Investments abroad. Advantages and disadvantages of deposits in foreign banks Open a deposit in a bank abroad

For many Russians who want to make money on their savings, the conditions of Russian banking organizations are not always suitable.

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After all, when making a deposit in Russia, deposits are very easy to depreciate and, in case of bankruptcy, they are issued last.

Due to the instability of the economic situation, Russians open deposits in foreign banks - abroad. But you need to know how interest is calculated on deposits abroad (foreign) in 2020.

Important information

Any citizen of Russia has the right to open a deposit in a foreign bank. In this regard, from a legislative point of view, there are no restrictions. But there are problems with the offer.

In foreign banking organizations, although there are offers for non-residents of the country, the process of processing these deposits is very complicated.

Plus, there are certain rules for using deposits, which is not always beneficial for a depositor from Russia.

Basic concepts

A deposit is an amount of money that a depositor places in a banking organization, thus making an investment in the development of the bank.

This happens under certain conditions, which are spelled out in the main document - the deposit agreement.

A depositor is a legal or natural person who places his funds in a banking organization for profit.

Interest rates are the remuneration that a depositor receives for his savings from a banking organization, expressed as a percentage of the amount provided for use.

The initial deposit is the amount of money that should be placed immediately upon opening a deposit account with a bank.

A deposit account is an account to which a non-cash deposit amount is attached. Profitability is an indicator of profit on a particular bank offer in relation to a deposit.

Requirements for depositors

In order to place funds in a bank in another country, Russians need to understand that there will be an increased list of requirements for them.

In addition to the main indicator - the age of 18, banking institutions for non-resident depositors put forward another very important requirement.

The most important point is the confirmation of origin Money to be placed in a bank account.

A non-resident should collect a huge package of documents that would speak about the transparency of these incomes.

Without compliance with this condition, it will not work to open a deposit in another country. Plus, a recommendation from a subsidiary bank that represents this banking organization in Russia will be a good indicator.

Sometimes only those who do business in that country can open an account in a country or a separate banking institution.

Legal framework

Placement of deposits in foreign banks is permitted by the legislation of Russia. But there are limitations here.

Calculation features

When opening a deposit in a foreign bank, a number of calculations should be made. The fact is that the depositor needs to take into account the following indicators on the deposit:

• the cost of servicing the deposit;
• commission for the transfer of funds and their withdrawal;
• the cost of currency conversion;
• fees for early termination of the contract.

These factors can lead to the fact that even with a good starting amount, the investor not only does not receive benefits, but also loses his money.

It should be understood that the rates on deposits in foreign banks are quite low. Therefore, the safety of funds, rather than their increase, plays more of a role here.

Profitability in foreign banks will be different. It all depends on the country where the deposits are placed.

The maximum deposit that can be counted on is 5 percentage points. It is worth calculating the income from the deposit, taking into account all the costs of its maintenance.

Otherwise, such calculations will be unfair and in case of real placement, the investor will lose a significant amount of money.

To count on the maximum rates at rates, you must be regular customer jar.

Thus, Cypriot banking organizations often offer their clients the execution of deposits at higher interest rates.

How to open a deposit abroad

In order to get a deposit account in another country, you need to perform a number of actions.

They will be slightly different from those that an individual depositor carries out in Russia:

After signing the deposit agreement, the funds should be transferred to the account. This is done both by bank transfer and by depositing cash.

The last step in this operation will be to notify the tax office about opening a deposit account in another country.

At the same time, paperwork should be taken seriously. In case of incorrect compilation, the tax office may issue a fine.

And for the delay in filing a notice, it increases several times. This requirement was put forward by legislative acts in 2015.

Conditions of foreign banks

To open a deposit in foreign banking organizations, it should be understood that they are small.

For comparison, you can use the most popular and reliable banking institutions:

These are the most profitable investments in terms of the cost of maintaining the deposit. Since most foreign banking organizations offer not the most convenient deposit programs for non-residents.

List of documents you will need

Each banking organization puts forward its own requirements for the depositor, as well as a list of documents that is needed to open a deposit.

Therefore, before sending a package of papers, it is worth checking with a specific bank for a list of all necessary documents.

This will reduce the risks of returning a package of papers and the need to send documents several times.

Standard document requirements contain the following items for non-residents:

This General requirements to documents. But sometimes additional documents may be required:

• , should be taken for three years;
• recommendations from a subsidiary bank in Russia or from a client of this banking organization.

You can get the exact list of documents on the bank's website or ask them to send documents by e-mail.

