Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: milorni on November 07, 2007, 08:20:16 AM
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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.
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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.
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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.
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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 :)
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Good advice - don't take out huge lumps of cash - keep it traceable by doing a transfer.
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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.
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That may be a little difficult if it didn't form part of the original contract.
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:-\ 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 :)
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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 8)
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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.
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Thank you all for your concern, I am off to the bank now to set up the transfer. We, as a family, have bought a few properties now with the same builder and I was really just seeking a general consensus of opinion on transferring the cash. Some family members have carried it out before but Im to cautious I'm afraid.
Snagging has already been done and I'm off to pay the builder and do the paperwork on Monday.
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Seems you have it all sorted,glad to hear snaging has been done. :)
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:) That's good news, hope your trip goes well :)
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Hope this HELPS some of you who want to Transfer money from one account to another Any where, also with very low costs or NONE at all.
This is just a little information from them.
Free transfers to all clients on any amount
Better exchange rates than the banks
Quicker international payments via SWIFT
Fixed Exchange rates for up to 2 years
24hr Information desk
They will phone you regarding your request and help with what ever you need.
-http://www.sterlingexchange.co.uk/
Thats the link so you can get a Information pack if needed just remove the - off before the http and paste the link in your browser, the person to talk to is called Pipper Van Praagh, what ever amount you want to transfer they can help.
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Whilst we were in Calis end of October, we cashed £1000 sterling from the HSBC bank in Fethiye and were charged £67 for doing so by the bank. I thought this was extortionate. I am also worried as the final amount for our apartment is about to go out of the account as the title deeds are about to go into our name - how much will they charge for this? We were told that if we opened a HSBC account in the UK, it would be free to transfer and cash money - a little white lie, maybe?
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Can anybody advise if there are any reason why you can not pay by bank cheque for an off plan development installment to one of the larger property developers. ie post a cheque from uk direct to them
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Jules, I think it may have been a white lie. I havwe been into the HSBC in Fethiye and asked the same question and was told that I couldn't transfer money as in the UK from one account to the other.
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quote:
Originally posted by spanner
Can anybody advise if there are any reason why you can not pay by bank cheque for an off plan development installment to one of the larger property developers. ie post a cheque from uk direct to them
Hi Spanner, firstly, have seen the 'Postal Thread' it would appear that post, is not getting delivered very well. Secondly, why would you want to do that anyway, have you not opened a Bank Account in Turkey, you then get a Tax number & can 'note' on all Transfers, exactly what the money is for.
This gives you added security and, provides a recording of monies you may have to account for, at a future date, hope this is of some help :)
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I actually paid a bank cheque into my Turkish bank, who told me it would take 21 days to be paid in, it finally arrived after 42 days, yet it went out of my English bank after only 4 days, so it spent 38 days wandering around the Turkish system, send it via swift transfer, less hassle i believe. Alan
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The reason I asked about sending cheque by post from England to Turkey was this is how I paid the deposit for our new apartment in Dalaman.Seemed very easy to me with no transfer cost.
I take your points that there could be delay due to " postal deliveries problems" probably more from here in uk than Turkish.
CEF, we have opened a Turkish bank account back in the summer ( and also have tax number)but as yet haven't deposited any money.
With regards to "recording of monies" surely there would enough proof with our uk bank statements.
I will enquire from developer to see if it is possible to transfer money direct into their bank.
Thanks CEF
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Hi Spanner :) On any transfer of monies into an account, you can notarise, exactly what the money is for. A cheque can be cashed by a third party, very difficult to trace. Notarising a bank transfer not only gives you security and a simple form of record, it also provides proof of what you have paid, to whom, on what date, and exactly what for, you never know when the Taxman might want you to prove that, you've not been money laundering :o
Good luck ;)
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We have an account with the Halifax bank. We set up telephone banking and transferred some money from our uk account into Garanti by a simple phone call. Less than 5 minutes later, i checked our Garanti account online and there is was, already in our account...brilliant. We were charged by both banks, I can't remember the exact figures but it wasn't extortionate for the amount we transferred, certainly worth it for the ease.