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Interest Rates, Inflation, and Investments in Turkey

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Angela

First of all, thanks. Actually I remember yapiyormu kredi but 2 years ago I went and asked and they really made it complicated. You know, for foreigners it would be hard even though I had a rp card. 

Yeah, I am sure. He said for 5000 tl we give 18 tl. He said you could withdraw money after 28 or 29 days or so. I calculated and it is 4.5 percent. How much does yapiyormu kredi give for 5000 tl. I am sure that ziraat bank officer made a mistake. The interest must be around 12 percent at least. When I was in Ankara in 2015 2016 they gave me average 30 tl monthly for 5000 tl and it was 8 percent and you could withdraw the money after a month without fare. 

You know we have 2 kind of contract. One is yearly in which if you want to withdraw the main money you should pay back the interest they give. It is a kind of fare.

Other one is not yearly. You could withdraw or add money after a month ( 28 or 29 or so days)

I was talking about the second case. But when we talk about interest rate for example 13 percent it means yearly not daily or monthly.

Are you sure the Yapi Kredi gives  that percent and you could withdraw after a month?

Why did ziraat mislead me?!

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On Tuesday, January 09, 2018 at 8:28 PM, Meral said:

Yapı Kredi sounds pretty good, but they didn't have a branch in our town when we first came here so we went with Ziraat, who now give us 12% (I think you can sometimes negotiate a higher rate).  We later opened an account at Vakıf, its interest rate (currently 14.5%) is consistently higher than Ziraat's & it's recently become a full govt bank.  We closed our account at Halkbank 4 years ago after that Süleyman scandal but recently opened another account there, now paying 14%.   Don't know how long these rates can last against the current inflation rate.... it feels like something's going to crack somewhere soon......  

Are you sure ziraat pays 12 percent and you could withdraw after a month? Why did they tell me 4.5 percent?

Even though it depends on money you put however, it might not be that low!! Anyone could kindly ask ziraat how much they pay for 5000 tl monthly. My turkish is not so good. It is good but in this case it is important for me to know the details

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Thanks fil

Exactly! Good question

I repeated twice for the officer 5000 lir! 

It is for lir. For dollar the rate was much lower

The man made a mistake somewhere I think

As far as what here stated they should pay 10,75 percent. For example 45 lır for 5000 lır. not 17 lir for 5000 lir which the man said to me!!

https://www.enuygun.com/mevduat/karsilastir/20000-tl-aylik-ne-kadar-faiz-getirir/

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Also, please explain this table for me? what is the difference between internet branch and branch? why the rates are different?

On 1/8/2018 at 11:07 PM, Star said:

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Also you could see this table that u asked a month ago

I do not know the difference. The second one I am looking for

Again however I did not use Internet banking 2015 2016 but they gave me 8 percent I am sure it is about 12 percent now

you can see 4.5 percent above ın the fırst table!

Maybe I should go to the branches which have internet!!! Any one please clarify

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New good experience !

I did not know that the banks also change dollar in a fair way! 

Today I changed 1 dollar for 3.785 tl which is really fair in ziraat

Exchanges near our house take really low! The only good place is kapali charshi which is really far from my home

I am sure they do not pay more than bank though

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Hello

please look at here

https://www.ziraatbank.com.tr/tr/UrunHizmetUcretleri/pages/default.aspx?

IslemGrubu=Para Aktarma

what is the cebe havale?  Also, what ıs the azami tutar means?

Fınally, is 1.7 tl applied for any amount of money and for any other bank from specıfıc bank? I mean ıt ıs written that the ucret wıll be 1.7 tl. So, ıf I send money from zıraat ınternet bank to the guarantee bank for example through internet ıt just adds 1.7 tl rıght?

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Also please see attached file below. What does ıt mean by kartsız? ıt means we just put the money ın ATM wıthout the card right? So, what ıs the dıfference? if we use our cards what wıll be happened more penalty?

consider I dont have ınternet card. ı have zıraat card and want to pay for a person who has IBAN ın guarantee

ıs ıt better for me to put nakit money in guarantee ATM?

 

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  • 3 weeks later...

