credit west

snydalecyps


Joined: 03/07/2008
Posts: 108

Message Posted:
04/11/2008 10:34

I have tried finding out some info on this bank but with little success. I know it is a private bank and have heard up to £30,000 is guaranteed. But who exactly guarantees this money? Who is behind this bank?

I am sure they are all as safe / unsafe as each other but just trying to make the best decision I can

Any advice greatly appreciated, thanks

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
04/11/2008 11:20

You are probably being seduced by the high interest rates they pay on long term savings. The information I have (please don't take my word for it) is that they are a small bank set up in the TRNC specifically to cater for expats. They have no Turkish mainland connections and as far as i know they only have two offices in the TRNC. You would be best advised to find out whether they come under the Central Bank's deposit guarantee scheme and also what assets they have. Me? I would not touch them with a barge pole. But of course other people will have different opinions and information.

AJ

newscoop


Joined: 23/12/2007
Posts: 2197

Message Posted:
04/11/2008 11:31

Best answer is not to take notice of uninformed opinion but to go to the branch and ask the right questions. They have branches in Karaoglanoglu, Catalkoy, Girne, Nicosia, Famagusta, Guzelyurt, Gemonikagi, and Lefke, so they are not really that small. The parent company is heavily in to insurance and is also one of the main suppliers of oil and petrol to the island. (Alpet) As I say go to the branch and ask the questions, then make an informed decision.

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
04/11/2008 11:50

Well there you go.

Thank you newscoop I stand corrected. But I still would not touch them with a barge pole (not even a long one) As a relatively new bank and with the current economic crisis I would be much happier putting my money in banks that survived the island banking crisis of ten years ago. Again just my thoughts.

AJ

sunnyday


Joined: 14/03/2008
Posts: 269

Message Posted:
04/11/2008 12:01

Creditwest was formed under the name Altinbasbank in 1994. They come within the central bank's guarantee scheme, which I think guarantees up to €20,000 per account. I know that they have recently been splitting accounts down, so that they come within this guarantee.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
04/11/2008 12:09

Hi

The Central bank guarantee 10000 EUROS per account .

IF Credit West are covered by this.

As above there are other banks established longer with satisfactory trackrecords.

Iktisat are giving 19% on reasonable size deposits which you can split into 10000 euro accounts. See Tyra Abdullah on the second floor. Exceptional quick service.

Alternative with plenty of financial backing is Garanti which are giving 18.25% and again have English speaking advisores, in this case ask for Gaye Ozcorlu.

Turk Bankasi give much lower rates and in my experience are unbeleivably slow.

snakes



Joined: 28/10/2008
Posts: 1512

Message Posted:
04/11/2008 12:18

Hi AJ



I am moving out next year. Can you please tell me the Banks that you know of that have already survived the crisis 10 years ago? I am coming over on the 19th of this month and will be wanting to set up bank accounts. I know that HSBC could be one of my choices and am a little concerned about credit west and believe they may be backed by a large jewellry chain !!! just hope its not ratners !!!

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
04/11/2008 12:21

Correct me if i am wrong but when you say guaranteed , if in the event what happened 10 years ago , did investors guarantee meant they were paid back over a length of time this is was i was led to believe , so in the event of this collapse repeating itself , what length of time would be pay back .

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
04/11/2008 16:30

I am a respresentative of Creditwest Bank Ltd which as newscoop quite rightly points out was founded in 1994 under the name of Altınbaş Bank Ltd and therefore survived the banking crisis of 1999/2000, if you would like details about our bank or holding company you may visit our websites http://www.creditwestbank.com and http://www.altinbasholding.com.



We currently have 13 branches in the TRNC one of which we are opening our second bilingual expat branch at Çatalköy on Tuesday 11th November 2008 at 4pm (Next to the New Lemar) you are all welcome to come along for a drink and eats, this will give you the opportunity to ask as many questions as you wish about our bank so there is no second hand information which can be totally wrong therefore not allowing people to make a healthy and confident decision about where they place their savings.



Feel free to ask questions via this forum as I will be looking in from time to time to check up on your posts.



Best Regards,



Creditwest Bank L

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
05/11/2008 01:02

The Insurance cover in the TRNC is 20.000 Euros per account, the legistlation can be found on the TRNC Central Banks website in English link http://www.kktcmb.trnc.net/ENGLISH/regulations/sdifl/sdifl40-01.html please refer to part 9 and follow the asterix to the bottom of the page, there is no need for alarm as during crisis of 2000 the cover was 7000 pounds sterling per person but the Government paid all deposits back to investors.



As far as we are aware the current cover in the UK is 50.000 pounds sterling per person.

