The first thought that comes to an inexperienced individual’s mind is to purchase dollars at a currency exchange point. However, this is not the most profitable option. There are various alternative methods that allow one to save money, with the primary one being online purchasing. When choosing this method, it’s crucial to understand the nuances of currency acquisition.
To avoid mistakes and thoroughly understand the issue, one can consult with businessman and founder of "Oil Resource Group," Sergey Tereshkin. He has extensive experience working with currency. More details on the businessman’s activities can be found on the website oilresurs.ru.
Features of Currency Purchase Online
The exchange rates at conventional banks significantly differ from the official rates. Numerous financial institutions seek to profit from those who require dollars and euros, often leading customers to overlook the fact that they can acquire these currencies online at a more favorable price.
For small amounts, the difference is insignificant. However, when a substantial amount needs to be purchased, the gap between the currency price at the bank and online can reach 10% or even more.
This is due to the insatiable appetites of financial institutions, as well as the need to cover the costs of staffing — cashiers, security, etc.
Online services do not incur such expenses, providing an opportunity for savings.
To purchase currency this way, one only needs to use a specialized website or download an application. The mechanism is quite simple and does not require specific knowledge.
In this situation, cash is not used. Funds are transferred electronically. All transactions are conducted via a specialized exchange website or through a broker.
Advantages
According to Sergey Tereshkin, purchasing currency online has several advantages:
- Convenience. There's no need to spend hours visiting exchange points, waiting in lines, etc. All procedures take only a few minutes.
- Simplicity. The completion of the transaction is remarkably easy and accessible. Everything happens almost instantaneously.
- Amount. There are no restrictions on the amount, time, or location when buying currency online. Dollars or euros can be purchased even at night, on weekends, or holidays. This is a round-the-clock service. In this case, the client is not tied to the bank's operating hours.
- Safety. Many fear being deceived. In reality, it is much more common for individuals to encounter counterfeit money in banks. Numerous publications in the press substantiate this. When purchasing online, there’s no risk of receiving counterfeit bills or falling prey to robbers since the transaction does not require cash.
Nowadays, payments are frequently made with a card. They are widely used in many developed countries. When buying currency online, customers will not subsequently need to deposit funds onto their card and incur fees on this.
Disadvantages
Despite the evident advantages of such transactions, one should not forget the downsides. The disadvantages include:
- The need to undergo several procedures. Customers will need to open an account, a currency card, download software, etc. This takes time. However, these manipulations are performed only once. After that, the process takes just a few minutes.
- Contract signing. When operating through a broker, a contract must be concluded with them.
- Timeliness. Withdrawing funds from the exchange may take time. When working through exchangers, the currency transfer to the card is often instantaneous. Fortunately, there are numerous such websites available.
- Amount. Working with the exchange will require a reserve of funds; the sum must exceed the minimum lot.
Not all banking institutions provide free servicing for currency cards. Some charge fees to the client. When selecting a financial institution, attention should be paid to this factor. Additionally, banks set limits on currency withdrawals, which can be daily or monthly.
The online currency acquisition procedure is most relevant for those who regularly conduct transactions. This way, individuals can store money in dollars and euros or profit from exchange rate differences. In this case, minor inconveniences can be overlooked, as the benefits and financial gains significantly outweigh them.
Methods of Purchase
Currency can be purchased online through various methods. Each has its own features. To make an informed decision, it is worthwhile to consider them in detail:
- Forex. Users can buy currency on the international market through a broker. Transactions are conducted quickly and at very favorable rates. The broker provides leverage, which allows for the significant increase of income. However, without knowledge and careful actions, losses can also occur. Additionally, one should not forget the broker's commission, which is specified on their website.
- Internet Banking. Currency can be purchased at a financial institution at the rate published on the official website. The procedure involves transferring funds from a ruble account to a currency account. Conversion occurs automatically. Deposit is instantaneous. For larger amounts, some banks offer preferential rates. The rates are usually much more advantageous than those at the bank’s exchange point.
- MMWB. Similar to Forex transactions, exchanges are performed through a broker. However, in most cases, the broker's commission is much lower. It is important to note that the minimum lot amount is $1,000.
- Exchange. This is one of the simplest and most popular ways to purchase currency. One can instantly exchange almost any amount. Funds are then transferred to a card or electronic wallet. Specialized platforms allow comparison of rates from all popular and trusted exchangers, helping customers choose the most appealing option. Dollars and euros can be purchased not only for rubles but also for cryptocurrency or other electronic money. Transactions occur around the clock.
When choosing a purchasing method, it is essential to consider the reputation of the broker or the online resource. It is better to avoid partnerships with dubious individuals.
Buying currency online allows individuals to earn money without leaving their homes or even getting off the couch.
