Calis Beach and Fethiye Turkey Discussion Forum
Other Local Resorts & Areas => Fethiye Turkey Discussion Forum => Topic started by: debbie.1 on July 24, 2010, 09:17:16 AM
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Hi Everyone - has anyone moved to Turkey and transferred their money to a Turkish account to take advantage of their rates? We have considered doing this to have a small income and would like some advice. We are still on planning stages to move to Fethiye, the house has just been put on the market, we basically cant wait!
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The days are long gone when you could make any significant money from interest rates in Turkey but hey are still higher than the UK, you need to change your money at the correct rate i.e the highest. I suppose it depends really on the ammount of money you are depositing.
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Finance Bank were ofering around 9% on new savings accounts last week. Worth shopping around though as the amount of interest will vary slightly between banks and according to how much you want to invest.
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I,m with Zirrat as well as Finans, and they give a better rate when you invest for 8 weeks, last month it was 9.37
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Thanks for the info! Do you live in Turkey permanantly? We are in the process of selling our house so were looking at transferring all the proceeds to a turkish account/ accounts. We have spoken to a couple of people and some leave half in the UK and half in Turkey.
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I belive that the Turkish goverment will guarantee your savings up to 50,000 lira per account so it would be wise to spread your savings between banks if more than this amount. I live in Turkey but keep money both here and in the UK.
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Thanks Philrose - funny enough there was a programme on the other night informing people to open several accounts of 50k to guarantee safety. May I ask why some people keep their money in the uk and in Turkey? I know this probably may sound a bit dim but would like as much information as possible to determine what our best options would be. Thanks Debbie :-)
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If you transfer all your money here at say 2.35 exchange and then say after 2 years you want to move on and still have the same ammount in the bank you will loose money unless you can change it back at a lesser rate which is difficult as they allways buy lira at higher rates than they sell it, this is true of all currencies. If you have some kind of emergency and need to return to the UK it is best to have a pot of money there also if you have a credit card for emergencies (reccomended) it is easier paid via your UK bank account.
Don't think it's dim to ask and ask about things especially when you decide to buy a property
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As mrkeith implies - be careful that you don't put all your eggs in one basket. However he's slightly too simplistic saying that it's difficult to make money when you decide to move it on. If you buy in at 235ytl and have the same amount of cash in say 2 years time it will depend on the exchange rate at that time exactly what you will make or lose. Many people invest in currency and make money this way - just by buying in at one price and selling it back at a better price.
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Thankyou all - you have been really helpful! because i am new to here I have just discovered the drop down with all the discussions on! (im learning! ) :-) - no doubt I will be back again to gain your much needed advice - Debbie
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quote:
Originally posted by stoop
As mrkeith implies - be careful that you don't put all your eggs in one basket. However he's slightly too simplistic saying that it's difficult to make money when you decide to move it on. If you buy in at 235ytl and have the same amount of cash in say 2 years time it will depend on the exchange rate at that time exactly what you will make or lose. Many people invest in currency and make money this way - just by buying in at one price and selling it back at a better price.
Yes they do and I have done so in the past but then summer and winter rates varied more than now, the Turkish economy is too stable for speculation of that sort unless you have a big investment
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quote:
Originally posted by mrkeith
quote:
Originally posted by stoop
As mrkeith implies - be careful that you don't put all your eggs in one basket. However he's slightly too simplistic saying that it's difficult to make money when you decide to move it on. If you buy in at 235ytl and have the same amount of cash in say 2 years time it will depend on the exchange rate at that time exactly what you will make or lose. Many people invest in currency and make money this way - just by buying in at one price and selling it back at a better price.
Yes they do and I have done so in the past but then summer and winter rates varied more than now, the Turkish economy is too stable for speculation of that sort unless you have a big investment
Turkish economy too stable?
Speculation of what sort?
You are talking to an ex Financial Adviser of 20 years standing here mrkeith.
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I am not trying to be clever just to explain myself and it doesn't matter what or who you are to me what I am trying to say is that the rate doesn't change as much as in the past that's all. You said I over simplified things well sorry but that's how laymen look at things if you want to explain in a little more depth please do so .
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OK - If the Turkish economy is 'too stable' you are saying the value of the Lira will not alter as much? However the value of the Lira against other currencies does not just depend on Turkish economic stability. If it did then investing into the currency market would be a doddle.
Sterling has recently increased in value against the lira. Why? Is the UK economy more stable or the Turkish one less?
If you decide to invest in the currency market or indeed the stock market then you are getting into fairly high risk investments and having a 'big investment' will not alter the currency rates - just how much you gain or lose.
In layman's terms - it's risky but if you do invest your capital into any currency you should remember you can gain or lose at the point when you want to change it back again.