Author Topic: Currency Exchange  (Read 13358 times)

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Offline Gordon Smith

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Re: Currency Exchange
« Reply #30 on: August 14, 2018, 10:37:40 AM »
Looking on the Post Office exchange page this morning and see that the Turkish Lira rate has disappeared !

Offline KKOB

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Re: Currency Exchange
« Reply #31 on: August 14, 2018, 11:19:22 AM »
Yep. They're making a loss on exchanging £s for TL now.

Offline KKOB

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Re: Currency Exchange
« Reply #32 on: August 14, 2018, 11:30:00 AM »
I don't know exactly how the money markets work and no doubt someone  ;) will come along and shoot me down inflames. This is how I see it.

A money changer in the UK buys 1000 TL a few weeks ago at 6 TL to the £. That costs them about £166. They then sold the TL at 5.50 to the £. They made £182. A profit of £16.

They're now having to give 8 TL to the £ which makes them £125.

£166 - £125 = a loss of £41 per 1000 TL sold.

Offline Anne

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Re: Currency Exchange
« Reply #33 on: August 14, 2018, 11:32:31 AM »
I was reading FB earlier and it seems lots of places are no longer giving lira

Offline marina

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Re: Currency Exchange
« Reply #34 on: August 14, 2018, 11:40:28 AM »
Have read the same Anne.  Some saying they've got some, some that they can't get lira anywhere.  :o

The Post Office may well have some on again later today or tomorrow.  They've been doing this since last week.  Apparently they won't keep large stocks of currency when it's so volatile and no-one knows what the rate will be in two hours never mind two days. Which I think is what KKOB was saying in his post!

Most places will be the same at the moment, but you might just get lucky and get some when they've re-stocked.

Offline chris35

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Re: Currency Exchange
« Reply #35 on: August 14, 2018, 13:26:02 PM »
I'm presuming anything charged in £'s will stay the same & anything charged in lira will move with the exchange rate - that could start another debate on the price of efes 😂 what I think have been stupid prices this year are the flights, I booked ours for this year as soon as Easyjet released their schedule for September & as it was busy the website kept crashing so even though I originally did get some cheap flights in my basket I ended up paying a lot more than we have ever paid before 😨

Me too.

Offline KKOB

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Re: Currency Exchange
« Reply #36 on: August 14, 2018, 15:22:59 PM »
The Post Office in Chirk is selling TL @8.00 / £. They're advertising it at "No Commission" so I asked how much it would cost for 800TL and was told £102.50. When I asked what the £2.50 was for I was told it was "an admin fee". So, "No Commission" then ?

Offline Liz 101

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Re: Currency Exchange
« Reply #37 on: August 14, 2018, 17:06:34 PM »
RE price increases in Calis. Is the following correct ?:

If you were charged, for example £ 10 for a boat trip in June that would have been equivalent to 60tl.

If you are now to be charged an extra 20tl you will be paying the equivalent of 80tl.

But you will have received nearly 90tl for your tenner..

But the cost of providing the service may well have increased too. For instance, the diesel for the boat trip, as oil is priced in US$, by the same token, anything that is transported around Turkey, either by road or air, is likely to cost more.

The retailers that have non perishable goods, such as bags, clothing etc & have bought their seasons stock at the beginning of the season, will be winners, but only for the current season.

Offline Scunner

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Re: Currency Exchange
« Reply #38 on: August 14, 2018, 17:38:59 PM »
I don't know exactly how the money markets work and no doubt someone    ;) will come along and shoot me down inflames. This is how I see it.

A money changer in the UK buys 1000 TL a few weeks ago at 6 TL to the £. That costs them about £166. They then sold the TL at 5.50 to the £. They made £182. A profit of £16.

They're now having to give 8 TL to the £ which makes them £125.

£166 - £125 = a loss of £41 per 1000 TL sold.

It's all that, change shops make money on the difference between what they buy at and what they sell at.

Over and above the example KKOB gives, don't forget that bookings are up 60% on last year (surprisingly) so there's likely to be a requirement for 60% more liras than the amount required last year in UK exchanges. Then add on that a pound buys twice as many liras for each pound compared to last year and you are looking at UK exchange shops needing last year's amount of liras + 60%, x2.

Not many would have foreseen that across the UK so liras will be in short supply.

Offline KKOB

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Re: Currency Exchange
« Reply #39 on: August 14, 2018, 18:35:08 PM »
Right that's the TL sorted for the first couple of days of my trip in September.





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