Banks

[5neeky]

quote:Originally posted by Linda1953

Are most of the banks safe to bank in - in Turkey? Would your money stand any possibility of disappearing?

Did you all just transfer your money from your bank here in England over to the Turkish bank of your choice?

Apologise for the dumb questions - I have not got a clue basically

Linda&Elaine

You might find this link holds some alternative views and interesting information.

http://www.mymerhaba.com/en/forum/display_topic_threads.asp?ForumID=14&TopicID=300&PagePosition=1

and

http://www.mymerhaba.com/en/forum/display_topic_threads.asp?ForumID=14&TopicID=294&PagePosition=1

As the saying goes.....don't put all your eggs in one basket......

5-

[Linda1953]

Hey thanks for that link 5neeky!

[5neeky]

no probs Linda

5-

[Linda1953]

Sorry but I'm still confused LOL! If I have a UK bank account right then how do I transfer my money over into a Turkish Bank?

Do I get the Turkish Bank account first when I am over in Turkey? and leave my money with my UK account.  Then ask my bank to transfer the money over to my chosen Turkish Bank when I've visited one and asked them to open an account with them?

Do I put my sterling into one account or split my money up into sterling and lira or do what someone suggested just transfer money from the Turkish Sterling account to the Turkish Lira account - total confusion despite reading the threads - sorry! lol

[teresa321]

First of all open your Turkish accounts - one in Sterling and one in Lira otherwise you will have no account to transfer your money to.

Once you have your accounts in Turkey you can go into your bank in the UK and transfer all your money over to your account in Turkey and divide the money as you see fit.  You will get a lot of interest on your lira account and not much on your sterling. However the lira is more likely to be subject to inflation so you need to consider all points. Any bank will transfer the money for you but you will have to pay for it.

I will stop at this point because I am not a financial adviser and it is a personal thing.

Teresa X

[Linda1953]

Great thanks teresa that simplifies it for me.  
Oh I know the UK banks will charge - they will be rubbing their little legs together transferring my money over you can bet on that!!

[valentine]

Hi Linda,
To be fair the bank charges for transferring money are quite reasonable. We transferred a large amount to pay for our house and Natwest charged us about £25, its a little more expensive if you want a faster transfer but not much.
Val

[Cavfan]

Further to this question and linking to Teresa's sound advice. I have 2 accounts with Garanti- £ and lira. I need to transfer the balance of payment for my apartment . I understand what you say avout transferring and dividing- however, and this is being a bit t...k I know- if I transfer to £ account- how do they pay me out? In £? And if its a lot of money do they require notice or are they likley to have it in?
Also , I only have bank books so if I want to withdraw I guess its just a case of going in and using those. This all might seem a bit daft to you but I havent used a bank or a bank book for years- I'm a telebanker- never use a branch for anything.
Your help appreciated

[WalgraveChippy]

When you've opened your Turkish account ask them what the SWIFT CODE is for their branch. Some of the small provincial branches don't have their own SWIFT CODES so you will be given the code for the Area Offices.

When you go to your UK bank tell them that you want to make a SWIFT TRANSFER. Give them the details of your Turkish account and the SWIFT CODE and you shouldn't have any difficulties. Your UK bank will be able to print you a receipt with the unique SWIFT REFERENCE for your transfer.

If you want you can then quote it to the Turkish bank if there is any query.

[Hazel]

You can withdraw from you Garanti sterling account in either lira ot sterling they usually have large amounts of either currency.  If you aquire a ATM card this will always draw from your lira account so make sure you leave money in the lira account.  If you want to earn the higher rate of interest your money has to be in a lira account. If you set up internet banking you can transfer money between any of your accounts.

Hazel