Rules for the purchase by individuals of currency in Russia. New rules for buying currency Rules for buying currency
What New Year no gifts? Russians, it seems, will face new difficulties in exchanging currency in 2018, because now any transactions with the dollar, euro and other foreign currencies will be equated to property. According to the logic of officials, if you sell dollars or euros, then you are selling personal property, therefore, you owe the state 13%.
This norm was introduced by the Ministry of Finance in February 2015, and almost no one paid attention to this fact! Still, banks were required to charge 13% of currency transactions, but there were countless "gray" exchangers. At first, it was only to their advantage to introduce additional burdens for citizens, which made it possible to receive additional income.
But from January 1, 2018, the authorities decided to give battle to corrupt currency fraud and began a full-scale cleansing of exchangers in almost all major cities RF.
Since 2015, the Ministry of Finance, Dmitry Medvedev, and representatives of the Tax Service have repeatedly emphasized that there will be no additional tax burdens on citizens who carry out currency transactions! Until May 4, 2016, Russians were required to file income declarations, which for the first time introduced "benefit received from foreign exchange transactions."
Despite the unequivocal position of the financial authorities in relation to foreign exchange transactions, the indication in the declaration of income from fluctuations in exchange rates gradually grew into equating the currency with property and introducing a norm on payment of personal income tax (13 %).
For now, the tax deduction applies to the sale of currency individuals in the equivalent of more than 250,000 rubles, but we all understand that the amount can be easily adjusted. If we talk about monetary terms, then in the case of an exchange of 5,000 US dollars (equiv.
275,000 rubles), owner sum of money will be obliged to pay 13% or 35,750 rubles as personal income tax. The amount is impressive even for rich people.
The paradox is that at the time of the exchange, double taxation may occur, that is, on the sale and purchase of currency (for example, if you want to sell dollars and buy euros). So far, no one has unequivocally answered how the statutory fees should be paid.
An additional fly in the ointment will be the ability to sum up all currency transactions per day/week/month.
Of course, the most logical attempt to circumvent the introduced tax on the sale of currency would be to make several transactions, but the summation of monetary transactions completely eliminates this possibility.
There are many scenarios, but experts agree on a few of the most realistic ones:
- The Ministry of Finance will tighten responsibility for non-compliance with tax requirements and increase incomes at the expense of citizens - this can be facilitated by increased control over the foreign exchange sector, cleaning the foreign exchange infrastructure from "shadow" exchange offices, and a tough monetary policy. The gloomiest scenario would be to pay 13% of each dollar bought or sold, which would inevitably take foreign currencies out of circulation almost completely, and there could be a shortage, primarily of the US dollar and the euro.
- Tightening the requirements of the Ministry of Finance can increase tenfold the volume of shadow exchange transactions. 13% is large sum, especially for traders and investors in currency funds. Therefore, instead of strengthening control over illegal exchange points, the authorities can get their rampant growth.
- Since the tax on the sale of currency will hit not only individuals, but also banks and macrofinancial organizations, their lobby can adjust the load or cancel some provisions, make the conditions more favorable for foreign exchange transactions.
Note that even officially operating exchangers massively reflected in their financial reporting only a few transactions per day, and actually spent millions of cash. Such a war of the Ministry of Finance with the shadow economy may be an attempt to kill two birds with one stone - to stop the illegal and uncontrolled circulation of currency in the country, and most importantly - to replenish the budget at the expense of the economically wealthy population.
To date, a currency exchange operation does not provide for the mandatory participation of a tax agent. That is, banks do not send to tax service information for each transaction. Therefore, formally, the taxpayer independently decides whether to pay taxes on the sale of foreign currency according to the declaration submitted personally.
The second point is that the tax authorities do not have a sufficient instrumental base to track and check the note in the declaration on “received profit as a result of exchange operations” when settling in cash.
In other words, it is advisable to pay personal income tax only when non-cash transactions in and cases where the receipt of foreign exchange income can be documented.
In the coming years, it is planned to introduce a sophisticated customer identification system in banks in order to carry out controlled transactions with currency in the equivalent of 40,000 rubles. Therefore, in the near future, it is possible that the state will fully receive 13% of foreign exchange transactions, up to confirmation of the source of income and its legality.
Today, foreign exchange transactions occupy a significant share of the financial turnover of individuals. The provisions of the law allow currency values owned by citizens of the Russian Federation. The exchange is used when opening deposits and storing money, receiving wages from foreign companies, trips abroad, large investments, etc. For this, currency exchange rules in Russia have been developed, within the framework of which such operations are carried out in banks.
The current rules for the purchase of currency by an individual allow exchange transactions in cash and non-cash for personal purposes of ordinary citizens. However, such transactions are carried out only in banks. Sale or purchase foreign money otherwise prohibited. Compliance with this rule is ensured by the risk of recognition of the transaction as invalid, violating the law.
