Archives May 2019

How does a card with the MIR payment system differ from Visa and MasterCard

The first bank cards with the MIR settlement system were issued in 2015. Since 2017, according to the new legislation, all payments from the state budget of Russia to individuals should be made only with the help of national payment instruments. And this means that the transfer of salaries to state employees, scholarships for students, and pensions to elderly people will be carried out only on cards with the MIR payment system.

As of December 2018, Russian users already had over 30 million MIR cards in their hands. The national plastic card for many categories of the population has become mandatory to use. With this in mind, it is important to understand how plastic with the MIR system differs from its competitors with Visa and MasterCard.

The geography of the cards WORLD, Visa and MasterCard

The geography of the cards WORLD, Visa and MasterCard

The creation of the Russian national payment system MIR by the political leadership of the country was prompted by large-scale anti-Russian sanctions, which were introduced by Western states in 2014 in response to the inclusion of the Republic of Crimea and the city of Sevastopol in the country. Among other things, the Russian users of plastic cards were threatened with the potential threat of disconnection from the international payment systems Visa and MasterCard and, as a result, the inability to use popular banking products. The way out of this situation was the creation of its own independent platform for making payments by bank cards.

In this regard, it is the territory of action that is the main difference between the cards with the MIR system and international payment systems. MIR is the national Russian platform for cashless payments. All retail stores operating in the Russian Federation, as well as utility providers, government and municipal institutions are required to accept payment for this instrument.

Outside our country, the MIR card can only be paid in Armenia. Even in such territorially close and supporting allied relations with Russia as Belarus and Kazakhstan, cash can be withdrawn from the MID card only at ATMs owned by BIT subsidiary banks. In the autumn of 2018, there were only 86 such devices for the whole of Belarus.

Negotiations are being held on accepting payments from Russian national cards with Turkey, Thailand, the United Arab Emirates and other countries frequently visited by Russians. But the negotiations have not yet brought any concrete results. And, of course, it is impossible to use MIR cards in the territory of European states, the USA and other foreign countries.

Plastic with Visa and MasterCard, by contrast, is accepted in 99% of the countries of the world , including Russia. The only exception is the Crimea peninsula, where the work of international payment systems for bank cards is blocked due to sanctions. The residents and guests of this region have no choice. They can only use bank cards with the MIR system.

Comparison of the functionality of cards MIR, Visa and MasterCard

Payment of purchases

The MIR card is no worse than its competitors with its main purpose (payment for goods and services, receiving and sending money transfers). As we have already mentioned, she can pay for goods in all retail outlets equipped with POS-terminals, pay for utilities and services of state bodies. On this page you can choose for yourself the best payment card.

However, payment by plastic on the MIR platform has limitations. For example, the payment may not go through in some online stores and online services . What tools it is better to pay for the proposed product or service is indicated directly on each Internet site.

Transfer of salaries, scholarships and pensions

Transfer of salaries, scholarships and pensions

Private companies can credit their employees to any plastic of their choice. Employees of budgetary organizations should receive salary only on national cards .

As for the payment of pension benefits, at the moment the solution of the issue is in a transitional stage. The law that all transfers for individuals from the budget are made only at MIR has already been adopted. But retirees receiving monthly payments on Visa and MasterCard can continue to do this until their instruments expire. Then they will also be required to move to MIR.

Contactless payment

Contactless payment

A user-friendly method of payment through the presentation of a card to the terminal can be equipped with a product with any payment system , including the MIR card. The presence of a special badge on plastic indicates the possibility of contactless payment.

Validity

Cards with a national payment system must be changed every 5 years, with a Visa or MasterCard system – every 3 years. The extended validity of the tool for cashless payment is its advantage. Of course, for most people, once in 3 years, visit the bank office and pick up the reissued card is not difficult. But after all, a person can forget to enter the bank on time, and then his kata will be blocked. The user may have confusion with the PIN code on the new card, and then he will have to wait 2 weeks for the next one to arrive. The less often you have to change the bank plastic for a new one, the less hassle.

