High interest accounts

frankedad


Joined: 21/11/2008
Posts: 346

Message Posted:
06/01/2009 09:35

Hello lookin for knowledge on high interest account . a pal in uk wants to put some money in a high interest account here( hsbc) but wants to know if there are any restrictions on sending his money back out to uk ,when he wants to.. No theorizing please just fact please. many thanks

skybluesam


Joined: 24/12/2008
Posts: 447

Message Posted:
06/01/2009 09:48

I beleive you have to either live here or have an address here to open an account here.

Whistler


Joined: 28/07/2008
Posts: 1332

Message Posted:
06/01/2009 10:36

My friend who lives in Yorkshire opened an account here without an address

Tatlisu4me


Joined: 26/01/2008
Posts: 436

Message Posted:
06/01/2009 11:13

Tight them Yorkshire men.

















Tatlisu4me. Please stay on topic. Moderator.

frankedad


Joined: 21/11/2008
Posts: 346

Message Posted:
06/01/2009 12:14

its ok he has a property here. ...

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
06/01/2009 13:46

whispa....msg 7



Is it the old "Mersin,Turkey" thing?

Do HSBC claim their branch is in Turkey,not TRNC, to avoid awkward questions ?

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
06/01/2009 14:01

Whispa....why not have a photo with you taken outside the branch and email it to them....haha ?

Tricia


Joined: 06/03/2008
Posts: 70

Message Posted:
06/01/2009 14:09

We set up our accounts with HSBC in TRNC and without asking were told

that they were a proper branch of HSBC not an umberella branch. Difficult

to know who to believe over there, guess you ask the questions, weigh up

the answers and do what you feel is best for you. We will have to

decide come March as we are coming over for a spell to see how it goes.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
06/01/2009 15:00

tricia

we tried to open a hsbc account in the uk to be based here.

it is a subsidary of hsbc here not the real deal.

also i have now met two people who have had their funds disclosed to the uk tax authorities, thanks to the hsbc in the trnc.

so nothing is confidential.



i would also add that the manager accused our iranian friend of being a terrorist, just because he is iranian. so they are racists as well.

Nunu1


Joined: 31/03/2008
Posts: 536

Message Posted:
06/01/2009 15:18

Frankedad HSBC does exist in TRNC, it has moved in the past two years to a different part of Girne and has been fully fitted out to exact HSBC decor as any other brance in the World. I have heard they are a franchise....but what does one believe?



TurkBankasi are probably a safe bet and have branches in London.



I dont believe there are restrictions on transfering money either way.



nunu1

pinkchilli


Joined: 30/11/2008
Posts: 689

Message Posted:
06/01/2009 15:27

HSBC Girne: To find out if it has anything to do with HSBC try the following:



1. Type in http://www.hsbc.com

2. Half way down, click the RED link: More local sites

3. Click on Turkey

4. At the top right corner, click Branches & ATM's

5. Type Girne in the yellow area and click enter.



Well it looks to me that if you follow the points above, you stay within HSBC and get to Girne.



It may actually have nothing to do with HSBC, but there may be some clever hackers around. Or HSBC Girne, has a connection with HSBC Turkey, which has a connection with the main HSBC.



Is your money safe? Ask me a question on sport please!

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
06/01/2009 17:21

hi whispa my son in law who is a stock brooker told us the very same. he said they wouldnt have the same potection as you would with other banks shoud the inevatable happen . see you soon xxx

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
06/01/2009 17:37

Hi frankedad.....contact me via stua@fsmail.net ( subject HSBC Cy Forum )

timefore


Joined: 01/08/2008
Posts: 495

Message Posted:
06/01/2009 17:42

When we came out to the TRNC we enquired with HSBC international in London as too whether HSBC in Northern Cyprus was a franchise (we had been told this many 'know it all's' in cyprus), we were told that it was Not a franchise and was part of HSBC Turkey, and that our money would be as safe in the TRNC as it would have been in the UK! (not sure thats very safe either)

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
06/01/2009 18:22

timeforce

Did they say how it was as safe.I understood that any banks safety was dependant on guarantees given by host government, rather than the parent bank.Did they say whether deposits where covered by guarantee from TRNC or from Turkey.



