Search results

@shamakwa But can you send GBP to a Turkish Lira account? Edit: Wise doesn’t support TRY accounts…just checked. Damn. Any other work arounds?

@shamakwa Update: I just tested it in Wise and it doesn’t seem to work. If I select “send GBP to GBP” it automatically adjusts it to a local transfer. Meaning it only gives me the sort code and account number, which mean nothing to a Turkish bank.

@shamakwa Yup, GBP in a Turkish account. Is a borderless account different to a regular account?

@monamie Okay. Thanks for the input!

@monamie I’m paraphrasing but she said something like >2000 Turkish Lira (>$123). This was for a SWIFT transfer as far as I’m aware, directly to her U.K. bank. I’m assuming it’s a percentage fee? Thoughts?

@rob_roy Worth looking into. Thanks!

@rob_roy If that’s the case then will her bank still charge her the same fees to transfer the funds to Wise’s account since the IBAN will most likely be a GB code, not a TR code, so from their perspective will be an international transfer?

@adam_88 I think I'll go ahead with the SIPP (so long as I can find one with low fees, like you said), and once that's maxed out start investing through my GIA. And of course read those books in the meantime. Thanks for all your input - I really appreciate it.

@rob_roy It doesn’t seem to work. I just checked, unless I’m doing it wrong? If I select “send GBP to GBP” it automatically adjusts it to a local transfer. Meaning it only gives me the sort code and account number, which mean nothing to a Turkish bank.

@constantine1946 Aye aye!

@adam_88 I just ordered the book you recommended - thanks. What is wrong with a QROPS account? The website link you shared (expertsforexpats.com) seem to be advertising QROPS. Are they the type of financial advisors you said to avoid? I think someone recommended I do both: pay the maximum...

@constantine1946 Huh, fancy that. Not something I ever considered but it makes sense. I’ll pass this onto her. Thanks for your help :-)

@adam_88 I’ll be heading to Turkey. If I open a SIPP before I leave and pay the maximum allowed £3000/year for 5 years, what happens after the 5 years is over? Will I have to continue to pay annual fees on the account through until when I can access the money (55yo) despite not being able to...

Disclaimer: I’m not investment savvy at all so please bear with me. Context: I’m from the U.K. but am moving abroad soon so will not be able to pay into an ISA. I’m looking to save a portion of my salary for my future (retirement, house purchase, etc). I have been advised to open both a SIPP...

@constantine1946 She never told me the total amount. We’re close but not that close. I think it’s somewhere in between.

@constantine1946 She told me it was over 2000 Turkish lira (>$120). Seems very steep to me. I always thought swift transfers were 10s of dollars. But perhaps her bank is taking a percentage fee?

@constantine1946 This makes sense. The only problem now would be that the Wise IBAN number is a GB code, so from the Turkish bank’s perspective would they still consider it an international transfer, therefore the same high fees?

Asking for a friend. She’s sending quite a large sum of money (maybe £10-20 thousand, not sure exactly how much). She currently has this money in her Turkish bank account. Her Turkish bank has quoted her something ridiculous and the U.K. bank says they may charge on their end too, but she...