Hello

I have opened a vadeli hesab by internet!

do i need to go to bank to get a receipt or so?

I downloaded it from my internet bank but i do not know whether i should go bank or not?

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Good morning.

I am domiciled in IrelandJust sold my apartment in Kusadasi and have returned to Ireland.

 

 

 

 

 

 

I put some of the money in three months time deposits with Garanti and TEB at 14 %.

Registered for internet banking with both banks to have my finger on the trigger so to speak to shift the money to my bank in ireland if for example if the TL continues to weaken...

I understand if i shift the money to Ireland before the maturity date i will forfeit the interest and i have no problem with that.

I have just one simple question.

Will there be a fee/penalty to pay also to the banks for breaking the 3 months term and how much would it be approximatly for say 100000 TLS.

Any suggestions etc.re this and also what direction the TL exchange rate to Euro might go in the future would be greatly appreciated.

Thanks.

Des.

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There is no fee! Just they might reduce the interest to much lesser interest! so your main money is not reduced but the interest given yeah

Actually, with these politicians in the middle east I recommend everyone (of course who can) to leave this area. Not just Turkey, the area at all. Exceptions for those have main income here!

The Euro will not be reduced until 2019. Reduced I do not mean a few! I mean a lot! It might be reduced a few times during a year against USD. It is of course usual thing. But, all in all, it was getting strong and will get stronger!

If you believe in fundamental analysis, I would say that the tl is powerful during the summer season since there are a lot of tourists come Turkey.  Therefore, it is always better to change money a money to lir just before that season and after 3 months again change it to the main money.

If you believe in technical analysis, I can say that it is highly possible to see EUR/TRY equal to 5 after a few months!

 

These are not a suggestion for you to do absolutely!

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Good morning.

I am domiciled in IrelandJust sold my apartment in Kusadasi and have returned to Ireland.

 

 

 

 

 

 

I put some money in three months time deposits with Garanti and TEB at 14 %.

Registered for internet banking with both banks to have my finger on the trigger so to speak to shift the money to my bank in ireland if for example if the TL continues to weaken...

I understand if i shift the money to Ireland before the maturity date i will forfeit the interest and i have no problem with that.

I have just one simple question.

Will there be a fee/penalty to pay also to the banks for breaking the 3 months term and how much would it be approximatly for say 100000 TLS.

Any suggestions etc.re this and also what direction the TL exchange rate to Euro might go in the future would be greatly appreciated.

Thanks.

Des.

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HI Star.

THANK YOU SO MUCH FOR YOUR PROMPT AND INFORMATIVE REPLY.

My goal is probably short term because i will be 70 in July.

I guess i just got carried away by the high interest rates offered.

AT 70 I PROBABLY SHOULD NOT BE RISKING MONEY IN TURKISH LIRAS DESPITE THE HIGH INTEREST RATES.

Best Wishes.

DES.

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Sure

Just say sth. there is a fee for transferring money from turkey to ireland but no penalty for closing vadeli mevduat hesabi. If you need money change with internet bank and swift to your irish account. If not wait for 3 months and then change and forget here!

The second option if profitable for you I think. They give 3480 at the 90 th day of your account for 100 000 lir. Then you can change to euro and ...

change your money to euro and go swimming hiking reading and enjoying!

This is my point of view! a 28 years old student!

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On 3/10/2018 at 11:01, Star said:

If you believe in technical analysis, I can say that it is highly possible to see EUR/TRY equal to 5 after a few months!

And after a week you see that for every EURO we have 4.83 tl!

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  • 2 weeks later...
  • 2 weeks later...

Just a quick bit of knowledge I want to pass on to everyone.

If you're young, get life insurance on your parents, your loved ones & yourself.  Especially those with kids who want them to be financially secure in the future. 

Why?

Because it is 100% return on your investment.  While you may see it as "morbid"...

I (& a lot of other people) see human beings death as inevitable certainty.  Death is certain, life is not.  Everyone has an expiration date.

PRO TIP: get whole life & not term...and don't miss a payment.

-You can call me Phil-

Bir gün herkes Fenerbahçeli olacak!

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