Rules for the purchase of currency by individuals in Russia. New rules for buying currency Rules for buying currency
What is New Year without gifts? The Russians, it seems, will face new difficulties in currency exchange 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, it means that you are selling personal property, therefore, you owe the state 13%.
This norm was introduced by the Ministry of Finance back in February 2015, and almost no one paid attention to this fact! Still, banks were obliged to charge 13% of transactions with foreign exchange, but there were countless "gray" exchangers. At first, they only played into the hands of the introduction of additional encumbrances for citizens, which made it possible to receive additional income.
But from January 1, 2018, the authorities decided to fight corruption currency frauds and began a full-scale cleanup of exchangers in almost all large cities RF.
Since 2015, the Ministry of Finance, Dmitry Medvedev, and representatives of the Tax Service have repeatedly stressed that there will be no additional tax burdens on citizens who carry out currency transactions! Until May 4, 2016, Russians had to submit income declarations, which for the first time introduced "the received benefit 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 smoothly developed into equating the currency with property and the introduction of a norm on payment of personal income tax (13 %).
As long as 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). Until now, no one has unequivocally answered how to pay the fees established by law.
An additional fly in the ointment will be the ability to summarize all transactions with currency for a day / week / month.
Of course, the most logical attempt to circumvent the introduced tax on the sale of currency will be to make several transactions, but the summation of monetary transactions will completely exclude this possibility.
There are many scenarios, but experts agree on several of the most realistic:
- The Ministry of Finance will tighten responsibility for non-compliance with tax requirements and increase income at the expense of citizens - this can be facilitated by strengthening control over the foreign exchange sector, cleaning the foreign exchange infrastructure from “shadow” exchange offices, and tough monetary policy. The most gloomy scenario will be to pay 13% from each bought or sold dollar, which inevitably will almost completely withdraw foreign currencies from circulation, there may be a deficit, primarily of the US dollar and the euro.
- The tightening of the requirements of the Ministry of Finance can increase the volume of shadow exchange operations tenfold. 13% is a lot, especially for traders and investors in foreign exchange funds. Therefore, instead of increasing control over illegal exchange points, authorities can get their violent growth.
- Since the tax on the sale of currency will hit not only individuals, but also banks and macrofinance organizations, their lobby may adjust the load or cancel some provisions, make the conditions more loyal to foreign currency transactions.
Note that even officially operating exchangers en masse reflected in their financial statements only a few transactions a day, and actually carried 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 require the mandatory participation of a tax agent. That is, banks do not send to Tax Service information on each transaction. Therefore, formally, the taxpayer independently decides whether to pay taxes on the sale of 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 mark in the declaration of “profits from exchange transactions” when calculating in cash.
In other words, it is advisable to pay personal income tax only if cashless transactions in and cases where the receipt of foreign exchange income can be documented.
In the coming years, it is planned to introduce a complex customer identification system in banks in order to carry out controlled currency transactions in the equivalent of 40,000 rubles or more. Therefore, in the near future, it is possible for the state to receive 13% of foreign exchange transactions on full grounds, 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 the finding of currency values \u200b\u200bin the property of 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 purpose, the rules for currency exchange 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 by non-cash method 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 the transaction being declared invalid, violating the law.
The procedure for performing currency transactions 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 registered 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 in effect 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 (agreement for the purchase of real estate, treatment, training, invoices for payment of goods, hotels, etc.). Transfer of foreign money to other persons within the territory of Russia is prohibited.
- Opening foreign currency accounts. These accounts are used to receive wages, receive or send transfers, store savings, etc.
Recently, new rules for currency exchange have been applied in Russia. The procedure for purchasing banknotes worth more than 15 thousand rubles has changed. Now the bank is obliged to check the client and require the following documents and data to be submitted:
- the passport;
- filling out a special form;
- date of birth, citizenship;
- residence address, 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 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, ordinary citizens will not notice the changed rules for buying currency in Russia. 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 situation, origin moneyto be exchanged. These measures are aimed at preventing illegal receipt of money, countering their laundering and identifying sources of financing terrorism, protecting banks from financial fraud.
In addition, within the framework of the Federal Law on Money Laundering, 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 banking requirements will lead to a refusal to carry out the operation without explanation.
