Forex money transfer

Tippy2


Joined: 19/08/2011
Posts: 1

Message Posted:
19/08/2011 20:01

First time on the forum so a big hi to everyone.



I dunno whether anyone can help but I need to transfer some money to Northern Cyprus from the UK. I have a bank account in Northern Cyprus but this is the first time for transfer. When searching online I came across Forex and wondered if anyone had ever used this Company, and if so, was it okay.



Is this the easiest/quickest/cheapest way to do a transfer from the UK.



Any advice would be much appreciated.



Thanks.

Pippie


Joined: 02/12/2009
Posts: 1288

Message Posted:
19/08/2011 20:53

safest way is bank to bank transfer. Talk to your bank in TRNC to get their IBAN no. and any correspondence bank they might use to have the money directed via Turkey. They should give you all the instructions you need and then just give that to your bank and they'll do the rest.



Depends who you bank with in the UK. I used to be with Barctlays and they charged just £20 per transfer.



Fastest way is with a money transfer agent, eg Western Union (though you won't be saving much more than a couple of days). But they can be expensive and you hear lots of stories that they're not safe to use.

Agobard


Joined: 20/08/2008
Posts: 271

Message Posted:
20/08/2011 08:03

Don't know which bank you are with in the TRNC but, if you are with one that maintains bank accounts themselves in the UK, you should be able to do this online from your UK account at no charge. I transfer funds from UK to Limassol Turkish here by this method - takes 24 hours.

MoonageDaydre


Joined: 09/07/2011
Posts: 70

Message Posted:
20/08/2011 14:39

I'm with Creditwest in the TRNC and HSBC direct in the UK.

Just get the IBAN number of the bank in Cyprus and the money should arrive in 2-3 days, ie.quicker than it takes to clear a UK cheque into your a/c!. Last time I did it I think the charge was about £20.

If you bank with Creditwest the money is first routed through the ING Bank in Istanbul (I think Creditwest area subsidiary of ING) so your statement will show ING.

me-style


Joined: 03/08/2010
Posts: 150

Message Posted:
20/08/2011 16:10

To have money on your account in Credit West bank in 2 to 3 days, you are dreaming. Due to the pass trough in ING bank in Istanbul count on it take between 5 to 8 days.



I am thinking about changing bank due to this, and all the problems you have to show a swift to insure they find the money. Second problem is also for the KKTC banks is you can only have a credit card if you place money enough to cover your credit limit.



If you own a house with a value of 200.000 GBP and its paid its not relevant for a credit line.