Must be a proper branch as I too go via HSBC main site,- HSBC Turkey-,Girne

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
06/01/2009 19:02

timeforce is 100% correct.



How can you have a branch of a bank that is a franchise??? The simple answer is you cannot!!!!!!



The likelyhood of HSBC going belly up is remote

come_on_aylin


Joined: 14/06/2008
Posts: 908

Message Posted:
06/01/2009 19:09

Back to original question. I have transferred money from HSBC Girne to Nationwide Building Society using online swift transfer. It was only a few thousand so I don't know if there is a limit and what it is. I heard some banks only let you transfer in region of £10,000 per day. Good thing was that neither neither levied any charges - it was a sterling to sterling transfer. The transfer goes into pending awaiting approval at HSBC for a couple of days then it is confirmed and appears in the destination account. Make sure you have the IBAN of the destination account as banks that do charge for the transfer sometimes charge even more if the IBAN isn't used.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
06/01/2009 19:24

whispa,



MMmm. I transfer funds on the internet from HSBC Offshore to Girne on a regular basis, no problems!!!



The branch is actually a sub branch to Istanbul for transfer basis and its title is Girne Subesi (Kyrenia), Mersin 10. Been using this address for 4 years.



HSBC (TR) is not a franchise and security with them is as good as UK.



come-on-aylin, the amounts you are able to trnasfer do fluctuate and constraints are due to terrorism and money laundering. Couple of years ago I was able to move £20k per day now it is around £10k

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
06/01/2009 19:26

we were told by hsbc in swaffham uk that the hsbc in girne didn't exist.

frankedad


Joined: 21/11/2008
Posts: 346

Message Posted:
06/01/2009 19:41

Thanks all for your for your help everybody. yes i was aware that hsbc was a subsiduary of turkish HSBC , happy with the bank stg acc and ytl acc , just still unknown as to restrictions re quantities allowed to transfer back to uk or offshore. once i find out i will post it on. right .. who knows whats happening with the £ is it going to go up soon .. bit of a long shot question but there are people around that know a lot more than me .... any body any info or any connected relatives that have knowledge. we all need to know more. thanks

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
06/01/2009 19:42

You cannot expect every member of staff in every branch of HSBC across the world to know every branch of HSBC elsewhere in the world. HSBC Girne is part of HSBC Turkey AS (as per previous post) which in turn is a 100% wholly-owned subsidiary of HSBC Bank plc in the UK. I have been into different branches in the UK, most have been very well aware of the branch in Kyrenia. The Telephone Banking Customer Service Centres have also always known about the branches here and I have never had a problem.

The RoC does not have any HSBC branches although HSBC has a shareholding in Laiki Bank in the South.

Cypfan


Joined: 10/10/2008
Posts: 104

Message Posted:
06/01/2009 19:43

Bit worrying!

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
06/01/2009 19:50

2.2572 to the pound at the mo

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
06/01/2009 20:13

joand jelly



They do have a "book" with all the branches across the globe in which they look up the names. So really no excuses, it is just that they are often not aware of how to use systems.



msg 25.



The limits of trnasfer are set on a daily basis, that being the max you can transfer in any one day. After that there is no restriction.



Only issue you will have is that banks will contact authorities of any regular payments moving back and forth. This largely coming under the money laundering regulations. So as long as you have paid all relevant taxes then there will be no problem but you may end up being interviewd by tax or customs authorities anyway. My view is that unless you are able to move tens of thousands at a time trying to maximise exchange and interest rates is it worth it.

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
06/01/2009 20:21

You're right CIH there are "books", but certainly not one that covers every single branch in the world. I think people need to be very specific and make it clear that Girne branch is part of HSBC Bank AS and if they still get no joy they should ask to speak to a manager.

