Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: tracey1398 on January 29, 2008, 20:16:58 PM
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Hi can anyone tell me roughly what we would get each month in interest if we put 100,000 pounds into a lira account thanks
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Assuming you got todays exchange rate of 2.34 then you would be investing 234000 Lira which would give you about 2800 Lira a month net
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thanks :D
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hello everybody banker is back :) i hope everybody is ok. i am working for fortis bank any more on personal banking dept. would be hapy to give you answers for your questions.
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for 35 days i can offer you 3.233 ytl interest. this is the interest for 234.000 turkish lira. :)
regards.
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what % rate is that and which bank? Ah Fortis, where is that?
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our interest rate is %17 now for that amount. fortisbank is opposite of megri restaurant and polo. i would be happy to give you information if you visit me. our all account documents are english. i would be happy to see you.
regards. :)
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Hi all
has anyone banked with fortisbank . i will be over on the 28th april and need to open an account . I also need to talk about investing some money approx £ 100,000 . my wife and i have been thinking long and hard about moving to turkey but obviously need to make sure we can aford to do so .
Many thanks
Kevin [ capricorn apts ]
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Hi Kevin,
we have banked with Fortis for the past two years and have been happy. A lady, Sinem? there speaks very good english and is very helpful.
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Kevin,
I'll invest your 100k for you ;)
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thaks for offering our bank kevin my name is alper and will be pleased to meet you.
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Hello everyone
Whatever i invest my £100,000 in it needs to be safe and also needs to be an income. Myself and Linda have decided we would like to live in Turkey but need to know we can afford it .Its a big step to make knowing that your not allowed to work .The only other slight concern for me would be keeping busy , im pretty outgoing so cannot afford boredom to set in .
If anyone has got any ideas or help please let me know .
Regards
Kevin .
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Originally posted by banker
thaks for offering our bank kevin my name is alper and will be pleased to meet you.
Thanks Alper
I will be over on the 28th April 08 so perhaps we could meet .
regards
Kevin [ Capricorn Apartments , Gunlukbasi ]
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pleasure for me Kevin.
regards.
alper
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Originally posted by banker
pleasure for me Kevin.
regards.
alper
Alper , i have sent you an email but you havn't responded .
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I will reply today.
regards.
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Where can you get the best interest rate for a pounds account in Fethiye?
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HSBC, in Uk
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Scunner - thanks for the quick reply, but can you give more info?
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Considering the OP posted at the rate at 2.34 which would turn their 100,000 pounds into 234,000 lira. If you changed that back to pounds at the below advertised rate of 2.6 then you would get 90,000 pounds. A loss of 10,000 pounds in 2 months if you used the interest as income.
Are you sure you want to change that much hard currency into lira?
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I think that it all depends on whether you plan to be in Turkey for the foreseeable future. The fluctuation in exchange rates only comes into play if you change sterling to lira when the rate is low (as it has been for a few months)and need to change it back when the rate has risen considerably.
In the meantime, whilst in a ytl monthly account you are earning in the region of 14-15% pa net of tax.
Having said that, I personally would not put all of my eggs in one basket and a balance between money held in the UK and in Turkey offers some security. if you have sold up completely in the UK, and you register in the UK as non-resident, any interest is paid without the deduction of UK tax. It is a bit of a palaver, but seems to work. Cathy
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Scunner - I'm also interested in knowing more on this.
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Does anyone know if you can open a sterling HSBC account in the UK (with a UK branch) and access it in ytl at HSBC in Fethiye? I just phoned them asking this and told them I wanted an account where I could put in sterling in the UK and take out ytl in Turkey. Unfortunatley I was told this is not yet possible. However they are currently working on something along those lines. I'm not sure the guy knew what he was talking about though - hence the question :)
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Hi Stoop, I was told the same thing when I asked the HSBC the same question last year...
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Hi there,
I have a feeling that if you use your UK account card at the branch in Fethiye, you are offered the choice of currency that you withdraw. I will be in the branch on Monday, so can ask the question for you, if that is not too late. Cathy
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You can withdraw from your UK HSBC accounts in Turkey (providing you have an ATM card for the account) in sterling , euro's or YTL. you can also opt for the transaction in english, which at present you cannot do with a Turkish HSBC account, but soon will be able to.
You do not pay any thing for the withdrawal from your UK accounts, but are at the mercy of their exchange rate.
Baz 8)
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re 'safe' - it is worth comparing capital asset ratios (as calculated under basle 2) these are generally available on the internet.
Last time i checked Is bank came out best ranked of the turkish banks.
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If you have an HSBC bank account plus,you do not pay to withdraw cash in whatever currency,but if you have the basic HSBC current account then you pay for withdrawal according to how much you take out,this can add up to quite a bit if you withdraw money regularly.
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I have a HSBC Bank Account plus in the uk, I had this argument with them the other Day about not charging for it and it being free so they say. how can it be free if they do not give the same exchange rate Duh?
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if you are a uk tax payer and intend to make money from overseas accounts the tax man will show some interest, if you open an account with a uk based bank they maybe have to disclose your holding where ever they are held.
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C1 - do you mean as I suspect you do that it is better to use a bank that has no connections with the UK (or possibly the European Union)and keep your mouth shut about interest received - which seems logical to me - having paid into the system for many many years and now finding there is little coming back!
Ian
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Tax evasion at it's best ;)
I agree though :)
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We bumped into a guy whilst in Fethiye (our ex-next door neighbours son) who has moved to the Calis area. He had a divorce settlement in the UK and has invested it in Turkey. He told us that he has a great lifestyle - rents a lovely apartment on a semi-permanent basis; eats and drinks out every day etc, and still has more money in the bank than when he arrived in Calis! Beats having to work for a living! He thought that we were mad actually buying an apartment.
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Hi wonder if anyone knows the sensible way to do this? I can now have my UK pension paid into my Finansbank acct in Fethiye (UK Govment pension) BUT they stipulate a lire account not GBP acct and say the pension will be converted when it reaches turkey at competitive exchange rates. Im suspicious and wonder why they cant pay it in GBP. Anyone else have their pension (or indeed regular payments) sent to Turkey and is it OK. Also whilst Im on, do the banks make a charge when they transfer your monthly intertest (on lire acct) into your 'cash machine'account. I seem to have loads of deductions and its a nightmare to work out!! Finansbank again. Thanks
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Hi
just read all the above posts,i too would like to know more about Turkish savings account + rates, i know that 15% tax is charged on what you make ,but i seem to have read that if you get a 1 year bond you pay 10%. Just really want to get a feel about opening an account there,the good + the bad.+ what banks you use and why.
Thanks in advance.
Lee
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quote:
Originally posted by victoria
BUT they stipulate a lire account not GBP acct and say the pension will be converted when it reaches turkey at competitive exchange rates.
And they will charge you a fortune for the priviledge for doing so. :(
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Victoria,
Why not open a Nationwide account in the UK and then draw your money out in YTL when you need it. There is no charge for this but the exchange rate will obviously affect what you get.