interest on savings

[cathy h]

I think that it all depends on whether you plan to be in Turkey for the foreseeable future. The fluctuation in exchange rates only comes into play if you change sterling to lira when the rate is low (as it has been for a few months)and need to change it back when the rate has risen considerably.
In the meantime, whilst in a ytl monthly account you are earning in the region of 14-15% pa net of tax.
Having said that, I personally would not put all of my eggs in one basket and a balance between money held in the UK and in Turkey offers some security. if you have sold up completely in the UK, and you register in the UK as non-resident, any interest is paid without the deduction of UK tax. It is a bit of a palaver, but seems to work. Cathy

[HappyMonday]

Scunner - I'm also interested in knowing more on this.

[stoop]

Does anyone know if you can open a sterling HSBC account in the UK (with a UK branch) and access it in ytl at HSBC in Fethiye? I just phoned them asking this and told them I wanted an account where I could put in sterling in the UK and take out ytl in Turkey. Unfortunatley I was told this is not yet possible. However they are currently working on something along those lines. I'm not sure the guy knew what he was talking about though - hence the question  

[cef]

Hi Stoop, I was told the same thing when I asked the HSBC the same question last year...

[cathy h]

Hi there,
I have a feeling that if you use your UK account card at the branch in Fethiye, you are offered the choice of currency that you withdraw. I will be in the branch on Monday, so can ask the question for you, if that is not too late. Cathy

[Diverbaz 1]

You can withdraw from your UK HSBC accounts in Turkey (providing you have an ATM card for the account) in sterling , euro's or YTL. you can also opt for the transaction in english, which at present you cannot do with a Turkish HSBC account, but soon will be able to.

You do not pay any thing for the withdrawal from your UK accounts, but are at the mercy of their exchange rate.

Baz

[hubblebubble]

re 'safe' - it is worth comparing capital asset ratios (as calculated under basle 2) these are generally available on the internet.
Last time i checked Is bank came out best ranked of the turkish banks.

[orca]

If you have an HSBC bank account plus,you do not pay to withdraw cash in whatever currency,but if you have the basic HSBC current account then you pay for withdrawal according to how much you take out,this can add up to quite a bit if you withdraw money regularly.

[ECHOSTAR]

I have a HSBC Bank Account plus in the uk, I had this argument with them the other Day about not charging for it and it being free so they say. how can it be free if they do not give the same exchange rate Duh?

[c1]

if you are a uk tax payer and intend to make money from overseas accounts the tax man will show some interest, if you open an account with a uk based bank they maybe have to disclose your holding where ever they are held.