Foreign Currency transactions with questions?

1. Is there a tax when exchanging foreign currency? No expense tax is collected from individuals when exchanging investment instruments such as foreign currency or gold. Foreign exchange expense tax is charged only when buying foreign currency from banks, financial institutions, or similar places.

2. How much deduction is made when exchanging foreign currency? “There is no tax on sales, currency exchange. As in all banks, a tax of 2 per thousand is collected in exchange offices.

3. Why does it ask for ID when buying a foreign currency? He had to record the Identity Number/Passport Number and/or Tax Identification Number in a separate account or ledger for each transaction, showing the date, time, and amount of the transaction. According to the decision, an identity document will now be required for transactions of $100 or more.

4. What percentage of commission do Exchange Offices take? The Central Bank increased the 1.5 percent commission rate applied to banks' required reserves and notice FX deposit accounts to 5 percent. The Central Bank increased the commission rate from 1.5 percent to 5 percent in the 'Foreign Currency Deposit Accounts with Required Reserves and Notice'.