In what currency is it better to store savings

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

The life hacker considered the most popular options and learned the opinion of experts.

Rubles

pros

1. If you receive a salary in rubles and you will spend your savings in them, keeping your savings in national currency will save you from exchange losses.

2. Ruble bank deposits have a higher percentage than foreign currency deposits. Despite the fact that the profitability of deposits in euros and dollars has recently increased, the Russian national currency still wins over the foreign one in this matter.

Minuses

1. The ruble is unstable. For example, this is how its exchange rate against the dollar has changed over the past 10 years.

2. The inflation rate in Russia remains high. In December 2017, the average rate on annual deposits for individuals was 5.38%, and the annual inflation rate was 2.5%, that is, the ruble depositor even managed to make a little money on the deposit. But in December 2015, the rate was 10.04%, and the annual inflation rate was 12.9%, and depositors not only did not increase, but even lost part of their savings.

Dollars

pros

1. It is one of the most convertible currencies in the world, used in most transactions, and the main reserve currency for many central banks, which speaks in favor of the stability of the dollar.

2. The dollar is weakly subject to inflation, and its value does not depend on momentary trends.

Minuses

1. Loss of money when exchanging rubles into dollars, and then back.

2. Procrastination if you want to transform savings into rubles and buy something with them. According to the law, you can simply come to the bank and exchange currency for an amount of no more than 40 thousand rubles. From 40 to 100 thousand rubles will have to be changed with a passport, and in order to exchange a larger amount, you already need to fill out a questionnaire, indicate the passport data, SNILS, TIN and not arouse suspicion from the security service.

3. It is the most counterfeit currency in the world, so there is a risk that some of the savings, if you keep dollars under your pillow, will turn out to be a pile of pieces of paper.

4. There is a possibility of government restrictions on the use and exchange of currency.

5. Quite low interest on deposits - 1.54% per annum for a deposit for 12 months (as of May).

Euro

pros

1. The euro is quite stable, despite reports of the desire of some countries to leave the European Union and other unrest.

2. In theory, the value of the euro does not depend on the state of the economy of one country. In practice, the situation is somewhat more complicated, since the stagnation of production in large states that are members of the European Union will certainly affect the stability of this currency. And yet the euro still looks stable.

Minuses

1. Discussion of the withdrawal from the European Union in different countries is reflected in the stability of the currency.

2. Despite the common currency, there is no general financial and tax regulation in the Eurozone.

3. When exchanging, you can lose part of the money, and here the same laws apply, according to which the amount over 100 thousand rubles will have to be changed with a package of documents.

4. The euro has a minimum deposit rate in the “ruble - dollar - euro” triad - 0, 31% per annum for a 12-month deposit (as of May).

Exotic currencies

pros

Anyone who understands the issue and chooses the currency of a country with a stable economy, independent of the influence of other countries, will be able to reliably save their savings.

Minuses

1. If dollars and euros can be changed in almost any branch of the bank, then you will have to run for exotic currencies.

2. It is difficult to find a place for storage: you either have to put the currency under the mattress, or take care of finding a bank abroad, since in Russia it will be extremely difficult to open such a deposit.

3. People outside the financial sector will have to conduct a full-fledged study of currencies. So, the Chinese yuan looks promising: the country's economy is growing, the value of the currency is practically independent of the economic influence of other countries. On the other hand, the growth of the yuan is constrained by the state, which is not interested in the strengthening of the currency and the subsequent rise in the cost of labor. And the experience of other countries shows that artificial restraint of growth often ends in the depreciation of money.

In what currency to keep savings

Despite the fact that the dollar and the euro have enough disadvantages, it is not the quantity but the quality of the arguments that should be considered, since stability is extremely important.

It is better to keep money in different currencies - dollars, euros and rubles - says Sergey Leonidov, general director of the financial aggregator Sravn.ru. This helps to minimize risks, but rather acts as a method of preserving funds in the event of shock events, rather than investments.

Sergey Leonidov General Director of the financial aggregator "Sravn.ru"

It is clear that foreign currency deposits during the 2014–2015 devaluation have greatly benefited compared to ruble deposits. But if we take a longer period, then the average dynamics of the exchange rates of the main stable currencies against the ruble loses to inflation in Russia (with the exception of the last two years).

According to the expert, in the long-term calculation inflation will "eat up" not only ruble, but also foreign currency savings. Therefore, in addition to passive storage of currency, it is good to use other investment instruments.

The founder of the Kotov Group holding, Roman Kotov, also advises to diversify your foreign exchange portfolio, but give preference to dollars - they keep 50% of your savings.

Roman Kotov founder of the Kotov Group holding

The dollar is considered a fairly strong and stable currency, not subject to sharp changes in the exchange rate. The second most popular is the euro. But due to the unstable situation in the EU economy, experts do not advise keeping a significant part of their savings in this currency.

But Kotov does not advise buying exotic currency, especially for beginners: the risk of an unprofitable transaction is too high.

The founder and CEO of Russian America, Yuri Mosha, also advises paying attention to the dollar, as the currency will remain reliable for deposits in the near future. In his opinion, one should not reject money from other countries, but it must be done wisely.

Yuri Mosha Founder and CEO of Russian America

I would advise you to pay attention to the British pound sterling and Swiss francs. Of course, Brexit and the uncertainty associated with it are a little scary. However, there is every reason to believe that if it leaves the common trading zone, the British currency will only strengthen. As for the francs, there can be no doubts at all. It is one of the strongest and most reliable currencies.