Service cost

The amount that the bank charges for annual card servicing, as a rule, does not depend on the type of payment system used . For example, Good bank – the largest financial institution in Russia – does not change the tariffs for its products, depending on what the client prefers.

Credit limit

Most of the currently issued national cards are debit cards. The number of offers on MIR cards with a credit limit is extremely limited . The most popular bank in Russia, Good bank, does not issue credit cards based on the national payment system. And here you can see the most popular credit cards.

Privileges and Bonuses

Privileges and Bonuses

The availability of cashback and other privileges owed to the owner of the plastic does not depend on the type of payment system, but on the general conditions of the product. Today, a consumer of banking services can find a profitable card option on any of the existing payment systems .

Job stability

Job stability

In the media, periodically there are reports of failures in the work of payment instruments on the MIR platform. It happens that the buyer does not pay for the purchase, or the terminal refuses to debit the card at all.

However, reports of failures in the cards with Visa and MasterCard can be found no less. In general, all systems of payment by bank cards are quite stable . But none of the existing developments are insured against short-term failures.

Total

So, let’s more clearly highlight the pros and cons of a banking product based on MIR, comparing it with competitors on Visa and MasterCard. The advantages of this development, we would attribute:

  • independence of settlements from a volatile international situation;
  • the ease of performing cashless payment procedures for purchases, making and receiving transfers, withdrawing money in cash;
  • possibility of transferring salary to the card, including from the state budget;
  • work on the territory of the Republic of Crimea, still under the sanctions of Western countries;
  • affordable maintenance cost;
  • extended validity period;
  • availability of various bonus programs for users;
  • job stability

However, domestic plastic has its drawbacks . Among them are difficulties with:

  • settlements abroad;
  • payment on some Internet services;
  • connecting to a mobile phone for contactless payment;
  • withdrawing funds from electronic wallets.

Each user, based on his own tasks and needs, can now choose a card with the most convenient and profitable payment system for him.


8 Things You Must Do Today To Be Rich In The Future

There are two types of people in life: those who live in dreams and those who make their dreams come true. The first, in general, are those who also have poverty-mindedness in their pockets; they have the perfect excuses to justify why they do not devote their time to learning new things and acquiring experiences.

While those who work daily to achieve their goals have their “feet well placed on the ground,” they know they need to move to achieve what they desire, that if they do not pursue their desires they will never succeed, do not believe in fate, but effort itself.

For all the people who make it clear and know where they are going, this article is destined, because in the following items, we will give some keys to success that will allow you to have a good amount of money for your future, ideally, start executing them as soon as possible to make them work.

# 1 Be firm in your position: 

cash

Do you believe in something? What is your conviction? If you know how to answer these two questions, we congratulate you because you are clear about what you really want. If not, you should start working on it, for that, you must identify what your support is, which makes you dedicate your time to a specific goal. Basically, it’s about you having the ability to answer the why of things, why do you do it? Or why did you choose this and not that?

# 2 Define what is wealth and success for you: 

# 2 Define what is wealth and success for you: 

According to your perspective, you will modify your actions as these two words become the reason for every decision you make.

Some people believe that money is everything in life while others believe that this is only a means to an end, in fact, the most successful people have demonstrated and has often assured that money is a tool to achieve and accomplish more jobs .

# 3 Do not focus on time and effort, but on results: 

# 3 Do not focus on time and effort, but on results: 

The only people who focus on working hours without thinking about anything else are those who live in stability in their comfort zone. Ideally, change your approach so that with little you get much more, it’s important to relax, enjoy rest and personal improvement, so that you get more recharged and full of energy for your work.

# 4 Set Goals Without Fear:

# 4 Set Goals Without Fear:

Write your goal on a piece of paper, write down why you want it, and add the way you will do to fulfill that purpose. Doing this task and putting it in a visible place will help you to remember your accomplishments every day and turn them into reality.

# 5 Create a win-win strategy: 

Healthy competition is good because you strive to stand out and demonstrate how much you can do, however, when the competition focuses solely on winning, the real solutions are left out.

