The commission when buying a currency is the main indicator that has to be taken into account when purchasing banknotes of other states. Everyone who plans to go on vacation or purchase something on foreign sites will face it, as well as with the search for the most profitable course.
That is why it is worth understanding what is a currency exchange, and what "pitfalls" it may contain. However, it is worth mentioning right away that the purchase of dollars and other foreign cash from hands is prohibited in Russia, so we will focus exclusively on legal methods of acquisition.
To better understand what commission is charged when buying a currency, it does not hurt to familiarize yourself with the rules governing this species financial transactions.
It was adopted to counter illegal financial trafficking and sponsorship of terrorist entities. According to this document, the sale and purchase of a dollar (or any other foreign cash) in excess of 15 thousand rubles. possible only after the identification of the natural person.
With small amounts of currency exchange (for example, 10 thousand rubles), it will be enough to provide a passport of a citizen of the Russian Federation. If the established limit of 15 thousand rubles is exceeded. you will have to provide the operator with:
Based on the data received, the operator will fill out a special questionnaire and enter you into electronic database jar. In each financial institution, this operation is carried out only once, but it can take some time. Therefore, if you want to buy dollars (or other currency) in a different bank, where you are always served, plan your trip in advance.
Most financial transactions with foreign money in banks are not subject to commission, because. their income is the difference between the buying and selling rates. However, according to subparagraph 2.1.4. Chapter 2 of Instruction of the Central Bank of the Russian Federation No. 136-I, a financial institution has the right to charge an additional commission fee, but only if the relevant information is indicated on the information stand, on the cash desk window or in another place accessible for viewing.
In 2017, in Moscow alone, several dozen financial institutions. At the same time, not only illegal exchangers fell under the distribution, but also banks that conduct completely legal activities. For the buyer, the risk is this: the worse the organization is doing, the more likely it is to receive counterfeit cash or be otherwise deceived. Therefore, before carrying your hard-earned money to the bank, be sure to check:
Such precautions will not take much time, but they will significantly reduce your risk of meeting scammers.
After tightening the requirements for identifying a person when buying currency, many residents of Moscow and other large cities of the Russian Federation rushed to exchange offices. Allegedly, there the exchange rate is more profitable, and the requirements are softer, and there is no commission. But is everything really so rosy? Of course no.
Those financial institutions that work in strict accordance with Russian law offer conditions that are not very different from the same Sberbank. In shady offices, you have to rely only on luck. Here they can cheat you, and take an illegal predatory commission, and even really deceive you.
For example, it is enough to analyze the feedback from residents of Moscow, as one of the leading cities in terms of the number of transactions with foreign currency. Most often, clients are "gray" financial institutions face the following scams:
It is difficult to prove such fraudulent schemes, and getting your money back is almost impossible. The only option is to call the police without leaving the territory of the exchange office and record on the phone's camera. Is it worth the risk for the sake of a couple of dollars, everyone decides for himself.
Purchasing foreign banknotes through a bank is considered the safest option, although not the most profitable. Here, all operations are documented, there are more opportunities for the user, and the risk of being deceived is minimal. The main thing is to carefully read all the conditions (presented both on the organization's website and in its offices) and do not hesitate to contact consultants for clarification.
For clarity, let's consider how the exchange of currencies takes place in Sberbank. According to the information on the website (current as of November-December 2017), in any of the branches you can:
In other banks, these values \u200b\u200bmay differ both up and down. Therefore, before making a purchase of currency in Moscow or any other city of the Russian Federation, contact the branch of the relevant financial institution for clarification.
So, buying/selling currency is a serious matter. Without understanding the issue, the client risks making a deal at a loss. Therefore, summing up the above, we can formulate the basic rules that should be followed:
When selling by hand or through an exchanger, you will always be offered a better rate than in a bank. But this deal will not be protected by anything, and there are more and more stories about the deception of gullible citizens every year.
