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Old 28th October 2019, 14:23   #1 (permalink)
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Finance

Hi
Forgive the brief question but Iím trying to understand the numbers.

Assuming I have £50,000 in a Turkish savings account at todays interest - what would I get out in interest on a monthly basis after tax ?

I know this is very generalised but Iím trying to work out if a move is possible for us.
Thank you in advance !
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Old 28th October 2019, 14:36   #2 (permalink)
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Re: Finance

Today you would get around £460.00 per month after tax, the government is attempting to force rates down so next month could be less etc.

If you spent all the interest then your capital would reduce in terms of £s, if you look at the last 5 years, anyone investing £50,000 and taking all the interest would only get a tad over £20,000 left if they were to convert back.

You also have to factor the high inflation, your buying power would reduce month on month

Risky business, I would leave my cash in the UK and take £500 per month which in turn will likely get you more TL as you exchange it, providing you could get it without paying charges.

Martin
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Old 28th October 2019, 14:45   #3 (permalink)
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Re: Finance

Good advice from Martin there. You have not said what currency the account would be in. The interest rate on Sterling is not particularly good.
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Old 28th October 2019, 15:42   #4 (permalink)
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Re: Finance

Very wise words from Martin... keep your sterling if you can, we converted sterling at 2.38 TL to the £ 9 years ago, and look at the rate today. xx
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Old 29th October 2019, 21:50   #5 (permalink)
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Re: Finance

No need to think of converting Sterling to Lira as an 'all or none 'choice'...

Instead do this:
1-Calculate your monthly fixed outgoing expenses, in TRL, add 2% per month for inflation, sum the total of 6 months, and buy that much TRL.
2- Divide your recently purcahsed TRL into six; and place eac 1/6th into first a 3 day time deposit in Lira, the next 60, the 3rd 90, then 120, 150, 180: thus you have your first and next six months outgoiing TRL liabilities, funded automatically at the beginning of each month ( check dates);
3) Next, take your following six months expenses, and add 12%, and with the total amount, buy a Turkish Government Bond maturing in six months time (buy at the discount to 100% maturity, and thus benefit if interest rates decline in the interim)); when it matures, repeat steps 1) and 2);
4) Repeat step 3 for the period 6 months to 12 months from now; and the period 12mos- 18 mos;
5) Every six mos repeat step 4)
For all remaining discretionary expenditurre above and beyond your regular TRL monthly outgoing liabilites, dip into your remaing sterling. But dont hold your sterling in a Turkish bank; although there is hardly any bank that is in decent shape, maybe HSBC or Standard Chartered are ok, I dont know...
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Old 30th October 2019, 05:54   #6 (permalink)
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Re: Finance

McB, excellent helpful post.
The only other point I would make as a separate issue, is don't have to much money in Turkey!
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