Russians prefer foreign currency and crypto dollars for savings and transfers

In what currencies do Russians store funds?

More than half (55%) of respondents chose the currency and related instruments as their main savings method, 31% voted for the regular US dollar (both in cash and in foreign bank accounts), according to the results of the study. Another 11% prefer cryptocurrencies (stablecoins): USDT, USDC and others. At the same time, only 13% of respondents highlight ruble instruments.

Another 6% preferred other currencies and the same number considered foreign real estate to be the most reliable option. Finally, 3% voted for American stocks.

• According to the survey, 6% of Russians keep their fixed assets in ruble deposits;
• 5% is invested in Russian OFZ;
• 2% believe that it is a good time to buy Russian stocks at a low price;
• 7% voted for other options;
• 23% admitted that they do not have funds for investments and savings.

At the time of the survey, the ruble exchange rate was still below the psychological mark of 100 rubles per dollar. The rapid fall of the ruble began on November 21, when the United States announced the introduction of sanctions against 50 second-tier banks, including Gazprombank and BCS.

What currencies are used for transfers?

According to data from the Central Bank, in September the share of the ruble in international payments reached a historical maximum (45.3%). The Bespalov Finance survey showed slightly different results. It is true that the survey analyzed not only foreign trade activities, but also personal cross-border transfers.

Only 17% of respondents indicated that they more often use rubles for such transactions, while 26% still prefer dollars and 13% voted for euros. Another 3% of respondents chose the yuan and 4% other currencies.

The survey also showed the growing popularity of cryptocurrency transfers, with 18% of respondents transferring funds in stablecoins and 3% in other cryptocurrencies. Furthermore, 16% of participants do not conduct research on international operations.

How exactly are they translated?

Only 50% of study participants use bank payments for international transactions, including 10% who use bank transit through third countries. In addition, as the main or backup method for cross-border payments, Russians use crypto payments (35%), payments through intermediaries (16%) and international transfer systems such as “Golden Crown” (10%), Bespalov Finance concluded.

“We consider the behavior of many Russian investors reasonable: currency diversification is necessary, especially in the current situation. There are different ways to assess the immediate prospects for the Russian economy. But it is clear that there are certain risks of devaluation,” said Alexander Bespalov, founder of the international consulting firm Bespalov Finance, following the results of the study.

The expert also noted that he did not agree with the respondents about international transfers. According to him, transfers in dollars and euros are currently too difficult; transfers in rubles to friendly countries are more reliable, including financial transit, as well as cryptographic transfers, the expert is sure.

• Bespalov Finance conducted a study on Russians’ trust in foreign currencies, in which about 1,000 people participated, following statements by Russian Finance Minister Anton Siluanov that Russians do not need dollars.
• “That’s right, and we don’t need [доллары россиянам]“said Siluanov on November 12 in an interview with the TASS Children project, responding to a question about the need for the dollar. According to the minister, it is best to keep savings in federal loan bonds (OFZ) or join a long-term savings program.
• “This is where you have to look, so if you have a penny, you participate in the financial market, you won’t regret it,” he added. Two weeks after this statement, the ruble fell significantly against the dollar. The exchange rate on December 2 was set above 107 rubles.