When is foreign currency savings a good way to keep funds?

According to the data of the National Bank, our citizens still save the most in foreign currency, but there is a noticeable trend of greater trust in banks and depositing funds in accounts instead of keeping them at home.

Savings in dinars bring higher interest rates, but in many situations, foreign currency savings are also a great way to keep funds and will increase the stake in different ways.

Foreign currency savings have greater trust of citizens

If you are also one of those who have more confidence in keeping foreign currency, you do not need to calculate much with interest, so it is better to open foreign currency savings than to keep the funds at home.

Banks give different interest rates on different currencies so you can choose the one the currency with the highest interest rate or choose a longer term and term foreign currency savings that will be more profitable.

Banks are the best place to keep surplus funds and it is best when you find a bank with the best conditions that will enable flexible savings and simpler payment as well as withdrawal of funds from the bank account.

Long-term foreign currency savings

Every participation in the payment system must be in dinars, so it is not profitable to keep money in foreign currency, and that these savings are often converted and lost on the exchange rate difference.

If you plan to deposit your funds in a bank in the long run, then foreign exchange is the best choice, especially when the exchange rate is expected to rise.

The stronger effect of the expected crisis will bring instability and global currencies, but that does not mean that money should be exchanged immediately, but it would be good to monitor the stability of currencies and invest in the one with the least fluctuations.

Those who have income in foreign currency have an interest in saving in foreign currency

Everyone who receives a salary, pension and receives other funds in foreign currency has an interest in foreign currency savings to be a way of holding funds because there is no need to lose on exchange rate differences by exchanging money for dinars and saving in local currency.

In this way, savings can be achieved if you look at the relationship between the difference in interest rates of dinar and foreign currency savings and exchange rate differences. Banks certainly give interest and foreign currency savings is increasing, so there is no dilemma whether such an investment of money is justified.

Find the bank with the best savings conditions for the greatest benefit

Commercial banks are competing to provide better conditions for their clients, so it is important to look at the entire offer and make a decision on savings.

Interest rate is only one segment of a good offer, but other conditions are as important as conditions of approvalhow much savings can be flexible and adapt to the client.

The big advantage is also when the bank cooperates with the client online so he has a clear overview of account balances through applications, control of amounts and the ability to dispose of funds whenever he wishes.

All this together provides the best conditions for savings and clients who will be satisfied with the bank’s services.

Foreign currency savings are a good way to keep funds, and although it brings lower interest rates, the bank still increases the initial deposit, so earning money is possible in this way as well. Funds will increase, cooperation with the bank will be easy with online business, and you will have money to pay future expenses and more efficient disposal of household budget.

Source: Portal o ekonomiji by www.economy.rs.

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