Since 2016, the purchase of currency and its subsequent sale must be reflected in tax return... This is a mandatory requirement if the income from transactions exceeds 250,000 rubles. Foreign money is recognized as property, upon the sale of which it is necessary to pay tax - 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 corresponding 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.
What will be required when exchanging
- 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 taxed with personal income tax. Consequently, by selling currency, an individual acquires the obligation to report such a sale to the Federal Tax Service and pay tax in the event of income from the operation. These conclusions were repeatedly confirmed by the Ministry of Finance in its letters. As an example, let us indicate the letter dated February 20, 2015 No. 03-04-06 / 8370. Read more about this: "Will a tax on foreign exchange transactions be introduced?"
Recall that the practice of tax on currency exchange existed in Russia from 1997 to 2003. Then a commission of 1% of the purchased amount worked. 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 profit from your currency manipulations and securities... The serious disadvantage is that losses do not reduce the amount of income, and you will have to pay income tax anyway, even if you later lost more money. Let's look at an example. In 2016, an individual's profit on Forex amounted to 500 thousand rubles, and losing trades were recorded 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 sites or when traveling abroad.
In the conditions of the crisis, more and more often, transactions began to be carried out pursuing the second goal - to generate income, which is why government bodies it was decided to equate the sale of currency with 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, which is clear 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 the tax when selling currency).
- The Federal Tax Service does not have tools to control the activities of citizens in the purchase and sale of currency. In the overwhelming majority of cases, if a citizen himself did not come to the IFTS with a declaration, which includes income from currency 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 (a professional participant in the RZB) plans to provide clients with intermediary services in the MICEX-RTS OJSC foreign exchange market (acting as a commission agent) related to the conclusion and execution of contracts, obligations under which are subject to fulfillment based on the results of clearing carried out in accordance with Federal Law dated 07.02.
2011 N 7-FZ "On clearing and clearing activities", including the return of funds to clients (committees). In accordance with the Rules for admission to trading on the foreign exchange market, MICEX-RTS (stock exchange) CJSC concludes with a bank - a trading participant ETS commission agreement, according to which the CJSC acts as a principal and the bank as a commission agent.
For its clients, ZAO acts as a commission agent, and clients - as committees. 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 orders of clients for the purchase and sale of foreign currency on the 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 exchange.
On behalf of its clients, the CJSC (through the UTS trading participant) intends to perform transactions on the exchange of buying and selling financial instruments, in particular: buying and selling the ruble / dollar pair (TOM / TOD); buying and selling the ruble / euro pair (TOM / TOD); purchase and sale of the EUR / USD pair (TOM / TOD). For each instrument, it is assumed that the client will be able to go for delivery, that is, to receive a real currency asset based on the results of clearing.
Clients will be both individuals and legal entities. 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. What is the procedure for determining the tax base for personal income tax on income of an individual from transactions in the exchange currency market, the obligations on which are subject to execution based on the results of clearing?
Do the losses of an individual on foreign exchange transactions reduce the profit he received from 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 a client - an individual starts up, as a guarantee security for foreign currency assets (i.e., the currency transferred by the CJSC is converted to determine the tax base in rubles and then added to this amount financial results from 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 and Tariff Policy considered the letter of the CJSC and regarding the issue of paying tax on personal income when performing foreign exchange transactions on the MICEX-RTS foreign exchange market in accordance with Art. 34.2 of the Tax Code Russian Federation (hereinafter - the Code) explains the following: According to clause 1 of Art.
210 of the Code, when determining the tax base, all income of the taxpayer, received by him both in cash and in kind, or the right to dispose of which he has arisen, is 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 the taxpayer, expressed (nominated) in foreign currency, are recalculated into rubles at the official rate of the Bank of Russia established on the date of actual receipt of these incomes (the date of actual expenditures). ch.
23 “Personal Income Tax” 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).
Since according to Art. 141 Civil Code and nos. 5 p. 1 of Art. 1 of the Federal Law of 10.12.2003 N 173-FZ “On Currency Regulation and currency control”Foreign currency is recognized as property, taxation of income when performing operations with foreign currency is based on the provisions of the Code, provided for 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, please note 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 made, in particular, by taxpayers “based on the amounts received from the sale of property,” therefore the reference in the letter under consideration to the provisions of Art.