The procedure for performing transactions with currency is established by the Central Bank. Let's consider it in more detail for each individual operation.
- Purchase of foreign cash for rubles. When the transaction amount does not exceed the equivalent of $ 10,000, the cashier generates a certificate in the form No. 0406007. It contains the details of the client's passport. The amount is calculated at the rate of the Central Bank on the day of purchase. The certificate is a permission to take the purchased cash banknotes abroad, only if the passport data is written in it. If a currency transaction is performed for an amount equal to or exceeding $ 10,000 or its equivalent, then filling in the passport data is recognized as a prerequisite.
- Acquisition (sale) of foreign banknotes for Russian rubles non-cash.
- Buying currency for another currency of another country. The transaction is made at the exchange rate against the ruble, which is valid on the day of the transaction in the bank.
- Translations. Citizens can receive transfers from other countries in foreign currency without restrictions. Send from Russia foreign banknotes can be in the equivalent of up to $ 5,000 without supporting documents. If the amount exceeds the established threshold, it is necessary to attach documents confirming the purpose of the transfer (contract for the purchase of real estate, treatment, training, invoices for goods, hotels, etc.). On the territory of Russia, the transfer of foreign money to other persons is prohibited.
- Opening foreign currency accounts. These accounts are used to receive salaries, receive or send transfers, store savings, etc.
Recently, new currency exchange rules have started to apply in Russia. The procedure for buying banknotes in the amount of more than 15 thousand rubles has changed. Now the bank is obliged to check the client and require the following documents and data:
- the passport;
- filling out a special form;
- date of birth, citizenship;
- address of residence, TIN;
- contacts, etc.
Information is entered into the program by a bank employee according to the documents submitted by the client. Data per client is stored in in electronic format in the banking program. If a citizen has previously been served in this bank, information about him has already been entered into the database. In this case, the changed rules for buying currency in Russia will not be noticed by ordinary citizens. If the amount does not exceed the threshold of 15 thousand rubles, then only a passport is required to purchase foreign money.
In addition, the bank may request information about the financial position, origin Money to be exchanged. These measures are aimed at preventing the illegal receipt of money, counteracting their laundering and identifying sources of financing for terrorism, protecting banks from financial fraud.
In addition, within the framework of the Federal Law on legalization of income, the powers of banks to request clarifying information from customers are significantly expanded. Full execution by banks of articles federal law may provoke restrictions on the purchase of currency by individuals. Failure to comply with bank requirements will lead to a refusal to carry out the operation without explanation.
From 2016, the purchase of foreign currency and its subsequent sale should be reflected in tax return. This is a mandatory requirement if the income from transactions amounted to more than 250,000 rubles. Foreign money is recognized as property, the sale of which requires the payment of a tax of 13%.
Today Sberbank offers several exchange operations with currencies of other countries. The list looks like this:
- Sale or purchase of foreign banknotes.
- Conversion (exchange foreign currencies).
- Exchange of foreign cash.
- Purchase, replacement of damaged banknotes.
- Currency authentication.
The specified services are limited to the list of currencies with which the relevant division of the bank works. Currency transactions at Sberbank are made in dollars, euros, pounds sterling, yen and Swiss francs. Bank offices always have cash in euros and dollars. In the branches of large cities you can find a rarer currency: Danish krone or Canadian dollar.
What will be required for the exchange
- Art. 141 of the Civil Code of the Russian Federation, in turn, determines: in what should be attributed to property expressed in currency values, one must be guided by the norms of legislation on currency regulation;
- and, finally, paragraph 1 of Art. 1 of the law "On currency regulation" dated 10.12.2003 No. 173-FZ classifies currency as property.
Thus, having gone through the entire logical chain, we establish: the operations of individuals for the sale of currency with profit should be subject to personal income tax. Therefore, by selling currency, an individual acquires the obligation to report such a sale to the Federal Tax Service and pay tax in case of income from the operation. These conclusions have been repeatedly confirmed in their letters to the Ministry of Finance. As an example, we will indicate the letter dated February 20, 2015 No. 03-04-06/8370. Read more about this: “Will there be a tax on foreign exchange transactions?”.
Recall that the practice of a tax on currency exchange existed in Russia from 1997 to 2003. Then the commission worked in the amount of 1% of the purchased amount. But this measure was abandoned because it did not bring the expected revenues to the budget.
The FTS is primarily concerned about whether there is a profit from your manipulations with the currency and securities. The major disadvantage is that losses do not reduce the amount of income, and you will still have to pay tax on profits, even if you later lost more money. Let's look at an example. In 2016, the profit on Forex of an individual amounted to 500 thousand rubles, and losing trades were fixed at 700 thousand.
