Money transfers

[milorni]

This might sound like a silly question but how long does it take for the money to be transferred across to Turkey, ie how much notice do I need to give the bank here? I am over to pay for the apartment next week and can't work out the best way to do it. Should I transfer all the cash, transfer half and carry half or carry it all. It's keeping me awake at night.How much notice do I need to give to the bank over there about withdrawing a large amount of cash? I arrive on Monday in Turkey and leave on Friday very early.Any advice would be much appreciated.

[Scunner]

How much are we talking about here?

Don't carry large amounts of cash - it is not safe, and also UK customs impose limits (10,000 Euro) on cash physically taken out of the country (to non-EU countries), unless you complete a declaration form. In fact, there are powers in place that allow seizure of any amount over £1000 if it is suspected that the money came from, or is intended for use in illegal activity. That doesn't mean they have to prove (initially) any unlawful activity, they can seize based on suspicion alone - then your plans foryour time over here are well and truly scuppered.

There really is no need to carry cash. Ask your bank to transfer it - 2 to 5 days is about the norm.

I assume you are transferring the money to your own (Turkish) account. If you are transferring it to any other - a developer or agent, be entirely sure that you have got exactly what you believe you are paying for.

[milorni]

I think that tha's decided it for me then!!

How much notice do I need to give over there to withdraw it to hand   to my builder?I'm planning to notify the Turkish bank either Monpm or Tues am.

[cef]

Hi milorni, can understand how nervous you are, it's a big step   As long as you make the right checks, you shouldn't have anything to worry about.

It's a lot safer, and would be much easier to transfer monies from your bank account, into the builders bank account.  You then have an automatic means of tracing/accounting for your monies, should the need arise.

The Turkish Embassy now regularly update their guide on 'Buying a Property' It has some very useful information, good luck  

[Scunner]

Good advice - don't take out huge lumps of cash - keep it traceable by doing a transfer.

[stoop]

Good advice above. Also make sure you check the apartment and draw up a 'snagging list'. If you find anything is not up to standard then agree with the bulder to hold back some of his money until the snags are sorted. Otherwise you will find that it's the same as over here - you can never get the builder back once he has his cash!

Good luck.

[Scunner]

That may be a little difficult if it didn't form part of the original contract.

[cef]

  I'm a bit confused now.  Are you buying/bought 'Off-Plan' or an established building, did you buy through an Agent, have you had any independent guidance re: Contract terms/payment stages etc  

[kenkay]

Hi Milorni, It's a while since we did it so my memory of the figures may have faded but the priciples remain the same. We used RBS. As long as you have the required funds in your UK account they will despatch within 24 hrs of receiving your instructions. In our case this involved some form filling and "over the counter dealing", no phoning or "on line" transactions. RBS had a 3-5 day service for £23 and a 5-7 day service for £21.(both irrespective of the amount transferred). As Cef suggested it is better to transfer direct to your builders or agents accounts as you may avoid bank charges from the receiving bank. As Stoop suggested make sure you are fully satisfied with your property before paying or at least retain a final "bargaining" settlement.
Ken

[mikew]

I would confirm Scunners comments, don't be tempted to take large amounts of cash out. HM Customs regularly seize money and it takes on average at least 3 months to recover plus one or two trips to Court. Having acted for clients on two occasions this year at Manchester its a pain & expensive. Trust in international money transfers, 2-5 days.