Author Topic: Moving to Turkey..  (Read 12469 times)

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Offline Colwyn

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Re: Moving to Turkey..
« Reply #10 on: July 17, 2016, 10:21:35 AM »
I checked my bank statement and I got a rate of 4.225 on the morning of the referendum. So £ is still 6% down but, if you are changing for TL, but it is better than the 12% down at the start of the week.

Offline yabanci

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Re: Moving to Turkey..
« Reply #11 on: July 17, 2016, 11:18:05 AM »
I got 4.25 from Seker Bank on the morning of the referendum so it still has a bit to go tomorrow to be at pre-Brexit levels.

Offline Lotty

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Re: Moving to Turkey..
« Reply #12 on: July 17, 2016, 11:24:06 AM »
Kayakebab, that saddens me, you have always been the most down to earth and positive person about moving to Calis. I know how much it means to you.

Offline BernieTeyze

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Re: Moving to Turkey..
« Reply #13 on: July 17, 2016, 11:47:54 AM »
Thank you. You know what I' m like. Everything is set up and then this. Act in haste..repent at leisure.

So a couple of questions please.
Money?? Not to send to a Turkish account???, Do we leave £ in UK, what and draw out at a cashpoint? Isnt that going to be expensive..or is it cheaper in the long run?
Which bank to open an account with?
Residency runs out Feb, when do we start process?


Offline Colwyn

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Re: Moving to Turkey..
« Reply #14 on: July 17, 2016, 12:19:51 PM »
Drawing money from an ATM. It depends what card you are using. There are a couple of cards which do not charge you a fee for using an ATM and which have a rate of 0% "loading" (loading is the hidden charge on drawing foreign currencies i.e. it doesn't show up on your bank statement, you just get a worse exchange rate than you thought you were getting). For example, if you have a Lloyds Debit card and use an ATM you will be charged a minimum of £2 for using it and 2.99% loading. This is on top of the small charge that VISA or MasterCard make for their services. So if you draw out £100 worth of lira Lloyds will charge you £4.99 for the pleasure of getting your own money. You can get a UK debit card that will charge you nothing on top of VISA/MC rate.


However, I don't really see the advantage of doing that over opening a Turkish sterling account, drawing £s and changing up (apart from one extra transaction). If you go that route check how much is covered by government guarantee in case of bankruptcy (as you would do in UK) and don't exceed it.

Offline BernieTeyze

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Re: Moving to Turkey..
« Reply #15 on: July 17, 2016, 12:35:14 PM »
Problem being that pension will only pay sterling to uk account. They will only pay currency of that country.

Offline Colwyn

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Re: Moving to Turkey..
« Reply #16 on: July 17, 2016, 12:40:20 PM »
I don't understand. Why is that a problem?

Offline BernieTeyze

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Re: Moving to Turkey..
« Reply #17 on: July 17, 2016, 12:45:55 PM »
So it wont be a problem? Well thats good news. Pension paid in lira to? Then how can itgo into a Turkish sterling account, or am I being thick?

Offline mercury

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Re: Moving to Turkey..
« Reply #18 on: July 17, 2016, 12:57:51 PM »
At The moment I would advise that you keep your sterling in The UK... Get a Nationwide Flex account.. Draw your money out in sterling  (no charge) and then change it to Lira in Turkey...

Offline Colwyn

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Re: Moving to Turkey..
« Reply #19 on: July 17, 2016, 13:04:14 PM »
I think people who warn against putting money into lira accounts are thinking about situations where someone has saved a nest egg - say £100,000 - and is dazzled by the 10% interest rates sometimes available on 30 day notice accounts and similar. That is, we are talking about people investing large sums of money into a Turkish bank. For this you need to make a judgement about return versus risk. Why do Turkish banks offer higher rates on lira accounts than they do on sterling accounts? Because they are perceived, by Turks, to be riskier. Turks with long memories can remember the lira suddenly falling through the floor, and on more than one occasion. They prefer gold or dollars.


However, you are not talking about that. You are dealing with £500-odd a month, much of which will probably be spent that month. So there isn't a lot at stake and it isn't over a long period of time. There is less to worry about.


P.S. Using a Nationwide Flex Account card in a Turkish ATM will cost you £3 per £100-worth.




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