- accumulation of money;
- receiving speculative income (if transactions are carried out on exchanges, for example, Forex);
- converting funds for purchases on foreign websites or when traveling abroad.
In the conditions of the crisis, more and more transactions began to be carried out, pursuing the second goal - generating income, which is why government bodies It was decided to equate the sale of foreign currency to the sale of other types of property.
- There is no specific procedure for accounting for foreign exchange income when calculating the taxable base for personal income tax that is understandable to “ordinary residents”. At the same time, most citizens are not experts in the Tax Code of the Russian Federation in order to correctly calculate the base and tax according to general norms (even if they know about the need to calculate tax when selling currency).
- The Federal Tax Service bodies do not have tools to control the activities of citizens in the purchase and sale of currency. In the vast majority of cases, if a citizen himself did not come to the IFTS with a declaration, which includes income from foreign exchange exchanges, then the tax authorities have nowhere to find out about this.
- From the point of view of the application of the Tax Code of the Russian Federation and the above conclusions, questions also remain. For example, in Art.
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Question: CJSC ( professional participant RZB) plans to provide clients with intermediary services in the MICEX-RTS currency market (acting as a commission agent) related to the conclusion and execution of contracts, obligations under which are subject to settlement based on the results of clearing carried out in accordance with the Federal Law of 07.02.
2011 N 7-FZ “On clearing and clearing activities”, including the return of funds to clients (committents). UTS contract of commission, according to which the CJSC acts as a committent, and the bank - as a commission agent.
For clients, CJSC acts as a commission agent, and clients - as consignors. On the basis of commission agreements, CJSC, acting on its own behalf and on behalf of the client under a commission agreement with the bank, executes clients' orders for the purchase and sale of currency on the stock exchange. Clients transfer rubles or currency to a special brokerage account of CJSC, which the company, in turn, transfers to the bank for settlements on the stock exchange.
On behalf of clients, CJSC (through the ETS trading participant) intends to carry out purchase and sale operations on the stock exchange financial instruments, in particular: purchase and sale of the ruble/dollar pair (TOM/TOD); purchase and sale of the ruble/euro pair (TOM/TOD); purchase and sale of the euro/dollar pair (TOM/TOD). enter the delivery, that is, receive a real currency asset based on the results of clearing.
Clients will be both individuals and legal entities. The procedure for determining tax base on the income of individuals from transactions in the foreign exchange market on a permanent basis, the Tax Code of the Russian Federation is not directly established.
Do the losses of an individual on foreign exchange transactions reduce the profit received by him on similar transactions for personal income tax purposes? The position expressed in the Letter of the Ministry of Finance of Russia dated March 24, 2010 N 03-04-05 / 2-125 boils down to the fact that the possibility of reducing the tax base on income received from operations on the currency exchange by the amount of losses from these operations of the Tax Code of the Russian Federation not provided.
Is the tax base determined in rubles, including when an individual client establishes it as a guarantee of foreign currency assets (i.e., the currency transferred by CJSC is recalculated to determine the tax base in rubles and then added to this amount? financial results from the financial transactions carried out on the exchange currency market)? According to Art.
Answer: MINISTRY OF FINANCE OF THE RUSSIAN FEDERATION
The Department of Tax and Customs Tariff Policy considered the letter of CJSC and regarding the issue of paying personal income tax when performing foreign currency transactions on the MICEX-RTS currency market in accordance with Art. 34.2 of the Tax Code Russian Federation(hereinafter referred to as the Code) explains the following. According to paragraph 1 of Art.
210 of the Code, when determining the tax base, all incomes of the taxpayer received by him both in cash and in kind, or the right to dispose of which he has arisen, are taken into account. At the same time, clause 5 of Art. 210 of the Code provides that income (expenses accepted for deduction in accordance with Articles 214.1, 214.3, 214.4, 214.
5, 218 - 221 of the Code) of a taxpayer denominated (nominated) in foreign currency are converted into rubles at the official exchange rate of the Bank of Russia established on the date of actual receipt of the said income (the date of actual expenditure). ch.
23 “Tax on personal income” of the Code is not established. In accordance with paragraph 2 of Art. 38 of the Code, property in the Code means types of objects civil rights(with the exception of property rights) relating to property in accordance with the Civil Code of the Russian Federation (hereinafter referred to as the Civil Code).
Because according to Art. 141 Civil Code and pp. 5 p. 1 art. 1 of the Federal Law of December 10, 2003 N 173-FZ “On currency regulation and currency control”Foreign currency is recognized as property, taxation of income from transactions with foreign currency is carried out on the basis of the provisions of the Code provided for the taxation of income of individuals received from the sale of property, including the provisions of Art. Art.
