Exchange rate UK/Turkey

[simonandlozzie]

Hi
I'm going over to Datca next Friday and was wondering if I should change my money here in the UK, or wait until I get over to Datca? I was thinking of only changing a couple of hundred pounds here and then changing it over there or paying in British Pounds (as they seem to give a better exchange rate when they give you change - or am I working out my sums incorrectly)? :crazy:
Any advice would be appreciated.
Many thanks

 

[Smiler]

I'm also over next week. I'm taking some YTL and the rest I'll draw on on my Natiowide card as and when. No charges and tend to get a better exchange rate, plus you havn't got to carry vast amounts of cash

 

[lynnmcl]

Hi S & L,

I take cash & change my money over there as you always get a better rate ( i think)
You can check out the rates both here & in Turkey by following these links..
http://www.garantibank.com/index.html &
http://www.fxcorporation.co.uk/marksandspencer/exchange_rates.asp.

Enjoy your hols.

Hope this helps you out.

 

[kaplumba]

Hi
I'm going over to Datca next Friday and was wondering if I should change my money here in the UK, or wait until I get over to Datca? I was thinking of only changing a couple of hundred pounds here and then changing it over there or paying in British Pounds (as they seem to give a better exchange rate when they give you change - or am I working out my sums incorrectly)? :crazy:
Any advice would be appreciated.
Many thanks

Hi I hardly ever change any money before going to Datca and certainly not as much as a hundred pounds. I always take sterling and nip down to the super market by the harbour and change it as I need it especially if the rate is creeping up. It always seems to be a little bit less than the banks but more than UK and no commission or hanging around.
However I did something clever a couple of weeks ago. The post office were giving almost 3 so I changed up a lot online. It's probably not worth doing that now as i expect it has gone down .
I will be out there the same time as you so if you spot me, I will have 4 X 6 foot teenage boys and a husband in tow and we often hang around the harbour at night, do say hi. We could also do with some more bodies on our gulet trip on 5th August if any Datca types are out there then. At the moment there are 9 of us - 3 adults and 6 teenagers. There is probably room for 4 or 5 more and will split the cost between us. The last quote I had was £130 for the day.

 

[Martyn]

I just draw out of the atms and as I'm with Nationwide there is no charge. I have just got back and over 2 weeks i drew 6 times from an atm, sometimes at the one at the Gima and sometimes at Akbank. Just looked at my account online and these are the exchange rates i got.

2.98
2.93
2.90
2.88
2.92
2.85

 

[simonandlozzie]

Hi thanks everyone, much appreciated, I think I will just take £50 worth of YTL and English Pounds to change over there.
Regards
Lorraine

 

[juco]

However I did something clever a couple of weeks ago. The post office were giving almost 3 so I changed up a lot online.

I tried this today and they advise to phone and there was no Turkish Lira on there list of currencies, spill the beans how is it done!

 

[Carl34]

I just draw out of the atms and as I'm with Nationwide there is no charge. I have just got back and over 2 weeks i drew 6 times from an atm, sometimes at the one at the Gima and sometimes at Akbank. Just looked at my account online and these are the exchange rates i got.

2.98
2.93
2.90
2.88
2.92
2.85

UK rate has always been about 10 pips lower on each quote over two weeks. Good move to exchange at the higher rate we have done exactly that for our trip in AUG as we furnishing. Exchanging a couple of hundred quid in the UK is not going to make much difference. Rates will stabilise at 2.50 before too long.

 

[Carl34]

I tried this today and they advise to phone and there was no Turkish Lira on there list of currencies, spill the beans how is it done!

Currency-express website beats post-office and travelex rates easily. If you register and you re a UK citizen they will let you transfer up to 2K where as most sites restrict exchange to 1K.

 

[kaplumba]

I tried this today and they advise to phone and there was no Turkish Lira on there list of currencies, spill the beans how is it done!

