Author Topic: Turkish bank account for non property owner  (Read 11636 times)

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Offline LeeGlo

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Re: Turkish bank account for non property owner
« Reply #10 on: February 01, 2015, 10:19:19 AM »
Most answers are correct, you need a tax number, 5 minute job, your passport, AND a proof of address, i.e. a utility bill or official letter ( a pension or inland revenue letter would do).



Offline suehugh

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Re: Turkish bank account for non property owner
« Reply #11 on: February 01, 2015, 12:18:10 PM »
Can anybody clarify payment of interest to me.
I see interest rate of anywhere between 5 & 10 % advertised . Is this an annual or monthly rate.
Say you invest 10K @ 10% advertised rate
Is this 1K per month payable or 1K per year. If it was the former, Wow.
If you leave the interest, does it compound .
Is the tax deductible at source. I.e. The bank ?

Sorry to hijack the thread
Hugh

Offline Highlander

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Re: Turkish bank account for non property owner
« Reply #12 on: February 01, 2015, 14:02:48 PM »
If it's 1k per month I'm getting the next flight tomorrow  ;)

Offline Bluwise

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Re: Turkish bank account for non property owner
« Reply #13 on: February 01, 2015, 14:59:36 PM »
and me......

Offline Colwyn

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Re: Turkish bank account for non property owner
« Reply #14 on: February 01, 2015, 15:44:20 PM »
I'm surprised more 'tourists' don't save here !!
What!! And risk my savings losing 5% of their value in a week - as they would have done this last week. No thanks. And no thanks until Erdogan is evicted.

Offline Karennina

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Re: Turkish bank account for non property owner
« Reply #15 on: February 01, 2015, 16:40:12 PM »
Colwyn I have read a lot of your posts on here over the years and I can tell you know your stuff  ;)
Unfortunately I don't, do you think you could elbarate on your post if you wouldn't mind as in do you think I would be making a mistake putting a large ish sum if money in a Turkish bank account as opposed to in the Uk, I am a little worried now as to whether I should carry out what I was planning  :)
Thanks...

Offline suehugh

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Re: Turkish bank account for non property owner
« Reply #16 on: February 01, 2015, 21:07:19 PM »
Interest query only for the financial experts out there
If the bank advertises 10% interest rate, is that an annual interest rate, but payable in monthly chunks
e.g  10K deposit would yield 83.0 per month over 12 months assuming interest drawn every month.


Offline Highlander

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Re: Turkish bank account for non property owner
« Reply #17 on: February 01, 2015, 21:11:31 PM »
Suehugh - sorry for misreading your original post :-[

Offline LeeGlo

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Re: Turkish bank account for non property owner
« Reply #18 on: February 01, 2015, 21:15:30 PM »
What Colwyn means is that the TL is very weak against the £ now, and a bit volatile. For example last week there was around 3.58 TL/£ this week it's back to 3.68 ish. So if you changed £100 last week and put it in the bank you'd have had 358 TL now @ 3.68 if you changed it back to £ your investment is only worth £97.28

It's great while you're going from sterling to lira but not much fun if the lira goes down even further, quite possible, and you need to change back.

Offline kayakebab

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Turkish bank account for non property owner
« Reply #19 on: February 01, 2015, 22:13:04 PM »
There's lots of different accounts Sue... 30, 35 ,46  days etc..
So for example... You choose a 30 day savings account,  they will tell you the interest rate set for that month  for example 9%
On day 30 you will get 9% interest on your lump sum ( less 15% tax on the interest) put into your account. -Provided you haven't touched the account.
You can choose to keep rolling it over each month, or have the interest paid into a separate account. There's loads of options.
There are sometimes bonds where you tie your money up for a few months, usually get a slightly higher rate interest and you pay 10% tax.
You can also have an account that you can draw from regularly, that still earns interest, but it will be a lower rate.

Be careful Karen...as people say you could lose if exchange rates change... For example my savings were converted at 2.6 TL to the £
The rate is now 3.6 tl
So if I changed my money back to sterling I would lose substantially.
On the other hand if I invested today it's likely the rate won't stay as high and I would be better off.
Sadly no crystal ball.
If you plan to spend the money here and not relying on converting back to sterling then it's not so bad.
Although my money would be worth less if I changed it back to sterling what I've had in interest on it over the years is about the same as I would lose, if that makes sense? And that only works when interest rates are high, not so long ago they dropped down and they ultimately want to get them very low, but they had to increase because of the rising exchange rate.
Its very unpredictable. I'm afraid... Don't sink all your money in, play with what you could afford to lose and you may be lucky and gain.




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