jules1

jules1
Pensions paid to turkish bank
Hi, Does anyone know the best way to get their pension paid to a Turkish bank. and get the mamimum amount, without losing on exchange rates. is it best to get a fixed rate for a few months, or variable with the exchange rate?
It would be nice to hear from anyone that has their pension sent to turkey.
 
Pensions paid to turkish bank
Hi Jules, I'm not a pensioner but I'm sure someone will come along shortly and advise you on the best route. But I would certainly transfer your pension to Turkey as GBP and then change into TL online as you will get a better rate. Martin
 

water

Member
Pensions paid to turkish bank
hi i withdraw my pension via nationwide,at any ATM that gives sterling,HSBC,GARANTI,AKBANK to name 3.nationwide dont charge if you draw sterling out.Then take to my bank and put in my sterling a/c changing it on line into my lira a/c when im happy with the rate.Im currently around £250/month better off since last june as ive been averageing around 2.89 lira compared to last years lowly 2.3ish
 
Pensions paid to turkish bank
I am lead to believe that you can get your State pension paid to your Turkish bank. However, it will be paid in Lira at an exchange rate which the DHSS decide.
 
Pensions paid to turkish bank
Both my pensions are paid into an Advance account at HSBC in the UK, which gives me unlimited withdrawals anywhere in the world for £13 a month. I checked out all the alternatives when Nationwide started to charge for withdrawals last year and so far am more than happy with the account, which I manage on line. I also have a savings account with Garanti.
 
Pensions paid to turkish bank
I wouldnt even want to give a bank £13 a month to withdraw my own money!
I take mine out the ATMs that give Sterling at no charge and then convert it at the best rate.
As one one of the other posters has said, the exchange rate going from 2.3 to 2.9 makes a huge diffence - in real terms its the equivalent of a 26% increase in pension!
 
Pensions paid to turkish bank
I wouldnt even want to give a bank £13 a month to withdraw my own money!
I take mine out the ATMs that give Sterling at no charge and then convert it at the best rate.
As one one of the other posters has said, the exchange rate going from 2.3 to 2.9 makes a huge diffence - in real terms its the equivalent of a 26% increase in pension!

Neither would I if I could rely on getting sterling when I need it!! There are only 2 banks with this facility in Datca and they frequently run out of sterling. I doubt very much that sterling is widely available outside of holiday resorts?
 

Harem

I've cliqued
Pensions paid to turkish bank
Here in the Fethiye area there are several ATM's that give Sterling out of season.
 

Elvira

Member
Pensions paid to turkish bank
If you have an hsbc account in UK (can be opened from here) plus an hsbc account here then you can have your pensions paid into the UK account and then transfer it here at no cost.If you transfer it in UK pounds then change into lira via the internet the rate is better.
Then, if you get a Turkish hsbc debit card, your lira can be obtained from any ATM at no cost,so this way there are no cost incurred at all.
Sounds longwinded but I have recently done this and it was so simple.
 

stuart

stuart
Pensions paid to turkish bank
elvira...dont you habe to have quite a substancial ammount deposited with the hsbc to get that kind of service ?
i enquired with them a while back and they said you had to to recieve free transfers. uk to turkey accounts

i also declared myself a nonresident for tax purpses in the uk and as tax on pensions in turkey is zero i now am tax free on my pension, i also claimed back for 5 years and got a very nice rebate.
i can always revert back to paying uk tax if the situ changes.

ps not sure about state pensions will look into that when i become of age.!
 

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