In the event that a banking organization has a subsidiary in Russia, you can get a list of securities from them.

Are there any restrictions on interest deposits abroad?

There are no restrictions on receiving interest on deposits in foreign banks. However, it should be understood that when making a deposit in another country, Russian residents will have to pay income tax.

In accordance with the law, you will need to pay personal income tax at a rate of 13%. At the same time, provisions on 35% recovery and deposits from 9% per annum are not taken into account.

The declaration must be completed independently and submitted by April 30 of the year in which the income from the deposit was received. The tax itself must be paid by July 15th.

Possible risks

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Due to the simplification of the procedure for opening accounts abroad and the instability of the Russian economy, many citizens began to make deposits in foreign banks at interest. But before deciding to invest in foreign financial institutions, you should learn about all the features of the procedure, the current conditions and requirements for depositors.

Cash deposits in foreign banks at interest

Even 10 years ago, in order to open an account in one of the foreign banks, a citizen from Russia needed to obtain a special permit from the Central Bank, which was issued to a limited circle of people. Because of this, more than 90% of Russians made deposits in domestic financial institutions. In 2015 in the federal law"On currency regulation" was amended. Thanks to this, the Russians got the opportunity to make investments in banking organizations located outside the Russian Federation. The exception is persons holding public office. For them, foreign deposits remain prohibited.

Despite the introduction of a simplified system, Russians are required to comply with tax obligations and deduct to the treasury part of the profits received from investments abroad. Therefore, within a month after the deposit is placed, it is required to notify the supervisory authority by sending an appropriate notification of the established form. If the depositor does not do this, he will be obliged to pay a fine of 4,000 to 5,000 rubles.

What you need to know about a deposit in a foreign bank

Investing money needs to be taken seriously. It is important not to get confused in the concepts, for this you should familiarize yourself with the terminology used:

• depositor - a person who concludes an agreement with the bank on the placement of money for profit;
• bank deposit - the amount of money placed by the client in a financial institution;
• deposit - funds deposited to a bank account for the purpose of storing and generating income;
• interest - income that a depositor receives from funds placed in a banking institution;
• deposit funds - depositor's money deposited with a financial institution;
• initial deposit - the amount that is required to be placed immediately after opening a bank account;
• credit funds - money received by the client on credit from the organization on certain conditions;
• deposit terms - the time frame for which funds are placed;
• conditions - regulations on which the client transfers his savings to the bank;
• conclusion of an agreement - signing an agreement between a financial institution and a depositor;
• termination of the contract - early termination of the agreement at the request of one of the parties;
• forfeit - the amount that is withheld from the depositor in case of early withdrawal of funds from the account.

Based on these terms, it will be easier to study offers and analyze the proposed conditions.

How foreign banks work in the Russian Federation

In Russia, the work of foreign banks on the territory of the country is prohibited. However, a feature of the legislative framework is the possibility of opening subsidiaries. They are ordinary branches of well-known organizations, most of shares are owned by foreign financial groups. A prerequisite is that the subsidiary has a license from the Central Bank of the Russian Federation.

Depositor Requirements

Foreign banks impose increased requirements on depositors from Russia. A citizen must be an adult resident of the Russian Federation. Important condition– the ability to confirm the origin of the funds that are planned to be placed on the account. Without this, the foreign company will not accept the deposit. Need to provide different types papers to confirm the origin of the finances. An additional package of documents is attached to them.

When investing in foreign companies, the financial reputation of the client is also important. The advantage is the presence of positive recommendations from domestic financial institutions. An additional advantage is that the depositor has a business in the country where the deposit is planned to be placed. In this case, the prerequisite is the presence permanent place work or own business.

Citizens of Russia have the right to make deposits in banks of those countries that are members of international financial organizations (for example, the FATF).

Which foreign bank to choose for a citizen of Russia

When choosing a foreign partner, you need to pay attention to many characteristics. The following features should be explored:

1. Reliability - the company must have not only a license, but also experience in the market.
2. Confidentiality - providing a guarantee of non-disclosure of personal and financial data to third parties.
3. Reputation - the presence of positive feedback from investors, cooperation with well-known organizations.
4. The most favorable conditions are higher interest rates, moderate service costs, low commission for financial transactions.
5. Deposit currency - some foreign organizations accept deposits in the currency of their country.
6. The current penalties for early termination of the contract - the amount of penalties should not be too large.

