Where is it profitable to buy the euro? Best offers

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Most people who are going to go on vacation to Europe think in advance about where it is more profitable to buy euros. This helps to solve many problems while staying abroad. Some people buy foreign currency in order to save and accumulate money. So, let's figure out where it is profitable to buy euros and other foreign currencies today.

Buying euros on exchanges

Most financial specialists offer to buy and sell foreign currency on specialized exchanges. Here it is traded every day, following the quotes. At the same time, the price for this monetary unit here very often differs from the official rate set by the Central Bank of the Russian Federation. However, it is worth considering the fact that most currency exchanges operate on a non-cash settlement system.

The price of the euro at cash desks and banks directly depends on the exchange rate, which was set on a specialized exchange.

Any individual and legala person who has sufficient financial resources to do so.

But what to do in a situation where you need to purchase a certain amount in a given currency? Where is it profitable to buy the euro in this case?

Euro at different cash desks

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 the price for one euro may differ in each bank. This is due to the fact that each financial institution has the right to independently decide how much 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 the prices in several banks at once before making a purchase decision. This is the only way to determine where it is profitable to buy the euro.

Prices at the official rate

Let's consider how the official foreign exchange rate is determined and what it is for.

The official foreign exchange rate, which was set by the Central Bank of the Russian Federation, is the price of foreign banknotes, but for the past day. In a word, the Central Bank of Russia makes a revaluation of all existing assets and liabilities for a specific period of time. It is for this reason that the prices for euros in different banks may differ from each other.

However, financial exchanges have the right tocurrency trading at a price that does not depend on the quote set by the Central Bank.

For this reason, the question of where it is more profitable to buy euros in Moscow is very ambiguous. That is, today the price for it may be lower in one bank, and tomorrow in another.

It's quite the opposite, the Central Bank only determines the rate at a certain point in time, and financial institutions that trade currencies on the stock exchange have the right to set the rate at their discretion. So it is simply impossible to answer specifically the question in this case, where is the best place to buy euros.

Should I buy euro with hands

One of the most difficult and frequently asked questions is: "Should I buy the euro with my hands?" Of course, this is the right of everyone, but from a financial point of view, such a deal is rarely profitable.

Most dealers overestimate the price of selling foreign currency and reduce its purchase. In addition, the risk of running into a fake is very high. Agree, checking a banknote without specialized equipment is very problematic, especially if a person does not often deal with the euro.

The best option for buying euros is to go to one of the state-owned banks. These financial institutions have government support and have already established themselves as the most reliable.