39 of the Code on “sale of goods, works of services” is unreasonable. Based on the foregoing, when an organization pays to a taxpayer income received as a result of buying and selling foreign currency on the MICEX-RTS foreign exchange 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 buying and selling currency. And what to do if you don't want to pay it at all.
With the coming of another tax period MIR 24 found out that all individuals must independently file tax declarations on foreign exchange transactions if they made money on the sale of foreign exchange. Economist, chairman of the commission of the “Russian Collegium of Auditors” Ivan Rykov told about this in an interview with our correspondent.
“Indeed, the difference in exchange rates is a tax benefit that is taxed. And the rate is even higher than 13%. Information about accrued income comes to the inspection when there is tax agentwhich is the employer or tax inspector. Data on currency, most likely, will come to the inspectorate, and this process will be monitored, but so far the obligation to declare income by currency rests with the individual himself. "
According to Rykov, due to the frequent difference in exchange rates, the state will soon strengthen its 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 a bank. In fact, almost all exchange offices are controlled by bank agents.
“Control over currency exchange has not yet been debugged, but over time, given the fluctuations in the difference in exchange rates, 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 on it, it most likely belongs to a bank agent. Certain items were banned for control purposes. "
According to the economist, in the West, income from currency exchange is taxed, and failure to pay is subject to punishment.
“Abroad it is subject to taxation. If you do not pay, then you will be charged a fine and interest and may even go to court proceedings, ”he said.
Currency transactions between residents and non-residents
Attention
Tax Code of the Russian Federation, which considers the specifics of determining the tax base upon receipt material benefits, income received by an individual from the purchase (sale) of foreign currency at a rate lower (higher) than the official rate is not mentioned. In the letter of the Ministry of Finance of Russia dated 24.12.2012 No. 03-04-06 / 4-361, the financial department explained that the exchange rate difference resulting from the deviation of the exchange rate for the sale (purchase) of foreign currency from the official rate is of the nature of material gain, but in the list of cases when it is taxed on income, it is not included (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 ETF). 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 for some other currency.
If such an operation takes place, it is necessary to see how many years the investor owned the currency that is now being exchanged. If the ownership period turns out to be more than three years, then there is no need to file a tax return, and you also do not need to calculate and pay personal income tax from the transactions performed.
If the term of holding the currency is less than three years, then, according to Tax Code, as a minimum, you will have to file a tax return. Moreover, the investor will need to do this on his own, since the bank or broker in this case will not be tax agents.
However, even if the declaration has to be submitted, personal income tax may not arise as a result of currency exchange. The investor can take advantage of tax deductions: the 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 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 reflects exactly this procedure.
Another question is to what extent all this is actually applied and controlled in practice. Today it is quite difficult for tax authorities 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 an audit of a bank or broker somehow separately will reveal such transactions and the fact that no tax has been paid on them.
1) You must be ready to document the period of holding the currency or the amount of expenses incurred when purchasing it. It is best to store all related documents somewhere separately.
For example, if an investor once purchased a currency 3 years ago, the second time - last month, and today he sells part of the currency, if you have supporting documents, you can always refer to the fact that it is exactly the currency that was purchased 3 years ago that is being sold, so submit declaration and pay personal income tax in this case will not be necessary.
2) If possible, avoid currency exchange transactions in situations where the holding period of the currency 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 easily established from brokerage reports. Therefore, if the investor does not file a tax return, the risk of receiving claims from the outside tax office in a similar situation will be higher.
3) Remember the minimum ownership period (3 years), as a result of which you will not need to submit a declaration and you do not need to pay personal income tax, as well as about tax deductions (in the amount of expenses incurred and in the amount of 250,000 rubles).
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Today, foreign exchange transactions take up a significant share of the financial turnover of individuals. The provisions of the law allow the finding of currency values \u200b\u200bin the property 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 by non-cash method 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 the transaction being declared invalid, violating the law.
The procedure for performing currency transactions 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 registered 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 in effect 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 (agreement for the purchase of real estate, treatment, training, invoices for payment of goods, hotels, etc.). Transfer of foreign money to other persons within the territory of Russia is prohibited.
