Kalkan Turkey Forum - EnjoyKalkan.com
Kalkan Discussion => Money & Finance => Topic started by: Babs on March 08, 2015, 05:56:40 PM
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We usually wait to change money till we get to Kalkan but as the exchange rate is so good at the moment, M&S 3.8 we are wondering if we should get some lira now for our trip in May. Does anyone have a crystal ball? Any thoughts on this?
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How much are you thinking of exchanging? Presumably a considerable amount to make it worthwhile. Is it really worth the risk? Personally I wouldn't want a lot of cash in my wallet or secreted in an apartment.
I would rather risk losing 5 or 10% on the exchange rate than than 100% to fire, theft or my own carelessness.
Just my opinion!
pw
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I am coming to Kalkan in April into early May.I have changed £ 100.00 at M & S at 3.8.This will tie me over for a day or two,especially as we arrive over the weekend,when the banks are closed.The exchange rate is always more favourable in Kalkan......Personally,i think that is not too much cash to carry around.
The question is
Is the rate going to carry on rising ??
If it starts dropping,it could be below 3.8 at the kk banks by the time we go,in which case it is better to bite the bullet and get some now........3.8 is still very good and if it carries on going up
............WELL THEN !!.. we are squids in and it will be Mojitos all round !!
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This is a really interesting question. We have bank accounts with YapiKredi - a TL account, a Sterling account and a time deposit account. So I saw the rate increasing to 3.70TL to pound and decided to transfer some money from my Sterling account to TL account at 3.69TL to pound; a few days later the rate improved so I transferred some more into my TL account and got 3.89TL to pound. How I wish I had the crystal ball!!! Our Time Deposit Account is getting an interest rate of 9% but this was put in when the exchange rate was 3.60 and of course we pay Turkish Tax at 15%. So although I am not complaining it would be great to know how the exchange rate will go
One thing to consider is to use a Halifax Clarity Card or Post Office Credit Card to make purchases in Turkey as these cards have no commission charges and they use the Interbank Rate that you see on the KTLN site - this is always a better rate than you can achieve by changing cash.
Cheers
Tyros
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I'm thinking change some now and keep a close eye on what is going on. We always get some cash ready for the first day or so and last year we took quite a lot in sterling but felt safe as the apartment had safes at the manned reception. In a villa this year so will need to think ::)
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Any currency speculation has to be a gamble.
There are too many factors to predict, but Sterling is quite strong at the moment, especially against the Euro (which Turkey seems to have a leaning towards), so, potentially things may only improve regarding the rates, with the Eurozone not doing well.
There is a caveat though - should Labour form the next Government in the UK, then the rate will, inevitably plummet, as the markets will fear the anti-austerity plans together with profligate spending and past economic track record will see the money market's confidence in Sterling plummet.
Your choice, in the end... >:D
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We have exchanged some online and had it delivered to our home - its worth doing some now as I think this is unusually high and at some point it will start to go the other way, particularly if the £ has a wobble. We were looking at some photos yesterday, taken only two years ago, and in the background there's an exchange board and it says 2.8TL to the £. Prices in Kalkan will probably rise accordingly, but it does feel nice to get more lira for our holiday spends than in previous years ;D
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We buy in dribs and drabs each month ..that way we cant spend it!! we buy more when we are happy with the rate when we need more we draw it in kalkan....it works for us ;)
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BL. Doesn't that mean that you are paying transaction fees and commission each time?
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As we take enough TL for our first week in general We only draw out once for the second week.A transaction fee is paid but it's not a biggie....(emergency bag money,Jewellery money and beer tokens await if we need them! ;))
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No BL, I meant if you are drawing out small-ish amounts in UK each month, won't you be paying out on each transaction to the bank or bureau?
Personally, I hate giving UK banks my money to change when they give such a poor rate compared to the Turkish banks and still charge a commission.
Except for once, 2 years ago, when the rate went briefly over 4 to the pound, I have always found it better to take a sterling debit card and draw my lira when I get out there.
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I just go to the currency exchange in town (mrs L works for one in the airport ..but it's a poor exchange rate!!) and buy some each month..mrs L does the same but varying amounts depending on how decent the rate is..it works for us because we cant spend it on luxuries (and sometimes rubbish ::))..we take sterling for when we want a better deal on something in Turkey(bag,Jewellery etc ) any costs are bearable as I don't spend my beer money!! Any we bring back goes towards next years pot!! yes we dooooo!! ;D
if you are taking cash make sure you have an adequate safe,and lock your stuff in your bedroom with you at night cameras ,I pad watches etc rather than leave them scattered around your property...obvious I know but people go into holiday mode and think nothing happens in Paradise! ;)
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Us cash die-hards are a bit old school, but it works for us too 8)
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And us :)
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If you read the current articles about the Turkish economy, it is rapidly going downhill and quite likely the lira will continue to devalue. No guarantee, but I will hold on to foreign currency for the foreseeable future.