Calis Beach and Fethiye Turkey Discussion Forum
Calis Beach Forum => Expat & Property Owners Q and A Forum => Topic started by: eileen on September 14, 2014, 19:50:33 PM
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Having sold our apartment,what is the best way to send funds back to UK,or maybe leave it here for 12 months or so as interest rates in UK are so dire at the moment
What is likely to happen to interest rates in Turkey following this years election
Views much appreciated
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The main aim of this government is to get interest rates down as low as possible. You need to look at what the exchange rate was when you changed your money from pounds to lira, I along with hundreds of others changed money many years ago when the rate was about 2.62, so to change it back now at at 3.60 would loose a lot of money.
Oh to have a crystal ball.
Mark
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what is the best way to send funds back to UK,or maybe leave it here for 12 months or so as interest rates in UK are so dire at the moment
A simple SWIFT transfer from your bank in Turkey to your UK bank is the most straightforward. Alternatively you could get high denomination notes and hide it in your knickers and go via Dalaman...
Mark is right, the government want to reduce interest rates to zero and there is a power struggle between the Central Bank (who want to raise interest rates) and ruling AK party who want to reduce them.
In my opinion, the differential between what interest you *might* get in Turkey and what you know you'll get in the UK isn't worth the gamble on the GBP v TL rate.
JF
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If you transfer a big sum like that from Turkey to the UK would that get the tax man sniffing around for his share of CGT?
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Not many CGs to T these days ;)