- Opening foreign currency accounts. These accounts are used to receive wages, receive or send transfers, store savings, etc.
Additional control of exchange operations
Recently, new rules for currency exchange have been applied in Russia. The procedure for purchasing banknotes worth more than 15 thousand rubles has changed. Now the bank is obliged to check the client and require the following documents and data to be submitted:
- the passport;
- filling out a special form;
- date of birth, citizenship;
- residence address, TIN;
- contacts, etc.
Information is entered into the program by a bank employee according to the documents submitted by the client. Customer 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, ordinary citizens will not notice the changed rules for buying currency in Russia. 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 can request information about the financial position, the origin of the funds to be exchanged. These measures are aimed at preventing illegal receipt of money, countering their laundering and identifying sources of financing terrorism, protecting banks from financial fraud. The client's questionnaire contains 17 items. Some of them credit institution has the right to independently formulate. The employees of credit institutions are responsible for determining the degree of risk and illegality of the foreign exchange transaction.
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 compliance by banks with articles of the federal law may provoke restrictions on the purchase of foreign currency by individuals. Failure to comply with banking requirements will lead to a refusal to carry out the operation without explaining the reasons.
Since 2016, the purchase of currency and its subsequent sale must be reflected in the tax return. This is a mandatory requirement if the income from transactions exceeds 250,000 rubles. Foreign money is recognized as property, upon the sale of which it is necessary to pay tax - 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 (foreign currency exchange).
- Exchange of foreign cash.
- Purchase, replacement of damaged banknotes.
- Currency authentication.
The specified services are limited to the list of currencies with which the corresponding 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 purchase rate is displayed on an interactive board, the data on which can change several times a day. Sberbank does not accept foreign coins for servicing, as well as old-style money, even if they are used abroad.
If the amount is higher than $ 10,000, Sberbank can offer an individual (more profitable) rate for buying or selling. Such an offer is always relevant for individual clients.
Thus, the purchase of foreign money by residents of the Russian Federation does not have any amount restrictions. The current rules and innovations relate to the procedure for the sale of foreign banknotes. With the legality of the transactions and the fulfillment of the conditions of the bank, individuals will continue to carry out operations with currency as usual.
In Russia, since 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 currency exchange operation equivalent to 15,000 rubles, the bank's employees ask customers to go through a survey 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. Transactions with a turnover of ≥ 15,000 rubles. assume the presence of a client's passport and his questionnaire (filled in by a bank employee). The data obtained in the course of the questionnaire is not subject to disclosure and will be used within the credit institution (the data storage period is established by the current legislation).
The Central Bank's innovation did not immediately take root and caused conflicting reviews.
Reason for the adoption of the new rules
The official regulation of the Central Bank of Russia (499-P) contains the main positions of customer identification. A forced measure to strengthen control, tracking, combating financial terrorism and money laundering. The task of the bank is to thoroughly check the persons making money exchange operations and their other clients. This provision applies to the work of currency exchange offices. The principle of making a purchase or sale of a foreign currency through the Internet bank or cashless payments remained the same.
How to make a currency exchange
The new rules of the Central Bank apply to monetary transactions exceeding 15,000 rubles. If earlier it was enough to present a passport to carry out currency exchange, now the bank offers to go through 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 the financial situation, source of income and business reputation of the client.
If this is not the first contact with the bank. For example, they issued a loan in Sberbank, its employees have the necessary information and the client only needs to present a passport. Otherwise, you will have to go through the identification process completely.
The Central Bank reassured that customers would not feel any inconvenience during the innovation. Staff banking organization will independently fill out the questionnaire based on data from various information databases. Consequently, in fact, when buying and selling in foreign currency, it is enough for a client to present a passport.
The collection of additional information is selective.
How the new rules will affect currency exchange
The Central Bank's statement that clients will not feel the changes causes skepticism from a number of credit institutions. Currency exchange will take a longer time, queues will appear, which, in turn, will naturally irritate customers who value their time.
On the positive side, they note an increase in the transparency of financial transactions, a simplified use of controlled cashless payments.