But when you open yourself to others; they realize how much they can receive from others who are experts in other areas. Understand that collaboration creates a single, mutually supportive connection that is useful to achieve the goals described above.

# 6 Do not work for money, work to learn: 

Although you will not believe it, it will bring you many benefits, the first and most important thing is that you will be happy because you are passionate about what you do.

In fact, you should only spend 20% on your actual work and the rest is improving, learning and resting, this will help you to be a better professional. The sacrifices will then be rewarded because if you dedicate yourself to learning over time, you can charge more for what you do, because no one else will know how to do it.

# 7 Invest at least 10% of your income in you: 

# 7 Invest at least 10% of your income in you: 

It is the same as any type of investment, profitability will be achieved over the years, whether with the goals achieved, the money earned or simply with job satisfaction. The good thing about investing money for yourself is the sense of value and seriousness you put into what you have decided to study or do to improve your situation or your knowledge. Remember that you should always surround yourself with the best to be the best.

# 8 Investing in things that generate more money: 

Many people aspire since they start working for the first time with a high salary and a position or position of greater recognition to have a better quality of life.

But when they do, they forget that employment can not last all their lives and that money must be made to grow, not wasted on purchases and luxuries that after a few days have no value.


Property Acquisition Fee

Before buying a home, it is a good idea to prepare yourself spiritually for the property tax! I am also interested in what fee should or should not be paid for the purchase of a newly built apartment and the purchase of a repository? Let’s look at a concrete example of the property tax.

 

What discount does it have?

What discount does it have?

Specific example: A couple under 35 buys a newly built apartment (37.3M forints) from a contractor using PKL 10 + 10 as the first home ownership.

 

In this article, we look at a specific example, but in any case, call 1819 (Ext. 6), where the UJK information service will respond live, with the help of an administrator.

In the first round, I suspected that it would be possible to take advantage of the full acquisition tax deduction of up to 15M for the first home purchase of under-35s.

However, this is not possible because the law says that this discount can only be granted if the purchase price is below 15M. So we can’t live with this discount in such a way that we get the discount from the more expensive real estate at least for this part.

 

What discount can we get then?

What discount can we get then?

The amount of PKL DGH 10M grant must be deducted from the purchase price. In our example, the limit of DGH 37.3-10 = 27.3M will be decisive, since the PKL is subject to a tax exemption of DGH 10M.

If we buy a newly built property from an entrepreneur with a value of less than DGH 30M (27.3M to be taken into account due to the tax exemption on the acquisition of PKL 10M forints), we can use the full tax exemption available up to DGH 15M and only 27.3-15 = 12, We will have to pay a 4% tax on the acquisition of property at 3M forints.

 

Are the ownership shares counted?

finance

They count and don’t. For the 50-50% shareholding in PKL, we have to divide the DGH 27.3M by 2, while the law states that we must also divide the 15M forint limit by 2. So we are in the same. Are PKL 10 + 10 (soon to be PKL 10 + 15) preferential loans free of charge? Unfortunately, the loan part is not subject to PKL property tax exemption.

 

So how much do we have to pay in this example?

So how much do we have to pay in this example?

The base position is 4% of 37.3M forints = 1,492,000 forints.

From this, on the one hand, we get a duty discount of DGH 10M on the one hand and DGH 15M on the other.

12.3M will have to pay 4% = 492,000 for the fee, so we will pay less than 1M for less.

In this sense, the PKL 10M was of key importance, because it is only due to the fact that the value of the purchase slipped below DGH 30M when the discount is already in place.

 

In this example, we also took a container for $ 870,000

In this example, we also took a container for $ 870,000

Unfortunately, the storage fee of 4%, ie 34,800 DGH, has to be paid to the repository. In this case, there is no discount because it is not a residential property.

On the other hand, buying a repository at any level does not affect the information available to the residential property according to the information provided by UJK, so you do not have to be afraid that if the repository’s ownership comes sooner, we will be able to lose the discounts.