Before buying a dollar, for example, at Sberbank, find information on the Internet about the buying / selling rates for today in other banks operating in your city. In Moscow, for example, in some cases, the offer is more profitable by almost a ruble.
If after buying dollars or euros you do not plan to immediately spend the entire amount, put the rest on the Sberbank Momentum card. Its maintenance cost is zero (whereas the classic Visa has 750 rubles per year), and the functionality is only slightly inferior to Visa Classic.
As a rule, when a currency is in a "fever", the difference between its buying and selling rates is maximum. If you do not have a special instinct for playing on stock fluctuations, it is not worth the risk, you will still go into the red.
Commissions and conditions of foreign currency sales points differ from Russian ones. And usually not for the better. Therefore, if you are going on vacation, all transactions with a ruble account should be carried out in advance so as not to fall for double conversion.
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 of the Russian Federation.
Both the Ministry of Finance and Dmitry Medvedev, and representatives of the Tax Service have repeatedly stressed since 2015 that no additional tax burdens on citizens who make transactions with currency, will not be! 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 %).
So far, the tax deduction is applied to the sale of foreign currency by 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), the owner of the amount of money will be required 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:
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 verify 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 for non-cash transactions and in 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 the possession of currency values in the ownership 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, currency exchange rules have been developed in Russia, 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.
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:
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 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 implementation by banks of articles of the federal law may provoke restrictions on the purchase of foreign currency by individuals. Failure bank claims will lead to a refusal to carry out the operation without explanation of the reasons.
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, upon the sale of which it is necessary to pay a tax of 13%.
Today Sberbank offers several exchange operations with currencies of other countries. The list looks like this:
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.
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 profits on Forex for an individual amounted to 500 thousand rubles, and unprofitable transactions were fixed at 700 thousand.
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.
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Question: CJSC (professional RZB participant) plans to provide clients with intermediary services on the foreign exchange market OJSC MICEX-RTS (acting as a commission agent) associated with the conclusion and execution of contracts, the obligations under which are subject to execution 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 operations 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 a client-individual establishes foreign currency assets as collateral (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 Tax and Customs Tariff Policy Department considered the letter of CJSC and regarding the issue of payment of 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 - 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 recalculated into rubles at the official exchange rate of the Bank of Russia established on the date of actual receipt of the said income (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 of the Civil Code and paragraphs. 5 p. 1 art. one federal law dated 10.12.2003 N 173-FZ “On currency regulation and currency control” foreign currency is recognized as property, taxation of income in transactions with foreign currency is carried out based on 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 purchase and sale operations foreign exchange on the MICEX-RTS currency market, such an organization is not recognized as a tax agent.
Ivan Rykov shared his expert opinion on this topic on the MIR24 TV channel.
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 exchange rates, 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 it does not have a 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, then you will be charged a fine and penalties, and may even reach litigation", he said.
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 exchange difference, formed due to deviation exchange rate sale (purchase) of foreign currency from official exchange rate, is in the nature of a material benefit, but 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 is more than three years, then there is no need to file tax return, and also it is not necessary to calculate and pay personal income tax from the transactions carried out.
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: the income received as a result of currency exchange can be reduced either by the amount of expenses incurred earlier (that is, by the amount that had to be paid when buying the currency), or by a fixed 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 would be higher in such a situation.
3) Remember about minimum term ownership (3 years), as a result of which there will be no need to file a declaration and no need to pay personal income tax, as well as tax deductions(for the amount of expenses incurred and for the amount of 250,000 rubles).
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The Bank of Russia has clarified the new currency exchange rules that will come into effect on December 27. The Central Bank assured that they would not create additional difficulties when buying or selling foreign currency.
On the eve of the entry into force, market participants said that clients of exchangers will now have to spend much more time on each operation. At the same time, the burden on bank employees will increase so much that banks will begin to close exchange points. cash currency and offer customers to conduct currency exchange transactions through Internet banks and other non-cash channels. It is noted that earlier full identification with filling out a questionnaire was required to be carried out with the amount of transactions above 600 thousand rubles.
