Changing Turkish Lira into Sterling

Happy Hussar


Joined: 01/10/2008
Posts: 318

Message Posted:
21/12/2009 16:31

So you have a wallet full of Lira! is it possible to change it in a UK bank or does it make more sense to change it here before travelling back to the UK?

Tony

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
21/12/2009 16:37

Tony spend it or change here. I do not think you get good rates in UK. still not sure about old TL when to change. we were told had to be changed at the begining of the month but now it seems its jan first xx

Happy Hussar


Joined: 01/10/2008
Posts: 318

Message Posted:
21/12/2009 16:52

Thanks Lilli, Lloyds Bank use 2.32 to the pound when I use a cashpoint here in the TRNC. Just wonder what rate they would use if I rocked up at one of their branches in the UK.

Tony

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
21/12/2009 16:58

Tony I really do not know what they will give you in UK but Im sure someone on here will. I do not know the rate today but that seems low. Have a great xmas xx

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
21/12/2009 17:43

If you change TL in the UK you will probably get 2.80TL for each £1, please note this is approximate so don't come back and tell me you only had to give say 2.75TL for a £1

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
21/12/2009 17:46

2.80 seems a very good rate.

smithy


Joined: 17/07/2008
Posts: 5301

Message Posted:
21/12/2009 17:51

better than you get here, but my Son took ytl back and changed it up in his Nat West account and only got 2.24 bad I thought

minertor



Joined: 14/02/2009
Posts: 1238

Message Posted:
21/12/2009 17:52

No it's not No 1, that's £1 for 280tl. In Mancester in Oct the rate was £1 for 2.14tl but 2.57tl for £1.



Tony

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
21/12/2009 17:52

Sheila. 2.24 - that's poor!

colly


Joined: 31/07/2008
Posts: 297

Message Posted:
21/12/2009 19:24

If you must change it then I would check the rates over in TRNC as you will get robbed in the UK. The rate of exchange on the Lira is always poorer than TRNC. Changing any currency back in the UK is not good.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
21/12/2009 19:54

In both the TRNC & the UK. there are rates for buying or selling. The rate you get for selling Sterling in the UK. & buying Lira will not be the same as selling Lira back & buying Sterling. If you wish to get rid of Lira in the UK. then you will get a worse rate i.e you will have to pay more TL to buy each £.

Exactly the same scenario in the TRNC, except that the rates will be different & higher here. I think many people have trouble with the buying & selling rates & get them the wrong way round. The difference between the 2 rates is called the "spread". It's the same with buying shares. The spread is how the currency dealers make a living.

Assuming that both rates are lower in the UK. than the TRNC, then the best way to make sure you're not robbed is to buy your lira in the TRNC & sell them back in the UK. However remember that in the UK. you may pay commission on top of the exchange rate given. In the TRNC commissions are built into the exchange rates.

ctd.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
21/12/2009 20:00

The most important thing at present is to ensure that you do not get stuck with any Yeni TL notes after the end of the year. I'm not sure how easy it will be to get rid of them after 31/12/09.

If you have the new notes with the new design & you are likely to be visiting Turkey/TRNC next year, since the currency has been far more stable this year than in the past, it might simply be best to hang on to them until your next visit. The £ has become much weaker & the TL much stronger & more stable since the credit crunch.

Hope this helps & await the replies from those who still think depositing your money in Lira is risky. I know where I'd sooner have my money at present & it's not in the ailing £.

smithy


Joined: 17/07/2008
Posts: 5301

Message Posted:
21/12/2009 20:30

say that again Bill

My son forgot he had a lot of ytl in his wallet until he arrived back in the UK, said he would in future keep it until he comes back

Happy Hussar


Joined: 01/10/2008
Posts: 318

Message Posted:
21/12/2009 22:35

Thanks to you all for your replies. Depending on what the commission charge is for changing TL in the UK I Might still come out on top as the TL is at 2.35 in the UK and Exchange shops here are selling pounds for 2.49.

Tony

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
22/12/2009 00:56

Happy Hussar



You have got the wrong end of the stick to coin a phrase.



If you change TL into £ in the UK for every 2.80 TL they will give you £1 simples !!!!!!!!!!!!!!!!!

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
22/12/2009 01:49

msg 15

Glad you made that point lovingcyprus. Obviously my explanation was far too complex.

I'll try once more. I'll exclude any commission that may be charged on top.

TRNC bank gives you 2.42 TL for every £1 you give them.

UK. banks gives you 2.35 TL for every £1 you give them.

TRNC is the best deal. That's called "buying" TL with Sterling. You get far more TL for your sterling here or in Turkey.

Reverse is "selling" TL & buying Sterling.

UK. bank charges you 2.60 TL for each pound you buy. TRNC bank charges you 2.46 TL to buy each £1.

This is the better deal.

This is what happens when you change your TL back to sterling, you are "buying" sterling with TL.

When you are buying sterling & selling your TL. The lowest rate you can get is the best rate.

I do know what the rates are in the TRNC. I have no idea what the equivalent rates are in the UK. because I no longer live there (thank goodness).

Buying & selling currency is best not done at Heathrow airport.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
22/12/2009 06:41

Scruff knows what she is talking about, after several years of explaining same point on the forums.



Whichever way you are changing, the better deal is always here.



To reinforce whatever you do, get rid of all Yeni Lira before 31st December as after that date you will ONLY be able to change it at the Central Bank. Checked with friend at Turkbank, they will not accept them after 31st.

Texas


Joined: 22/09/2009
Posts: 634

Message Posted:
22/12/2009 07:48

It's TL to £, the subject is about.



So, if the rate in the UK is 2.80 and you have 280 TL you get £100.



If the rate is 2.40 and you have 280 TL you get £116.67.



Now, can you see that the "Higher" rate is actually giving you LESS!



Use a calculator, or better still, write down the rate on a piece of paper, then write down a slightly higher/lower rate with the equivelent return. I learnt this after arguing with the exchange man that his rate gave me less. He gave up arguing with me and took my rate, which gave me less!

straitasadie


Joined: 14/09/2009
Posts: 450

Message Posted:
22/12/2009 09:32

simple, the uk give you tourist rate and trnc 2 points below business rate.british banks are userers

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
22/12/2009 11:29

At the Post Office in the UK today you will get £1 for every 2.6994 TL simples !!!!!

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
22/12/2009 12:50

msg. 17

Thanks D. I once tried to explain this to a friend who ran a restaurant here in the TRNC. He lived here for 10 yrs & always got the rates in Cyprus Today confused.

Always remember that the higher rate of the 2 shown, in any country is not good for you, but for the Bank/Change bureau. This is how they make their living.

ROBnJO


Joined: 30/06/2008
Posts: 1289

Message Posted:
22/12/2009 12:59

Try:



http://travelmoney.moneysavingexpert.com/holiday-money/#results



In the left hand box click 'Buyback' for 'by the minute' results, enter the amount of TL you have.





Funnily enough the last 2 times we have ended back in the UK with TL, we have got the best £ rate from M&S!

Better than the Banks or Post Office. Last time even Barclays & Natwest admitted we were better off with M&S.



Rates obviously change by the minute.





Rob

ROBnJO


Joined: 30/06/2008
Posts: 1289

Message Posted:
22/12/2009 13:13

Forgot to say, ignore the 'rate' you are offered. Look for the 'cash' amount.



At the moment, for 1000tl you will get:



Natwest @ 2.501,...... £399.84

Post office @ 2.699,... £370.45



Haven't checked M&S.



Rob