Turkish Lira (TRY) Foreign Exchange and What You Need To Know.
Turkey’s currency devalued significantly in 2013 with the Lira losing over 30% against both the Euro and Sterling due to the many political factors that have taken centre stage. This has led to overseas investors taking advantage of the situation, as the price of properties are significantly cheaper due to the exchange rate. As an example, if someone in the U.K. was considering buying a property in Turkey with a local value of TRY 350,000, they would be saving almost £30,000 compared to this time last year.
Anyone who is looking at buying a property in Turkey, or may have a requirement to exchange funds into TRY for any purpose should seriously consider speaking to an independent currency broker. Even if the requirement is simply to repatriate salary, or cover costs of living abroad an independent broker should always be more competitive than the high street banks. Also, by fixing a favourable rate in a volatile market, it is possible to lock in the final cost and avoid any risk in the event that the foreign currency starts to appreciate in value.
World of Expats is now working together with Cornhill FX, a bespoke London based brokerage, to help individuals with this process.
To contact a Currency Consultant, please call 0207 710 9614 or email the World of Expats contact Jamie Hughes on email@example.com