When choosing a bank for comparison, you should rely on the conditions in popular and reliable foreign organizations:

The offered interest rates are base. Any foreign company can reduce the rate of return on a deposit for a non-resident.

How to put money at interest in a foreign bank

To open a deposit, an individual needs to select one of the banks and send an application. It will receive a response with a list of required documents. Usually the package of papers includes:

1. Copy of passport (must be certified by a notary).
2. Certificate of residence (original).
3. Resume on English language the established form.
4. Certificate from the Russian bank where the client is served.
5. An application for opening an account in English, where the purpose of financial investments, expected income and term of the deposit must be indicated.
6. Income statements for the last 2-3 years.
7. Documents confirming the legality of the origin of money.
8. A document on the absence of a criminal record, confirming that the applicant is not under investigation.
9. TIN number.
10. Information about the composition of the family.
11. Utility bills.

Additional documents may be required depending on the bank. It is important to request a list of papers in advance in order to have time to collect by the agreed date. After submitting a package of documents, you will need to wait for the consideration of the papers. In case of a positive answer, the contract is signed and a deposit is made. Within a month, the Russian submits information about the contribution made to the Federal Tax Service of Russia.

Video about opening an account outside the Russian Federation can be viewed here:

The algorithm for opening an account and depositing money is somewhat complicated compared to investing in Russia, but due to greater reliability and confidentiality, Russians agree to the procedure.

Features of servicing in foreign banks

Before putting money in one of the foreign banks, you should carefully study the proposed conditions. They often differ from those provided by Russian financial institutions. Conditions for non-residents in foreign banking institutions may change.

A specialized resource where you can get acquainted with the features of a particular organization

Standard conditions:

• replenishment of the account - making deposits in cash or by bank transfer;
• term of registration of the deposit - from 1 week to 3 months;
• available currencies - most often euros and US dollars or the currency of the country;
• deposit management - through a card, online banking or other methods;
• confidentiality - is ensured by storing information in encrypted form on separate servers;
• minimum size insurance in case of bank failure - in most EU countries it is 20,000 euros;
• the minimum deposit amount is $10,000 - $50,000 depending on the company;
• conditions for making a profit - every month or after the expiration of the contract;
• availability of transactions between foreign and Russian banks with a minimum level of commissions;
• providing information to the Federal Tax Service of Russia is a prerequisite.

The above features require the investor to be careful in choosing a financial partner, otherwise difficulties and problems may arise in the future.

In what currencies is it more profitable to make a deposit in a foreign bank for an individual

To get more profit from the depositor, you need to choose the right currency for the deposit. The US dollar and euro are more protected from sharp jumps, so financial experts recommend investing in them.

Some citizens are considering the Japanese yen, which has shown stability over the years. The Swiss franc is also a safe currency. However, it is important to remember that interest rates for the dollar and the euro are at the level of 2-3%, while for other currencies they are 0.5-1%.

What problems can you face when opening a deposit in a foreign bank

Citizens of Russia face the first difficulties at the stage of choosing a foreign bank. Due to anti-Russian sanctions, some foreign organizations are denied opening accounts. The same banking institutions that accept deposits from individuals from the Russian Federation, carefully check potential investors and require a significant list of required documents.

When opening a bank account abroad, Russians also face other difficulties:

1. You are required to be personally present when opening an account and communicate with a bank specialist in English. You will need to pay not only for air travel and accommodation, but also for the services of a qualified translator.
2. The presence of minimum thresholds for deposits and collection of money for servicing a current account. It is necessary to objectively assess your financial capabilities and the profitability of opening a deposit, taking into account bank expenses. According to financial experts, making investments abroad for less than $50,000 is unprofitable.
3. Most banks have restrictions on the number of deposits made and the number of financial transactions, the balance on the account, the ability to replenish the account. In some cases, clients cannot withdraw more than $10,000 at a time - such operations lead to thorough checks on clients.

It is important to consider additional conditions. Often they become a reason for refusing deposits abroad.

Pros and cons of deposits in foreign banks

Foreign deposits have significant pros and cons. Domestic clients have to put up with longer deposit processing times and accept lower yields in order to protect their money through the higher reliability of foreign banks and the availability of higher recovery quotas in case of bankruptcy.

If a citizen of the Russian Federation is thinking about making deposits abroad, it is recommended to carefully and thoroughly study the specifics of the work of organizations, the conditions for cooperation with domestic banks and the Federal Tax Service, the legal and documentary framework, and evaluate the pros and cons. It is also important to choose the right company for profitable cooperation in the future - it is most convenient to place deposits in those organizations that have branches in Russia.