220, 228 and 229 of the Code. At the same time, we draw your attention to the fact that in accordance with paragraphs. 2 p. 1 art. 228 of the Code, the calculation and payment of tax in accordance with this article is carried out, in particular, by taxpayers “based on the amounts received from the sale of property”, therefore, the reference in the letter in question to the provisions of Art.
39 of the Code on the “sale of goods, works, services” is unfounded. Based on the foregoing, when an organization pays a taxpayer income received as a result of operations for the purchase and sale of foreign currency on the MICEX-RTS currency market, such an organization is not recognized as a tax agent.
Ivan Rykov on the MIR24 TV channel shared his expert opinion on this topic.
Do all individuals have to pay income tax on income from the purchase and sale of foreign currency. And what if you don't want to pay for it?
With the approach of the next tax period MIR 24 found out that all individuals must independently submit tax returns on foreign exchange transactions if they have earned on the sale of foreign currency. Ivan Rykov, an economist and chairman of the commission of the Russian Board of Auditors, told about this in an interview with our correspondent.
“Indeed, the exchange rate difference is a tax benefit that is taxed. And the rate is even higher than 13%. Information on accrued income comes to the inspection when it is available tax agent, which is the employer or tax inspector. The currency data will most likely be sent to the inspectorate, and this process will be controlled, but so far the obligation to declare income in currency lies with the individual himself.
According to Rykov, due to the frequent difference in the exchange rate, the state will soon strengthen control over foreign exchange transactions. In addition, when changing currency at an exchange office on the street, you should not hope that it does not belong to the bank. In fact, almost all exchange offices are controlled by banking agents.
“Currency exchange control has not yet been adjusted, but over time, given the fluctuations in the exchange rate, control will be complete, as is the case with cars and apartments. Exchange offices outside the activities of banks now practically do not work. Even if there is no bank sign hanging on it, it most likely refers to a bank agent. Individual items were banned for control purposes.”
According to the economist, in the West, foreign exchange income is taxed, and non-payment threatens with punishment.
“Abroad it is subject to taxation. If you do not pay, you will be charged a fine and penalties, and may even go to trial,” he said.
Currency transactions between residents and non-residents
Attention
Tax Code of the Russian Federation, which discusses the features of determining the tax base upon receipt material gain, income received by an individual when purchasing (selling) foreign currency at a rate lower (higher) than the official one is not mentioned. In the letter of the Ministry of Finance of Russia dated December 24, 2012 No. 03-04-06 / 4-361, the financial department explained that the exchange rate difference resulting from the deviation exchange rate sale (purchase) of foreign currency from the official rate, is in the nature of a material benefit, but it is not included in the list of cases when it is taxed on income (Article 212 of the Tax Code of the Russian Federation).
Suppose an investor exchanged rubles for US dollars, and then invested them in something (for example, bought some ETFs). The question of whether it is necessary to calculate personal income tax on income received as a result of currency exchange will not arise until the investor exchanges US dollars back for rubles or some other currency.
If such a transaction occurs, it is necessary to look at how many years the investor has owned the currency that is now being exchanged. If the holding period turns out to be more than three years, then there is no need to file a tax return, and there is no need to calculate and pay personal income tax on transactions performed.
If the term of holding the currency is less than three years, then, according to tax code At the very least, you will have to file a tax return. Moreover, the investor will need to do this on their own, because. the bank or broker in this case will not be tax agents.
However, even if a declaration has to be submitted, personal income tax as a result of currency exchange may not arise. The investor can take advantage of tax deductions: income received as a result of currency exchange can be reduced either by the amount of expenses incurred earlier (i.e. by the amount that had to be paid when buying the currency), or by fixed amount in the amount of 250,000 rubles.
Although in some such cases there are certain nuances, but in general, at the moment, Russian legislation that is the order of operations.
Another question is how all this is actually applied and controlled in practice. To date tax authorities it is quite difficult to track and compare such currency exchange transactions. Therefore, in most cases, the declaration of such income and the payment of tax from them occurs either if the investor himself voluntarily submits all documents to the tax office, or if the tax office, for example, as a result of checking a bank or broker in some way separately will reveal such transactions and the fact that no tax was paid on them.
1) You must be prepared to document the period of ownership of the currency or the amount of expenses incurred when acquiring it. It is best to store all related documents somewhere separately.
For example, if an investor purchased currency once 3 years ago, the second time last month, and today he sells part of the currency, if there are supporting documents, you can always refer to the fact that the currency that was purchased 3 years ago is being sold, so apply declaration and pay personal income tax in this case will not be necessary.
2) If possible, avoid currency exchange transactions in situations where the term of currency holding can be clearly established, and it will be less than three years.
Suppose an investor buys currency on the Moscow Exchange through a brokerage account, does not withdraw the received currency anywhere and keeps it on the account, and then sells it a month later. In this case, the term of holding the currency will definitely be less than three years, and this fact can be quite easily established from brokerage reports. Therefore, if the investor does not file a tax return, the risk of receiving claims from tax office in such a situation will be higher.
