Currency

[dragon]

Thanks dksbbs for the exchange rates back to 2002. I check the rates throughout the year as well but can only go back five years.

Even though the rates are always better in Icmeler than at home it is always a gamble. If for example we change our money now at between 2.4 and 2.5 the rate would still have been better in Turkey if we could have changed our money there now.The risk is, if the rate here goes down to e.g. 2.2 in the summer, the rate at the time will still be better in Turkey than here, but we would have been better off changing our money now instead of waiting. So even though the rate is always better in Turkey it doesn't mean that we would always get the best rate for our money.

If our interest rate goes up the lira will go down. From what I've been reading it looks pretty certain that our interest rate will go up in the next couple of months (based on what the votes were in the last meeting) in order to bring our inflation rate back down.

Of the three companies recommended by thisismoney, Ice has free delivery if ordering £500, Travelex is also free over £500 but has a delivery charge of £3.95 when ordering up to £300. Thomas Global Exchange, even though they have a better exchange rate there is a delivery charge of £7.50 for any amounts up to £2,500 so if the rate is 2.513, by the time you take the charge away for say changing £500 you would get 1238 lira which works out to the equivalent of 2.475. This is still a good rate but there may be another company with an even better rate without delivery charges, e.g. today Travelex is 2.496. It is always worth checking the charges as it affect how many lira you actually receive. Bupa is another that always has a good rate but you need to buy £800 for free delivery.

In the past we've always either changed our money in Icmeler or used a Nationwide credit card (no charges) but if I can get a rate of 2.5 (with no charges) now I think it will be worth the gamble (I hope).

[dksbbs]

Well I checked all day and the pound continued to drop and at the moment the Interbank rate is 2.58 so its lost most of the gain from yesterday, As I said yesterday I have now taken the plunge and gambled £500.91 for which I will receive 1260 Lira which works out at a rate of 2.5154, I was hoping for 2.53 but I'm happy, it's the best rate I have had since 2007.

I agree with Dragon, if the Bank of England raise interest rates next month we will see the pound strengthen, if Turkey lower there interest rate the Lira will weaken so we may be in for a double increase between the 15th-23rd March hence I may have another gamble then if nothing happens before.

By the way I used ICE PLC

Dave

[dksbbs]

Not good news today with the revised figures from Q4 in 2010 changing from -0.5% to -0.6% the pound has devalued against most currencies, the Lira currently stands at 2.56 down from a peak on 2.61 on Wednesday. Hopefully we will see a economic growth in Q1 of this year (Announcement due in April) else we will be back in recession and god knows what will happen to the £

Dave

[viking pete]

Just seen Cheque Centre in Hull city centre offering 2.485 no charges, no minimum spend - most Ive had in Turkey is 2.45 in Sept 09.

just bought 500YTL for £201.21- so the offer is ok.

Happy with that for the time being

[linzipinz]

Bupa today are offering 2.54

[dksbbs]

Bupa today are offering 2.54

Edit: Thanks for posting this information, and please keep doing so when you see a good rate.

A very good rate but you need to change more than £800 to avoid the £4.95 delivery charge, so depending on what you change gives the following rates

£ Lira Rate
100 95.05 2.41
200 495.43 2.48
300 749.43 2.50
400 1003.43 2.51
500 1257.43 2.51
600 1511.43 2.52
700 1765.43 2.52
800+ 2032.00 2.54


The Best for £100 is ICE
The Best for £200 is ICE
The Best for £300 is SAGA
The Best for £400 is MONEYCORP
The Best for £500-£799 is ICE
The Best for £800 is Bupa

Remember your money is at risk changing online, ICE is one of the three recommended by ThisIs Money.



Dave



edited to say thank you for the post.

[dragon]

A bit late checking the rate today (been celebrating St. David's Day).

Just ordered some Lira on Ice as the £ has strengthened today and the rate is 2.527. I know I would have got a slightly better rate with Bupa at 2.54 but didn't want to change £800. There is still a chance it could go higher in March/April, we'll just have to wait and see.

The plan is, if the rate goes much higher, I'll keep the Lira I've bought and use them when the rate is low and then buy some more at the higher rate to use this year (finance permitting).

[Katiehutchinson_1991]

hope it goes higher in April
especially in the first week when we go to alanya
would be a bonus
not really bothered though as long as it maintains 2.5
xxxxx

[feefee1970]

its was 249.47 in most shops in glasgow, never got any mind you 3 shops where out of Lira and its not back in till monday

[jayjay1950]

It was 2.47 from Asda this morning

[dksbbs]

It was 2.47 from Asda this morning

If you purchased any you should have asked them to match their on-line rate which is 2.5183, if they refused you nip home do an online order and nip back to collect.

For £500 you could have made an extra 24Lira which is 6 pints of Efes so well worth it.

Dave

[dimrie]

Got 2.52 today at The Money Shop

Diane

[dragon]

The rate with Asda online today is 2.5308 and Post Office online at 2.5287, they're both higher today than Ice which is 2.513. Normally the rate with Ice is higher. If as has been suggested earlier Asda will match the online rate in the store, it seems like a good deal.

[feefee1970]

im not sure if our local asda do the cash our post office dont do lira anymore and have been in 3 shops today no lira, have ordered some but not commited to purchase if the rate drops 251.7 i think

[dragon]

im not sure if our local asda do the cash our post office dont do lira anymore and have been in 3 shops today no lira, have ordered some but not commited to purchase if the rate drops 251.7 i think

You'll find the list of asda stores that have bureaux on http://www.asdafinance.com/travel/travel/benefits/

[jayjay1950]

Not got any lira yet dave,i am hanging on

[goodlookinbill]

hi every one. with out sounding stupid. how come our holiday monies is about 2.5 ish at the moment. i had to bend my mates arm up his back (joke) last year as he owned a post office to get 2.5. now question is do i buy now or wait. i cant ask my mate as his in india for another 3 weeks tut. all the best bill.

[dragon]

Hi Bill
There is a lot of information on the Currency thread keeping forum members up to date on the best rates available.

The reason why the rate is better is because the interest rate went down in Turkey in December and has stayed down, also the £ has strengthened, both of these making the exchange rate better for us.
There is a chance that the exchange rate may increase in a few weeks, depending on whether our interest rate increases but then it also depends on what the Turkey Central bank decide.

It looks as if the interest rate in Turkey will stay down as the economy minister has told reporters that he backs the Central Bank in keeping their rates down so it looks as if the low rate will stay at least for another month, this is good news for us. When our interest rate goes up it will be even better, it may go up at the end of March/April, but it might not increase until June or even later in the year.

The problem is that there are so many different things affecting the rate that it is a gamble on whether to exchange now or to wait. I hope this helps.

[dotty]

Ordered £500 of Turkish Lira at Asda Online and got 2.5308, free delivery if you order £500 or more, I'm well pleased

[feefee1970]

Im going to get from Asda, cant seem to get Lira here at the moment