They do have YTL but list it under N for new Turkish Lira, a bit confusing. The rate has gone down now so not worth doing. I jumped in when it was around 3 because I thought it would go down before I could get out to Turkey, seems I was right.

 

[juco]

Thanks carl34.

Kaplumba, might still be worth it for me as not going out til October and I expect the rate to come down before then.

 

[kaplumba]

Thanks carl34.

Kaplumba, might still be worth it for me as not going out til October and I expect the rate to come down before then.

Might be worth looking at a few other sites M&S was a similar rate. I shopped around a bit. Moneycorp is good if you want to change a lot - over £5K, and you can send it to your Turkish bank. I did find Post office easy and picked it up from the local PO. M&S will deliver and its free over a certain amount. £500 I think.

 

[tonytg]

Thanks carl34.

Kaplumba, might still be worth it for me as not going out til October and I expect the rate to come down before then.

I woould be interested to hear why you presume the exchange rate will go down. Do you know something that we all don't ? It woould be interesting to hear why you think this, and even if you are right (a big presumption) at least the visitors to Turkey this year will go home feeling more positive about the place after last years outrageous exchange rates !!! (and may come back again!).

 

[lorraine]

Garanti bank at close of business Friday were offering

CURRENCY TYPE GBP
BUYING RATE GBP 2,85380
SELLING RATE TL 2,92720

As for money dropping later in the year this has happened for the last 4-5years towards the end of the season, but then with the intervention of Central bank and Oil reaching 78$ a barrel who knows this year.
Banking is a strange animal.

 

[juco]

I woould be interested to hear why you presume the exchange rate will go down. Do you know something that we all don't

Not based on any banking knowledge, Just presuming that with a low around 2.40 in May and then a sharp rise to nearly 3.00 a couple of weeks back.Also Turkey was unhappy with the increase and the banks were intervening to get it under control and again presumably get the rate down from 3.00.
Then of course there is my usual luck of never getting a good rate when I am out there.

 

[Carl34]

I woould be interested to hear why you presume the exchange rate will go down. Do you know something that we all don't ? It woould be interesting to hear why you think this, and even if you are right (a big presumption) at least the visitors to Turkey this year will go home feeling more positive about the place after last years outrageous exchange rates !!! (and may come back again!).

Hardly a big presumption tonytg, turk central bank intervention and a rise in interest rates to strengthen the currency has been the biggest FX story for the last three weeks. The gov also stated that it will be watching the market more closely in future. They would like USD.TRY 1.50, its currently 1.58.

 

[pebble]

Kaplumba, I have sent you a pm regarding your boat trip, hope you get back to me.....

for those of you coming over, change as little as possible in your own country. when you do change your money here, you always will get a better rate from the bank, second from the money changers, and thirdly from shop owners etc., the only reason shop owners/restaurants take your pounds is because they give you a much lower rate, and make money off the exchange.

I think you all know this deep down, but it is easier to pay in pounds as you go along, and you think oh what is 20 cents here and there. face it, it is more convenient for you, isnt it?

 

[tonytg]

Hardly a big presumption tonytg,

I'm always willing to learn !!!! Thanks for your input.

 

[thurstan]

if you open an account with a Forex company you can always place orders to buy at either a low rate (ie buy at that if its dropping) or a high rate

it might be worth placing an order for say £1k at 3YTL just in case

but you do need to keep an eye on the rates - if it keeps going up then you could lose out

something to bear in mind though if you are starting the house buying process

Thurstan

 

[kaplumba]

Kaplumba, I have sent you a pm regarding your boat trip, hope you get back to me.....

for those of you coming over, change as little as possible in your own country. when you do change your money here, you always will get a better rate from the bank, second from the money changers, and thirdly from shop owners etc., the only reason shop owners/restaurants take your pounds is because they give you a much lower rate, and make money off the exchange.

I think you all know this deep down, but it is easier to pay in pounds as you go along, and you think oh what is 20 cents here and there. face it, it is more convenient for you, isnt it?

We'd love you to join us Pebble. I have pm'd you.