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
06/01/2009 20:28

1.00 GBP



=



2.2580 TRY

Linus


Joined: 04/05/2008
Posts: 281

Message Posted:
06/01/2009 20:40

Whispa



I opened a UK HSBC branch because they have one in Girne. They confirmed this was the case an opened my account in Girne for me and set everything up at a cost of £100-no hassle. Sounds like your branch were not that informative



Linus

techtrader


Joined: 06/08/2008
Posts: 126

Message Posted:
07/01/2009 02:11

can't believe after what just happened in Iceland and other institutions offering high interest that people are willing to blindly chase high interest



please be aware the interest rate is a function of RISK : currency risk , country risk , institutional risk all kinds of risk



good luck chasing but you have been warned!

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
07/01/2009 08:15

http://www.hsbc.com/1/PA_1_1_S5/content/assets/about_hsbc/hsbc_group_structure_chart_dec07.pdf think you will find its all 1 group

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
07/01/2009 09:22

Mess 6 - Whispa - what makes you think that Turk Bank are safer than the rest ?



The fact that they have been trading for 70 + years ??



What about giants like Woolworths and Alders - both trading for the neck end of 100 years, both now down the swanney...



The simple truth is no one knows..



Nick

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
07/01/2009 09:42

i think if hsbc goes thats the end of banking full stop

batterboy58



Joined: 20/04/2008
Posts: 442

Message Posted:
07/01/2009 10:12

techtrader



message 33 "please be aware the interest rate is a function of RISK : currency risk , country risk , institutional risk all kinds of risk"



Does this mean then that deposits in UK at 2% are virtually no risk?

sparta


Joined: 24/10/2008
Posts: 226

Message Posted:
07/01/2009 10:44

every kind of investment, from buying houses to your high interest accounts has an element of risk involved, so everyone should lookin to what they are investing in before they take the plunge. If you then lose out you can only blame yourself.

techtrader


Joined: 06/08/2008
Posts: 126

Message Posted:
07/01/2009 14:11

bb58



i was talking more about these so-called 'high' interest rate accounts worldwide which are looking to attract savers



the UK base rate is set low because the boe dont want to attract savers they want to keep the economy running by keeping people spending (prob a recipe for disaster)



the 'carry trade' as it is known where people borrow at one country's rate to invest in another country's higher rate is fraught with danger and usually somewhere down the line end in tears. We have had this in play with the US and Japan which has contributed to the recent downturn. Believe me in the long run there is no 'free money'!!

kyreniagirl


Joined: 01/01/2009
Posts: 51

Message Posted:
07/01/2009 19:43

I heard a 'money programme' here in UK where a caller asked putting their savings in a Turkish bank's high interest savings account - the expert's opinion was that to do so was not 'saving' but 'investing' - the same as in stocks & shares i.e. you could make a lot of money but you could lose the lot!!

Wine Man


Joined: 11/09/2008
Posts: 74

Message Posted:
07/01/2009 19:51

Does anyone know where Creditwest Bank fits into the unofficial league table of interest rates within TRNC?

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
08/01/2009 00:49

Personal view point.



Credit West are offering similar rates to all others here. The small variances are on term and amount invested.



Moved cash today from HSBC because of better rate advertised to Cred. West. The staff member at HSBC said they would match the rate if I left with them!!!!!



Moved anyway, just spreading the RISK!!

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
08/01/2009 09:34

Hi Wine man Ill try to answer your question if you would be kind enough to clarify it a bit, we are a local bank part of the Altınbaş Group of companies, our web sites are as follows... http://www.creditwestbank.com and http://www.altinbasholding.com

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
08/01/2009 10:26

mess 42 - i think you did a wise moove - i was with HSBC and the service was rubbish.



Moved to Creditwest and service is first class - in fact reminds me of how banking was in the UK in the 1960's....





Nick