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The KTLN Kalkan guide to managing your holiday money PDF Print E-mail
Tuesday, 01 May 2012

Most people have a budget for their holidays.  You want to get value for money, and make your money go as far as possible.

What's best - cash or plastic?  Should you exchange your money at home, or here in Kalkan?

As the tourist season gets underway, we look at the options for managing your holiday money.  Expats may also find this article of interest.

For general tips and advice, we recommend taking a look at the Money Saving Expert web site: Cheap Travel Money

Cash or plastic?
It's your choice.  But here are a few things to consider.

  • Cash works anywhere.  Plastic is widely accepted in Kalkan, but there are some retailers who only deal in cash - especially at the market.
  • Plastic cards can attract fees, when you use them.  See our tables below.
  • With card transactions, you won't generally know the exchange rate you have got until you receive your statement.  With cash, you know precisely what you have paid, there and then.
  • On the plus side, with credit cards, you do still get Consumer Credit Act, Section 75, protection for overseas purchases, (between £100 and £30,000).  So if anything goes badly wrong with something you have bought, you can get compensation from your credit card company.  This is a point worth bearing in mind when paying for your holiday too.
  • If your cash is lost or stolen - that's it.  It's gone.  Unless your travel insurance policy covers you for cash (a point worth checking), you have to suffer the financial loss.  However, if your plastic cards are lost or stolen, generally speaking you won't lose out.  You can report it to your bank, and your money is safe.  Even if your card is used fraudulently, you will normally be reimbursed.
  • With a credit card, you can benefit from an interest free period, until the bill has to be paid.  Only really useful for bigger transactions.
  • A word on travellers cheques.  You may find that some places take them, but on the whole, they are not widely used or accepted in Kalkan.

Garanti Bank KalkanSterling from a Kalkan ATM - Garanti Bank
It is possible to draw sterling from an ATM in Kalkan, for free.  You can then exchange your Pounds for Turkish Lira in town. 

We have withdrawn sterling from a Nationwide current account, at Garanti Bank in Kalkan.  There were no fees charged for this transaction, (by Nationwide or Garanti Bank), and we were able to shop round for the best exchange rate in town.

We can't say what fees, if any, would be charged by other UK banks, for a sterling withdrawal in Kalkan, but if you try it out, do let us know how you get on with charges.

No other Kalkan banks currently dispense sterling from their ATMs, but some banks do have plans to introduce this facility.  We will let you know when anything changes. 

Some ATMs in Kalkan dispense Euros - handy if you are going to the Greek island of Meis.

Turkish Lira symbolWhere is best to exchange currency?
We advise KTLN readers to shop around for the best deals.

Based upon previous experience, we believe that generally speaking, the rates on offer here in Kalkan are better than in the UK.

To help you decide, KTLN has the rates currently available 'on the street' in Kalkan.  See the right hand side of our home page.

When shopping, if you have sterling, ask shopkeepers what exchange rate they are using.  Some will offer slightly better exchange rates to encourage you to buy.

Debit and Credit card fees in Turkey
KTLN has checked out the overseas charges for debit and credit cards, from the main UK banks, and we summarise them in the tables below.  Details relate to purchases made in a foreign currency.

Please note, that unless stated otherwise, the cards referred to below are for standard customer accounts.  If you have special terms, because you are a high value customer, you may find that some of these fees do not apply.

The following data is correct as at 1st May 2012.

These rates apply to DEBIT cards.

Name of Bank / Building Society%age fee Additional charges 
 Barclays  2.99plus 2% min £1.50 for ATM cash
 Co-operative 2.75plus 2% for ATM cash
 Halifax 2.75plus £1.50 
 HSBC 2.75plus 2% min £1.75 for ATM cash
 Lloyds 2.99plus £1.00 in shops, and 1.5%, minimum £2 for ATM cash
 Nationwide  2.00plus £1 for ATM cash. Free sterling withdrawals at Garanti Bank
 Nat West 2.75plus £1.25 in shops, and 2%, minimum £2 for ATM cash
 RBS 2.75plus £1.25 in shops, and 2%, minimum £2 for ATM cash
 Santander 2.75plus £1.25 in shops, and 1.5%, minimum £1.99 for ATM cash

 

These rates apply to CREDIT cards.

Name of Bank / Building Society%age fee Additional charges 
 Barclays  2.75plus 2.5% for ATM cash advances
 Co-operative 2.75plus 2% for ATM cash advances
 Halifax* 2.95plus 3% min £3 for ATM cash advances
 HSBC 2.99plus 2.99% min £3 for ATM cash advances
 Lloyds 2.95plus 3% min £3 for ATM cash advances
 Nationwide**  2.00plus 2.5% min £3 for ATM cash advances
 Nat West 2.75plus 3% min £3 for ATM cash advances
 RBS 2.75plus 3% min £3 for ATM cash advances
 Santander 2.95plus 3% min £3 for ATM cash advances

 

 

 

 

 

 

 

 

*Halifax Clarity credit card, has no fees for usage abroad - whether it is used in shops or when used at an ATM.  There may be a small interest charge though, as you are effectively taking a cash advance.  You may also like to know that this credit card is useful when booking flights, as it does not normally attract the payment fees.  Check before you book.

** Nationwide 'Rewards for Abroad' scheme: For every £5 you spend on purchases in sterling, you earn the right to spend £1 on purchases in a non sterling currency without being charged commission. 

Please note that with the Nationwide Select credit card, there is no charge for purchases made abroad.

On holidayTell your bank you are travelling
If you are coming to Kalkan on holiday or coming to Kalkan to live here for some time, it is advisable to let your bank and credit card company know before you travel. 

This is because some banks monitor patterns of card usage and if your card suddenly starts appearing in a foreign country transactions may be seen as a potential fraud situation and you may find your payments will not be authorised. 

This would particularly be the case for larger transactions.  If you let them know in advance you are going abroad, they will make a note and are less likely to query anything.

Security
We suggest taking a look at a couple of articles in the KTLN Knowledge Bank.

The first one is on security, and has tips on how to keep your valuables, including money, safe, whilst you are on holiday: Home Security

The other article tells you what to do, if the worst happens, and your money and/or valuables are lost or stolen: Theft, robbery or loss of property

Turkish cards
If you have a Turkish bank debit card you can use it in local retail establishments however you will find that you may not be able to use them in the ATMs of other banks in Kalkan. 

Here is a summary of where you can use your Turkish debit cards (for banks in Kalkan only):

  • Akbank, Garanti Bank and Yapı Kredi are all part of the Altın Nokta (Gold Point) system and share ATMs;
  • Deniz Bank card holders may also use PTT and Ziraat Bank machines;
  • Iş Bank cards only work in their own ATMs, and
  • Ziraat Bank cards only work in their own ATMs.

Every bank in Kalkan has an outside ATM which is available 24/7. There are also a couple of standalone machines in town, (Deniz Bank and Akbank).

Dalaman airport discounts
And don't forget, you can end your time in Turkey, with a visit to the Dalaman airport CIP Premium Lounge.  With an exclusive deal for KTLN members, you can get a discount of 19% on the entry price.

To find out more, check out this link: KTLN Exclusive Offers

 

Kalkan Turkish Local News - your window on Kalkan Turkey.

Katie-Ellen
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Last Updated on Thursday, 03 May 2012