Which bank should I trust?

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
18/03/2009 20:32

I intend to join this goldrush enjoyed by the Ex Pats for many years.



I intend to deposit in a YTL account an amount 100,000/200,000.



At what rate should I convert my £s sterling? I will deposit 3 months plus. Which bank?



What are the risks involved? Is it underwritten? By whom?



Please offer your best advice





wyn.



wyn

stewy


Joined: 18/10/2008
Posts: 279

Message Posted:
18/03/2009 20:36

I advise caution my friend. I fear the good times are over. I withdrew my money from the local banks. Times are tough out there for banks worldwide.

Too risky.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
18/03/2009 20:48

HSBC used to give the best interest rates in TRNC but now its the worst.

ismet

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
18/03/2009 20:52

Stewy,



We may meet later tonight. I will be the man rummaging under your matress!



Take care my friend,



Wyn

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
18/03/2009 20:52

you might be better spreading it wyn , even if you get 10% its still good income

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
18/03/2009 21:30

wyn

if you haven't learnt by now you never wil,lol.

welcome to the wild west/ sorry i ment to say the trnc.

BillyB


Joined: 19/05/2008
Posts: 436

Message Posted:
18/03/2009 22:08

Buy lira above 250, back into stirling if it goes to 225. You should make more than 10-15%. Internet banking is easier for this. Then theres gold, if it breakes through 1000 buy.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
18/03/2009 22:16

diamonds are a girls best friend!

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
18/03/2009 22:17

You could put it in a sterling account and then get it transfered to a ytl account when / if the rate gets better. If you intend to change it back to sterling, then make sure that you change it back at a lower rate than which you bought it at.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
18/03/2009 22:18

You could put it in a sterling account and then get it transfered to a ytl account when / if the rate gets better. If you intend to change it back to sterling, then make sure that you change it back at a lower rate than which you bought it at.

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
18/03/2009 22:50

wyn

Invest in gold. far safer.

hattikins


Joined: 17/02/2008
Posts: 2793

Message Posted:
18/03/2009 22:54

I'll look after it for you John, honest injun I will not go near a jewellery shop, as if I would.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
18/03/2009 23:00

Wyn, be very careful. Do the reasearch. All that glitters......

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
18/03/2009 23:05

Wyn

I have been rather frightened & concerned for a while now, for those with money in TRNC bank accounts, who I'm sure can't afford to lose it. What concerns me is how can NC banks offer such high rates of interest? Surely if it's such a good deal why aren't the worlds financiers beating a path to invest?



The subject of how much is guaranteed in such banks and by whom, has despite being aired a lot, not IMHO been satisfactorily answered, at least not in this forums postings. Banks went bust in NC before. Even if the money deposited is guaranteed, how long will it be before it gets repaid? Can you afford to wait for that long?



I don't have any money invested in a NC ytl bank account. I admit I'm tempted, especially with the pathetic interest rates in the UK, but that little voice keeps whispering in my ear 'if it sounds too good to be true then it probably is.'

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
18/03/2009 23:18

I wouldn't keep any more than a couple if thousand pounds in a Turkish bank. Don't do it Wyn.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
18/03/2009 23:20

that would buy a few kebabs doyen.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
18/03/2009 23:37

Fire starter, too many for me to eat ))

stewy


Joined: 18/10/2008
Posts: 279

Message Posted:
19/03/2009 00:17

Hi Wtn

Strangely enough I ploughed a bit into the footsie a bit into property and I wasted the rest on booze and women. Did I write that in the correct order?



xx

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
19/03/2009 00:29

Hi All,



Thanks for the advise. Duly noted.



wyn

smoggyjim


Joined: 21/07/2007
Posts: 214

Message Posted:
19/03/2009 04:41

put it into premium bonds

sharky


Joined: 18/03/2009
Posts: 11

Message Posted:
19/03/2009 09:24

Hi Wyn , best advice of the day go for gold bullion it's far more stable than any stocks or currencies , the benefits are even stronger during a recession, just look at the history of gold online,

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
19/03/2009 09:28

Buy a property in Northern Cyprus with the money )

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
19/03/2009 09:30

W it depends on how you feel about risk. Gold was a good investment but has it reached it peak if it has it only has one way to go and probably future gains may be limited. Premium Bonds max holdings will not guarantee winnings but you will receive something most months. Notice that the prize fund has been reduced you can only win one £1m prize per month probably a few £25's obviously there is a max holding per individual. British Banks will be supported and wont fail foreign banks may not have the same guarantee. The stock market appears low at around 3.8 looks good value to me for medium long term but too volatrile for short term. Individual shares too risky some will do well but others wont. If it was me I would spread take a risk on Premium Bonds and an investment in an Oeic and leave enough to live on for 2/3 years but its you.....how do YOU feel. If the returns sounds too good to be true.they probably are.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
19/03/2009 11:45

There must be many people living here permanently who have benefitted from these interest rates. Has anybody here had any trouble with the banks? or have they been collecting their interest and doing ok.