3) Remember the minimum tenure (3 years), as a result of which you will not need to file a declaration and you will not need to pay personal income tax, as well as about tax deductions(for the amount of expenses incurred and for the amount of 250,000 rubles).
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Today, foreign exchange transactions occupy a significant share of the financial turnover of individuals. The provisions of the law allow the possession of currency values in the ownership of citizens of the Russian Federation. The exchange is used when opening deposits and keeping money, receiving wages from foreign companies, traveling abroad, large investments, etc. For this, currency exchange rules have been developed in Russia, within the framework of which such operations are carried out in banks.
Operations with foreign money
The current rules for the purchase of currency by an individual allow exchange transactions in cash and non-cash for personal purposes of ordinary citizens. However, such transactions are carried out only in banks. Sale or acquisition of foreign money in any other way is prohibited. Compliance with this rule is ensured by the risk of recognition of the transaction as invalid, violating the law.
The procedure for performing transactions with currency is established by the Central Bank. Let's consider it in more detail for each individual operation.
- Purchase of foreign cash for rubles. When the transaction amount does not exceed the equivalent of $ 10,000, the cashier generates a certificate in the form No. 0406007. It contains the details of the client's passport. The amount is calculated at the rate of the Central Bank on the day of purchase. The certificate is a permission to take the purchased cash banknotes abroad, only if the passport data is written in it. If a currency transaction is performed for an amount equal to or exceeding $ 10,000 or its equivalent, then filling in the passport data is recognized as a prerequisite.
- Purchase (sale) of foreign banknotes for Russian rubles non-cash.
- Buying currency for another currency of another country. The transaction is made at the exchange rate against the ruble, which is valid on the day of the transaction in the bank.
- Translations. Citizens can receive transfers from other countries in foreign currency without restrictions. You can send foreign banknotes from Russia in the equivalent of up to $5,000 without supporting documents. If the amount exceeds the established threshold, it is necessary to attach documents confirming the purpose of the transfer (contract for the purchase of real estate, treatment, training, invoices for goods, hotels, etc.). On the territory of Russia, the transfer of foreign money to other persons is prohibited.
- Opening foreign currency accounts. These accounts are used to receive salaries, receive or send transfers, store savings, etc.
Additional control of exchange operations
Recently, new currency exchange rules have started to apply in Russia. The procedure for buying banknotes in the amount of more than 15 thousand rubles has changed. Now the bank is obliged to check the client and require the following documents and data:
- the passport;
- filling out a special form;
- date of birth, citizenship;
- address of residence, TIN;
- contacts, etc.
Information is entered into the program by a bank employee according to the documents submitted by the client. Client data is stored electronically in the banking program. If a citizen has previously been served in this bank, information about him has already been entered into the database. In this case, the changed rules for buying currency in Russia will not be noticed by ordinary citizens. If the amount does not exceed the threshold of 15 thousand rubles, then only a passport is required to purchase foreign money.
In addition, the bank may request information about the financial position, the origin of the funds to be exchanged. These measures are aimed at preventing the illegal receipt of money, counteracting their laundering and identifying sources of financing for terrorism, protecting banks from financial fraud. The client questionnaire contains 17 items. Some of them credit institution entitled to formulate. The employees of credit institutions are responsible for determining the degree of risk and illegality of the currency transaction being performed.
In addition, within the framework of the Federal Law on legalization of income, the powers of banks to request clarifying information from customers are significantly expanded. Full implementation by banks of articles of the federal law may provoke restrictions on the purchase of foreign currency by individuals. Failure to comply with bank requirements will lead to a refusal to carry out the operation without explanation.
Since 2016, the purchase of foreign currency and its subsequent sale must be reflected in the tax return. This is a mandatory requirement if the income from transactions amounted to more than 250,000 rubles. Foreign money is recognized as property, the sale of which requires the payment of a tax of 13%.
Currency exchange rules at Sberbank
Today Sberbank offers several exchange operations with currencies of other countries. The list looks like this:
- Sale or purchase of foreign banknotes.
- Conversion (exchange of foreign currencies).
- Exchange of foreign cash.
- Purchase, replacement of damaged banknotes.
- Currency authentication.
The specified services are limited to the list of currencies with which the relevant division of the bank works. Currency transactions at Sberbank are made in dollars, euros, pounds sterling, yen and Swiss francs. Bank offices always have cash in euros and dollars. In the branches of large cities, you can find a rarer currency: the Danish krone or the Canadian dollar.
The buy rate is displayed on an interactive scoreboard, the data on which can change several times a day. Sberbank does not accept coins of foreign countries for servicing, as well as old-style money, even if they are used abroad.
