Which is more sensible?

[sadler]

Hi folks.  Just a retorical question (know that is spelt wrong but cant find the spell checker)!  If an amount, say 200,000 tl is paid into a bank account at an exchange rate as of now, does it make sense to invest it in an account in Turkey and wait until the exchange rate drops, then to transfer it to a bank account in England or would it be more sensible to transfer it immediately.  If the former option is the most lucrative, any recommendations on an account and bank which could be managed on line from U.K.   Many thanks.  

[nichola]

It would be better if you could change your money when the exchange rate drops as you will yield more pounds than you will at the moment. However the wait could be a long one as there doesn't seem much likelihood of the rate dropping anytime soon. Which is very good for everyone coming over with pounds to change in their pockets. A least you will be getting a fairly decent interest rate over here.

If you want a bank with the easiest web site then I can highly recommend the Finansbank. Their web site is the business; really! So easy to understand and use. They also have an account with a good interest rate where you can move money around whenever you want without waiting for the month to pass. In English it is called the egg account.

For Internet banking you will need to have a Turkish mobile or a UK mobile number if you are in the UK that you register on the site when you set up Internet banking. This is used as part of the security measure as a text message requiring you to enter a code that they will send you every time you want to access your account. This is the same with any bank you choose.

Hope this is of help.

[sadler]

Thanks Nicola, that was my thinking, but it is easy to get confused with the changing from tl to gbp and back again.  Thanks also for the info on the banks to use. Hopefully we will be seeing you when we come in September and have our usual lunch at the M.Garden.   

[nichola]

Look forward to seeing you soon then; hope you come for lunch on the afternoon I cover at the restaurant, normally Wednesday or sometimes Thursday