Most people who are planning to go on vacation to Europe think in advance where it is more profitable to buy euros. This helps to solve many problems while staying abroad. Some buy foreign currency for the purpose of preservation and accumulation of funds. So, let's figure out where it is profitable today to buy the euro and other foreign currency.
Buying Euros on exchanges
Most financial professionals suggest buying and selling foreign currency on specialized exchanges. Here she is traded every day, watching quotes. Moreover, the price of this monetary unit here very often differs from the official rate established by the Central Bank of the Russian Federation. However, it is worth considering the fact that most currency exchanges operate by cashless settlement system.
The price of the euro at operating cash desks and banks directly depends on the exchange rate that was established on a specialized exchange.
Any individual and legal entity that has sufficient financial resources to do this can buy and sell euros on the exchange.
But what about the situation when you need to purchase a certain amount in a given currency? Where is it profitable to buy euros in this case?
Euro at different box office
In a situation where you need to purchase a specific limited amount of foreign currency, the best option would be to contact any of the banks. Here you can not only buy, but also sell a certain, even the smallest, amount in euros.
However, it is worth considering that in each bank the price for one euro may differ. This is due to the fact that each financial structure has the right to independently decide what income to receive from this monetary transaction. But there will be no tangible differences with the Central Bank of Russia.
Therefore, it is very important to familiarize yourself with prices at several banks at once before making a purchasing decision. This is the only way to determine where it is profitable to buy euros.
Prices at the official rate
Consider how the official foreign exchange rate is determined and why it is needed.
The official rate of foreign currency, which was established by the Central Bank of the Russian Federation, is the price of foreign banknotes, but on the past day. In a word, the Central Bank of Russia makes a revaluation of all available assets and liabilities for a specific period of time. For this reason, euro prices at different banks may differ from each other.
However, financial exchanges are entitled to trade currency at a price that does not depend on the quotation set by the Central Bank.
For this reason, the question of where it is more profitable to buy the euro in Moscow is very controversial. That is, today the price for it may be lower in one bank, and tomorrow in another.
Quite the contrary, the Central Bank only determines the exchange rate at a certain point in time, and financial institutions trading currency on the exchange have the right to set the exchange rate at their discretion. So to answer specifically the question in this case, where is the most profitable to buy the euro, it is simply impossible.
Whether to buy euros with hands
One of the most difficult and frequently asked questions is: “Should I buy euros with my hands?” Of course, this is the right of everyone, but from a financial point of view, such a transaction is rarely profitable.
Most resellers inflate prices for the sale of foreign currency and lower their purchase. In addition, the risk of running into a fake is very high. Agree, checking a bill without specialized equipment is very problematic, especially if a person does not often deal with the euro.
The best option for where it is profitable to buy the euro would be a trip to one of the state banks. These financial institutions have government support and have already established themselves as the most reliable.