The Eurozone’s debt crisis might be causing anxiety amongst British expats and homeowners with money in certain European banks, however it’s a different story in Turkey where it’s not unfeasible to live off the interest your local bank pays you.

A number of Turkish banks offer high interest savings accounts which currently pay 10-11.5 per cent in interest. “If you are holding large amounts of money at your bank it is advisable that you put the money in a high interest Turkish Lira account – this account releases interest monthly,” advises Andy Probert of the TurkeyBuyingGuide.com who lives in the resort of Altinkum. “Most foreigners utilise this system and the monthly interest pays for their day-to-day spending.”

Setting up a bank account is relatively easy in Turkey. To open one expats or holiday homeowners need a tax number, available from their local tax office (Vergisi), which they hand present at their chosen bank with a photocopy of their passport. When choosing a bank in Turkey, check they have a branch in your resort, that they have ATM cards and machines and whether they offer internet banking.

According to Probert at the TurkeyBuyingGuide.com, the main banks that expats and foreign home owners use include Garanti Bank, HSBC, Is Bank, Akbank, Finansbank, TEB Bank, Deniz Bank and ING Bank.

For details of more property for sale in Turkey, visit the Turkey listings on Rightmove Overseas. One way to save money when buying or living in Turkey is to use a currency specialist when transferring your pounds into lira or euros. For more information on this, contact Smart Currency Exchange or visit the Currency Zone.

To understand the full step-by-step process to buying a property in Turkey, collect The Overseas Guides Company’s ‘Turkey Property Buying Guide’