Banking

[keithandjackie]

Hi all,

We are at last going to open a bank account in Koycegiz and wondered if anyone could recommend a bank to us. We would prefer somewhere where English is spoken.
Also can you tell me what interest rates are being paid at present and on what type of account.
All replies will be appreciated.

Keith and Jackie.

[angryumpire]

We use the Isbank in Koycegiz. As you enter the Bank, the man at the first desk on the right speaks acceptable English. The Isbank pays anywhere between 15-18% on a 31 day Lira Deposit Account, depending on how much you deposit, you have to negotiate.Tax is deducted at source on the interest, I believe its 2.5%, but if you withdraw any money before or after the interest due date, you lose all the interest for that 31 day period. This is standard for all Banks. We use the Isbank because they make you welcome,good service with a smile and don't treat you like an idiot, as in some Banks.

[keithandjackie]

Thanks for this reply. We will look to join the Isbank when we are next in Koycegiz.

[angryumpire]

You will need your Passport and Tax number to open an Account, and if you want a a Joint Account, both of you will need to take Passport & Tax number. On a Joint a/c, either of you can operate the Account, without the other person being present, and only 1 signature required.

[angryumpire]

The TL has weakened as the global financial crisis deepened. In one week, the the Lira fell 6.3% against the Pound, the Lira opened at 2.44 and closed at 2.60 last week.

In August the Lira sunk to 2.15, middle of the Tourist Season.
Since then the Lira has weakened 21%, and so for every £1000 changed,you now get 450 lira more. Hooray !!!!!!!!!!! ;D ;D

[broglia]

Jills' timing is perfect - I wish I had been so lucky

[angryumpire]

:)Today's Exchange Rate is 2.78 lira to the Pound ( coinmill.com ). Could be heading towards 3.00, I wish !!!!!!!!, but you never know. 23/10/08 ;D

[angryumpire]

Lira down to 2.43 to Pound, dropping before your eyes. Oh well!!!!, good while it lasted.

[Fenlander]

I was waiting and hoping it was going to hit 3 then I was going to buy some

[angryumpire]

This is the problem with us mere mortals, knowing when to buy!!!!. The problem of the volatility of the Lira is because it is linked to the Dollar.
Just to heap more misery on you, if you changed £10,000 @ 2.70, you would have 27,000 Lira,if you changed 27,000 Lira back to Sterling @ 2.20 you would receive £12,272, a nice little profit, but who's got the bottle to take the chance ??

[angryumpire]

The Central Bank unexpectedly, and without any warning, reduced the Interest Rate by 0.5% to 16.25%. Good news for Borrowers , bad news for Savers .
The markets reacted badly, with the Lira dropping 3%, due to no warnings given. The CB will see what effect this has on borrowing and unemployment, and if this measure is positive, there will be more interest reductions over the coming months.

[angryumpire]

All Banks in Turkey are asking their customers,Turkish and Foreign, to prove their identity by 31st. Dec., or your accounts could be FROZEN. This is due to EU reforms, to combat money laundering, whereby in the past, opening an account was all too easy.
Proving ID is simple, take a utilility bill, proving your adress in Turkey or your home country, and I would suggest your Passport/ Residence Permit as well.
It is unclear what happens if you are not residing in Turkey, and I trust the Banks in Koycegiz will use a bit of common sense.
Will keep you informed if anymore info. comes available
I will not be back in Turkey until 5th. Jan., so I have the same problem, although I assume that if you use the Bank on a regular basis, they will not be too pedantic.

[angryumpire]

Good news?, The Gov. has extended the deadline for proof of ID to 1st. June 2009, due to the Banks not able to process 90 million accounts in time. But the threat still remains, frozen interest payments and unpaid DD's
Customers who are NOT Turkish Citizens and are able to visit their Bank in person will need to produce the following.
Their Bank Book.
Photo ID such as Passport/Res. Visa
A Turkish utlity bill in their name.

If the Customer only has UK I.D., you will need an Inland Revenue Coding Notice or a UK utility bill showing your UK adress.

If you opened a Bank Account after 1st.July 2008, no action is required.

[angryumpire]

For those people who cannot get to Turkey before the end of May 2009, it has been suggested that you send someone into the Bank and explain the situation and enquire if they will accept faxed copies,but don't hold your breath, it will depend on who they speak to. Threaten to move your business to another Bank if they won't play ball, this normally has the desired effect.

[angryumpire]

Bad news today!!!!!! , 0nly 2.28 lira to the pound.
It's as bad for the Pound against the Euro, £1.00 gets you 1 Euro,all due to the Pound dropping like a stone.