Which Bank?

[c1]

if you draw out from your turkish bank account from atm in sterling in turkey do you get hit with conversion charge ? (sludge78 post)

[my way]

if you draw out from your turkish bank account from atm in sterling in turkey do you get hit with conversion charge ? (sludge78 post)

Yes you do unfortunately. If it is English Bank, withdrawal from Turkish ATM in English currency, you will pay ATM charge plus conversion charge. This can be as amuch as £12 per transaction.

If it is Turkish Bank account, withdrawal from Turkish ATM in English currency, you pay just a conversion charge and this is very fair plus you get a good rate of exchange. Incidently, it may well be coincidence, but before I moved here for good, I always found midday the best time to withdraw as the rates seemed better at this time of day. Hope this helps.

[c1]

As I understand it you can get 17 -20% interest on your account after tax depending on the amount you have invested, wouldn't the uk tax man be interested in the difference between interest paid and the turkish tax under double taxation scheme? also if non resident can you get a turkish bank visa card ? and if used in the uk to purchase items in sterling do you only get the exchange charge? thanks for any guide you can give

[my way]

OK C1,
First of all the figures of 17-20 percent interest are pre-tax and are only achieved dependant of the amount of liquid funds in the Bank.

As for the Tax man, if you are silly enough to tell him, then he will want some.

You can obtain a credit card and use it world-wide. The charges against foreign currencies are very, very low and you get one by the offering Bank bonding some of your money. i.e. If you want a 5000YTL limit they will take charge of around 7500YTL of your liquid funds. You will still receive interest on this money, it will just not be available to you. The out come though is that you have a charge card and not a credit card as the balance has to be paid back the next month. You can go over but any unpaid amount is liable to interest and this scales as to how long it is outstanding. However, the ineterest kicks in after days not the 56 days grace we can achieve in the Uk.

[c1]

cheers My way I think I understand this bond business now, however you will need two accounts? one run it a deposit acc and the other current/card  acc, one could drip feed into the other via standing order to maintain correct balance/ clear the card? because as I understand it you get the best rates on deposit and little or nothing on the current acc,would this be correct.

[my way]

Hi C1,
Yes you should have two accounts anyway. A monthly deposit account they call a time deposit account, and a current account. The time deposit account is where the bulk of your money will be giving you interest once a month. The current account is as such a current account but they use your free balance daily to give you more interest. On your statement you will see plus and minus figures of small amounts other than the normal deposits and withdrawals. These are interest payments, the plus figure and tax payments on the interest, the minus figure. With internet banking you could pay off your card yourself every time you need to do this, or fix a monthly spend limit on your card and leave instructions at the bank to clear it when it reaches a certain figure. I personally use internet banking.

[banker]

Hello everybody.

Banker is waiting you to say coffee at FORTIS now. I ve changed my bank and now i am at personel banking dept.  Some people know me from TEB maybe. I am working for FORTIS now. On my new dept. I would be hapy to help you. Our interest rates are also good. In case of any question about banking dont hesitate to contact me.

Regards.

Alper.

[ronzeus]

Banker, if you are genuine you could be a good help to a lot of members.

[banker]

pleasure for me  

[puma]

banker whereabout is your office situated