Many of our citizens prefer to keep their own savings in foreign currency. This is understandable, since confidence in the national currency remains low. The hryvnia is constantly “storming”, and its exchange rate has collapsed several times over the past ten years, making the owners of money sums poorer several times.
When the banking system crisis was in full swing, many institutions offered sky-high rates, both in hryvnia and in foreign currency. But as soon as the population again took their money to the bank, rates began to decline. Now it is rarely possible to find deposit options at 3-4% in dollars and at 14-15% in hryvnia. After the largest bank was nationalized and significantly reduced rates, other financial institutions began to apply this practice.
What are the benefits of deposits in foreign currency?
Opening a deposit at the bank , each investor has the right to count on the percentage indicated in the contract and receive a certain amount on a monthly basis. The situation in the financial market has developed in such a way that there is no other alternative to foreign currency deposits. Investing in gold is possible only for the long term, in addition, it is necessary to have significant amounts. The same goes for real estate transactions. To buy a worthwhile object, you need to have tens of thousands of dollars.
But what remains to those who were able to set aside two, three or five thousand dollars? The answer is simple: either keep money at home from which they can be stolen, or put in a bank, even at a small percentage.
Disadvantages of foreign currency deposits
The disadvantages that relate to the opening of deposits in foreign currency include:
- low interest;
- inability to use part of the amount of deposits;
- risks associated with the situation in the country.
Probably, many remember that not so long ago it was impossible to get the full amount of the foreign currency deposit even after the expiration of the term. The National Bank introduced restrictions according to which in one day it was possible to receive currency only in an equivalent not exceeding 15,000 hryvnias. This caused a real panic among investors. After all, those people who had tens of thousands of dollars on deposits had to visit bank branches on a daily basis, and even that there was no guarantee that they would receive the entire amount due to them in currency, and not at the rate in hryvnias.
Now the situation has stabilized, but people are in no hurry to trust their hard-earned euros and dollars to banks. They are afraid that a similar situation could happen again. However, the passive income that investors receive is a conservative investment method. It does not involve risks such as playing the stock market or buying shares. Nobody will give money back guarantees there.
Highly profitable investment in the company “ZaRaZ”
Credit Union “ZaRaZ” is a financial organization that attracts funds of depositors to issue loans to borrowers. Since the company provides all loans on the security of real estate, the risk of losing their savings is practically reduced to zero.
Anyone who needs money can get a loan at 2% per month. To do this, he will provide his property as collateral, and the company will give him up to 80% of its market value. To have additional resources for conducting business, ZaRaZ provides an opportunity to open deposits. Since the difference between interest rates for borrowers and depositors is quite significant, each person can count on 27.5% per year.
Deposits are opened in national currency. If the investor reveals a desire to tie them to the dollar, he can place free money for up to 18 months at 18%. This is a kind of alternative to foreign currency deposits, since, according to domestic legislation, not all organizations can conduct currency transactions.
Thus, each investor can choose the conditions suitable for him and receive interest monthly, quarterly or at the end of the term. A reasonable decision would be to split your amount into several parts. Some of the money can be left for a longer period and get a good percentage. But in order to have an option for insurance against various unforeseen cases, it makes sense to put money on a deposit for three or six months. Then the investor will be able to count on 19% and 20%, respectively.
Deposits can be replenished, which is not allowed in all banks, and renewed. Before deciding on the choice of contribution, each person can count on consulting support. The managers of the ZaRaZ credit union will tell you what to do in order for the profit to be optimal and will help you with their competent advice.