Mag

Can anyone advise the best way to bring money to Turkey. We have'nt yet opened a Turkish bank account and need to bring the balance to finalise propery purchase in May. I'm not too keen on carrying cash for safety reasons and maybe hassle with customs at airport. Whilst I trust the estate agent and builder 100%, hubby doesnt want to transfer the balance to either one's account until we get there and see the finished apartment. Do they accept Bank Drafts in Turkish banks?

I would appreciate your advice

Thanks
Mag

lorraine

Hi Mags, this is how I did it, some may give their experiences.

I spoke to my UK bank and obtained UK banks swift code prior to leaving UK, opened an account in Turkey just in sterling to start with, the Turkish bank filled out the forms and our money was transferred by swift in 5 working days to Turkey cost was £20 from Nationwide. other banks cost vary. at the time Turkish bank did not charge.

When we paid the final balance we just transferred the balance from our Sterling account to the builders account. very safe and did not need to handle money, our estate agent was with us the entire time to ensure no hitches and then we got our receipt for the transfer. it is well and truly ours!!!!

Mag

Thanks Lorraine,

We were wondering if we could do something along those lines. Will speak to my bank here before we go.

Mike Lambourne

Hi Mags

I went to my bank and arranged all the paperwork before hand with the exception of an account number and then arranged to fax the final account details through to my UK bank when I had seen the finished property. This worked well and it took 4 days for my new account (sterling) to receive the money.

If you are at all worried then you should appoint an independent solicitor and transfer money to his client account with instructions to hold until you get there.

Hope this helps

Mike

holidayworld

Hi Mag
As lorraine stated that is the best way to do your transfer, it usually takes about 5 working day's for your money to get over here, then either get the money out yourselves or transfer to the other person's bank as the banks here do not charge for bank to bank here.

Depending how long you are waiting for you house or apartment to go through if it's about 1 month or a little longer put you money in a Turkeish high interest account and make some money while you are waiting to make the final payment you could make a few hundred pounds in one month.

Money in your pocket this time.....

speedy&wifey

Mags

You need to be very careful when looking to put money into high interest accounts because although it will pay some interest with the way the exchange rate can fluctuate you can loose money as well as gain some. Just be careful it's not an option I would look at doing.

Cheers

Paul

holidayworld

Yes speedy you are correct you do have to keep an eye on the exchange rates when taking your money out of the Turkish account back in to your English account at the moment it's 19% interest.

speedy&wifey

yes you are also correct but the 19% is before tax I am just trying to make Mags aware that it's not as good as it first looks, just need to be very careful with this, if you are in the country then you can obviously make money as you can keep a check on rates etc and can move when rates suit you but those in the uk cannot do this so easily.

Barbie Doll

Living experience of it not working for us, we lost out on £635, £210 was from morning till afternoon when we discovered the first shock about our money. In the end it would have been better in our account back here. Motto: live and learn. I agree with Paul better if you are there to keep an eye on the interest rates. I'm not like Rick wish l was, never seem to make money from taking a gamble, lost out a lot with investments after Sept 11th.