Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: johnrc on January 28, 2017, 15:49:10 PM
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we have sold our property in calis & we don't want to transfer all the money home , so we are looking to bring certain amounts home every year but not sure how much you can take out at a time.
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What way are you thinking about transferring it?
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On the basis its sterling you're talking about:
If done through regular banking channels, as much as you want - although some banks restrict single transactions to £10k.
If stuffed into a Migros carrier bag at the bottom of your hand luggage, again, as much as you want as long as you have the paperwork to explain where it came from - an audit trail to show you're not a drug dealer or money launderer. You must also declare it to HMRC at customs control if the amount is over €10k, or equivalent.
https://www.gov.uk/government/publications/import-and-export-cash-declaration-c9011 (https://www.gov.uk/government/publications/import-and-export-cash-declaration-c9011)
JF
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Not just HMRC either - it can be confiscated at Dalaman and it is not their job to prove it is ill gotten, it is yours to prove it isn't. Good luck with the Brit v Turkish authorities battle in the Turkish courts.
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It is none of my business, but I was wondering why you would want to leave large amounts of cash in Turkey. Surely not because it is in so-called "high interest" Lira accounts?
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A property or land sale, perhaps ;) ;)
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Yes, but if it is legal, no probs.
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It is none of my business, but I was wondering why you would want to leave large amounts of cash in Turkey. Surely not because it is in so-called "high interest" Lira accounts?
Why not Colwyn?
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Why not Colwyn?
Too risky for me. Of course, past history is no guarantee of future performance, but look what would have happened this last year. Let's say I sold property in January 2016 for 100,000 TL. At that time the lira was valued at 23.6 pence so if I changed it to sterling straight away I would have got £23,600. If I had put it into a savings account earning, say, 10% interest and paid the 15% tax on it, then today I would have 108,500 TL. If I decided to change it back on Monday the lira would be worth 20.6 pence and my lump sum would be £22,350. I would have lost £1,250 plus the interest I would have got in the UK - at 1.5% interest less 20% tax this would be another £280. Giving a grand total of £1,530 down. I would need some very good reason for leaving my money in Turkey to be willing to lose that much money.
Now that applies to 2016. Perhaps 2017 is going to be a much better year for the lira. Perhaps.
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But you can get 1.5 % for £ in h s b c in turkey 1.25 % more than std bank in U.K.