how do banks make money in trnc

cypruschauffer


Joined: 26/09/2007
Posts: 234

Message Posted:
09/01/2009 17:38

are thay lending money at 25% interest to people...if thay are paying 20% interest on savings..how much do thay loan money out.if it is 25% how do people pay it back??in uk people have trouble at 5%..

Dusterbruce


Joined: 03/08/2007
Posts: 1125

Message Posted:
09/01/2009 17:39

How do banks make money in TRNC?

One way is charging £70 to handle a money transfer like happened to me this week.

JimmyG


Joined: 14/08/2008
Posts: 900

Message Posted:
09/01/2009 17:59

Duster was that a 'fixed fee' or a %age of the sum being transferred?

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
09/01/2009 18:08

i agree the sums just don't add up.

now with those who borrowed not being able to pay the monies back, i can see trouble ahead!

AndyP



Joined: 18/04/2008
Posts: 517

Message Posted:
09/01/2009 18:08

I asked that question in a bank today. Easy answer. Get a loan and it will cost you around 44%. Ouch!!!

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
09/01/2009 18:12

hi ady hey charged us 45% jus being overdrawb against our own money. so i guess thats how the can ay the high interest. now i hear the are calling a lot of loans in so more bankrupcies will insue xx

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
09/01/2009 18:32

same as any bank...they rob from from the poor and give to the rich ( shareholders and board members )

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
09/01/2009 18:46

Thats how the banks make their money, on charges. You can't give someone a savings rate of say 10% unless you are charging someone else a rate higher than 10%. The Bank would be bankrupt in weeks.

Blackie


Joined: 20/12/2007
Posts: 129

Message Posted:
09/01/2009 18:52

When I took out my first mortgage in the Uk in the early eighties interest rates were over 20%, British interest rates are the lowest they have ever been can you imagine what would happen if our interest rates started to edge up again even to about ten percent. In those days it was worth saving money in the UK. Turkish banks are where we were twenty five years ago, you can also get dollar or sterling saving accounts with most Turkish Banks but you only get about 4.4% interest.

Dusterbruce


Joined: 03/08/2007
Posts: 1125

Message Posted:
09/01/2009 19:26

Jimmy G

It was 1%, but a fee I wasn't expecting or told about and was on top of the £25 my UK bank charged.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
10/01/2009 16:05

dusterbuster

we use our card in the cash machine and it doesn't charge us for doing so.(offshore account)

or write a check and wait 28 days for it to clear also costs us nothing.

transfers are always expensive.

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
10/01/2009 20:03

Hi, I have just transferred money from NC to UK, cost £4.90, cost to transfer from UK to NC is £25



All transfers completed with money in my accounts within one hour!



I have a HSBC account in the UK and another HSBC account in NC ( all transactions are done over the net from home or anywhere with an internet connection!



Also....after changing GBP to YTL you can earn 15% interest ( interest paid daily! )....all done online

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
10/01/2009 20:19

hi all i cant understand why the different rates and until you pointed it out and by coincidence my bank statement arrived today. i am charged evert time i use it here. I bought food last week for the family that lost everthinng in the fire i spend just under 200ytl and was charged 2 pounds. please dont get me wrong i dont begrudge any money for that poor family but all these 2 ponds add up xxxx

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
10/01/2009 23:38

Stewart

HSBC to HSBC is a standard charge of £10. If you are Premier Account holder in either Country then the transfer fee is free.

Speak to your branch and get a refund as you shouldn't be paying any more than £10.. Don't transfer it on line as they will charge you a flat fee of £15. They are in the process of realising that HSBC to HSBC on line should be less but at the moment they haven't done anything about it. On line transfers are limited to £10k but branch transfer do not have a limit (They ask if I have property and I love telling them no I'm just laundering money, they soon shut up!)

Karen

Dusterbruce


Joined: 03/08/2007
Posts: 1125

Message Posted:
10/01/2009 23:52

firestarter

Have done transfers before and always free but was to HSBC account, but this time was to Isbank.

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
11/01/2009 22:20

simple - give savers 20% - lend out at 30% - easy peazie...





Nick

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
11/01/2009 22:29

hi karen will remember that line by the way can i do your washing xx