Banking in TRNC..is it possible to

juliachcc


Joined: 15/04/2009
Posts: 79

Message Posted:
18/08/2009 13:25

Hi everybody



Can you tell me if it is possible to open an account in the TRNC via the internet? If so, which are the top two recommendations. I want to split my savings between 2 banks to safeguard myself a little..........



Also, should I have sterling or Lira accounts? Will the interest still be about the same?



Finally, if I put £10,000 in an account and left it for a couple of years, what would be the approximanate balance? How is that balance then effected if I decide to withdraw some cash?



I know.....these are "blonde" questions, but better be safe than sorry - my maths are under review!!



Many thanks



Juliachcc

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
18/08/2009 13:38

no you can't - you need to open one in person ans will need to bring your passport with you.



You should be looking at interest on YTL accounts of 10-12% per month (less 8% tax)



Interest on £'s will be circa 4%...



I'd reccomend Creditwest - decent interest rates, good and quick service, good security....

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
18/08/2009 14:31

Hi Negativenick,



Am I reading this right, if you get 10% interest on your money, they then take 8% tax leaving you with 2% net interest? If this is right, why does everyone keep saying put your money in a bank in the TRNC? I can get that amount of money in England and I think it would be safer.





The butlers wife

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
18/08/2009 14:43

mess 3 - no they take 8% of the actual interest received....

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
18/08/2009 16:46

And they take 20% of the interest rate in UK (unless it's an ISA)

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
18/08/2009 19:43

Hi negativenick,



Sorry about that, must have been having a senior moment. I think the sun got to me as well.

As I am retired and I receive the higher personal allowance now, I am not worried about the uk tax element of this.





The butlers wife

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
18/08/2009 21:26

Julia, You can open an account in NC online with Creditwest bank, e-mail them and they will give you all the info that you need.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
18/08/2009 22:56

Hi The Butlers wife.



You are not liable for UK. tax on your TRNC bank interest anyway unless you live in the UK.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
18/08/2009 23:49

Hi scruff,



I live between the Uk & Cyprus at the moment, so I am afraid I am.





The butlers wife

the cat


Joined: 22/06/2008
Posts: 71

Message Posted:
19/08/2009 01:00

Has anyone got the email address for opening an account on line with creditwest bank,



thanks.

legin


Joined: 15/11/2007
Posts: 105

Message Posted:
19/08/2009 09:21

figen.kaymak@creditwestbank.com

juliachcc


Joined: 15/04/2009
Posts: 79

Message Posted:
22/08/2009 22:12

Thankyou Eager and NN for your help.