If the amount is above $10,000, Sberbank can offer an individual (more favorable) rate for buying or selling. This offer is always relevant for clients served individually.
Thus, the acquisition of foreign money by residents of the Russian Federation does not carry restrictions on amounts. The current rules and innovations relate to the procedure for the sale of foreign banknotes. Subject to the legality of transactions and the fulfillment of the conditions of the bank, individuals will continue to make transactions with currency in the usual way.
In Russia, from December 27, 2015, new rules have been introduced regarding the cash exchange of foreign currency. The innovation provides for the identification of customers by the bank. The previous procedure for money exchange in a bank, which takes place with a passport, has been expanded and tightened. When making a foreign exchange transaction equivalent to 15,000 rubles, bank employees ask customers to complete a questionnaire and answer additional questions (specify TIN, place of work, contact phone number, etc.).
When making a financial currency transaction (purchase and sale) in the amount of ≤ 15,000 rubles, there is no need to identify the client's identity. Operations with a turnover ≥ 15,000 rubles. require the presence of a client's passport and his questionnaire (filled out by a bank employee). The data obtained during the survey is not subject to disclosure and will be used internally. credit institution(the period of data storage is established by applicable law).
The innovation of the Central Bank did not immediately take root and caused conflicting reviews.
Reason for the new rules
In the official position of the Central Bank of Russia (499-P), the main positions of customer identification are fixed. A forced measure to strengthen control, tracking, combating financial terrorism and money laundering. The task of the bank is a thorough check of persons making monetary transactions. exchange operations and their other clients. This provision applies to the work of currency exchange offices. The principle of buying or selling a foreign monetary unit through Internet banking or cashless payments remained the same.
How to make a currency exchange
The new rules of the Central Bank apply to money transactions exceeding 15,000 rubles. If earlier it was enough to present a passport to make a currency exchange, now the bank offers to undergo a special questionnaire. In a special questionnaire, the full name, full date of birth, place, citizenship, actual address of residence must be indicated. Additionally, bank employees can clarify contact information, find out financial position, source of income and business reputation of the client.
If this is not the first contact with the bank. For example, they applied for a loan at Sberbank, its employees have the necessary information and it is enough for the client to present a passport. Otherwise, you will have to go through the identification process completely.
The Central Bank was reassured that customers would not experience inconvenience with the innovation. Staff banking organization independently fill out the questionnaire on the basis of data from various information bases. Therefore, in fact, when buying and selling in foreign currency, it is enough for the client to present a passport.
The collection of additional information is selective.
How will the new rules affect currency exchange?
The Central Bank's statement that customers will not feel the changes causes skepticism among a number of credit institutions. Currency exchange will take longer, queues will appear, which, in turn, will naturally annoy customers who value their time.
Of the positive aspects, they note an increase in the transparency of financial transactions, the simplified use of controlled cashless payments.
What do the new rules mean for citizens
The new rules aimed at ongoing currency purchase and sale operations have caused a lot of questions from ordinary citizens. The adoption of the provision on mandatory personal identification of the client (exchange of ≥ 15,000 rubles) raised a wave of mistrust and overgrown with a web of unverified information.
- Use of personal data specified during the execution of a currency transaction for the subsequent taxation of the transaction. To date, there is no such clause in the legislation of the Russian Federation. Honest citizens should not worry about their accumulated funds. Additional financial penalties are not provided.
- Many took the innovations as a signal for a drastic change exchange rate foreign currencies and independently began to sow panic, creating an artificial financial deficit. The exchange rate is set and fixed by the Central Bank of the Russian Federation.
- Information fraud. The data established by the bank in the process of identifying the client is the property of the organization and is closed from access by third parties. The collection of information is carried out in order to ensure the security of the bank and identify possible illegal actions of the client.
Like everything new adopted rules more frightened ordinary citizens, forcing them to resort to alternative methods of exchange. This reaction sparked a wave of fraud.
Security measures when buying and selling currency in 2018-2019
unstable economic situation, innovations and an abundance of inaccurate information confused many citizens, and some frankly panicked. The desperate desire of the Russians to make a quick currency exchange with the maximum personal benefit has created a fertile ground for the activities of fraudsters.
Illegal activity in financial sector keeps up with the times. The crude scams of the 1990s have replaced subtle new, "almost legal" scam schemes aimed at deceiving citizens in order to take over their finances.
