“There was no printer in the exchanger”: what happens to dollars in Russia

Since the 1990s, many Russians have retained the habit of saving in foreign currencies – or, following recent advice, equally in three currencies. How to deal with your savings in the current conditions, MK figured out, at the same time learning the nuances of the current work of exchangers.

Back in the spring of 2022, currency exchange turned into a more complicated procedure than it used to be – now banks have the right to sell only those dollars and euros that were received at the cash desk after April 9th. Those who need a large amount are advised to call the bank in advance and clarify: they say, is $ 5,000 available now?

Of course, you can ask this question after the fact – but there is a risk that the answer will be negative. Despite the talk about de-dollarization, Muscovites are in no hurry to “dump” the currency. As economist Nikita Maslennikov explained in a conversation with an MK correspondent, each person must answer the question of the advisability of storing savings in foreign currency on their own – situations in life are different.

– There is a universal rule of the financier: savings should be kept in the currency of potential payments. If you’re going to be spending dollars, you certainly need them. The easiest option is if you are going on vacation, for example, to Turkey: you should not rely on the MIR card there in full, you need to have cash.

However, here and now, in our banking system, dollars are most likely useless. And banks are actively encouraging depositors to stop placing money in “toxic” currencies. — they introduce commissions, a zero deposit rate, etc. Therefore, there is no difference between dollars under the pillow at home or in the bank today. Dollar deposits, in fact, have turned into ruble deposits, which means they lose their meaning: inside the country there is nothing to do with a “toxic” currency.

Maslennikov added that sudden movements are somehow meaningless: if it has already happened that a person keeps money in dollars, there is no need to run to change them today at any rate, fuss and try to catch up on lost profits – most likely, it will not end in anything good.

– Today the situation is too unstable, it is impossible to guess for a long time. Inflationary trends will be clear by the end of September, but rather by the end of the year. In addition, it will be objective: 70% of Russians have no savings at all, therefore, these conversations are relevant for a few.

In the fall of 2022, some Muscovites are paying attention to the emergence of “cunning” exchange offices – independent, and not tied to banks. Foreign currency is almost always available there, but operators refuse to issue certificates of the operation.

– I went to the exchange office at the beginning of 1905 Street, — says one of the readers of “MK”, — There was the amount I needed in dollars. However, when I wanted to take a certificate for my own peace of mind, they answered me: they say, we don’t have a printer, so we won’t be able to print it. Is it legal at all?

Economist Maslennikov explains: of course, not every Muscovite is ready to turn the currency exchange into a scandal with the police, but it is better not to get involved with dubious organizations.

– Despite the favorable rate, it is better to refrain from visiting such exchangers – you can “run into” fraudulent schemes and get a pack of very high-quality fakes. Of course, the ideal option is to immediately contact the police, Rospotrebnadzor and, most importantly, the Central Bank, because they are the ones who should monitor the circulation of the currency. However, we understand that all people have different temperaments, not everyone is ready for no scandal. So if the exchange office is in doubt, just turn around and leave, — summed up Maslennikov.

Another expert, financial consultant Viktor Gritsai, added that a currency exchange certificate is needed only if a Russian citizen needs to prove the origin of dollars or euros (which is extremely rare). If, for example, the bills turn out to be counterfeit, the certificate will most likely not help.

– The currency exchange certificate does not indicate the numbers of the bills, so you will not be able to prove that you bought the counterfeit dollars in this particular bank at this particular time. So issuing a certificate — it’s more of a formality.

Help may still be required if the sale of currency is considered income generation – the same as, for example, the sale of an apartment. But that’s more of a theory, too. — the expert thinks.

Muscovites drew attention to an interesting nuance: not everyone is asked for a passport when exchanging currency, but only for those who make transactions for amounts of more than 40 thousand rubles. And these people, after buying dollars or euros, are given not just a certificate or a check, but a document containing passport data.

On this account, there is a clear order of the Central Bank: when making transactions for the purchase of currency in excess of 40 thousand rubles, the bank may request, in addition to an identity document, also information about the financial condition of a citizen and the origin of funds, as well as his contact details ( address, phone number, email). True, this will almost certainly not happen if you buy currency at a bank where you have an account. — this bank already knows everything about you.