In conditions of instability in the Russian economy, our compatriots are increasingly turning to foreign banks to open deposits in foreign currency. Keeping money at home “under the pillow”, investing in real estate are very controversial tools for preserving assets. Simplification of the procedure for opening deposits abroad, the emergence of a stir around the US dollar served as a green light for all Russian investors who want to save, increase their savings and protect them from the adverse conditions of the Russian financial market. The process of opening an account in banks located outside of Russia raises a lot of questions from potential depositors. To remove some of the questions, you can first use the deposit calculator with interest capitalization on our website.

This article will cover a number of the most relevant aspects:

• legal bases and legal subtleties;
• the procedure for opening an account;
• what documents are required to create a deposit;
• how reliable is this placement of funds for Russians;
• examples of the most promising foreign financial and credit institutions.

Why do depositors choose foreign banks?

Opening a foreign currency deposit in one of the foreign banks promises potential customers whole line additional benefits:

• high level of reliability of financial and credit institutions;
• reimbursement of a higher deposit amount (up to 100 thousand dollars) in the event of the bankruptcy of the organization (Russian legislation provides insurance protection for only 1.4 million rubles);
• a deposit in foreign currency allows you to diversify your investment portfolio and protect assets from fluctuations in exchange rates;
• return guarantee;
• the ability to choose the currency in which the financial reserve will be stored.

Placing your funds on accounts opened with foreign financial institutions is especially beneficial for those who work or study abroad, plan to purchase real estate or open a business. Of the minuses, one can note significant maintenance costs, large restrictions on the minimum deposit amount, a large package of required documents, low interest rates.

Legal basis for opening a deposit in a foreign bank

A decade ago, it was extremely difficult to open a deposit abroad, since this action required obtaining permission from the Central Bank of the Russian Federation. Since the entry into force of Law No. 173-FZ "On currency regulation and currency control", this procedure has been significantly simplified. This legal act gives the right to all residents to open accounts abroad. The list of certain categories of persons who are prohibited from making deposits is given in Law No. 79-FZ.

How to open a deposit in foreign currency

To open a deposit in a foreign bank, the following documents are required:

• information about the composition of the family;
• certificate of no criminal record;
• tax return for the last 6-12 months with the IFTS mark;
• a copy of the international passport certified by a notary;
• receipts for payment of housing and communal services and other documents at the discretion of the bank.

After reviewing the provided package of papers, it is necessary to sign an agreement with a financial and credit institution. One of 3 schemes can be used for this:

• during a personal visit to the office (for this, the depositor will need to visit the country where the bank is located);
• through a representative office located on the territory of the Russian Federation;
• through the services of intermediaries.

Servicing in foreign banks is carried out on the following terms:

• It is allowed to replenish the account both in cash and by bank transfer;
• You can manage your deposit using bank card, Internet banking, checkbook, fax, postal courier;
• The account can be used to manage personal finances, except entrepreneurial activity;
• The process of registration on average takes from 1 week to 2-3 months;
• Confidentiality, security of operations and transfers are ensured through the use of codes, ciphers, dedicated communication channels;
• A citizen of the Russian Federation is obliged to notify the tax service about the fact of opening an account abroad. At the end of each tax period, it is necessary to report to the IFTS on the balances on such accounts. For violation of this requirement, a fine of up to 5,000 rubles is provided;
• Deposit rates average 1-2% per annum (in rare cases, the rate can reach 5-6%);
• The minimum threshold for depositing funds is 10-25 thousand dollars;
• The minimum sum insured in case of bank failure in the European Union countries is 20,000 euros (in some countries, for example, in Lithuania, this amount reaches 100,000 euros).

Where to open an account abroad?

Foreign banks offer not so high rates for savings compared to Russian organizations. That is why this solution is suitable for saving and accumulating assets in the short and medium term.

For a long time, deposits in Cyprus were the most popular among depositors. However, due to the problems that have arisen in this country in last years and related to the loss of their savings by depositors, these financial and credit organizations began to be trusted much less. Today, deposits in the banks of the Baltic countries are in the greatest demand. Deposits in Germany, Austria, and Denmark are no less popular with our compatriots. Swiss banks do not weaken their leading positions in terms of reliability and popularity among foreigners.

