exchange rate

[Malcolm]

Hi,

is it possible to provide info on the current exchange rate in Dalyan
eg is it a better rate than in the uk ?

Thanks Malcolm

[Tubby2]

Hi Malcolm

Personally I think its best to change money either at the Post Office or the Bank in Dalyan, get a much better rate than in England. We usually carry about ?40 in Turkish Lira (usually left from the last trip) for "just in case" things. Take the rest of spends in Pounds and change when you get there. Rate usually changes a few lira daily, so we tend to exchange every other day or so. I think its around 2.39 to the Pound at the moment, but I'm sure those that live there all year round (lucky things) can you fill you in on this.

[Malcolm]

hi tubby...yes that is what we usually do as well....so I am hoping someone who is there at the moment
can provide the current rate so we can compare with the uk.
thanks Malcolm

[Andy]

The rate changes daily so i would wait till your about to go

i have noticed that in the holiday season the rate is a lot better

but i have seen it as low as 2ytl to a pound at the moment is hovering just below 2.4

[Dalyansteve]

You are all correct, you will always get a better rate at the bank or the post office, this applies to any resort,
The change offices anywhere and especialy the airport are a rip off.
To get the actual rate of exchange online the best site is www.paragaranti.com and click on DOVIZ in the button bar, sorry it is all in Turkish, there are little boxes that you can play with to see the central bank' at the moment' rates for dollar, euro and sterling, another box showing parity dollar/euro and another showing rates supposedly at the branches, take those with a pinch of salt as the rates at the bank itself are slightly lower than online.
If you have an account with almost any Turkish bank, you can do most of your banking online including currency exchange at better rates than in the branch itself but you need to know when to do it, so you use the website above as an indication.

[John Codling]

We use our Nationwide card and always get as good or better rate than the post office or bank there.

Note that although Nationwide have recently announced they are going to start passing on the Visa charge for purchases abroad on their debit and credit cards [where applicable] this does NOT apply to Turkey according to their website.

[Garry]

Never exchange in the UK nor at the Turkish airport when you arrive - Ripp Off .. If you do get confused with the foreign currency then shop arround with Sterlin , carry 10 or 20 banknotes with you and pay with sterlin , euro . You may get the change in Turkish .. NO PANIC PLEASE:Money:

Garry
(wine is luvly)

[Stan]

The rate was 2.50 last week but low and behold I am going to Dalyan on Monday and the rate is 2.35. The easiest way to get the best rate is go one week earlier than me you will never fail.
Like Steve said the best way is to have a bank account with online banking and keep money in a sterling account then exchange online when the rate is good. The money is then put in your lira account. I had no money in my sterling account so could not take advantage of last weeks rates. Obviously this is only ok for people who spend a lot of time in Turkey.
I check the rate daily and use the BBC news site, market data, currencies, it is quite accurate and is updated every 5 minutes or so.

Stan:Money:

[Dalyansteve]

Stan's law must work with me too!!! When I have sterling to change up, the rate is rubbish and when I have just changed some up the rate goes balistic.
So the answer is ask Stan when he is going or me when I have some money, and avoid at all costs!!!
Sorry it changes all the time, spend a few days watching the paragaranti website, you will see what I mean.

[John Codling]

Does anyone know if there any bank charges involved when changing from a sterling account to a lira account or vice versa in a turkish bank?

i.e. if you had say ?500 in your sterling account and you saw the rate had reached 2.5tl and you moved sterling into a lira account you would get 1,250tl. Then if you saw the rate go down to 2.3tl and you moved the lira back into your sterling account you would get ?543.48 for it making a profit of ?43.48 overall.

However if there are bank charges both ways this would affect your net profit in playing the exchange market.

[Stan]

I tried to ask this in the bank but they just looked at me with blank faces. I didn't pursue it, I thought I would just try it. No charges as yet! The spread between the buying and selling price varies throughout the day too. When I changed sterling to lira recently I looked at the banks buying and selling rates in the morning.There was a spread of 0.5 lira. Later that day it was 0.2. Why? I don't know. I have just checked Isbank and the rate is 2.33 to sell pounds and 2.44 to buy pounds, so quite a large spread.
Stan

[John Codling]

Thanks Stan, had forgotten about the buy and sell rates, thats where the banks make their money. Taking your figures if you changed ?1000 at 2.33 = 2330tl change it back at 2.44 only gives you ?950 odd. There would have to be a big fluctuation to get anything out of it.

[Stan]

Hi John. This proves what you have just said,this is where the banks make there money but keep an eye on it and at some times in the day that spread will be smaller. The more money you have to play the exchange rate game the better, you also need a little nerve. A profit of 0.05 tl per pound on a lot of pounds can be well worth the effort, but I think you would have to spend a lot of time in front of the pc watching the figures all day. Stan:Money:

[Dalyansteve]

Nerves of steel, lots of money, lots of time and a lot of guesswork are the key ingredients to make money out of currencies, I mean who would have thought 6 months ago that the US Dollar would now be so strong against all other currencies and the pound is lagging behind everyone else? Perhaps now is the time for everyone to buy sterling, well all those people who bought dollars when they were cheep.
Being on a limited and irregular budget, I have to get the best rate possible, sometimes it is good and sometimes it's not so good.
Not a lot any of us can do about it.