Author Topic: Getting Out of Lira  (Read 9757 times)

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Offline Colwyn

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Getting Out of Lira
« on: January 22, 2014, 16:08:47 PM »
This is not something that concerns me directly but I am interested in people's thoughts and perhaps it will an opportunity for ex-pats to exchange notes.


If you have a significant amount of money in a TL account what are you doing about it?
* Have you already converted to Sterling (perhaps having to accept penalty for  early withdrawal)? [I mention this because someone on another forum had done this at the start of December and was now very happy he had taken the loss and moved his money).
* Are you going to leave your money in TL accounts come what may?
* Is there some level/date at which you would decide to bail out?



Offline Scott and Lisa

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Re: Getting Out of Lira
« Reply #1 on: January 22, 2014, 16:13:15 PM »
i wish i had a plan! this is a great topic and i hope to have a clearer idea on what to do after reading the replies

Offline Scunner

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Re: Getting Out of Lira
« Reply #2 on: January 22, 2014, 16:35:35 PM »
The other problem is that when buying sterling with your lira you don't pay the day's rate - as in 3.75 today, you pay the selling rate which will be what - 3.85/pound? It's another large consideration when thinking of bailing.

Offline chris35

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Re: Getting Out of Lira
« Reply #3 on: January 22, 2014, 16:45:56 PM »
Good Question. I have a Lira account but I have decided not to bail out just yet as I feel its too soon to panic. Instead I am just going to use whats in it to spend when I am over on holiday and start draining it that way. :-\

Offline Rimms

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Re: Getting Out of Lira
« Reply #4 on: January 22, 2014, 16:49:32 PM »
Agreed, an interesting topic but from my point of view, when I lived in the UK, I wasn't considering cashing in any of my GBP savings when the pound crashed against the value of the dollar, so why on earth would I be considering changing my lira back to pounds unless of course I was considering returning permanently to the UK, which I'm not.

I know it's risky playing currency markets and for sure, I got my fingers burned the other day when it cost me 3,800 lira to buy a thousand pounds, but at the end of the day, Turkey might be in a poor political shape but from my limited understanding it's not too bad economically.

For me it's a case of holding my nerve.

Offline Steve A

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Re: Getting Out of Lira
« Reply #5 on: January 22, 2014, 18:53:46 PM »
I have a lira account which has a few grand in and iam !
Leaving there.would I be right in thinking that if I bought the equivalent in lira at today's rate in Uk it would help offset any losses ax I will use it on hold etc?

Offline nichola

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Re: Getting Out of Lira
« Reply #6 on: January 22, 2014, 19:05:59 PM »
I'm not planning to bail either. After all I live here and while the central bank isn't putting up rates the banks most certainly are. I'm getting up to 3-4% more than I was a few months ago on most of my accounts.

However I will probably start to save a % of my earnings in £'s just in case I need to make a hasty exit for some reason. I do that anyway when I know I'm planning a trip so I don't have to change lira when I'm going abroad and I suppose I'm lucky that I have a fairly steady income in pounds.

Offline Big Dave

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Re: Getting Out of Lira
« Reply #7 on: January 22, 2014, 19:18:49 PM »
We have no plans to return to the UK any time soon so we will not be bailing out of our Lira savings account. We are, however, withdrawing Sterling from our UK account whilst the exchange rate is high for our living expenses, and letting our Turkish interest roll over in our savings account. This will use money from UK accounts paying much lower interest than in Turkey, and by keeping the interest in our Turkish savings account it will compensate somewhat for the exchange rate. 

Offline Scunner

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Re: Getting Out of Lira
« Reply #8 on: January 22, 2014, 19:25:10 PM »
Dave - does it not concern you that you might be changing sterling pounds to 3.75 lira, while there is a possibility of it going to 4, 6 or more to the pound? That would be my worry.

Offline Karennina

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Re: Getting Out of Lira
« Reply #9 on: January 22, 2014, 19:52:49 PM »
I have been watching the rates and all the banking updates on a daily basis.. Last year I did put a "significant" amount of sterling into my ING  Orange account ready for our retirement due to the higher interest rate in Turkey, at this stage we do not have any plans to turn it back into sterling as we had planned to use it in Turkey over a period of time... I asked someone who is very knowledgeable about what would the implications be if a currency were to collapse I was told if that were to happen then "said" country would not be effected as that particular country would still continue to use their currency and hence had peace of mind for a while with it all going on....I am not at all knowledgeable about this sort of  stuff but am now getting a little worried as in should I be thinking along the lines of if the tl was to collapse would we lose all our money, would this be a different case scenario as in that you are guaranteed what ever the amount is think it is 80k or similar that banks have to pay you back if the bank were to go under... I knew Thomas Cook had put on flights in February this year for a reason!! Not being flippant about the situation just trying not to get too panicked at the mo :( 




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