Author Topic: sending money back.  (Read 8132 times)

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Offline Rimms

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Re: sending money back.
« Reply #10 on: August 10, 2014, 08:51:30 AM »
I have just watched the debate between Alistair Darling and Alex Salmond and to be honest, I would be far more worried if I lived in Scotlandshire about my money than I am living here in Fethiye. In six weeks time they face the prospect of having a currency controlled by a foreign country. We don't have that prospect here.

Burkas? are you serious? Just look at the reaction from Turkish women following the misguided comments about smiling recently. Look around yourself in Fethiye, can you possibly imagine our beautiful and well educated female population accepting such a move? I can't.

Alcohol? Of course RTE is against the stuff but hey, what the hell, even a child knows that prohibition doesn't work and causes more trouble than it's worth, let him double or quadruple the tax in which case I will decide what is and isn't acceptable. Let him ban it outright and I will laugh in his face as I raise a glass and find ever more ingenious ways of getting around the ban.

Exchange Rates? we are inevitably drawn to the lira v the pound, like many, we will take a serious 'hit' if we now change our lira back to GBP, but I've still got the same amount of lira I expect to see in my banks each month and as I'm not planning to make this currency exchange any time soon, why worry?

Finally, I have to agree with Linda, those of us receiving pensions in the main receive them in sterling, your old age government pension is also there as a back up and if you still retain UK property is a massive bonus but even if you don't, I wouldn't class the situation as a time to panic.

Everyone is of course entitled to their own opinion but I for one find it really sad to have followed the great excitement of people on here making what they regard as their 'dream move' to our little piece of paradise then only to be spooked about Burkas, Alcohol, exchange rates and especially smiling.

Keep calm and get yourself off to the market for your Sunday kebab is what I say.



Offline BernieTeyze

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Re: sending money back.
« Reply #11 on: August 10, 2014, 09:57:03 AM »
Ok, maybe a rethink is in order. Thanks for feedback.

Offline davybill

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Re: sending money back.
« Reply #12 on: August 10, 2014, 10:23:43 AM »
Very true Rimms, totally agree.

Offline thebillet

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Re: sending money back.
« Reply #13 on: August 10, 2014, 11:40:35 AM »
Politically and economically I am less worried about Burkas and alcohol prices than some of the other political issues gaining traction at the moment in the Middle East. With Western governments desperate to leave war zones that in the past seemed too far away to imagine it would have an impact on our everyday experience in Turkey more recently things have got a lot closer e.g. Kurdish communities being targeted by Isis. Russian sanctions in retaliation for EU sanctions bans the imports from EU countries possibly increasing import opportunities for Turkey. Last time this happened increased food exports to Russia put prices up in Turkey.

Internal changes over residency, health insurance requirements plus other examples mentioned above have not dimmed my enjoyment of what Turkey has to offer but has made me more cautious about my confidence in my own peace of mind there and being over exposed financially.  I am fortunate enough to be in receipt of a local government pension paid in sterling and would and could afford to live in Turkey very comfortably. However the OP asked about thoughts on moving money to Uk. My thoughts are very little to do with Burkas and beer more to do with Turkey's overall future which I am not clever enough to predict, all I do know is it makes me nervous, that is enough to make me act cautiously 

Offline BernieTeyze

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Re: sending money back.
« Reply #14 on: August 10, 2014, 15:00:40 PM »
It was never about the alcohol,we hardly if ever drink. Our pension is paid in Tl,our being one person, my husband's, p.o. pension. It,s not about our quality of life,we love it and enjoy being here. The reason I asked is because if the election changes anything to alter our physical or financial position will we 'll have the opportunity to move our only savings back.
When you talk about taking a hit to move it back what sort of prices are you talking  about.

Offline kayakebab

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Re: sending money back.
« Reply #15 on: August 10, 2014, 15:51:41 PM »
It depends how much you have in the bank.
If you changed £1000 and got an exchange rate of say 3.0 then you would have 3000tl.
If you then change that 3000tl  when the exchange rate is 3.5 back into sterling you will only have £857

Offline JohnF

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Re: sending money back.
« Reply #16 on: August 10, 2014, 16:32:47 PM »
When we moved it was lock,stock and barrel. However, all this talk of change after the elections has us a bit jittery. We have decided to move our capitol back to our uk bank and leave just enough to pay the years  bills.
Personally, I would never have moved "lock stock and barrel" from a financial perspective.  Moving some capital out of TL may be a better course if you (quite rightly) feel jittery over the current Turkish economy.  Unless you are fully committed to being here for a very long time, I'd be wary of keeping my nest egg in TL - yes I know, you get oddles of interest but the higher inflation rate tends to cancel a lot of that out.  Lets face it, the Turks don't keep their main wedge in TL, its either gold or a hard currency such as USD - they've learned the hard way over the years about how volatile the TL can be...

I think your money is far safer in Turkey than UK.
No its not. 

Not sure where UK is but Turkey is 15th biggest economy in the world currently.
I think the important word here is "currently".  This quote from forbes.com, taken from an article published at the end of May sums things up and is worth reading:

The explosive rise of Turkey’s economy in the past decade is one of the most fascinating growth stories of all time. Since 2002, Turkey’s economy nearly quadrupled in size on the back of an epic boom in consumption and construction that led to the building of countless malls, skyscrapers, and ambitious infrastructure projects. Like many emerging economies in the past decade, Turkey’s economy continued to grow virtually unabated through the Global Financial Crisis, while most Western economies stagnated.

Unfortunately, like most emerging market nations, Turkey’s economic boom has devolved into a dangerous bubble that is similar to the bubbles that caused the downfall of Western economies just six years ago. Though Turkey has received significant attention after its currency and financial markets fell sharply in the past year, there is still very little awareness of the country’s economic bubble itself and its frightening implications.


Source: Why The Worst Is Still Ahead For Turkey's Bubble Economy


JF



Offline Ian

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Re: sending money back.
« Reply #17 on: August 10, 2014, 16:48:14 PM »
Very sound advice JF 

Offline BernieTeyze

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Re: sending money back.
« Reply #18 on: August 10, 2014, 17:15:53 PM »
Thank you john f, I am so glad you posted.

Not sure wether to go isas, savings or premium bonds

Offline Colwyn

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Re: sending money back.
« Reply #19 on: August 10, 2014, 17:34:15 PM »
If you go the ISA route (now called NISA = "New ISA"; wonderfully original, our government) remember you can now save £15,000 per year, and you can mix Cash NISAs with Stocks & Shares NISAs in any way you like up to a £15k limit. It is now very easy to invest in Tracker NISAs, which attempt to match Stock Market performance (FTSE, USA, European, Far East - you choose) by buying a wide range of shares shadowing the market index and you can do this without needing to pay a financial advisor or pay the overblown management fees of "experts" who promise to deliver better than market average rates - and usually fail. There is, of course, a risk in investing like this because, as we have seen, stock markets can go down ... and down and down. But interest rates in the UK are currently so low that you might consider it worthwhile to put SOME of your savings at risk hoping to get a better return - I got 8% from FTSE AllShare trackers last year.
« Last Edit: August 10, 2014, 17:57:18 PM by Colwyn »




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