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
05/11/2008 02:55

well done creditwestrep makes a change to get the right advice instead of chinese whispers on these bb fact not fiction

denali2007


Joined: 04/01/2008
Posts: 111

Message Posted:
05/11/2008 09:38

We opened accounts with Creditwest Bank this year and did it all by e mail. We dealt with the Manager of the Karaoglanoglu branch and it was very efficient. The funds were a little delayed getting there and she was very proactive in trying to track them down. We would recommend them to anyone.

snydalecyps


Joined: 03/07/2008
Posts: 108

Message Posted:
05/11/2008 10:41

thank you to all replies, definately better informed than I was!

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
06/11/2008 14:07

Thanks Creditwestrep.

At least 2 of your competitors think that it is 10000euros and one hasnt a clue what it is! Nobody had the info you posted here.

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
06/11/2008 14:27

No problem breezyboy, our bank prides itself on customer satisfaction and providing an atmosphere where ExPats can ask questions and get correct answers.



If there are anymore questions be glad to help, will look in from time to time, but in case of time restraints causing no response then please feel free to email me direct on pazarlama@creditwestbank.com

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
06/11/2008 18:37

CWR have e-mailed you off forum.

johnboy


Joined: 19/05/2008
Posts: 170

Message Posted:
06/11/2008 20:40

AJ



Just interested in your credentials in dissing Credit West ??



I was in financial services for 30 years in the UK and i'm with them.





John

torres


Joined: 10/12/2007
Posts: 16

Message Posted:
06/11/2008 21:59

creditwestrep,

could you please tell me what sort of return i could expect to see on depositing say 100,000 pounds for a mimimum of 12 months thanks

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
06/11/2008 22:11

torres could you kindly email me direct with your enquiry to pazarlama@creditwestbank.com we feel corresponding privately is the best policy.

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
06/11/2008 22:15

johnboy thank you for kind comments and custom, please come along to our the opening of our Çatalköy branch Tuesday 11th November 2008 at 4pm, the drinks are on me.

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
06/11/2008 22:18

breezyboy will get back to you tomorrow during office hours.

Hatty


Joined: 13/07/2008
Posts: 260

Message Posted:
07/11/2008 09:22

CreditwestRep,



Could you confirm that the Central Bank insurance cover is for each and every account held and not per person? For example if I had say 3 accounts in my name, each with the equivalent of 20,000 euros in, that each account is covered and all 60,000 of the monies would be covered?



Thanks

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
07/11/2008 11:35

Hatty you are totally correct. I did post the law relating to this matter.

murray


Joined: 14/08/2008
Posts: 71

Message Posted:
07/11/2008 12:20

attn CreditwestRep, If we have a large amount deposited with the bank in a YTL account and for some reason we had to go back to the UK, how easy is it to close the account and transfer the money back to the UK, and is there a limit we can take back to the UK thanks

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
07/11/2008 18:12

murray as long as you send the bank original written instructions with your signature on it telling them what to do you can have your money transferred to any bank in the UK to an account in your name. There is no limit on the amount you can transfer via this method.

murray


Joined: 14/08/2008
Posts: 71

Message Posted:
07/11/2008 18:55

many thanks for your info, puts mind at rest

keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
08/11/2008 10:42

They are a very good bank in my opinion. The only drawback is a lack of ATM machines at their branches.



It's a bit tricky arriving from the UK on a late flight with no ytl to buy food and petrol !!



Daytime service though is spot on. The new branch at Catalkoy is dead handy for me living in Arapkoy. Good interest rates as well.

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
08/11/2008 10:53

you dont need ytl when you get here they will take any currency

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
08/11/2008 11:21

Keithr we are in the processing of placing ATM machines in all 13 branches but there are problems with the manufacturing company and getting the ATMs to Cyprus but hopefully next year all 13 branches plus any new ones will have ATMs services.

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
11/11/2008 01:15

Creditwest Bank will be officially opening their Çatalköy Branch tomorrow being the 11th November 2008 at 4pm, you are all welcome customer or not for a drink and nibbles, the bank has pledged to donate 10ytl to a charity of your choice for everyone who bothers to turn up and register their donation.



Come along and ask for Creditwestrep, personnel manning the stands where you make a donation will know who I am and introduce us, if you have any questions feel free to ask away, hope to see you there tomorrow.

denali2007


Joined: 04/01/2008
Posts: 111

Message Posted:
11/11/2008 09:29

Good luck to all at Creditwest on the opening of your new branch. We hope to visit when we next come over to TRNC.