The following countries are leading in terms of interest rates:

• Cypriot. For accounts in US dollars in the Bank of Cyprus, Cyprus Popular Bank Ltd., AlphBank, you can get a rate of up to 4.5% per annum;
• In Latvia, the most favorable conditions for depositors are offered by Citadele (up to 3%) and BIGBAN (up to 2.65%);
• Among Americans, the most popular among our compatriots are Jones Vanguard Group and Edvard, which offer a rate of up to 2.96% per annum;
• Among the British, the Bank of London and the Middle East is in the lead, offering to open a deposit at 2.8% in pounds sterling;
• In the Italian ING Direct Italia, you can open a deposit at 1.4% in euro;
• In German, Swiss, Swedish, Dutch financial institutions, it is permissible to open a deposit with a rate of 1-1.25%.

Foreign bank deposits are attractive to many residents. Few of them are aware of the so-called pitfalls of this area.

or in another way, a deposit is the amount of funds accepted by the bank from an individual or legal entity for a specified or indefinite period. Drawing up an agreement obliges the bank to return the full amount of the deposit, or to pay a certain percentage in the prescribed manner. Any citizen has the right to return at any time the funds that he transferred to the bank. When concluding an agreement for opening a deposit, a resident needs only a passport. A non-resident, in addition to a passport, will also need a passport.

Why do you need a deposit in a foreign bank

The main reason why Russian citizens open abroad is the desire to secure their savings as much as possible. Although, in a series of financial crises, it is no longer necessary to talk about some super-reliability of foreign banks. Some believe that it is now safer to keep accumulated money in Russian banks.

In the pursuit of reliability, people are willing to deposit money in foreign banks at very low interest rates. It is rare to find a bank that offers more than 5% per annum, but most often this figure fluctuates between 1-2%.
Such a low percentage on deposits was formed due to the fact that people in Europe and the USA do not consider bank deposits as a source of income. For them it is good way save savings, and nothing more.

Also, banks in Europe and the USA have very strict rules for early withdrawal of a deposit.

How to open a deposit in a foreign bank

Not all banks welcome foreign depositors, especially Russian citizens. This attitude towards Russians is due to the fact that it is very difficult to check the legality of their income. When opening a deposit, you may be required to provide completely ridiculous documents, for example, paid bills for public utilities at the place of residence or a certificate stating that you have no problems with the police. And you may also need to confirm the legality of your income.
Many foreign banks require foreign persons to have a residence permit or real estate in their country. England does not allow students to open a personal deposit, even with a study visa. If such problems do not scare you, then we will figure out how to open a deposit abroad after all.

So, all the problems with the documents have been resolved and the bank offers to sign an agreement on opening a deposit.

You have several options for what to do next:

1. Apply remotely on your own.
   This method will not be the easiest, and not the cheapest. You need to collect all Required documents and mail them. Some documents are accepted only in electronic form. After the bank notifies you that the documents have been accepted, you will have to personally come to the bank and sign the contract. The cost of traveling to another country may exceed the return on investment, so you need to weigh everything in advance.
2. If the bank where you plan to open a deposit has a representative office in Russia, you can try to resolve these issues through them, but often they only work with very large clients.
3. Find out which Russian banks have partnerships with foreign ones, and open a deposit in a foreign bank through them. But to sign the papers, you still have to go to another country, although if you are a very wealthy client, then a representative of a foreign bank can come to you personally.
4. Contact a special Russian company that opens deposits in foreign banks. You need to be careful not to run into scammers.

Some banks do not require the personal presence of the depositor. For example, the Bank of Latvia Rietumu Banka opens an account at a distance of aa 250€. Having received the card of this bank by courier, it becomes possible to replenish the accounts of other banks in Europe. The Baltics are considered to be almost the only European country in which the inhabitants of Russia, albeit on a small amount, but can create a contribution.

It is easier to create an account for people who are ready to invest in opening a deposit with an amount of fifty thousand euros. Chinese banks are called the most loyal in this business, because you can open an account here for only 200 rubles.

US bank deposits

The concept of "deposit" in America differs significantly from the concept in Russia. All deposits in US banks are divided into 2 classes:

1. Checking accounts(provide the opportunity to use the accumulated funds when paying for any goods and services);

2. Savings accounts(these include quick deposits, which provide for the highest possible annual interest).

As in any foreign bank, the Bank of America opens a deposit during a personal visit, so you need to decide in advance what a bank account is for and on what conditions it will be beneficial to use it.

Interest rates

Deposits in American banks are not used to generate additional income, but only as personal funds storage accounts. This suggests that when opening a deposit in the United States, there is no question of making a profit.

