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lira exchange in UK or northern cyprus

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stevethet


Joined: 16/02/2012
Posts: 3

Message Posted:
20/02/2012 14:43

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Message 1 of 11 in Discussion

Hello experts,



The best exchange rate I have found today in the UK is 2.7 turkish lira to the pound, please advise me if I should wait to exchange pounds on arrival in northern cyprus and if so where you suggest I'll get the best rate.



Many thanks,



I'll be visiting for a month so really looking forward to explore.



Kind regards, Steve



erolz


Joined: 17/11/2008
Posts: 3456

Message Posted:
20/02/2012 14:46

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Message 2 of 11 in Discussion

Generaly you will get better rates here than in the UK in my experience. You can also check the rates on offer from one of the exchanges here online, called monex



http://www.monexcyprus.com/



quietme


Joined: 13/01/2012
Posts: 14

Message Posted:
20/02/2012 14:47

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Message 3 of 11 in Discussion

hi steve,always better to wait until you arrive in the country,the rates been really good for a while now.im sure the experts on here will be able to give you more info though.enjoy your month in the trnc.



stevethet


Joined: 16/02/2012
Posts: 3

Message Posted:
20/02/2012 14:51

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Message 4 of 11 in Discussion

Many thanks erolz and quietme, ill use this forum more often!! Tesekuur ederim!!



Jonesy299


Joined: 07/02/2009
Posts: 367

Message Posted:
20/02/2012 14:55

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Message 5 of 11 in Discussion

Timing and luck play a part too - if you are out soon then exchange here. If you are coming out in a few months you have to decide if the rate (which is dropping) is likley to continue i.e. 2.7TL in UK (Feb) looks like a good rate if the rate on arrival here at Easter (for example) is 2.5TL.



Good luck deciding!



Jonesy299


Joined: 07/02/2009
Posts: 367

Message Posted:
20/02/2012 15:00

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Message 6 of 11 in Discussion

In addition to my previous post - if it is to exchange large amounts of money (i.e. thousand s and thousands / life savings / house taxes etc) then it is a key concern to get it right.



If it's just holiday spending money (500 - 1500) then, frankly, leave it till you get here and if you lose out by a few points it doesn't matter too much!! On 1000 the difference between 2.7 and 2.5 (for example) is 30 YTL (i.e. about 12!!!)



mermaid


Joined: 23/07/2009
Posts: 135

Message Posted:
20/02/2012 15:13

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Message 7 of 11 in Discussion

Save yourself the hassle and change it here. You may use sterling virtually anywhere for immediate convenience then change in the bank or exchange.



colly


Joined: 31/07/2008
Posts: 297

Message Posted:
20/02/2012 15:21

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Message 8 of 11 in Discussion

I am not saying take the gamble but I make it quite a lot more than that. 200ytl or 80 at the lower rate! 0.2 on an exchange of 2,7 is quite a difference.

On the subject be very careful if exchanging any currency in the post office. If you collect from the post office without having preordered (over 500 online) the rate is a rip off in my opinion, it tends to be about 8% off of what you can get walk in at tesco or others.



yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
20/02/2012 15:24

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Message 9 of 11 in Discussion

Here there is a very tight buy/sell margin, and no commission, so better to change here and change any back before you leave if you get it wrong, but with no commission charge here, you only need change what you need as you go.



harita


Joined: 14/08/2008
Posts: 1343

Message Posted:
20/02/2012 17:21

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Message 10 of 11 in Discussion

I would gamble & change half of the money you intend to bring if you can get 2.7 in the UK ..

Could be less here when you come .. If it's more you win again ..



colly


Joined: 31/07/2008
Posts: 297

Message Posted:
20/02/2012 20:26

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Message 11 of 11 in Discussion

Would not call it a win again as if you had waited then you would have ended up with more YTL so an actual loss, however it would be a good hedge should it go down to 2.5 the average would be 2.6.



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