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
11/11/2008 10:09

Thank you for the good wishes, much appreciated.

craig2536


Joined: 09/06/2007
Posts: 277

Message Posted:
11/11/2008 10:20

I used Credit West in Kyrenia to set up a business here. We had cash transfers sent from all over the world and never had a problem. We also used them to buy the company vehicles on credit. Excellent service.

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
12/11/2008 14:11

Thank you to everyone who attended the Creditwest Bank Çatalköy branch opening, the donations made by the Bank on your behalf will be passed onto the chairty of your choice.

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
13/11/2008 09:42

If anyone has any general questions they would like answered with regards to banking in the TRNC, I do look in from time to time and will be happy to respond or if its about your personal financies feel free to email me on pazarlama@creditwestbank.com

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
13/11/2008 16:14

My team and I will be in the Famagusta region next week, are there any expats who reside in the area including İskele that would like to get together in one of our branches so that we may chat about what type of banking they need in that part of the island over coffee? Or are there any meetings or places we can attend to get to know the expat residents in Famagusta and the surrounding region.



Let me know so we can arrange a meet or email me on pazarlama@creditwestbank.com

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
14/11/2008 16:40

Hello everyone, are there any expats in the Famagusta region on this forum?

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
18/11/2008 10:05

Hi everyone,



Are there any places where the Expats in the Famagusta region meet on a regular basis like the Pegasus in Girne?

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
18/11/2008 10:24

Creditwest Rep .

Could i ask relating to bank insurance cover if there was any sort of crisis would the guarantee ensure that depositors got there money back straight away OR in stages over a period of time ?



Relating to depositors , what does creditwest charge for transferring all funds to a UK bank . ?



Thanks for all of the advive you have given so far .

Tatty


Joined: 24/09/2008
Posts: 186

Message Posted:
18/11/2008 11:15

is it best to spit cash into various accounts to protect it, if the bank gets into difficulties.

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
18/11/2008 11:31

Pipie, when the last bank was closed everyone got their money back right away.



I would prefer to answer your other question via email on pazarlama@creditwestbank.com

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
18/11/2008 11:32

Thanks CreditwestRep .

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
19/11/2008 16:23

Our bank is considering establishing a English Speaking Expat Rep in our Famagusta branch as we understand many English speaking customers go to Girne when they wish to discuss their finances.



Could you please give me some feedback or your opinions on banking services in the Famagusta region?

Pat&Mick


Joined: 23/11/2008
Posts: 1

Message Posted:
23/11/2008 18:24

If I had money in a large international bank in the current climate I would be more worried than I am having money in creditwest. Plus they are friendly and effecient, in my experience.

snakes



Joined: 28/10/2008
Posts: 1512

Message Posted:
23/11/2008 18:40

opened accounts with creditwest recently and found every member of staff very nice and helpfull in every way ! we are happy to invest with them and understand that accounts are guaranteed up to 20,000 euros per account and not per person which can be useful ! thanks creditwestrep regards

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
23/11/2008 20:50

creditwestrep,

Thanks for all your help and info on this board. Does one have to be resident to open a ytl account?

Also, while I'm at it, I would like to apologise for setting your Çatalköy branch alarms off, one lunchtime back in October, I only tried the door thinking it was open. Should have put my specs on, would have seen it was closed for lunch then. Still, I was suitably embarassed at the time!!!

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
23/11/2008 21:29

snakes was our pleasure apologies for not getting to the meeting I did email you did you get it? as I did not get a reply. Hope to catch you another time or if you are around we could meet up for a coffee somewhere in Girne.

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
23/11/2008 21:31

No teatime you do not have to be a resident to open accounts just go along to one of our english speaking branches with your passport and they give you advise and open your accounts.



Your not the only one to have done that with the alarm....

snakes



Joined: 28/10/2008
Posts: 1512

Message Posted:
23/11/2008 21:55

Hi CreditwestRep!

Yes I did get yout email, apologies for not replying. Will catch you for that coffee hopefully in January when back again. Home Wednesday and still a lot to do here yet. Regards, Snakes.

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
24/11/2008 15:17

No problem snakes look forward to meeting you in January 2009.

Becks


Joined: 17/11/2008
Posts: 130

Message Posted:
24/11/2008 15:41

creditwestrep,whata good way to do business over a forum like this, pity they don't have this in the uk. Anyway, do you have a cheque book facility type account and does the bank pay interest on the account. Can i have the interest paid into a different account with a different bank ?

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
24/11/2008 16:49

Yes we do Becks with the right combination you can have a cheque account and a credit card which when used for daily expenses and paid off at the end of the month means no interest charges but allows you to collect air points for free but for more details could you kindly email me.

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
24/11/2008 16:53

emails pazarlama@creditwestbank.com will get back as soon as possible.