List of US banks:

1. Everbank, which is part of the deposit insurance fund system at the federal level, with a first installment of one US dollar, opens deposits at 1.01% per annum;

2. Alley Bank, which is also a member of the federal fund, with an unlimited amount of the first installment, opens at 0.90% per annum;

3. Discover Bank opens deposits at 0.80% per annum, with a minimum amount of $500;

4. Citibank opens savings accounts with an annual interest of 0.20% with a minimum deposit of 25 thousand;

5. Washington Savings Bank works with student deposits, opening them at 1.50% per annum;

6. Ultima Bank provides services for opening savings programs for pensioners and students at 2%.

How to open a deposit for a Russian resident

Many banks have the right to refuse service to a representative Russian Federation. In some banks, the Russian Federation is excluded from the list of users, which prohibits any interaction with the country. Certain restrictions on opening a deposit exist for individuals living in the Russian Federation. These include representatives of government posts or positions. The above persons are not given the opportunity to open accounts abroad. Their spouses or children, before reaching the age of majority, this service is also prohibited.

You can open an account without a personal visit with one exception: the conclusion of an agreement for paid services intermediary companies. It must be remembered that you must notify the tax authorities about opening an account before the expiration of one month. Tax inspection authorities control any changes and movements in personal funds and details.

Interest rates on deposits in foreign banks

Below are the average interest rates for different countries peace. The interest rate is calculated based on the initial amount of 100,000 rubles in local currency.

The highest rates on foreign deposits were found in Ukraine (15-17% per annum) and Belarus (40-50% per annum). And if in Belarus inflation exceeded 100% per annum, then in Ukraine inflation was 4.6%

In the famous Swiss banks, you are unlikely to be able to earn at an interest rate of about 0.1-0.15% per annum. But your money will be in safe hands.

Deposits placed in Germany will bring an income of 1-3% per annum.

English banks offer you to earn 2-4% per year.

In Japan, the average income from a deposit is even less than in Switzerland and is about 0.025%, but Indian banks are happy with depositors and are ready to pay up to 10% annually.

Do not forget that most foreign banks charge a fee for opening a deposit, and this fee can significantly exceed the amount you earn from interest.

Deposits for citizens of Ukraine

Until the beginning of 2017, an account abroad could only be opened upon presentation of a license from the main bank of Ukraine, after proving the need to obtain it for foreign use.

From now on, people living in Ukraine can use foreign deposits without confirming this with special documents.

Open a deposit for a resident of Belarus

Individuals residing in the Republic, when opening a deposit, require a license from the country's bank. Such permission is also needed for the purchase of real estate abroad or for a power of attorney in managing funds in the account.

Does it make sense to deposit in a foreign bank?

It makes sense only if you do not trust Russian banks and are sure that foreign ones will be able to take better care of your savings. Getting cash can be problematic. Withdrawing money in a country other than opening a deposit may result in the accrual of a certain percentage of the commission.

Interest-free withdrawals are only possible if there are appropriate ATMs of your bank in another country. Seeking the benefits of personal investment abroad is often pointless. A non-resident needs to pay not only for opening a deposit, but also for the resulting tax. In some European countries, it can reach up to 35%.

However, personal accounts in foreign banks imply a reluctance to receive more income, but rather the desire for confidentiality and independence from the banking system of the Russian Federation. An account in a foreign bank also provides access to the use of international investments.

Today, keeping money in banks is much safer than at home in a jewelry box. However, before putting them into the account, the question arises: in which bank is it better to keep money in 2019, and which bank is better: foreign or Russian? This question arises due to the fact that the ruble is getting cheaper, while the dollar and the euro are getting more expensive. The ruble as a currency remains unstable, and the interest rates of banks on deposits are low.

If you still decide that a foreign bank is better, then you should understand how profitable it will be, and which country to choose for storage.

To open an account, it is worth visiting a bank office abroad. Otherwise, by opening an account with subsidiaries in Russia, you will not be able to go far from Russian trends: residents are subject to Russian laws. It is worth remembering that if you want to get a big income from investing in another country, then in this case you will lose.

Foreign banks are more reliable, but less interest rate, as well as usually account maintenance is more expensive. You can open an account in any foreign bank that is part of the Organization for Economic Cooperation and Development.

Not all banks, however, may allow you to open an account, as they are more interested in corporate clients (companies). This is also due to the fact that there is not a very positive opinion about Russian clients. The most friendly for Russian investors are the banks of Austria, Germany and Denmark.