Excahnge rate TL to £

millzer


Joined: 12/04/2007
Posts: 978

Message Posted:
04/06/2009 10:27

almost 2.51 this morning. where do people think it will go from here? Up or down?

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
04/06/2009 11:41

Think it will peak around 2.58- 2.60 in the next couple of weeks.

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
04/06/2009 11:45

Has already been 2.54 online via hsbc this week.....personally i think todays price is not a bad rate..you could wait and lose out...why not change up 50% of your money now...if it goes up further..buy more..if not, at least 50% of your money was bought at a good rate......ps have just changed mine at 2.518

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
04/06/2009 12:00

Stewart,...do you need to have an hsbc account to change money with them? was 2.54 a couple of months ago, have a feeling its still rising.

Jimmyboy63


Joined: 16/03/2009
Posts: 400

Message Posted:
04/06/2009 12:23

You pays your money you takes your chance,i would hold on to sterling for now

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
04/06/2009 12:31

Do the banks give the best rate?

Geejay


Joined: 18/04/2009
Posts: 475

Message Posted:
04/06/2009 12:39

What you see on banks online may be the interbank rate rather than the tourist rates that you can get when exchanging. Most banks here will not act as a bureaux de change. At the commercial exchanges if the interbank rate is tl2.53 to the £ you may only get tl2.5 to the £ or thereabouts.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
04/06/2009 12:52

Geejay, What i was getting at was would it be better to open a bank account with your money, or would it be better to exchange it elsewhere and then put it in the bank?

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
04/06/2009 13:42

down, as the tourist will be arriving and the rate is usually low in those summer months.

Geejay


Joined: 18/04/2009
Posts: 475

Message Posted:
04/06/2009 15:49

eager, Sorry I misunderstood.

Personally I would exchange my sterling for Tl and then choose the best interest bearing account to suit my circumstances.

Jimmyboy63


Joined: 16/03/2009
Posts: 400

Message Posted:
04/06/2009 17:30

Mess 9 your having a laugh aren't you ?



What has the exchange rate got to do with a few thousand tourist's????

nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
04/06/2009 17:34

Now down to 2.49

Geejay


Joined: 18/04/2009
Posts: 475

Message Posted:
04/06/2009 19:42

Two years ago I exchanged at around Ytl 2.85 to sterling. Could it happen again ? It's any one's guess. Wait and see. It's all a gamble.

corbytown


Joined: 05/08/2008
Posts: 327

Message Posted:
05/06/2009 12:24

have we peaked already ? 2.47 now, seems to be dropping

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
05/06/2009 13:35

Hi.....I have a HSBC NC ac....and have set it up for internet banking.....I Buy above 2.5 and sell below 2.35...this happens 4 / 5 times a year at least...usually within about 8 weeks....also....when I have it in YTL...I put it into a high interest account paying about 1% per month ( online )....if it goes down within the month, you simply close the high interest ac ( no penalty ) and change it back to GBP......making 20% plus per annum is no problem.



Am thinking about offering my service for a 10% cut of the profit....I could do the buying and selling for you?but you still have full access to your money...what do you think?



or I keep any money over 20%.....if I do not make 20%...I do not get paid?

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
05/06/2009 13:43

Dear eager....FYI rates on the internet with HSBC change every 10 secs....it can change from 2.48 to 2.49 within a minute...then back again within 30 seconds.

( go to their site and click on rates...keep refreshing this to watch the rate change )

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
05/06/2009 13:51

Dear Jimmyboy...am not sure you fully understand the exchange rate "game"



The peak tourist times ie half term / summer holiday is used alot, you will see a large differences at these times depending on wether the Turks wants to buy sterling or sell.



I agree with Firestarter (9)...but not sure which way it will go...last summer the rate was 2.19..no reason why it should not be down to at least 2.2 during this summer?



hope this helps?

Jimmyboy63


Joined: 16/03/2009
Posts: 400

Message Posted:
05/06/2009 14:17

I think it is just a coincidense you see the exchange rate go down in summer holidays.



I can see the Pound getting stronger against the TL possibly 3TL=£1 in the not too distant future.



Why do you think the bank will give you 15-20% interest if you change your sterling to TL



The Bank of Turkey keep proping up the TL thru IMF loan's, they cannot do this forever.



Historically the TL has been a very vollatile currency and i know over the last 3 yrs it has been ok but i will be holding on to my sterling as i think it can only go one way

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
05/06/2009 15:11

Bound to be some downward movement at the moment on the back of political uncertainty in the uk.

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
05/06/2009 15:25

Dear Jimmyboy....I have been tracking and trading for last 3 years....the summer rate is coincidence, hence a chance to make money.



The current rate of interest on YTL savings, is about 12%..this rate is directly linked to the morgage rate...which is 2 to 3% higher ie simply put....a person borrows at 15%....the bank pays you 12% for borrowing your money..the bank makes 2 / 3% as the "middle man"....this is no different, the worldover......if the morgage rate was lower...so would be your savings rate.



There are a few sites that allow you to track over 5 years the YTL...many TCs trade between the 2...it is no secret...take advantage whilst you can...or put your money under the bed....personally...i put my money out to work.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
05/06/2009 17:34

Stewart, I presume that is 20% plus an amount of interest.

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
05/06/2009 17:50

Hi...yes 20% plus per annum,,typical example: buy at 2.5 sell at 2.35 = 6% difference plus 8 weeks each time ( 2 months ) at 1% high interest account = 6% x 3 times per year = 24%



note this is the FORTH time since last august this has happened ( bought at 2.7 then sold at 2.32, within 8 weeks also been achieved !)



therefore is a very realistic achievement. .....give it a try yourself

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
05/06/2009 17:55

ps.......Gains from exchange rates are tax free

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
05/06/2009 17:57

Did just that...2.7....2.32..now waiting to go back in.

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
05/06/2009 18:09

Think your prediction on thread2 is wrong....but good luck, think you could miss out by waiting too long...it only hits 2.7 once, may be twice a year....so you might make 10% twice a year. or you could make 6% four or 5 times a year..you do the maths



My advice is ...do not be too greedy..leave a bit for others...be happy with anything over 2.5 and anything less than 2.35



I hope I am wrong for your sake...but to wait untill it hits 2.7...you may have a LONG wait...meanwhile I am making 1% per month net, in the high interest account..how much is your sterling earning? ie 50k is earning £500 per month ...a bit more than a 50k property earns in rent?