Appleyard
Well-Known Member
The Turkish Lira is selling for 3.5 /£ at the moment. Anyone care to speculate if it is worth buying now or waiting till later in the sp
Currency Exchange ??
- Thread starter Appleyard
- Start date
SailorBill
Well-Known Member
Given the political situation over there at present anything could happen so the exchange rate could either way. If you're sure you will definitely be heading there then consider hedging your bets and buy 50% of what you'll need now and the other 50% just before you go.
akyaka
Well-Known Member
Rate in Turkey fallen back to 3.56 today .Buying forward is obviously a personal judgement call but never buy currency in UK immediately before flying out as rate in banks,PTT and gold shops far better
SailorBill
Well-Known Member
When I said "just before you go" I meant use an fx service such as travelex, etc who offer much better rates than the usual over the counter rip off merchants.
Appleyard
Well-Known Member
We do..last time we used Moneycorp. Next morning delivery.
akyaka
Well-Known Member
Around 3.41 today compared with around 3.56 in the places I mention in Turkey
SailorBill
Well-Known Member
And with commission / charges the equivalent rate is?
akyaka
Well-Known Member
3.56
SailorBill
Well-Known Member
Sorry but I find that hard to believe. Do you have a reference for that rate?
akyaka
Well-Known Member
Your prerogative but think what do I gain by this .Just trying to be helpful as I view it from a Turkish perspective.Reference yes walk into any bank in Turkey or go into a gold shop where they will look up the central exchange rate on line.
SailorBill
Well-Known Member
So no reference then.
Can anyone else verify that you can really get such a good (mid-market) exchange rate over the counter in Turkey? It sounds too good to be true, and once you're there with no local currency they have you over a barrel.
Apologies to akyaka for being so distrusting if it turns out the above is correct.
akyaka
Well-Known Member
Well it is and has been so in all the years I have been in Turkey . Just avoid the banks at the airport and the currency exchange shops
Rate at close of business yesterday of second largest bank in Turkey http://www.garanti.com.tr/en
Just don't choose a market day or when people get paid as without an account you could be in for a wait.
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Appleyard
Well-Known Member
OK I think I will change a couple of K just now..we get bu77er all interest in UK banks ,so I should win out.
duncan99210
Well-Known Member
I regret that you'll not find the small traders Akyaka mentions running a website with their daily rates. I lived in Turkey for some years and the way that the small business men go about currency exchange is simple and as give by Akyaka. They do not charge commission but offer slightly different rates for buying and selling foreign currency, making their profit on this margin, as do the banks. The small businesses generally have a smaller spread than the banks and are content with the smaller profits.
I also echo what Akyaka said about avoiding the currency exchange shops like the plague, especially in tourist areas and at ports of entry. They do charge commission as well as offering the worst possible rates of exchange. I'd add that they also often charge silly prices to cash travellers cheques, so don't bother with them.