What the new rules mean for citizens
New rules aimed at ongoing foreign exchange purchase and sale operations have raised 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.
- The use of personal data specified in the performance of a foreign exchange transaction for subsequent taxation of the transaction. Today there is no such clause in the legislation of the Russian Federation. Honest citizens should not worry about their accumulated funds. There are no additional financial penalties.
- Many took the innovation as a signal for a dramatic change exchange rate foreign currencies and began to sow panic on their own, 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 customer identification are the property of the organization and are closed from access by third parties. The collection of information is carried out in order to ensure the safety of the bank and to identify possible illegal actions of the client.
Like everything new, the adopted rules scared ordinary citizens more, forcing them to resort to alternative methods of exchange. This reaction spurred a wave of fraud.
Security measures when buying and selling currency in 2018-2019
The unstable economic situation, innovations and an abundance of inaccurate information confused many citizens, and some outright panicked. The desperate desire of Russians to make a quick currency exchange with maximum personal benefit has created fertile ground for the activities of fraudsters.
Illegal activity in financial sphere keeps up with the times. The crude scams of the 90s have replaced subtle new, “almost legal” schemes of fraudsters aimed at deceiving citizens in order to take over their finances.
Common fraud when buying and selling currencies:
- sleight of hand, or the secret of the black box. A conscientious cashier places the cash on the side of the tray closest to the customer. Every second citizen takes the funds received without counting. Unfortunately, the bundle may not contain the entire amount. A couple of three bills mysteriously end up at the far wall of the tray, where naive citizens would never even think of looking. What happens: the dishonest cashier performs a well-honed trick, a throw in which several bills, hitting the front wall, fly into the depths of the tray. There are no illegal actions in this, the amount is given in full. The client is left to blame his carelessness. For such purposes, sweet syrup can also be used. Having slightly greased the tray with a sticky composition, you can really get a good "increase" to your salary;
- write one, memorize zero. Indicating the exchange rate on the scoreboard to tenths does not guarantee the expected amount. The catch is that enterprising currency exchange employees cite the lack of a zero for the scoreboard and explain the lack of exchange rate by shifting the value to the hundredths. For example, the quoted rate of USD 68.3 actually means 68.03. The unjustified dependence of the exchange rate on the amount being changed is also widespread. For example specified favorable rate valid when exchanging amounts over $ 1000. 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. Typically, fraudsters attack citizens who change small amounts. A terrible loud accusation - the counterfeiter - knocks them out of the rut of reason. Law enforcement agencies cause bad associations among Russians, therefore, fearing the forthcoming red tape, clients relatively easily part with their savings;
- for many Russians, the bank is a guarantor of security. In fact, they work there ordinary people with different moral principles. There is a huge number of illiquid banknotes, the sale of which is also difficult for official organizations. They can be handed over to an unsuspecting citizen. The adopted new rules for mandatory identification of the client's identity provide a certain security when making a transaction. In this case, dishonest cashiers do not require documents.
A diverse range of cheating schemes is regularly updated. More and more people fall for the tricks of scammers.
The client's safety is in his hands. Exercise of vigilance and adherence to accepted norms and rules when performing money exchange operations. Self-control and law-abidingness will bear fruit. 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 regulations came into force quite recently. Until recently, in order to sell or buy foreign currency from 15,000 rubles, credit firms had to carry out identification. Only one document was required - a passport. The financial institution employee wrote down the client's name. New rules for currency exchange in Russia appeared at the end of last year in December 2015.
Tightening the rules of currency exchange in Russia
Not so long ago, new rules came into force regarding foreign exchange transactions in exchange offices. The central bank has tightened currency exchange rules for those people who want to commit financial transaction for an amount over 15,000 rubles.
In the past, fewer complex procedures, Now new law obliges financial institutions to fully identify citizens.
The central bank has reassured the Russians that the new regulations will not create additional difficulties. If the amount does not exceed set threshold, then the currency exchange under the rules of 2017 will be no different from the past. 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 the rules for currency exchange will lead to the fact that it will take a little longer to complete currency transactions.