 

Want to save or borrow money? I want to set aside a retirement goal. I want to save my kids. I want to add credit to an apartment

Useful articles for you. When did you realize your financial situation has changed? How to buy an apartment with no money, no legacy, no future? How do banks and insurers manage their customers?

 

Give value to your value in exchange for the quality of your blog with $ 1 per month!

Give value to your value in exchange for the quality of your blog with $ 1 per month!

 

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How does a building society savings contract work: An overview of how it works

Building society savings – everyone knows it, many have financed their home with a home savings contract and others still have it.

Both the state and many employers offer additional subsidies. This is also the reason why the Lending Matters contract is still very popular. But where does the idea of ‚Äč‚ÄčLending Mattersing actually come from and how does a Lending Matters contract work in detail?

History of building savings

History of building savings

The city of Birmingham in England experienced enormous population growth in the age of industrialization. Housing had to be created. To finance the construction of houses, some residents founded in 1775 in a tavern, the “Ketley’s Building Society”, the first building society. The idea behind it was as follows: Every month members of the Society paid an amount into the fund each month to gradually finance each one’s home from the accumulated sum. As a result, further building societies were founded. In the years 1782 to 1795 there were 19 of them in Birmingham alone.

In Germany, this trend continued 100 years later: in 1875, Pastor Bodelschwingh founded the first German building society in Bielefeld, the so-called “building society for everyone”. In Germany, the coffers experienced their boom, as the housing shortage was particularly pronounced due to the first and second world war. From 1924 to 1934, around 400 building societies were founded, of which some still exist today.

How today’s Lending Matters contract works in Germany

How today

 

In 1973, the Lending Matters One and the Lending Matters Two came into force, which regulate the home savings market in Germany to this day by numerous regulations. Since then, the building societies have been the linchpin of collective savings. You have the following tasks:

  • They take over the organization
  • You keep the accumulated sum
  • They allocate the loans

A home savings contract is basically about saving equity in order to afford the financing of a home. In a contract, you specify in advance a sum that you want to save. The monthly paid contributions are interest. Once you have saved the agreed amount, you are entitled to receive a loan. The amount of this sum will also be contractually agreed in advance. After payment of the loan you pay no more savings rates, but rather the repayment of the building loan.

Basically, then: In a first step is saved, in a second step is paid. The goal is to be able to finance a property even without initial equity capital.

In summary, there are three phases in building society savings:

phase statement
phase They regularly deposit funds into the capital fund and receive interest.
allocation As soon as you fulfill various conditions, your home savings contract is ready for rationing.
This means:
– You must have reached a minimum savings amount.
– You must have adhered to a minimum saving time.
– An evaluation number must be reached. (This is dependent on the tariff and agreed in the contract.) On the basis of this number, the order of allocation is decided – the higher the rating, the more important the allocation).
– It depends on the allocation period : The Lending Matters contracts are each controlled to a key date, after which the decision is made on the allocation. If the target rating has not been reached by then, you must wait for the next key date.
loan phase In this phase, you will receive the entire Lending Matters sum that you can use to finance your property. After that, you will no longer pay any savings, but you will repay the loan in the form of a monthly installment for a fixed term.

As a savings partner, you can obtain capital-building benefits from your employer in addition to the home savings and loan agreement. In this context, the state supports you with a worker savings bonus and a housing subsidy (insofar as you do not exceed a certain income threshold).

Building savings contract for the purchase of a property use

Building savings contract for the purchase of a property use

For those who want to use a home savings contract for the purchase of a property, the Lending Matters contract brings several benefits:

  • Although the interest rates are low during the accumulation phase, the subsequent mortgage loan is usually relatively low-interest. In addition, the amount of interest is fixed from the beginning. In this respect, they have a hedge against rising interest rates during the contract period.
  • Under a home savings contract special repayments are possible at any time, with some rates, you can replace the loan even without notice after allocation. If, in the meantime, you have a larger amount of capital, for example through a legacy, you have the opportunity to become debt free faster.