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
19/03/2009 11:55

It's a very difficult one, and I think you just have to go with your own gut feeling. A lot of people have invested their money here on high interest with no problems, and made good money. Just don't put it all in one bank. The chances seem to me that banks can go bust anywhere in the world, you have to make your own decision on this one.

Stella

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
19/03/2009 12:04

Personally I would only keep enough money in a bank that I was prepared to lose if it went wrong. I agree with Stella.

kellybelly


Joined: 08/03/2009
Posts: 263

Message Posted:
19/03/2009 12:36

Trust one that doesn't give parting employees a 0.7 million pension,of public money.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
19/03/2009 12:38

I think it all depends on the stability of the banks, and wether they have much in the way of toxic loans. Lessons were leaned after the banking crisis of 2001. Have friends who have lived in Turkey for many years and at times they were doing very well with interest rates well above 20%. Important to check out how long these banks have been around and their year on year record.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
19/03/2009 12:43

kellybelly. Message 27, Too true.

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
19/03/2009 13:44

Wynyardman



If you lısten to everyone's opinions they will confuse you.

All banks are guaranteed and have their ındividual ISO number.

All accounts are guaranteed so if anything was to happen you would not loose your investment.



Lookıng at the exchange rate today it appears to be on the up so 2.45/2.5 l would say is a good rate to exchange your stg to tl.



For any other investment advise you can call in to see me at the Contınental Bank in Karaoğlanöglu or call me on 05338417388 between 8.30 am and 5pm

MarkVPiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
19/03/2009 13:55

Wyn



In my opinion, TC banks are running on a pyramid basis and I wouldn't go anywhere near one.



The TC banks say they are government backed, but how is a government who can barely pay the monthly civil service and pension bill going to be able to do this?.



Also, do not confuse income with interest - interest is what you get to offset(hopefully) the effect of inflation - 10% interest with 15% inflation means your capitals purchasing power is shrinking.



Remember that you are still liable for UK tax on the interest (unless in the unlikely event you are not tax domicile in the UK)



Be carefull out there !



Mark

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
19/03/2009 13:56

girne are all banks safe ? BCCI and more recently the Iceland Bank which had a very high credit rating...just to name two.. others in UK have been rescued not sure it will be the same elsewhere at the end of the day W must make up his own mind. Anyway no staff members understand the financail position/security of their own bank only the Board of Directors know even though some of them wont understand the complex information..

vikingqueen



Joined: 07/02/2009
Posts: 241

Message Posted:
19/03/2009 15:17

wyn,, there is an old saying.... never put all your eggs in one basket!!

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
19/03/2009 15:59

Wyn, Have you made your mind up? Let me know if you need help carrying the money. )))

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
19/03/2009 16:33

Not sure wether this helps

I bank with the hsbc ( via the internet and via the bank in Girne and UK)



banks normally gtee up to 50K GBP ( check with the bank )



I make a bit of money each month on the exchange rate ie buy YTL for a rate of 2.44 or over sell back at around 2.36, this will happen at least once a month on average..at least is has been.



Once you have YTL....this will also earn you over 10% per annum



ps...any profit earned by foriegn currancy exchange is, I believe, tax free ( uk tax rules )



It may be prudent to put your money in at least a couple of accounts

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
19/03/2009 17:44

No1 Message 34



I am interested in someone to carry the losses. I think I could manage any profits.!



Lots of differing advice. Jury definatley out on this one!



wyn

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
19/03/2009 18:01

Definately Wyn. Hold on to your money for the time being.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
19/03/2009 18:23

Hi john.

Each account is guaranteed for 20000euros. Last problem in 2001 everyone got paid out and I beleive they all learnt lessons which were not learnt in UK or USA.

I still wish to spread it about so I use 4 banks.

I like Creditwest where Sukru and Figen are very quick to reply, have very good rates and great experience in GB and TRNC. Service is positively the best.

Iktisat have best rates this week, quick service in English dept upstairs but slow to respond on the e-mails. Garanti, nice people were best rates but not now, again slow correspondence.. Good english speakers and also credit cards which you can use anywhere and good direct debit service. TurkBankasi are the worst by far, unbeleivably slow in the branch and take ten times longer to open an account. Even slower to close one, recently made me jump through hoops for weeks trying to get my money back from them.

Continental, I have tried to contact 4 times but not had a reply from them.

Erwin

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
20/03/2009 13:12

All banks are guaranteed and all accounts are guarranteed up to 20,000 euros or the equivelant.

Why noy give me a call to dıscuss if you wish

or come into the branch

05338417388

MarkVPiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
20/03/2009 13:45

Who will pay out these 20,000 euros when the local banks go bust?



Surely not the TRNC Government who are already effectively bankrupt themselves?



Maybe they will stop paying pensions and civil service wages, so they can return the money to British expats.......



Mark

Aslan


Joined: 23/06/2008
Posts: 757

Message Posted:
20/03/2009 13:56

Try opening an account in the South, they were rated well in the Daily Mail "on Sunday) last week.