Banking 20k!

mp3lover


Joined: 14/04/2008
Posts: 5

Message Posted:
14/04/2008 21:32

Hi just a quick question. If I was to put £20k into a nc bank account what sort of interest in £ would i be looking at getting a month?

Thanks dani

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
14/04/2008 21:34

a very poor return. I think HSBC are paying about 5% at the moment on sterling.

Karen

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
14/04/2008 21:50

hi mp3

welcome to the forum, it depends on what kind of exchange you will be putting it in to a high interest account, if you put it in to a high interest account using sterling even thou it will be higher than the rate you would get back in the u.k it does not match the rate you would get if you change it in to lira

sterling between 5-6% but lira anywhere between 18-20% if its lira account you will probabley earn around 1000ytl after tax a month which calculates to £400

hope this helps

regards

ukturk

mp3lover


Joined: 14/04/2008
Posts: 5

Message Posted:
14/04/2008 21:50

sorry I meant to say was I would be changing it to ytl so would be around

52,124

Thanks dani

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
15/04/2008 09:52

Ukturk . Do you know what bank is paying the best interest ? i have E -mailed a few with no reply .

Cheers

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
15/04/2008 17:54

mp3lover



I wouldn't invest £20k into a YTL account just now as the YTL is going to suffer from a devaluation (by some 10-20%) over the next few months, I suggest you wait a while.

TimothyCadman


Joined: 13/12/2007
Posts: 1040

Message Posted:
15/04/2008 18:47

lovingcyprus,



Please give concrete support to your last statement.



Maybe I was looking on the web in all the wrong places, but I'm unable to find any scare mongerers going on about devaluation.

simma



Joined: 03/02/2008
Posts: 346

Message Posted:
15/04/2008 18:59

Hi Loving cyprus, I wouldn't mind some insight into your last statement too.

John.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
15/04/2008 20:13

Take a look at the following:-



http://cmax.americanexpress.com/Internet/AssetManagementSolutions/Global/files/news_docs/EFIC.pdf





The YTL has already devalued this year by quite a lot and has got further to fall as it is really really overvalued

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
15/04/2008 20:25

Hi mp3lover.



Maybe I am naive.



But I rather suspect that the best offer that you will get, will be several offers of marriage if



you have £20,000 in the bank.



For my part, ageing, rheumatoid, but 100% willing!!!



Ring 01740 644095 but I need at least 7 days notice



Good luck and cheers!



wynyardman

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
15/04/2008 20:36

hi pipie

most banks offer the same kind of interest rate, i use hsbc but your best bet is too come over and shop around!!!! one thing i would say htou try and keep to banks that are well know internationally or in turkey



i took a look at the link that was provided by lovingcyprus and read the 3month and 12month forecast (estimate) and it shows in actual fact the lira will be stonger against the dollar and this website actually compares all exchanges to the dollar which in actual fact has got no relavance to the pound when changing to lira

at todays rate which 2.59lira to the pound it is actually getting stronger and all financial reports i read state that the lira has been the most stable in years compred to the euro,dollar and the pound, so for some extraordinary reason the lira was to crash against the pound, buying lira will be a good thing right now because the money (sterling) you change now will be worth more if you change back to pound you will be making more for your money and not forgetting the money you will earn by having a high interest account

regards

ukturk

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
15/04/2008 21:35

Thanks Ukturk

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
15/04/2008 22:42

ukturk



I'll bet you 50 YTL that by 1 October 2008 there will be more YTL to the £



Today there are 2.58 YTL to the £ (see http://www.hifx.co.uk/)



Are you game for this wager??????

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
15/04/2008 23:03

hi mate

so basically you are saying you saying by oct people will be better off because if they change their money then they will get more for their pound

you should be a financial adviser lol lol

im really not a betting man but lets say a couple of rounds of drink then and its 2.59ytl to the £ http://www.xe.com/ucc/convert.cgi

what kind of margin thou shall we say something it has not been this year because it has gone over this rate over the last 6months and by the way you are talking it will rocket

regards

ukturk

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
16/04/2008 18:53

Hi ukturk



Time period: 01/01/08 to 04/16/08.

Average (107 days): 2.41727

High: 2.64550

Low: 2.25780



You're on for a couple of drinks, the highest the YTL has been so far this year is 2.64550 so lets say if the rate is more than this on 1 October 2008 I win.



Hows that sound???

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
16/04/2008 22:32

ukturk,



I think you will find if you investigate that lovingcyprus is a financial advisor.



That said, if I were a gambler I would join him in his bet agin you, 2.70 for me is a natural rate in current climate.

larry f


Joined: 29/01/2008
Posts: 116

Message Posted:
16/04/2008 23:33

Hi lovingcyprus,

Just read that your the financial wiz-kid of the forum!! Do you know what the exchange rate is to the euro?