In fact, the procedure for exchanging currency is not as complicated as it seems. The Central Bank in its message in detail described what needs to be done to buy or sell or in a Russian bank.
“Thus, the legislation does not oblige individuals to independently record their identification data by filling out questionnaires, questionnaires, etc. The Regulation does not impose additional obligations on identifying customers, in addition to those provided for by the law “On counteracting the legalization (laundering) of proceeds from crime and the financing of terrorism,” the message on the website of the Central Bank says.
Kirill Lelchitsky, Senior Associate in Banking and Financial Practice at the international law firm Noerr, notes that identification should be carried out in accordance with the rules established by Regulation No. procedures document.
“In this case, the legislator harmonized the current legislation. Previously, FZ-115 established cases where simplified identification is possible, and Regulation No. 262-P provided an additional basis for simplified identification - namely, currency exchange transactions. The new Regulation No. 499-P does not establish such grounds, therefore, to determine them, it is necessary to refer directly to the text of FZ-115, ”explains Kirill Lelchitsky.
Bankers and employees of exchangers admit that the procedure for buying and selling currency will not change, but the introduction of new rules will increase the document flow and the time of transactions. In particular, according to the director of the department legal support Bank "Home Credit" Alexander Gontarenko, the currency exchange procedure will become longer and more complicated, and the burden on bank tellers will increase.
People are a little puzzled by the new rules. But analysts and employees National Bank do not see any particular difficulties associated with this process. The introduction of strict rules on currency exchange is not an attempt by the state to minimize the volume of such transactions. The motivation for this is the opposition to money laundering in an illegal way. Thus, the purchase and sale of currency in the Russian Federation is carried out in accordance with current law. This makes it possible to remove illegal monetary manipulations.
The law also says that citizens can freely, without identification, exchange currency within the limits of 15,000 rubles. A person who wants to exchange foreign currency into rubles without documents will be able to do this, but on condition that its amount is less than 15 thousand. This suggests that a client who wants to make an exchange of a small amount has the right to do this without problems.
Without a declaration and other documents, citizens who wish to make an exchange can perform operations according to the exchange rate. Today it is allowed to purchase currency:
To complete a financial transaction in the amount of 40,000 to 100,000 rubles, you will only have to provide passport data. A few years ago, to receive such an amount, you had to fill out a questionnaire.
The bank employee was also required to determine the degree of risk at the time of the transaction, which complicated the procedure. And the bank employees themselves could not understand why they were collecting this information.
Representation of all required documents and verification of the client is carried out if a currency is purchased in the amount of more than 100 thousand rubles. A person should prepare for a thorough questioning by bank employees, because in addition to standard survey questions there will be provocative questions, for example, how the client received such a sum of money. The bank also has the right to check business reputation.
It is worth remembering that innovations apply to all currencies of the world, and not just the dollar. Therefore, if you have a large amount of money, you should take the following package of documents with you:
The survey is conducted by a bank employee who independently fills out the questionnaire form. The collected information remains in a special dossier.
The higher authorities are confident that innovations will not create problems for customers. The only difficulty that may arise is the increase in the time for the exchange.
The new currency exchange law has its positive and negative sides. One of the shortcomings of the bill is the increase in the time for processing the request. This will lead to an increase in the operational load of cash desk workers and bank managers, which entails the following difficulties in providing services in the market of credit institutions. This will provoke the emergence of many organizations that will offer currency exchange services. Basically, these will be banks that are unable to provide stability during the exchange of finances, while not creating difficulties with servicing. Under such conditions, the cost of similar transactions will increase in the future.
As a result of the introduction of rules and regulations on how much currency today can be bought at a bank at a time, it is worth noting that an additional commission for exchanging finances may be in the range of 2-3%. This percentage depends on the volume of financial transactions performed. banking organization. In turn, this will have a strong impact on ordinary consumers who want to make an exchange, but at the same time will not affect the prevention of money laundering in any way. Some financial experts believe that new rules need to be created for people and organizations who want to work with banks.
