Currency exchange - do it in North Cyprus or in UK?

mrs.sab


Joined: 12/06/2009
Posts: 15

Message Posted:
25/03/2010 11:22

hi all



Only 6 weeks till our holiday back to the TNRC and it really cant come soon enough! Anyway thinking about the money side of things now. Can you tell me is it best to take sterling out and exchange it in a bank out there? Last time we used cards for everything but want to avoid that this time. The excahnge rate here is 2.28 or there abouts



thanks in advance



x

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
25/03/2010 11:25

A much better rate of exchange £ to TL in TRNC then UK.



Richard

mrs.sab


Joined: 12/06/2009
Posts: 15

Message Posted:
25/03/2010 11:27

thanks richard! so does it matter where we go to exhange then or are most places the same rate?



x

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
25/03/2010 11:32

Rule of thumb is exchange shops give a better rate then banks and avoid Hotels though I've heard changing at casinos is very good but not sure how that works.



Richard

mrs.sab


Joined: 12/06/2009
Posts: 15

Message Posted:
25/03/2010 11:33

ok we are stying just outside alsanack so ned to find somewhere around there!



thanks for your help richard!



ps hows the weather? heating up nicely?



x

Ailletoo


Joined: 24/01/2009
Posts: 1003

Message Posted:
25/03/2010 11:50

The Hut in Alsancak near to the DVD Rental shop gives one of the best rates here in the TRNC.

Ballyboffin


Joined: 25/08/2007
Posts: 903

Message Posted:
25/03/2010 12:06

Didn't the hut exchange place there move into a shop on the block beside the DVD shop ?

Barbarians


Joined: 22/10/2009
Posts: 71

Message Posted:
25/03/2010 19:07

Yes it did but not sure how competitive they are?

everon


Joined: 18/04/2009
Posts: 956

Message Posted:
25/03/2010 19:09

we always use this one, good rates x

Geejay


Joined: 18/04/2009
Posts: 475

Message Posted:
25/03/2010 19:21

Yes. The "hut" exchange gives a decent rate if you're local and don't want to travel to Girne.

In Girne the best rates are usually obtained at Moonstar Doviz. I check rates at 3 exchanges once a month and so far they have been tops.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
25/03/2010 21:10

Never change in banks.



1. they will insist on passport etc

2. they give lousy rates over the counter



If you have prmier account at HSBC you will get a good rate if changing on line.

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
25/03/2010 21:16

Kozan Doviz speed cash, pretty good in Girne. They give slightly short of mid-price.



Richard

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
25/03/2010 22:08

Nationwide flex account drw free of charge out of the wall at commercial rates

Nationwide credit card as above do not darw out cash but settle on your return

last week 2.31/2Tl/£

mrs.sab


Joined: 12/06/2009
Posts: 15

Message Posted:
30/03/2010 10:27

thats great thank u. best rate i can find in uk is 2.2tl to the £. so will definatly be exchanging out there!! just need to keep english notes now, its tricky living in scotland!



x

Jameslevel7


Joined: 22/08/2010
Posts: 3

Message Posted:
23/08/2010 17:51

Allways bring Bank of England sterling notes from UK as you get far better rates in North Cyprus than even the best shops /banks /Post Office in UK. This year I found the Exchange shop opposite Lemar In Karakum had good rates,no queues,easy free parking and no fuss to exchange.Give the cash,they calculate the rate and give you the currency.The rates are displayed in the window and that is what you get.No hidden commission,no passports.

Oldbill1969


Joined: 19/06/2010
Posts: 22

Message Posted:
23/08/2010 18:32

What is the rate currently in TRNC ?, we are coming over on Wednesday and staying in the Esentepe area. Are there any exchange places near Esentepe or will we have to go into Girne?

keithcaley



Joined: 13/06/2008
Posts: 2521

Message Posted:
23/08/2010 18:34

If you're only changing enough cash for one day's spending, then it doesn't really matter quite so much about getting the best rate possible - on say £100, you are only going to be a couple of TL worse of at the most - although you are ALWAYS better off bringing Sterling and changing it here...

If you are changing a larger amount - ALL of your holiday money - then I find that the exchange shop opposite the Dome Hotel consistently gives the best rate - if you look at the displayed rates, you will see that there is a spread of only about 2.5 to 3.0 Kuruş between his 'buying' and 'selling' prices. ALL exchange places use the same 'central' rate - they just have a wider 'spread' between their buying and selling prices to make their profit (or they charge a large 'commission')

So for a larger amount, it is definitely worth parking up, and wandering down to the harbour area, that is certainly the case for ex-pats whose pension is paid in Sterling, and who change it once a month!

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
23/08/2010 18:38

Oldbill, there is a bank in the village, not sure what the rates are like as I usually wait until I'm in Girne area to exchange.

Oldbill1969


Joined: 19/06/2010
Posts: 22

Message Posted:
23/08/2010 18:40

Thank you Keith, we will probably change a couple of large amounts rather making smaller regular exchanges. First port of call will be the Dome then.

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
23/08/2010 20:46

I was in Universal bank this morning and some one was changing sterling dont know what the rate was but they didnt ask for a passport.