank:

• If a currency account was opened before March 9 and the money appeared there before this date, then you can receive no more than 10 thousand dollars from it. And only in dollars or euroso regardless of the currency of the account. The rest will be issued in rubles at the exchange rate of the Central Bank.
• If the account was opened after March 9, the money will be issued only in rubles.
• If the account was opened before March 9, the money that came to it after this date can only be cashed out in rubles.

That is, there are practically no chances to withdraw savings in foreign currency. This can only be done by those who have funds in the account for a long time. And then, provided that the currency can be ordered at the box office or it will be available at an ATM.

Transfer to another bank

Another obvious option is to send money to a bank that has not yet introduced a commission for storing currency in accounts. But the downside here is also obvious: it is likely that other institutions will soon begin to charge similar fees from customers. So the efforts will be in vain.

You can also send money to an account in foreign bank. But for this, such an account must exist, and the recipient organization must be ready to accept transfers from Russia.

Keep in another currency

If the bank allows you to open an account in currency, which is not on the disgraced list, and does not charge a commission for this, money can be converted.

Invest

Funds can still be withdrawn to a brokerage account and invested in some investment instrument. But you need to do this only if you have a good understanding of how the stock market works and are aware of all the risks. This was the golden rule in calm times, and especially now. If you invest thoughtlessly, there is a high probability of losing everything.