Larry

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
16/04/2008 23:35

Hi mp3 ,

See you in Barca should be able to get a ticket for 20k,

Regards,

Paul.

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
17/04/2008

hi lovingcyprus

yeah that sounds fair mate you are on for a couple of drinks!!!

cyprushome i dont need to investigate i know lovingcyprus does or used to do thats why i added my comment was Joking!!!!!!!! thats what the lol lol was for



hi larry the euro to the lira was 2.10ytl to the euro today hope this helps

paul that is one expensive ticket you have been told is that a seat in the changing rooms!!!!lol

warm regards to you all

ukturk

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
17/04/2008 00:06

Think i will just watch the game in a bar in the square mate,

Keep smiling,

Paul.

larry f


Joined: 29/01/2008
Posts: 116

Message Posted:
17/04/2008 00:18

Thanks ukturk

Larry

mp3lover


Joined: 14/04/2008
Posts: 5

Message Posted:
17/04/2008 12:11

Thanks for everyones input on this one!

You have given me a good insight into what our money would return.

Me and other half are thinking of moving over to nc in the future but we only have 20k savings, thinking of renting and coming back to work in the uk for 3 months every year which would give us 7k to live on and interest would pay the rent! Am I dreaming or could this work?



Thanks mp3

paul90


Joined: 07/11/2007
Posts: 350

Message Posted:
03/10/2008 19:40

The exchange rate on 1 October was 2.30.

Does this mean that lovingcyprus lost the bet with ukturk??

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
03/10/2008 21:06

i was just thinking about that!!!

so if people listened to me and changed their sterling to lira at when i said at 2.60ytl and they had 100k they would be 30000ytl better off which is around 13k sterling if they changed back from lira to sterling and not forgetting the money u earned from the savings

so paul yes your are right mate i won the bet!!!! not forgetting cyprushome

i dont claim to be a financial advisior but i have tracked the lira for the last 6 years and the best time in which i changed was in the middle of last year when it went up to 2.98ytl to the pound which we will never see again well not for a long time



cyprushome msg16

"I think you will find if you investigate that lovingcyprus is a financial advisor."

thank god he is not my advisor!!!! LOL LOL

spud1


Joined: 22/05/2007
Posts: 544

Message Posted:
03/10/2008 21:31

hi ukturk. hope you are well. back over on monday whats the exchange today. i am sending some dosh down to my bank to exchange to my t/l account spud1

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
03/10/2008 22:19

hi spud

the rate today was around 2.30ytl, i would wait a bit mate before you exchange your sterling into lira at least another month or so, just stick your sterling into a high savings account which you will get around 6.75% which is better than nothing

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
04/10/2008 15:26

Oh dear how embarrassing, and he gives "advice" in Cyprus Today!!

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
04/10/2008 15:43

what do they no, if they got it right all the time banks and bs would'nt go down the tubes. they gamble with your money, if they are right they get a percentage if they are wrong you loose

spud1


Joined: 22/05/2007
Posts: 544

Message Posted:
04/10/2008 19:21

ukturk. thanks for advice spud1

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
04/10/2008 22:33

Hi ukturk



Haven't been on here for nearly a month as have been in North Cyprus, I guess I lost that so I owe you don't I.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
04/10/2008 22:35

deecyprus4



So what do you do for a living or don't you?????????????

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
05/10/2008 02:10

hi lc

hope you enjoyed your months break, i guess you did loose the bet never mind there will be other times did we bet for money i cant remember!!! lol

and if you need any staff im your man!!! lol

warm regards

ukturk

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
05/10/2008 03:34

i live in n/c and dont need to work, because i have never listened to financial experts so called lol financial gamberlers

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
17/10/2008 14:49

Hi ukturk



Our wager was a couple of rounds of drinks so I owe you.



I see that the YTL is now falling quite a lot, now at 2.65 to £ my timing was just a little out!!!!!!!!!!!!!!!!!!



Take care



Peter

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
17/10/2008 14:51

joandjelly



No not embarrassed at all, (your post 27) the timing was just a little out, now there are 2.65 YTL to £

redboxer


Joined: 17/10/2008
Posts: 90

Message Posted:
17/10/2008 19:04

Hi



I have read all the above and have found it interesting if a little confusing!!. Has the rate gone up to 2.65? I would like to invest in YTL but am cautious after the mess in the UK. Are there any guarantees with your savings in a Turkish Bank. Does anyone invest off-shore. Is this now a good time to buy YTL.

come_on_aylin


Joined: 14/06/2008
Posts: 908

Message Posted:
17/10/2008 19:14

The lira has been going up and down like a yoyo. At the beginning of September it was about 2.1ytl to pound, yesterday it was about 2.5ytl now it is 2.6ytl. In April 2006 it was 3 ytl to £1.



A crystal ball would be very handy about now....