Please keep in mind, however, that in the case of a home savings contract, termination fees generally amount to between 1.0% and 1.6% of the Lending Matters sum. In addition, account management fees may apply in the saving phase.

You are looking for a mortgage lending, in which you want to bring in your existing home savings contract? Then we will gladly arrange the appropriate financing for you. Through our cooperation with over 150 lenders, we find tailor-made financing for you.


The Supply Gap – What Is That Anyway?

Many people have special plans for the time when they have left their job responsibilities behind and are entering retirement age.

Build a modern barrier-free home, buy a new car or use the free time for travel to special places – everyone has individual ideas, dreams and wishes for his time after work. However, to meet them, the necessary financial resources must be available. In any case, very few people would like to forego something and at least uphold the current standard of living. However, as a rule, the statutory pension is almost always significantly lower than the financial need at retirement age.

 

Pension gap – how can it be calculated?

Pension gap - how can it be calculated?

The pension gap is the difference that arises when you deduct your actual pensionable income from your financial needs. For most people this is negative and they can not maintain their standard of living.

In order to prevent you having to suffer financial losses in your old age, you should determine in advance how much your personal need for care will be before you reach retirement age. For this, you should always consider the following costs in your invoice:

  • Household money
  • Expenditure on insurance
  • Rental costs
  • Residential utilities
  • Renovation costs for the house or apartment
  • Possible loan installments
  • Personal expenses, such as a new car, travel or hobbies

In order to make a rough estimate of the need for care in advance, experts recommend starting from a guideline value of 90 percent of the last net income.

As part of your pension plan, with Peter Pan you have various options to secure your finances in good time. This will help you close the pension gap, you will not have to sacrifice anything at retirement age, and you will be able to maintain your current standard of living.

 

To calculate the pension gap you will need two values:

  • The sum of your retirement expenses
  • Your income during retirement

Your disposable income includes the statutory pension . Information about the amount of this

 

Pension gap – how can you calculate?

Pension gap - how can you calculate?

Amounts are given by the relevant insurance carriers. You will also receive annual pension information from Deutsche Rentenversicherung, which you can use to calculate the amount of the amount you receive from the statutory pension. However, keep in mind that this information corresponds to a forecast. Amendments to the amount may result from, for example, child-raising periods or unemployment.

If your employer has taken out a company pension plan for you, you can obtain information about the amount directly from him. You can also add this amount to your retirement income.

Further income could be rental income , income from leasing , capital assets or life insurance .

 

Example for calculating the pension gap

A general formula for calculating the pension gap is as follows:

Pension gap = need for care – income

If your last net income was $ 2,000, and you think you’ll need 90 percent of that on retirement, that would be $ 1,800. With a monthly statutory pension of 1,300 euros without other income, according to current value, a pension gap of 500 euros would arise. These would have to cover you by other references, in order to be able to hold your standard approximately and thus close the supply gap.

Various calculators, for example from Stiftung Warentest, offer you the opportunity to easily calculate the supply gap online. You can also include the amount of your current pension level and a possible inflation rate.

 

Close the supply gap – how does it work?

Close the supply gap - how does it work?

The pension gap resulting from the difference provides information on the extent to which you now have to provide additional financial security in order to maintain your usual “standard of living” at retirement age. To close the supply gap, there are several possibilities:

  • Completing additional pension plans that are funded by the state. These include the Riester pension and the Rürup pension.
  • An occupational pension scheme (baV), which your employer concludes for you. If such does not already exist, contact your employer, who is required by law to offer you one.
  • An additional private pension. With one, you pay a monthly contribution during your employment. The pension fund will then grant you a life-long guaranteed pension. Specifically, this means that when you retire, you have the choice between a one-time payment of the accumulated sum or a monthly payment of your pension.

As part of your pension plan, with Peter Pan you have various options to secure your finances in good time. This will help you close the pension gap, you will not have to sacrifice anything at retirement age, and you will be able to maintain your current standard of living.


