Withdrawing Money

All to do with money - Banks, Insurance, Savings, Exchange Rates...

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Amorgos
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Withdrawing Money

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Post by Amorgos »

I need to use my British Sterling bank account to get a a few thousand TL in the most effective way possible.

How would you advise me to do this?

Thanks!

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Keithcaley
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Re: Withdrawing Money

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Post by Keithcaley »

When you say "in the most effective way possible", do you mean the fastest, the most certain, or the cheapest / best exchange rate?

The cheapest & simplest way, and the way that will give you the best exchange rate, is to simply withdraw the cash in the UK and bring it out with you - or get someone in the UK who is coming out to bring it with them. Then change into TL at the place opposite the Dome Hotel - make sure to ask for a better rate if it is several thousand pounds. Note that you / they will need to declare anything over a certain amount to the UK Border control people - I think that it's around £10,000, but there is no problem in bringing more, as long as you declare it & can show where it came from - it's just to prevent 'money laundering'.

If you have in excess of £60,000 laying about, then an HSBC Premier account will allow you to do transfers at no charge between your UK HSBC account and your TRNC HSBC account.

Nationwide have a specific account (Flex??) that allows you to draw Sterling from cash machines in TRNC, but I think that the limit is £300 per day - not much good if you need a lot of cash in a short time

No doubt someone will be along to enlighten us a bit more in a few minutes!

Amorgos
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Re: Withdrawing Money

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Post by Amorgos »

Its only around £3,000 GBP's worth of Turkish Lira I need to get out. And I don't have the option of taking it out back in the UK as I need it early next week

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Keithcaley
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Re: Withdrawing Money

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Post by Keithcaley »

If you haven't got any of the aforementioned accounts, then it looks like you'll just have to do a standard international money transfer - Bank to Bank, and depending on who you bank with in the UK, and who you bank with here will dictate what it costs you - worse case 6% to 8% in total, and a crap exchange rate - but you may get off lighter than that. However, both ends of the transfer will charge you for the privilege, that is, the UK bank and the TRNC bank.

Make sure that your TRNC bank gives you detailed, specific instructions for you to pass on to your UK bank - most UK banks are not familiar with transferring money to TRNC, and it often gets 'temporarily lost' on the way, but provided that you get them to follow your TRNC bank's instructions to the letter, all should be OK.

You've left it a bit late if you want the money 'early next week' - in my experience, if you start the process on Monday, you'll be lucky to receive it much before the following Monday - Sorry!

It really is better to investigate all the options and organise things well in advance if you want a smooth, on-time, low cost transfer.

Amorgos
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Re: Withdrawing Money

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Post by Amorgos »

Solution found.

Luckily the account I have has a withdrawal limit of 2k per day so I've managed to withdraw in GBP from HSBC.

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Keithcaley
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Re: Withdrawing Money

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Post by Keithcaley »

Amorgos wrote:Solution found.

Luckily the account I have has a withdrawal limit of 2k per day so I've managed to withdraw in GBP from HSBC.
Well, that's good news!

As a matter of interest (no pun intended ) did they tell you what charges they will levy?

Could you please let us know what they charge you?

Thanks in advance...

Amorgos
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Re: Withdrawing Money

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Post by Amorgos »

In their documentation they list withdrawing money abroad using a different currency outside the Europe as 2%, but they do not mention withdrawing sterling so I'm not sure.

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Keithcaley
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Re: Withdrawing Money

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Post by Keithcaley »

Amorgos wrote:In their documentation they list withdrawing money abroad using a different currency outside the Europe as 2%, but they do not mention withdrawing sterling so I'm not sure.
Understood, I thought that might be the case - I would appreciate it if you could let us know when you check your bank statements though - how much (if anything) the UK bank charged you and ditto with the TRNC end of the deal.

We often see this sort of question, so everyone's experience helps us to advise others...

Thanks in advance!

Keith.

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mamachina
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Re: Withdrawing Money

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Post by mamachina »

I have an HSBC uk account and use my debit card to take maximum out of local HSBC in sterling - seems to be same as taking it out of a hole in the wall in UK.. If we use husbands card, Barclays, he pays commission at quite a high rate. we then change it when rates are nice and high! - or when we must change it, whatever the rate!!!

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Marions
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Re: Withdrawing Money

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Post by Marions »

We do the same as Mamachina. withdraw cash(sterling) from the wall on U.K card, and then exchange at best rate. One gets a better return than withdrawing turkish lira on an English card.
Maid Marion of Malatya
'Plan as if you will live for ever, but live each day as if it is your last.'

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Keithcaley
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Re: Withdrawing Money

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Post by Keithcaley »

marion, what bank is your UK debit card with?

woodspeckie
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Re: Withdrawing Money

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Post by woodspeckie »

keith. Nationwide do have a debit card Flex account but you must make sure it is not a Cash card account, people have taken this account out and found themselves paying commission and then saying on forums Nationwide make a charge for withdrawing sterling when they have the wrong account. We use ours all over Turkey and NC and never been charged, you have to have a minimum of £700 a month paid into the flex you also get free travel insurance we pay about £70 extra to cover medical problems for an annual cover European policy. We also have a credit card with the Flex account and pay it up every month so never get charged on that, we use it when paying our six week bill at the Hotel in NC when we leave about 4th Jan but don't pay the bill until March, a good deal that. I get a price in GB pound at the Hotel and that is what they put on my bill so no commission anywhere.

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Keithcaley
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Re: Withdrawing Money

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Post by Keithcaley »

Thanks for the additional info, woodspeckie

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