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[ TURKISH LIRA TODAY ] On the way down (again)..?

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DutchCrusader



Joined: 19/05/2008
Posts: 11281

Message Posted:
22/12/2011 10:29

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Message 1 of 24 in Discussion

At 8 am this morning: ▶ [ http://www.allcrusades.com/BB_pics/IMG_0352.PNG ]



DutchCrusader



Joined: 19/05/2008
Posts: 11281

Message Posted:
22/12/2011 10:34

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Message 2 of 24 in Discussion

And here for the British pound at 10.30 am:

▶ [ http://www.allcrusades.com/BB_pics/IMG_0353.PNG ].



eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
22/12/2011 10:39

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Message 3 of 24 in Discussion

Hans, are you saying that this morning it went down to 2.46....and then back up to 2.96 ?



DutchCrusader



Joined: 19/05/2008
Posts: 11281

Message Posted:
22/12/2011 10:45

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Message 4 of 24 in Discussion

@ msg 3, eager: Although the graphic made it clear I could have added in msg 1: TL - Euro.



eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
22/12/2011 10:56

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Message 5 of 24 in Discussion

Hell, thought i had just made 60k



gromit


Joined: 28/10/2010
Posts: 75

Message Posted:
22/12/2011 12:30

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Message 6 of 24 in Discussion

Sterling is fine, don't panic!



http://uk.advfn.com/p.php?pid=qkchart&symbol=FX^GBPTRY



gromit


Joined: 28/10/2010
Posts: 75

Message Posted:
22/12/2011 12:33

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Message 7 of 24 in Discussion

Euro looks quite stable as well.



http://uk.advfn.com/p.php?pid=qkchart&symbol=FX%5EEURTRY



mikelapta



Joined: 20/11/2008
Posts: 2186

Message Posted:
22/12/2011 12:35

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Message 8 of 24 in Discussion

It's not very good for us poor pensioners when we are paid in the currency of the country.i.e pounds converted to Turkish lira





Mike



DutchCrusader



Joined: 19/05/2008
Posts: 11281

Message Posted:
22/12/2011 12:49

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Message 9 of 24 in Discussion

@ msg 6 and 7, gromit: This site wants to place SEVEN cookies on your hard drive! WHY is that and WHAT INFORMATION are the cookies collecting/remembering..?!



gromit


Joined: 28/10/2010
Posts: 75

Message Posted:
22/12/2011 12:55

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Message 10 of 24 in Discussion

mikelapta



A year ago your would have got you 2.2ish TL.



Now it's getting you 2.9ish, thats an increase of over 30%.



What's not to like?



Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
22/12/2011 12:55

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Message 11 of 24 in Discussion

Mike do I understand you correct, you get paid in Sterling but you are worse off ?

Surely you are getting more TL for your pound then this is good Yes/ no



Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
22/12/2011 13:05

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Message 12 of 24 in Discussion

If the lira is going down then the /tl exchange rate is going up - i.e. you get more tl for 1.



gromit


Joined: 28/10/2010
Posts: 75

Message Posted:
22/12/2011 13:05

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Message 13 of 24 in Discussion

Hans



Don't panic!



ADVFN is one of the most trusted and professional financial websites available. I have used them for over 10 years without problems.



A number of cookies are used as they provide almost endless live streaming data. You will not be bombarded by 'rogue' sites, maybe just the occasional financial pop-up, which of course can be avoided with an effective pop-up blocker.



If unsure, you can, of course, delets cookies on a regular basis.



G



mikelapta



Joined: 20/11/2008
Posts: 2186

Message Posted:
22/12/2011 13:21

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Message 14 of 24 in Discussion

No the British Pension Service convert my UK Pension from Pounds and pay in the local currency ie

Turkish lira.I have correspondence from them.

Ergo my pension is 25 % lower than a year ago.



But I have a Private Pension,and that is paid in Sterling



Mike



Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
22/12/2011 13:28

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Message 15 of 24 in Discussion

Can you not have your pension from the govenment paid into a sterling bank account and then draw sterling over there ?



