There are three simple steps you need to take in order to get a good EUR-TRY exchange rate:
Know the latest EUR to TRY market mid-rate shown above - this is your starting point!
Compare your Bank's exchange rates to several licensed FX providers, remember to compare both the exchange rate margins as well as the various types of fees.
We make that easy to do with our calculators for
The EUR/TRY mid-rate is the rate you will see
Quoted on Google
or the News, nobody except the largest banks and businesses can get exchange rates close to this mid-rate. It is actually just the theoretical half-way point (hence mid-rate) between
the last rate at which the EUR / TRY was traded (bought or sold) in the international markets.
The closer your final exchange rate is to the market / midrate the better deal you are getting.
2. Transaction Costs - Margins and Fees for EUR/TRY Foreign Exchange
The transaction margin from the mid-rate you will be charged by your bank or foreign exchange provider plus any fixed or percentage fees. These margins and fees will vary significantly for International Money Transfers and Travel Money transactions.
EUR to TRY Foreign Transfer - Costs Compared
You can see a sample of the margins from mid-rate in the table below which shows an example of the costs charged by FX specialist and the average bank rate when sending money transfers from EUR to TRY.
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
The below table shows an example of the margins and possible savings when you order travel money online with a currency specialist versus the average bank, kiosk or post office rate to buy foreign cash.
Travel Money Exchange Rates Compared
Buying TRY Cash with EUR 2,000
Bank Rates - Average
This is the average EUR to TRY Buy Foreign Cash exchange rate from multiple banks, exchange kiosks and post-offices, available over the counter and via the internet.
Receive: ₺9829.71 TRY
Exchange Rate: 4.9645
(Inverse 1TRY=EUR 0.2014)
Fees: EUR 20 (1%)
Total Cost : 9.92% (from mid-rate: 5.4564)
Amount of money that could be received by your currency exchange at rate EUR/TRY=4.9645 and inclusive of the fee of EUR 20 (1%).
Getting a good market rate is mainly about timing however the transaction margin
you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for
travel money and possibly over 5% to 6% when sending money.
The exact potential savings depends on the currencies being exchanged and the amount
you are transferring and if you are willing to shop around.
Why can't I just get the same EUR/TRY market rate I see on Google or in the Media?
When you look up the current Euro to Turkish lira exchange rate on the web the figure you find quoted on sites like google or mentioned on TV is commonly referred to as the mid-market rate.
Getting a great EUR to TRY mid-market rate is all about timing, so unless you
are able to wait, watch and time the market this is largely beyond your control.
This rate will go up and down with varying amounts of volatility depending on the currency pair.
This mid-market rate is really only a reference and is just the starting point for calculating the actual rate you will
get for your transaction, luckily we can also use this same rate to determine how good a deal a rate that a provider offers you actually is.
You can use our EUR to TRY currency converter to calculate equivalent amounts in each currency using the latest mid-market exchange rates.
Then choose your transaction type for specific Euro cross rates and reviews of leading foreign exchange providers versus the Banks.
3. Currency News, Research and Forecasts for Euro and Turkish lira
Whenever you are interested in an exchange rate you are actually interested in two currencies due to the fact that the value of a currency is always determined quoted in comparison to another currency.
So it follows that if you are determining the best time to transact, in this case the EUR vs TRY, you should pay attention to both Euro and Turkish lira news and forecasts.
Euro (EUR) - Market news and forecasts
On June 14th, the euro had one of its worst days in recent memory after the ECB signalled it would leave interest rates unchanged at 0.0 percent until the latter stages of 2019. A day later (the day of this report), the euro was trading in the mid-$1.15s versus the dollar and looked set to lose more of its value (earlier in the year it had traded in the mid-$1.25s), and had fallen towards the bottom end of its long-term trading range against the pound, at £0.873.
The ECB did at least announce it would phase out quantitative easing in Europe, which kept the euro’s losses within reasonable limits. QE will be terminated at the end of the year.
Goldman Sachs described the June ECB meeting as a “material negative for the euro.”
Prior to the ECB decision, Danske Bank had estimated a median price for EUR/USD in H2 2018 of 1.18; the bank saw a return to the 1.20s as unlikely in the near term (that's almost certain after the ECB meeting). Danske had predicted a “foot-dragging” ECB that would be “reactive rather than active.”
Turkish lira (TRY) - Market news and forecasts
The Turkish lira’s perpetual decline continues in 2018.
In May, USD/TRY reached 4.289, marking yet another all-time low in the lira’s value. 2018 is now the sixth calendar year from the past seven, and the ninth from the past thirteen, in which a record low has been achieved.
Investors continue to be frightened away from the lira and from Turkish assets in general by inflation, which continues to run in double figures. In April, annual core inflation stood at 12.2%.
Given the Turkish central bank’s failure to act on inflation in the form of an increase to its benchmark interest rate, questions have been raised over the bank’s independence (President Erdogan is well known to hold a dislike for high interest rates).
Other issues weighing on the lira in 2018 have included Turkey’s current account deficit, which has more than doubled within the past year; a significant deterioration in US-Turkey relations, due to diverging foreign policies for conflict-engulfed Syria; threats to global trade from new US tariffs and firmer US yields.
Unless Turkish interest rates are raised quickly, the lira will continue underperforming, thinks BNP Paribas.
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