Common fraud when buying and selling currencies:
- sleight of hand, or the mystery of the black box. A conscientious cashier lays out cash against the wall of the tray, located closer to the client. Every second citizen takes the funds received without counting. Unfortunately, not the entire amount may be in the pack. A pair of three banknotes mysteriously ends up at the far wall of the tray, where naive citizens would never even think of looking. What happens: a dishonest cashier performs a well-honed trick, a throw, in which several bills, hitting the front wall, fly off deep into the tray. There are no illegal actions in this, the amount is given in full. The client is left to blame for his carelessness. Sweet syrup can also be used for similar purposes. Having slightly lubricated the tray with a sticky composition, it is really possible to get a good “increase” in salary;
- write one, remember zero. An indication of the exchange rate on the scoreboard up to tenths does not guarantee that the expected amount will be received. The catch is that enterprising currency exchange employees refer to the lack of a zero for the scoreboard and explain the flaw in the rate by shifting the value to hundredths. For example, the indicated USD rate of 68.3 actually means 68.03. Unreasonable dependence of the exchange rate on the amount being changed is also common. For example, the specified favorable exchange rate Valid for exchanges over $1,000. The rules are not violated, because the client was “informed” by a small, inconspicuous announcement written in small print;
- Fake! Here, dodgy scammers called for help from the legislation of the Russian Federation. The cashier has the right to withdraw legal basis all suspicious banknotes. Usually, citizens who change insignificant amounts are subjected to attacks by scammers. A terrible loud accusation - a counterfeiter - knocks them out of the rut of rationality. Law enforcement agencies evoke unkind associations among Russians, therefore, fearing the upcoming red tape, clients part with their savings relatively easily;
- for many Russians, the bank is a guarantor of security. They actually work there. ordinary people with different moral principles. There is a huge amount of illiquid banknotes, the sale of which causes difficulty even for official organizations. They can be issued to an unsuspecting citizen. The adopted new rules for the mandatory identification of the client's identity provide a certain security when making a transaction. Dishonest cashiers in this case do not require documents.
A diverse range of fraud schemes is regularly updated. More and more people fall for the tricks of scammers.
The safety of the client is in his hands. The manifestation of vigilance and compliance with accepted norms and rules when performing a money exchange operation. Self-control and law-abiding will give their results. If you have the slightest suspicion or violation of the rules for buying and selling currencies, you should immediately contact the management of the credit institution and law enforcement agencies.
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The new currency exchange provisions came into force very recently. Until recently, in order to sell or buy currency from 15,000 rubles, credit firms had to carry out identification. Only one document was required - a passport. An employee of a financial institution wrote down the name of the client. New currency exchange rules in Russia appeared at the end of last year in December 2015.
Tightening of currency exchange rules in Russia
Not so long ago, new rules came into force regarding foreign exchange transactions in exchange offices. The Central Bank has tightened the rules of currency exchange for those people who want to make financial transaction in the amount of more than 15,000 rubles.
In the past, less than complicated procedures, now new law obliges financial institutions to carry out full identification of citizens.
The Central Bank reassured the Russians that the new rules would not create additional difficulties. If the amount does not exceed set threshold, then the currency exchange according to the rules of 2017 will not differ from the previous ones. In the event that the amount exceeds the threshold set by the Central Bank, you will also need a passport, and in addition, you will need to fill out a form. The tightening of currency exchange rules will lead to the fact that it will take a little longer to complete foreign exchange transactions.
The questionnaire will be completed by an employee of a bank or exchange office, but the client will need to provide additional information, such as residential address or TIN number. The answers will be entered in the questionnaire, which the client himself can fill out. If filled out by an employee of the institution, all items of the questionnaire are filled out based on the testimony of the client.
Currency exchange in 2017
New currency exchange rules came into effect on December 28 last year. Very little time has passed, and many people still do not know how to affect their currency transactions this innovation.
The point of the new rules is to make the currency conversion scheme as transparent as possible. In developed countries, this practice has already become a habit.
It is rather difficult to export money in cash from developed countries, since large amounts are allowed to be exported on a card or in another non-cash way. While currency exchange regulations are being tightened, major institutions have said that citizens will not be restricted in their right to make various foreign exchange transactions. Even if an employee of the exchange office asks the client for a TIN number, then its absence should not become an obstacle to converting. Money can also be exchanged with the help of a foreign passport, however, in this case, a bank employee may require you to provide the registration address. If a general civil document is used, then the registration address after the first exchange will be entered into the database automatically. Currency exchange rules in Russia compared to developed countries are more loyal. You should not be afraid of innovations, since this measure is not aimed at the detriment of citizens, but for the benefit.
Questionnaire for currency exchange
Most people are already aware that new currency exchange rules have come into effect. From December 27, 2015, to exchange currency for an amount exceeding 15 thousand rubles, an identity card will be required, and in addition, you will need to fill out a special questionnaire. The dossier records all the data that the credit institution receives during the identification of a citizen.
With regard to the recently established currency exchange rules, the Central Bank has set a list for the questionnaire, including 17 items. According to these points, the bank can formulate its own questions. Determining the degree of riskiness of the client is completely the responsibility of bank employees.
