How to profitably exchange currency

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

Currency exchange is a headache, especially now. The exchange rate is not encouraging, and banks and exchangers establish their own rules, which are disadvantageous for customers. There is a more economical and convenient option - currency exchange on the stock exchange. What to do to take advantage of it and be calm for your money, we will tell you in this article.

If you look at the ruble exchange rate according to the Central Bank, it becomes sad: the currency is now very expensive. And if you look at the rates at which banks change this currency, it becomes even sadder. Bank rates differ by 1, 5–3 rubles, naturally so that it is profitable for the bank. And if you change more than $ 100, then you give the bank a rather large amount.

The question is, what should be done then, especially if currency exchange is needed all the time?

There is a way. This is a currency exchange on the stock exchange.

Usually everyone who is not connected with finance by profession shy away from the word "stock exchange". But here we are not talking about making money on stocks, but about working on the foreign exchange market of the Moscow Exchange. More precisely, about a separate instrument that helps to exchange currency profitably. And anyone can use it to save their money.

Why is it more profitable to change currency on the exchange?

There are several reasons why currency exchange on an exchange is more convenient and profitable than in a bank:

The exchange rate is more favorable. It has nothing to do with the need for banks to profit from currency exchange operations

For transactions on the stock exchange, brokerage companies take a ridiculous commission. "Finam", for example, from 0, 009% of the transaction amount.
Opening an investment account costs nothing.
You can change currency without visiting the bank, from any convenient place.

It's tempting. What can you do to take advantage of all these advantages?

What you need to change currency on the exchange

Perhaps the biggest drawback of exchanging currency on an exchange is the need to carry out several transactions before exchanging.

First you need to open an account with an investment company, then transfer funds to it, and then make a deal. There are two options for the last point:

Buy currency yourself. This requires a special program. The advantage of this approach is that you do and control everything yourself.
Ask for help. You call the company and instruct the broker to complete the transaction. In this case, everything is done for you.

Then you need to withdraw funds to a bank account and use them.

In fact, all of these steps take a little time if you use honed tools. Finam, for example, allows you to open an account remotely (documents are sent in electronic form), and the Finam Trade terminal works in such a way that you change your currency in a few clicks.

You only need to open an account once, so the subsequent currency exchange will be faster. Are the minutes you spend worth saving a few thousand rubles? Undoubtedly.

How else to save money when exchanging currency

We have already said above that brokerage companies charge a small commission for making transactions, almost a penny. But there is one pitfall - this is the commission for transferring funds from a brokerage account to a bank account. In some cases, the amount is significant, so there is no point in messing with the exchange.

This reef can be circumvented if you open an account with an investment company affiliated with the bank. As a rule, you can transfer money between accounts in this case without a commission.

The Finam website displays the amount that you will save when exchanging currency on the stock exchange. It is enough to look at the courses offered by banks to make sure that it is profitable to change currency through Finam.

When is it time to open an account and change money on the exchange? When you plan to change a large amount, when you often use the currency exchange service, or when you are just used to counting your money and are not going to throw it away.