# YTL or Dollars????



## ryan1428 (May 12, 2014)

Getting ready to retire to Turkey. My pension is in US dollars. Did not think of it but some friends were asking if I was going to keep my money in a Turkish bank as Lira or Dollars. Is there a difference?


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## Karl Mula (Jul 18, 2014)

At the moment there is hardly any difference. $ and € are freely available and the Turkish Lira is relatively stable. I keep most of my money in a well known Turkish Bank in a $ account and transfer from there via internet banking to my TL account. If you live in a small city and want to withdraw a large amount of dollars in cash (>$3000) then you might have to notify your bank one day in advance.
Karl


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## ryan1428 (May 12, 2014)

Thanks Karl. Been getting lots of opinions about both dollars and ytl. Was told a YTL account had a high interest rate vs the dollar account. Cant get any real details about this.


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## Karl Mula (Jul 18, 2014)

*Interest rates*

That is correct.
We are not allowed to name any banks in this forum so I can only tell you what I do with my accounts in the bank which uses a green four leaved clover an an emblem.
I connected my YTL account to a national bond account. Whenever I deposit some YTL into my account the bank buys national bonds with it, shown in a separate account.
The interest rate there is higher than in a normal account. The running time for the bonds is not fixed but the interest rate is calculated until the time of sale which is the time when I withdraw that money. I have been doing this for many years now and I am happy with it.
Karl


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## Meritorious-MasoMenos (Apr 17, 2014)

ryan1428 said:


> Thanks Karl. Been getting lots of opinions about both dollars and ytl. Was told a YTL account had a high interest rate vs the dollar account. Cant get any real details about this.



Ryan, I suggest that you do some reading on Turkey's economic history over the past 20-30 years. You'll find that it has experienced tremendous bouts of inflation that rendered the YTL practically worthless, I'm talking over 100% per year far exceeding the high interest rates. While Turkey has been stable for the past 10 years or so, you also have to study the legal situation. Can the government impose radical economic measures that are not tied to any constitutional protections? If so, you'd be wise to consider holding many of your dollars outside the country. Only you can decide.


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## AlexDhabi (Aug 23, 2012)

Totally agree with MMM's comments about being wary and I'd advise not to put all your money in any one country. However, you need to hold enough money in Turkey or prove a monthly income in order to get residence. 
Banking is not free in Turkey so you will pay for each account you hold, but I suggest you keep at least enough in a TL account to generate enough interest to cover bank charges for your accounts. 
I have both USD and TL accounts and switch money between them as needed (through internet banking). My Turkish bank has a green logo with white stars


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## ryan1428 (May 12, 2014)

My wife tried to open an account and they told her since she was a US citizen they would charge 30% to send money to the US. Not worried about sending money to the US yet.....but is this true? Also, what do the banks charge to have an account open?


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