Big difference when changing Lira into £s

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
02/07/2010 14:59

Just noticed that Creditwest, who i bank with are buying £s at 2.365...and selling at 2.420, big difference..anyone know of a bank offering less of a spread ?

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
02/07/2010 15:28

This is normal.

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
02/07/2010 16:21

HSBC usually knock a point off for internet transactions. So in your example it would be 2.375/2.410. It is just something about Sterling, US$ rates always have a much smaller spread.

keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
02/07/2010 16:32

There is much more sterling changed here than dollars I guess,so they make more money out of the popular currencies

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
02/07/2010 18:42

No - the exchange rates are set by Turkey where US$ is popular but the UK£ is a very minor currency. The wide spread reflects the infrequency of trading Sterling. In the UK there is an even wider spread trading for TL so you are always better to change your money here.

Never draw TL from an ATM using a UK card because you will get the UK rate - take Sterling from the ATM and then change it in a bank. I take my pension in UK£ from the ATM, pay it into my Sterling account and then go home and transfer it into my TL account over the internet.

keithcaley



Joined: 13/06/2008
Posts: 2521

Message Posted:
02/07/2010 21:28

If you take the currency that you want changing to the exchange shop opposite the Dome Hotel, you will get a good rate.

They normally have a 2 to 2.5 Kuruş 'spread' between buying and selling Sterling.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
02/07/2010 22:48

Trying to find a thread from Scruff [ i think ] where he said other banks had a smaller spread.