There are three important types of information that you need to know if you are to have any chance of getting the
best possible GBP / TRY rate :
Find the Market GBP to TRY mid-rate - the starting point.
Check your FX provider's transaction costs, these include exchange rate margins plus various types of fees. These margin and fee costs vary for
Foreign Transfers
and
Travel Money
transactions.
The closer your final exchange rate is to the market GBP/TRY midrate the better deal you are getting.
1 British pound sterling equals Turkish lira
1GBP=TRY
Right now the GBP/TRY market rate is
and represents how many
Turkish lira
you can get for one British pound sterling.
The GBP/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. The closer your final exchange rate is to the market GBP/TRY midrate the better deal you are getting. It is actually just the theoretical half-way point (hence mid-rate) between
the last rate at which the currencies were exchanged in a transaction (bought or sold) in the international markets.
British pound sterling to Turkish lira (GBP-TRY) Recent History
When
Exchange Rate
Date
1 Week ago
5.7072
18 Apr 2018
1 Month ago
5.6473
26 Mar 2018
6 Months ago
4.9727
27 Oct 2017
1 Year ago
4.5955
25 Apr 2017
2 Years ago
4.1204
25 Apr 2016
5 Years ago
2.7821
26 Apr 2013
10 Years ago
2.5553
27 Apr 2008
There are three important types of information that you need to know if you are to have any chance of getting the
best possible GBP / TRY rate :
Market GBP to TRY mid-rate - the starting point.
Transaction costs, these include exchange rate margins plus various types of fees. These margin and fee costs vary for
Foreign Transfers
and
Travel Money
transactions.
Right now the GBP/TRY market rate is
and represents how many
Turkish lira
you can get for one British pound sterling.
The GBP/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 GBP / TRY was traded (bought or sold) in the international markets.
2. Transaction Costs - Margins and Fees for GBP/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.
GBP 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 GBP to TRY.
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This is the amount of money that could be received by your transfer at rate GBP/TRY=5.6082 and inclusive of the fee of GBP 0. Rate timestamp : Wed Apr 25 2018 14:15:01 GMT+0000 (UTC)
This is the average GBP to TRY International Transfer exchange rate and fees from multiple banks for FX rates available over the counter and also via Internet Banking.
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.
Great rates on all foreign currency at Travelex UK - Order Online here for convenient store & airport collection or Free Next Day Home Delivery * Select our Buy Back Guarantee and we'll buy your left over foreign cash when you get back at the same rate & no fees. # * Home delivery is free for all orders of £500 or more. For orders below £500 the following charges apply: Up to £299.99 = £3.95. Between £300 and £499.99 = £1.95 Orders paid for via Debit card incur no additional fees, Credit card fee 1.5%
Amount of money that could be received by your currency exchange at rate GBP/TRY=5.3658 and inclusive of the fee of GBP 0 *. Rate timestamp : Wed Apr 25 2018 15:00:03 GMT+0000 (UTC)
This is the average GBP to TRY Buy Foreign Cash exchange rate from multiple banks, exchange kiosks and post-offices, available over the counter and via the internet.
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 GBP/TRY market rate I see on Google or in the Media?
When you look up the current British pound sterling 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.
GBP to TRY mid-rate on google search
Getting a great GBP 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 the below
GBP to TRY calculator to convert currency amounts using the latest mid-market exchange rates.
Then choose your transaction type for specific British pound sterling cross rates and reviews of leading foreign exchange providers versus the Banks.
3. Currency News, Research and Forecasts for British pound sterling 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 GBP vs TRY, you should pay attention to both British pound sterling and Turkish lira news and forecasts.
British pound sterling (GBP) - Market news and forecasts
Like most currencies, the pound was strong against the US dollar in early 2018. By late March, in line with the broader market for dollar pairs, GBP/USD had fallen back from January’s 19-month high of 1.434 to 1.4, but remained up 4% on the year and 17% higher than 2017’s low of 1.2.
Mirroring the standoff between UK and EU Brexit negotiators, the pound-euro exchange rate did little in the six-month period between October ’17 and March ’18. The pound continues to buy roughly 1.14 euros.
Like most other G10 currencies, the pound gained significantly in early 2018 against the Australian dollar and lost out against the yen.
According to a Reuters survey of FX analysts in March, the pound will end the year buying 1.41 US dollars (entering 2018, most analysts predicted rates between 1.3 and 1.35) and 1.12-1.14 euros.
Turkish lira (TRY) - Market news and forecasts
The Turkish lira’s perpetual decline continues in 2018.
In March, USD/TRY breached the closely-watched 4.0 handle (4.034), marking yet another all-time low in the lira’s value and penciling in 2018 as the sixth calendar year from the past seven, and the ninth from the past thirteen, that a record low has been achieved.
Investors continue to be frightened away from the lira and from Turkish assets in general by inflation, which in 2018 continues to run in double figures. In the year to February, core inflation stood at an extraordinary 12%.
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 include 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; and threats to global trade from new US tariffs.
Unless the Turkish central bank raises interest rates quickly, the lira is likely to continue underperforming according to analysts at XM and BNP Paribas.
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