The questionnaire will be filled in by an employee of the bank or exchange office, but the client will need to provide additional information, for example, the address of residence or TIN number. The answers will be entered into a questionnaire, which the client can fill out. If filled 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
The new rules for currency exchange came into effect on December 28 last year. Very little time has passed, and many people still do not know how to affect their foreign exchange 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 take out money in cash from developed countries, since it is allowed to export large amounts of money on a card or other non-cash method. Despite the fact that the rules for currency exchange are tightening, large institutions have stated that citizens will not be limited in the right to make various foreign exchange transactions. Even if the employee of the exchange office asks for the TIN number from the client, then its absence should not become an obstacle to the conversion. Money can also be exchanged using a foreign passport, but in this case, a bank employee may require you to name the registration address. If a civil document is used, then the registration address will be automatically entered into the database after the first exchange. Currency exchange rules in Russia versus developed countries are more loyal. You should not be afraid of innovations, since this measure is aimed not at the detriment of citizens, but for the benefit.
Currency exchange form
Most people already know 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 form. The dossier records all the data that the credit institution receives during the identification of a citizen.
As for the recently established rules for currency exchange, the Central Bank established a list of 17 points for the questionnaire. According to these points, the bank can formulate its own questions. Determining the degree of riskiness of the client is entirely 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 institutions. There is still no clear and specific definition of which citizen can be considered suspicious. Employees of the credit firm themselves must establish whether a particular client is suspicious. An employee of a credit institution may be wary of a large amount, and inappropriate client behavior may also seem suspicious. New currency exchange rules from the end of 2015 are needed to reinsurance financial institutions. The Central Bank sent out a general questionnaire template to all financial institutions. Banks have the right to modify the questionnaire at their own discretion.
What can be the consequences of tightening the rules of currency 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 innovation, but most worry if the innovation will be reflected in a negative way. It is necessary to understand the main thing - the Central Bank has tightened currency exchange rules so that banks can insure themselves against fraudulent schemes and fraud. 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 foreign exchange 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 lending institutions may declare unprofitable and reduce the exchange network. Many expect that the fees 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 the dossier. If the credit institution needs to get 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 Treasury Department may abandon deferred currency purchases. This issue is currently being discussed with central bankohm.
The Ministry of Finance will discuss with the Central Bank the possibility of reducing deferred purchases of foreign currency in the market at the expense of spending from the Fund national welfare (NWF). This was announced to journalists by the Deputy Minister of Finance of the Russian Federation Vladimir Kolychev.
"The Central Bank has its own purchases outside the framework of the budgetary rule now, the so-called purchases that were not bought in the fall. We will discuss with the Central Bank the topic of simply compensation due to these purchases of what would need to be purchased russian currency for funding purposes russian projects... Thus, only purchases within the framework of the budget rule will remain on the market, which will significantly simplify the understanding of market participants. This is not yet a decision, we are discussing this with the Central Bank, "TASS quotes Kolychev as saying.
In accordance with the budgetary rule, the Ministry of Finance buys currency on a monthly basis for additional revenues from the sale of oil at 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 purchases 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 in the domestic market.
On January 15, 2019, the Central Bank returned to the foreign exchange market, and on February 1, it started buying foreign currency for the Ministry of Finance, which were 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.
"The sizes are similar. The Central Bank will have about 1.4 trillion rubles or less there for the next two years. And the NWF is supposed to have a limit of 1 trillion rubles for three years. Perhaps the next six months, the Central Bank will continue deferred purchases, and when these volumes will become equal, mutual respect will be possible, "Kolychev emphasized.
The government can start investing from the National Welfare Fund, 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 a decision is made, it is unlikely that it will significantly affect the market. For almost the whole year, the ruble has been feeling stable, and almost no one remembers the purchases of foreign currency by the Ministry of Finance. Obviously, the department does not have the task of putting 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 should have amounted to 11.4 billion rubles. Taking into account deferred purchases, the daily volume of additional transactions could amount to approximately RUB 2.8 billion, thus total amount purchases increases to 14.2 billion rubles.
Traders focus on purely market factors. This year, the ruble is strengthening mainly due to demand from non-residents. The bond yields were quite high, and then the Bank of Russia signaled the renewal of the cycle of rate cuts.
All this led to an increase in demand for Russian securities and, consequently, for the ruble.
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