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
17/10/2008 19:16

if you are putting your money in a ytl account and getting 18 to 20% and you have no intention of putting it back into sterling in the foreseeable future cant se you can go wrong

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
18/10/2008 10:07

to be honest if you only have 20k, i would say don't move out here yet.

you rearly do need some cash behind you before making the move.

leave that 20k in the uk bank where there is a comp scheme.

redboxer


Joined: 17/10/2008
Posts: 90

Message Posted:
20/10/2008 03:12

Fire starter

Do you realy feel that having 20k in a high interest account here is not enough to get by on. We hope to maybe pick up some work but plan to live as cheaply as possible. We have sold in UK and bought in TRNC and feel ready to move but I am unsure what to do with funds to realise a good interest but be secure.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
20/10/2008 06:53

redboxer



They won't let you stay if you only have 20k... as even the authorities don't think it's enough... and don't tell them you are going to work or they won't let you in and if you are in, they will definitiely chuck you out...



I think the minimum you are meant to have on deposit is 100k if you wish to maintain that you are more than on holiday here.... don't know where I got this figure from but I'm aware of it being the required amount.

glencoe


Joined: 01/02/2008
Posts: 256

Message Posted:
20/10/2008 12:01

Loving cyprus posted on 15/04 that the lira was going to fall a lot by October and wanted a wager,

how is it doing now ???

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
20/10/2008 12:05

2.61...



Which way for the pound though? That's the question....

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
20/10/2008 14:54

redboxer,

i personaly don't bank in the trnc, even though i live here. put your money somewhere safe.

a few years back some banks here had problems and people lost their money.



at the moment all my cypriot friends are starting to panic, and considering taking their money out of the bank.



the cost of living here is as high, if not higher than the uk. you will need to get a job.

lots of tc's work in the south, which may be a better option for you being an eu citizen, less red tape.

also remember you won't get any free health care in cyprus.



lots to consider when you totally relocate, don't be hasty and think things through very carefully!

having a holiday home here is a lot different from living here full time.

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
20/10/2008 16:23

mp3lover

20k would give you just under £300 per month in interest. That would pay your rent no problem.However that presumes there is no inflation of the rent over the years,so how long do you intend doing it for with the same amount

And for now, You earn the £7000 in UK , presuming you are lucky to get a rise to cover you for cost of living ,that will be based on UK cost of living not TRNC.



You should be able to see by trying for a month,find out how much you can live on,and add 12% or so onto that cost to cover for inflation next year.

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
20/10/2008 19:01

Firestarter

As you appear to be in the know.

The so called bank guarantees for banks in trnc, are they being covered by the country of banks origin, Turkish bank by Turkey for example or is the guarantee covered by TRNC.Govt. If by TRNC then that would be worrying although as Turkey supplies the cash anyway ,maybe it amounts to the same guarantee.



I suppose as the HSBC trnc doesnt officially exist except as a branch of HSBC Turkey,it would be treated as a bank in mainland Turkey.?

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
20/10/2008 19:47

Tc's moving money ? are there real fears for TRNC banks. What is the sum for the guarantee provided by turkish banks , if there is actually one stated.

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
20/10/2008 21:23

Firestarter

Any idea where your TC friends are thinking of moving their money to?







After reading that ,have taken the time to look up.It seems that a 10billion loan guarantee package between the IMF and Turkey has come to an end and it is not certain to be offered again .The private sector in Turkey owes $140 billion to the banks , basically the same situation ,to a greater or lesser extent ,we and the americans had .The loan guarantee was to help should there be a problem with the economy ,I suspect due to ,like us and america ,the bad debts from the loans.



I guess unlike what I thought last week ,nobody in the world is immune from the crisis.,and wherever you put your money ,it will be grin and bear it time.

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
21/10/2008 08:13

http://www.imf.org/external/am/2008/speeches/pr54e.pdf not so bad

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
21/10/2008 11:53

no better no worse,same as everywhere else



Probably best site for anyone interested in finance and business news in Turkey.



http://www.worldbulletin.net/news_detail.php?id=29972

tarry67


Joined: 16/05/2008
Posts: 1053

Message Posted:
21/10/2008 13:01

You dont need to have £100k here on deposit unless you are starting a business. I think the minimum amount now is £5k showing in a bank account for residency? If it was £100k there would be many more villas unoccupied, as I don,t think that people have this amount of spare cash sitting in a bank in Cyprus. A really safe bank I am told is The Bank of India you get 7.2% in stg if left for 6 months? Apparently some TC are taking there cash to the Bank of Cyprus in the south. Anyway things seem to be looking better according to the news today 21/10/2008 so in the words of Bob Marley "Don't Worry".

redboxer


Joined: 17/10/2008
Posts: 90

Message Posted:
21/10/2008 23:34

Does anyone know what the required amount is in savings to live in NC?

Its gone from 100k to 5k! Does anyone put money into the Turkish banks offering high interst rates?