Author Topic: The Trauma of Changing Lira Back to Pounds  (Read 10756 times)

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Offline Scunner

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The Trauma of Changing Lira Back to Pounds
« on: March 05, 2015, 23:22:30 PM »
Today, as the lira missed 4 to the pound by a whisker reminded me of how this long, steady decline affected us - and how we now realise how we were spared a far worse fate.

When we brought our money back to the UK we did so in two halves - we had sold our place when the lira was 2.76 and possibly quite ridiculous with hindsight had even thought we might make a little bit of an extra killing if the rate dropped back to say 2.45 and we then changed our liras to sterling and would have made maybe another 10%!

We had to bring half back immediately due to commitments here and were content enough at 2.76/£ (but would have waited for that 2.45 rate had we a choice!!). By the time we came to bring the other half back the rate had gone on a slow, painful slide which caused me to develop some sort of financial OCD - I was checking the rate almost obsessively - some days I would feel the pain as it weakened two or three times in a day, but recovered two or three times too. So in effect I was stressing all day long over a rate that ended the day exactly where it started!

I took plenty of advice - I have an email still where one banking character in Fethiye told me (at 2.93) that he had "discussed it with the bosses in Istanbul and they were sure it would never go over 3/£. By the time we made the decision, we changed at around 3.18 and I don't mind admitting that nearly killed me. You can always find bright horizons if you need to see them, but there were far more black skies and bad headlines in the news. At the same time, people were getting hugely excited about getting so many liras to the pound for their holiday spends and you can't help thinking good for you, you are going to save 10p on an Efes while my family's future is eroding away. Selfish, I do realise that.

In the end, looking back now, I think we moved it as much to put an end to the speculation and worries as much as wanting to move the money for a particular reason. It worked, once the money was in pounds my ritualistic refreshing of the exchange rate websites stopped, there and then. Something that occupied my mind almost always had just, that day, gone.

Today I look at that 3.9998/£ rate and my heart goes out to those who are still playing the game I played - although in some ways it's not a game and you aren't playing it - there aren't enough viable options for it to be played. You gamble by cutting loose or you gamble by staying in and hoping. There's no safe or educated answer when you are on the inside looking out.

Fair play to those getting 4+ to the pound perhaps for this year's holidays - I'm actually one of you now. Also those living forever out in Turkey - the number of lira to the pound is irrelevant to them, luckily. But for those who have property/savings over there (and property priced in pounds is getting more expensive daily for those buying in lira) who at some stage need to cash in and buy sterling, it is a pretty awful journey.

But I would say do it, if you can. Get it out and get on with enjoying your life.



Offline usedbustickets

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #1 on: March 06, 2015, 08:48:47 AM »
An interesting piece Scunner, particularly reflecting the emotional roller coaster of the FX rate when really you can only affect it in three ways, get in, get out or stay with it!!  Never mind the issues of whether it is the £ or the TL performance that is driving the rate, or indeed the mighty $.

We moved the bulk of our TL savings back to sterling last year, and whilst at the time it was a painful emotional and financial experience, it now looks like we done the right thing.  We did this after Reg drove down the TL rate last year in the run up to the elections held then.  We still have some savings here but we are drawing that down for day to day use, rather than bringing in any 'new' sterling.  Which I suppose begs the question of whether to go back into TL or not, and if so when and at what rate, including the interest rates offered... never say never, but under Pres. Reg it is unlikely to happen.

You cannot believe what this man, almost single handedly, is doing to the Turkish economy - not forgetting he done the same last year.  So he is either very dumb or very corrupt.  I suspect the latter, as no one, no matter how dumb, could repeat the mistakes he made with the economy last year..... and still amongst the Turkish electorate the dumb, the pious, the women and large numbers of Kurds will continue to vote for him and the AKP.

Offline JohnF

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #2 on: March 06, 2015, 12:32:46 PM »
I was stressing all day long over a rate that ended the day exactly where it started!

I took plenty of advice...

I remember, I remember...

Best advice was courtesy of two bottles of Barolo and big plate of Italian Prawns   ;)

Which I suppose begs the question of whether to go back into TL or not, and if so when and at what rate, including the interest rates offered...

If you could answer that question correctly you'd be a very wealthy (or wealthier?) man.

JF




Offline Scunner

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #3 on: March 07, 2015, 11:45:58 AM »

Best advice was courtesy of two bottles of Barolo and big plate of Italian Prawns    ;)


Very true that, coupled with the thoughts of Uncle John :D

Offline Scott and Lisa

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #4 on: March 09, 2015, 12:21:22 PM »
im still going threw this trauma, ive taken half out (wished id taken it all) ive now got myself blocked from my finans bank account so need to ring up and cant get any numbers to connect! help! if anyone has a correct number for finnans bank from England i would appreciate it

Offline JohnF

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #5 on: March 09, 2015, 12:32:15 PM »
Try +90 850 222 0 900 then press 9 for an English speaking rep.  You'll need your passport number (the one used when opening the account) and have access to the telephone number registered to the account.

JF

Offline Scott and Lisa

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #6 on: March 09, 2015, 14:43:56 PM »
thanks John, ive spoke to them , they want me to send a fax with an updated passport but my fax machine has got the + sign! any ideas?

Offline madmart

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #7 on: March 09, 2015, 14:45:24 PM »
The + sign indicates use of the international dialling code. In this case replace the + with 00

Offline Scott and Lisa

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #8 on: March 09, 2015, 15:47:11 PM »
Thanks so much for your help fax now sent, hopefully will be able to log on soon and see what the rate from lira to pounds is, I'm not expecting good news!

Offline JohnF

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Re: The Trauma of Changing Lira Back to Pounds
« Reply #9 on: March 09, 2015, 15:57:27 PM »
There does come a point where your "losses" are so great that hanging on for the long term may be more beneficial than jumping ship at the current rate.  Not suggesting you do, just saying like...

JF




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