Currency exchange rules from December 28 are aimed at combating financial terrorism. Since they appeared quite recently, there are a huge number of questions from both ordinary citizens and employees of credit organizations. There is still no clear and specific definition of which citizen can be considered suspicious. Employees of a credit firm must determine for themselves whether a particular client is suspicious. An employee of a credit organization may be wary of a large amount, and the client's inappropriate behavior may also seem suspicious. New currency exchange rules from the end of 2015 are needed to reinsure financial institutions. The Central Bank sent to everyone financial institutions general questionnaire template. Banks have the right to modify the questionnaire at their own discretion.
What could be the consequences of tightening the rules of foreign exchange from the Central Bank
The new currency exchange rules that came into force on December 28 were perceived by citizens ambiguously. Some people understand the importance of such innovations, but most people worry about whether the innovations will be reflected in a negative way. It is necessary to understand the main thing - the Central Bank has tightened the rules of currency exchange so that banks can insure against fraudulent schemes and machinations. The public at the very end of last year was somewhat shocked by the introduction of new currency exchange rules. On the forums, you can find many questions regarding how the innovation will affect the ongoing currency transactions. Some experts give positive forecasts as to whether something will change in the banking sector after the entry into force of the law. Some experts believe that some credit institutions may declare unprofitability and reduce the exchange network. Many expect that the commission charged for performing currency conversions will increase.
A positive moment for banks is the fact that information on foreign exchange transactions of each client will be stored for 5 years in a dossier. If a credit institution needs to obtain more information about the client, then this can be done without any problems. So far, the worst thing that awaits citizens is the loss of some time when converting to fill out a questionnaire according to the new rules.
The Ministry of Finance may refuse pending currency purchases. This issue is being discussed with central bank ohm.
The Ministry of Finance will discuss with the Central Bank the possibility of reducing pending purchases of foreign currency on the market through spending from the Fund national welfare(FNB). This was reported to journalists by the Deputy Minister of Finance of the Russian Federation Vladimir Kolychev.
"The Central Bank has its own purchases outside the budget rule now, the so-called additional purchases, which were not bought in the fall. We will discuss with the Central Bank the topic of simply compensation through these additional purchases of what would need to be purchased Russian currency for funding purposes Russian projects. Thus, only purchases within the budget rule will remain on the market, which will greatly simplify the understanding of market participants. This is not a solution yet, we are discussing this with the Central Bank," TASS quoted Kolychev as saying.
In accordance with budget rule, The Ministry of Finance buys foreign currency on a monthly basis additional income from the sale of oil for more than $40 per barrel, the Ministry of Finance sends this currency to reserves. The Central Bank of the Russian Federation acts as an agent of the Ministry of Finance for procurement on the open market.
In August 2018, the Central Bank temporarily abandoned this practice due to market volatility and a sharp weakening of the ruble due to the threat of US sanctions, the Ministry of Finance began to buy foreign currency directly from the Central Bank without making equivalent transactions on the domestic market.
From January 15, 2019, the Central Bank returned to currency market, and from February 1, he began to purchase foreign currency for the Ministry of Finance, which was postponed last year.
The Deputy Minister of Finance of the Russian Federation noted that the Central Bank is likely to reduce purchases of foreign currency by an amount equivalent to the amount of expected spending from the NWF.
"Sizes are similar. Central Bank about 1.4 trillion rubles will remain there. or less for the next two years. And from the NWF, a limit of 1 trillion rubles is expected. for three years. Perhaps, over the next six months, the Central Bank will continue deferred purchases, and when these volumes equalize, mutual accounting will be possible," Kolychev stressed.
The government can start investing from the NWF, which accumulates oil and gas revenues, when its liquid part exceeds 7% of GDP. According to the Ministry of Finance, on November 1, the volume of the NWF exceeded 7.9 trillion rubles, or 7.3% of GDP. The Ministry of Finance predicts that by the end of 2020 the volume of the NWF will reach 8.5% of GDP.
If the decision is made, it is unlikely that it will significantly affect the market. For almost the entire year, the ruble feels stable, and almost no one remembers the purchases of foreign currency by the Ministry of Finance. Obviously, the department has no task to put pressure on the ruble.
In the period from November 8 to December 5, the Ministry of Finance planned to purchase foreign currency for 228.2 billion rubles. The daily volume of purchases during this period was to be 11.4 billion rubles. Taking into account deferred purchases, the daily volume of additional transactions may amount to approximately RUB 2.8 billion, thus total amount purchases increases to 14.2 billion rubles.
Traders concentrate on purely market factors. This year, the ruble is strengthening mainly due to demand from non-residents. Bond yields were quite high, and then the Bank of Russia signaled the resumption of the cycle of rate cuts.
All this led to an increase in demand for Russian securities and, consequently, for the ruble.