Best Way to Deposit GBP in Turkey

[Ian]

Hi - in view of the low exchange rate can anyone tell me what is the best way to put GBP into your Turkish bank with a view to having "reasonable" access for exchanging to YTL when the rate improves?

Although I know the pound could fall further against the euro / dollar I have read the YTL might also weaken against the pound in early 2009.

Ian

[tinkerman]

We have a monthly account for our sterling at 5% interest, accessable every anniversary date, if you change your money to sterling now yes you will lose some money but that will be over ridden by the higher interest rate of the lira account currently at 22%

Tinx

[Diverbaz 1]

Why wait until the rate goes up, every month you wait you are losing 17, 18, 19% interest, depending on type of account and how much money you have to deposit, it is still possible to get 20, 21% on large amounts.

We have a UK HSBC account and a Turkish HSBC account, we draw sterling from our UK account at the ATM , and go inside and change to ytl over the counter and get a much better rate. Hope that helps Ian.

Baz

[Ian]

Tinx / Baz - many thanks - I still think I will go for monthly at 5% for 3 months and then see what the position is.

I wasn't sure if you could have a decent deal on sretling but 5% sounds ok to me in the short term - better than Mr Darlings Current Offer!

Ian  

[lance]

Baz im about as good with interest rates as i am with p.cs.,when you say draw from uk a/c then go inside and get cash could you not just have it transferred to your ytl a/c or doesn't it work like that.
I'm confused derrrr.    [^]

quote:Originally posted by Diverbaz 1



Why wait until the rate goes up, every month you wait you are losing 17, 18, 19% interest, depending on type of account and how much money you have to deposit, it is still possible to get 20, 21% on large amounts.

We have a UK HSBC account and a Turkish HSBC account, we draw sterling from our UK account at the ATM , and go inside and change to ytl over the counter and get a much better rate. Hope that helps Ian.

Baz

[Diverbaz 1]

Lance,

My pension is paid into HSBC in the UK, I can, if I wish, draw it from a cash point in Turkey in lira, but the exchange rate is not as good as drawing it in sterling from the cash point and then changing to lira in the bank itself here in Turkey.

Hope thats a little clearer.

Baz

[julesbob0303]

Baz, is there a charge for cashing sterling from a cashpoint linked to HSBC?  We have an account with them in both UK and Turkey, but seem to remember there was a charge to cash money.  Though it wasn't much, compared to the difference in the exchange rate.  

[wallace]

I didnt realise you could draw out sterling from
turkish cash machines, is this all of them?? I have
a Nationwide cash card but I have always drawn out in
TL

[Diverbaz 1]

I have never been charged anything for drawing sterling from my UK HSBC account at the cash points here. You do get less drawing lira, so in effect there is a charge for drawing lira or euros.

Wallace, I don't know about any other bank here, but yes there is the option for sterling, lira or euros at the HSBC machines.

Baz

[lindacarl]

Wallace - you get the BEST possible exchange rate with Nationwide - No hidden/unhidden charges.
Baz - slap your hand - you should have opened a Nationwide account for the best exchange rate.