Banking HSBC help - again!

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
16/03/2009 21:44

Can someone please tell me if:



HSBC Turkey, charge a fee each time i change from GPB to LIRA and Back again?



If so what this charge is?



Thanks



Repro

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
16/03/2009 22:41

AS far as I am aware from transactions completed the charge is refleceted in the exchange rate.

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
16/03/2009 23:54

How come i was charged when i changed from Lira to GBP?











Repro

catalkoykid


Joined: 15/02/2009
Posts: 1190

Message Posted:
17/03/2009 06:37

have you got a premier account, what was the amounts and charges.

Mrwilson



Joined: 31/10/2008
Posts: 470

Message Posted:
17/03/2009 08:12

I have an Account with HSBC in Lefkosa and change money on a regular basis and there is no charge. I get what rate they are quoting at that time they are normally one point back from the FX rate. The only time it is poor is if you change at the weekend when they often right it down by nearly 3 points.



I can give you a contact if required.

nicecolor


Joined: 27/01/2009
Posts: 20

Message Posted:
17/03/2009 08:48

the local bank pay tax when the exchange TL (turkish lira) to other currency. the tax only %0.1

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
17/03/2009 09:36

Nicecolor:

I see...so it must of been this 'tax' i paid when i changed lira back into GBP.

I didnt see any charge when i changed GPB into lira, so it must only apply one way.



I have also noticed a monthly charge of about 4lira?...is this just for having an account open?



I am just trying to see where i stand and where all the 'hidden' costs are.



Thanks again,



p.s. is there any real benefit of being a Premire customer? I have enough funds so it might be worth me applying...can i do this online from the UK?



Repro

catalkoykid


Joined: 15/02/2009
Posts: 1190

Message Posted:
17/03/2009 10:06

as long as you have equivalent to 100,000 tl no prob

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
17/03/2009 12:29

i believe its now 75,000 lira to qualify for a Premier account.



Also i have just found out.



HSBC Turkey do not charge 0.1% tax when changing from Lira to GPB



But HSBC TRNC (Lefkosa/Girna branches) DO!



this tax was abolished by the gov of Turkey, so why are TRNC still applying it?



anyone know?





Repro

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
17/03/2009 13:14

Repro the banks in Turkey also pay slightly higher interest rates but then (I believe) charge higher tax so its horses for courses.

piggy


Joined: 15/02/2009
Posts: 132

Message Posted:
17/03/2009 13:17

I think you will also find that HSBC Turkey offer better monthly interest rates than HSBC Girne to deposit accounts. Why is this?

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
17/03/2009 18:40

The diff. in rates is due to TRNC charging different tax rates etc than Turkey.

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
17/03/2009 19:45

you though of switching to Creditwest instead ?





Nick

wildrose


Joined: 18/03/2009
Posts: 2

Message Posted:
18/03/2009 16:02

from GBP to TL there is no charge..but if u convert it back to GBP again the charge is 1 in 1000 and the rate will be different of course..For Example u got 100.000 GBP and the exchange rate is 2.345(buy rate).it makes 234.500 TL..but if you want your 100.000 GBP back and the rate is 2.40 lets say(sell rate+tax) you will need 240.240 TL which means u will be losing 5740 TL...

catalkoykid


Joined: 15/02/2009
Posts: 1190

Message Posted:
18/03/2009 18:19

if you bought 100.000gbp at 2.345 you deserve to lose 5740tl. you thought about if you lock your money up for a year, and you bought 100.000gbp and in a years time it was 3tl to the pound how much you would lose.or if you have stayed with gbp over the last 6 months, how much you have lost against the euro,and dollar, goes on and on and on