MaggieAndBernie



Joined: 26/07/2008
Posts: 2012

Message Posted:
22/12/2011 13:32

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Message 16 of 24 in Discussion

Mike, how do you get the bottom 3 lines of your posting in blue?



Maggie



gromit


Joined: 28/10/2010
Posts: 75

Message Posted:
22/12/2011 13:43

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Message 17 of 24 in Discussion

mikelapta



Now you've really confused me!



Are you saying that the UK Pension payments you receive are paid in TL at some predetermined unchanged rate?



That should not be the case.



Your Pension is subject to the current FX rate between currencies.



Do you know what rate of exchange they are applying?



If it is not 2.9ish, something is very wrong with your arrangement.



mikelapta



Joined: 20/11/2008
Posts: 2186

Message Posted:
22/12/2011 14:17

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Message 18 of 24 in Discussion

Robert.I quote from a letter from UK Pensions dated 6th Oct.this year



"I would like to explain that all UK State Pensions are made in local currency,and it's not possible to

pay into your account in British Sterling.

Foreign currencies are purchased in bulk to ensure we receive a very competitive exchange rate.Fluctuations in the rate of exchange mean that the amount of pension you receive in local currency

can go up or down "



OK?



Maggie,Don't know



Mike



metininkibris


Joined: 12/12/2011
Posts: 86

Message Posted:
22/12/2011 14:27

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Message 19 of 24 in Discussion

HOW DID YOU MANAGE TO GET UK TO PAT STATE PENSION INTO LOCAL TRNC BANK ? PLEASE? they refused to do this for my partner.



jacko99


Joined: 26/06/2009
Posts: 52

Message Posted:
22/12/2011 14:32

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Message 20 of 24 in Discussion

mike lapta can you not get your uk state pension reinstated as if you were back in uk and get what everyone

else gets if necessery tell you rmoving back and leave it at that i do not understand why are you loseing

out i am having trouble wiv revenue and customs convincin non uk domiciled even if been out of country for five years and residencey stamps and permanent adress as doicile of choice they can not haqve it both ways



mikelapta



Joined: 20/11/2008
Posts: 2186

Message Posted:
22/12/2011 14:33

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Message 21 of 24 in Discussion

Metin...I have the email...TVP International Queries,but it is a 1119 day delay in replying.

You could start off by Skyping them





Mike



mikelapta



Joined: 20/11/2008
Posts: 2186

Message Posted:
22/12/2011 14:37

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Message 22 of 24 in Discussion

Jacko,the British taxman and I are not very good friends.Better I lose some money here,than risk losing a lot in UK





Mike



gromit


Joined: 28/10/2010
Posts: 75

Message Posted:
22/12/2011 14:46

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Message 23 of 24 in Discussion

mikelapta



Thanks.



It appears, superficially, that the Pension service is not providing anything near a competitive rate.



If you find your Pension is down by 25% while Sterling is up by 30%+ against TL you are definitely being 'shafted' by a horrendous exchange rate.



By Law, being 'unauthorised', I am not allowed to offer any Financial Advice, so my 'suggestion' would be to looking at having Pension payments made in Sterling to a UK Account, be it a trusted relative or whatever other means.



That would give you the option of drawing Sterling, or TL, in NC through your nominated local Bank to take advantage of Exchange Rates. That could give you an immediate increase of 30%+.



I would still have thought that they should show the Exchange rate applied to payments. Have you seen this anywhere?



birdman



Joined: 20/09/2010
Posts: 690

Message Posted:
22/12/2011 15:25

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Message 24 of 24 in Discussion

Mikelapta

Do as suggested. If you have a UK bank account then TELL the taxman you wish to have your State Pension payed into that account in Stirling. If you do not have a UK Bank account then open a Stirling Account here in TRNC (or indeed in the UK) and ask the Taxman to pay your pension into that account IN STIRLING.

That way you can collect your pension either way in TL (From the Hole in the wall) and/or get the full benefits of the current exchange rate or take it from your TRNC Stirling account and exchange it at the bank at the current rate..

Gerry



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