Have you borrowed a card? Think about safety!

According to some reports, hackers stole more than 14 million credit card numbers last year. Given this scope, it is possible that your data has already been stolen, and you do not even know about it. Therefore, if you took a loan to the card and plan to pay it off often, you should not forget about security.

In some cases, all that needs to be done is to use a credit card at a restaurant, at a gas station, or during a trip abroad to join the tens of millions of Russians whose credit card numbers are stolen each year. It is important to understand how credit card fraud works in order to avoid infringement of your personal data. But even if the information on your card has already been stolen, it may be easier to solve a terrible problem than you think.

What could be dangerous loan to the card?

 What could be dangerous loan to the card?

Credit card fraud is the unauthorized use of your card for financial gain. After receiving the data about the card, fraudsters can pay with a duplicate card at the checkout in the store or on the Internet, where a physical card is not needed for the purchase. This can be costly for the cardholder. In some cases, the bank that issued the card may return the money, but even in this case you will have to spend a lot of time and nerves.

Banks, card processors and other financial companies are constantly hunting for fraudsters and using incredibly complex systems for instant fraud detection. But at the same time, the criminals are not asleep, and each time they come up with new ways to circumvent the protection of credit cards.

Loan on the card – a big responsibility

If you borrowed a card you need to know how to use the card correctly to reduce the risk of fraudsters falling into the hands. The best thing to do is to avoid seeing criminals. At a time when even the most experienced credit card users fall for fraudsters’ tricks, there are several simple ways to prevent danger.

  1. Order card reports less often

The first step to be taken to avoid fraud is to order the card report to your email or regular mail less often. Use the personal account of the bank, so you will be in the highest possible security. It is best to refuse such reports altogether and to cancel automatic email messages. mail from the bank, in which there is any information about your card or account.

  1. Use strong passwords

Do you use a simple password or one that is easy to guess? Or did you choose a long password, but use it on all sites where you are registered? Although such scenarios are widespread, they make your finances very vulnerable. Each application in the phone and each website must have its own unique password. Never use automatic password selection – they are easily picked by criminals.

  1. Properly dispose of bank statements

If you have taken a loan to the card, in some cases the financial company will send you mail letters in the mail, which may contain valuable information. After receiving such a letter and familiarizing yourself with it, it must be properly thrown away. If you just crumple it, it may fall into the hands of fraudsters. Use a special shredder at work, and at home you can carefully cut the paper with scissors.

  1. Check skimmers

Skimmer is a special device that criminals install on ATMs that are not under careful supervision. The device is difficult to determine visually, but, at a minimum, you need to try to move the plastic receiver of the card – if it is not securely fastened, it may be a skimmer. This device reads all the necessary data of your card when it passes through it. This you do not even know the first time.

  1. Increase vigilance on the Internet

If you make purchases online or pay for any services on the Internet – be as vigilant as possible. Use a separate browser to make card transactions. DO NOT open suspicious emails, do not follow unknown or suspicious links. Always look for “https” in the address bar before the site name. When shopping, make sure that this is the site of a company you trust.

Credit Card Security

 Credit Card Security

On the invisible front, the company that issued the loan to your card and other financial institutions work around the clock to detect credit card fraud. Even if your information is already stolen, there is a chance that unauthorized transactions will be detected and blocked on time before they pass.

However, review your reports every month and check card transactions more often. When you link cards with services such as Google Pay, you will receive notifications on your smartphone every time your card is used, so you will immediately find out if something is wrong.

If you are a victim of fraudsters, do not despair. Your credit card protects you from any serious financial harm, even if these cards have been lost or stolen.

Card loan safe

 Card loan safe

If someone steals your debit card number, scammers can merge your bank account before you know it. At the same time, a credit card offers some protection that allows you to return the money if you apply to the bank in time.

When these cards have been stolen, you need to call the financial company (the number should be indicated on the back of the card) or report online about what happened. In most cases, all fraudulent transactions will be canceled. As a rule, such protection is offered by the bank for free.