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PostPosted: Tue Feb 06, 2007 9:36 pm 
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I need to transfer money from the uk to Turkey each month and wondered the best way to do it without high charges. The amounts will be about £400 per month for 6 months going down to £150 a month for the other six months. (Not sure if some companies have a lower limit)

For convenience I also want to be able to transfer this money from my pc at home.

Any suggestions please? Thank you.



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PostPosted: Wed Feb 07, 2007 1:37 am 
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Hi Kai.I suggest that you use HSBC UK. and the same in Turkey.Charge is 10 GBP's whatever the amount and it is normally in your Turkish HSBC Account the following day.



Ian


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PostPosted: Wed Feb 07, 2007 2:47 pm 
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I agree with RIK here. I transfer each month from my First Direct account (part of HSBC) to my HSBC account in Turkey and it costs £10. You will need to ask the receiver to get an HSBC account if he/she does not already have one and you will also need an HSBC or FD account. Also, make sure you get the IBN/Swift codes for the receiving bank account. When I first started transferring money I did not provide my UK bank with these details and I incurred additional handling fees in Turkey. When I provided the information the handling fees stopped.



The money has never been in my account the next day though, but is usually cleared within 3 days (max) after transfer.



Other UK banks were charging £30 - £50 for the same transaction!!



Shaun


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PostPosted: Thu Feb 08, 2007 2:42 am 
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Hi Kal,



The previous replies appear to confirm my own experiences.



I regularly transfer amounts of around £1-1.5K from a Bank of Scotland account to a turkish HSBC account, and the usual charge is approx £12.00, rising to £25.00 for sums of £10K and above, and transfers have taken from 18 hours - 3 days.



Once you have all the IBAN nos in place you can transfer by telephone banking from either UK or Turkey, although I have not yet tried this via internet banking which would be very useful.



It may be inseresting to see if you can agree a discount for regular transfers though??



Best of luck



Bob


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PostPosted: Thu Feb 08, 2007 6:21 pm 
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thanks to everyone for your replies. When I researched it I also came up with hsbc but thought that even that £10 each time was an expensive way of doing it. I must be very tight! I"ll sort out an hsbc account asap and thanks again for everyones help.



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PostPosted: Fri Feb 09, 2007 1:11 am 
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boabnmay, that's interesting - I can bear out what you're saying about the bank of scotland fees - I recently had £10k transferred, and their charge was £17.50.

Which I didn't think was too bad, BUT there was a charge of another £35 levied by the transferring bank (BoS don't do their own). The transferring bank turned out to be HSBC, who charged commission on the deal. Your experience seems to say that if I were to open an account with HSBC, this charge (which did seem exorbitant) would disappear.

I'll give it a try, thanks!


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PostPosted: Fri Feb 09, 2007 10:52 pm 
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search for swift. i had 2000 aus $ transfered and they charged 15$ or even less.The only problem we faced- one of the parties had to call the bank, in order to make sure that the money went through and it took 3 days to recieve it.


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PostPosted: Sun Feb 11, 2007 9:50 pm 
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A very important element here is to make sure that the currency account is in the same currency as the senders has transfered in, then you still get the charge for service if they arent part of a chain like HSBC but you dont pay for local conversion which is the expensive part. Easiest to either setup a dollar, euro or possible sterling account.


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PostPosted: Tue Feb 13, 2007 2:45 am 
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Location: Antalya / Side/Manavgat
Hi



Can i ask...Im too pay deposit on a flat i will be renting in may and im not sure what is the cheapest way of doing this...i am with Natwest bank in Uk.



Is it best by debit card,cheque or cash?



And also is it expensive to draw money out from Turkey as i will not have an income just savings



Thanks in advance


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PostPosted: Tue Feb 27, 2007 1:17 pm 
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If you are living in Turkey one of the best ways to get money from the UK (apart from HSBC) is an English Nationwide account with a debit card. No charge to get up to £300 per day via an ATM, the same applies to a HSBC Turkish debit card in the UK, I have done this both ways and no problems


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PostPosted: Sat Mar 03, 2007 4:18 am 
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Hi Aggies Cat,



Re our shared banking experiences, I have had no charges from HSBC for any transfer, so probably a good deal.

I would also agree with rosewall 1 about the freebie service from Nationwide ATM's, although they are not quite so flexible as B of S with their telephone banking.



Best of luck to all with their transfers.



Bobnmay


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PostPosted: Sun Mar 04, 2007 12:01 am 
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Hi Shaun.Just transferred a sizeable sum over and this is what happened.Sent Fax Instructions at 07-00am UK time.Had security check call from Indian call centre at 1-00pm UK time.Looked at my Turkish HSBC at 9-00pm Turk. Time and there it was.Got to be a Bloody record.10 GBP Charges. This I can live with and all the same day.



Ian





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PostPosted: Sun Mar 04, 2007 4:02 pm 
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Ian



I am glad it worked out well for you. 10 GBP really is not a lot when you get that kind of service. I guess you get exactly what you pay for!



Best regards



Shaun


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PostPosted: Mon Mar 05, 2007 3:15 am 
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Hi Ian, gosh that is impressive.

Only thing I'd like to ask is, is your HSBC account actually in the UK, or is it HSBC offshore?

Reason I ask is that I looked after I read earlier posts, and the conditions for opening an HSBC offshore account are pretty restrictive. They want quite a lot of cash in the account, and are offering rotten interest rates. The posted rates for transfers were more than £10 as well, (£15-£25) unless you were a "platinum account holder", for which you needed £60,000 in an account with them.



Shauntarr, sadly you don't always get what you pay for at all! Rik's tenner is astonishingly good value, it cost me £17.50 to the Bank of Scotland PLUS £35 to HSBC last time I sent money, and I didn't get anything like the service he just has.


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PostPosted: Mon Mar 05, 2007 5:25 pm 
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Hi Aggies Cat.My HSBC UK Account is just a normal deposit account.I did look at 'Offshore' but as you said to many restrictions and crap rates.



Ian


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