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Bank accounts in the TNRC

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Radnor


Joined: 10/04/2009
Posts: 28

Message Posted:
04/05/2009 23:40

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Message 1 of 40 in Discussion

Hi,



Trying to find a definitive answer on whether it is possible to open a bank account in North Cyprus without actually owning a property. We are a British couple planning on moving over later this year with a view to buying eventually, but would prefer to rent initially. Have heard mixed accounts of whether it is possible to open a bank account without owning a property. Can anybody answer this query for us once and for all??



Many thanks



Richard and Lisa



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
04/05/2009 23:45

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Message 2 of 40 in Discussion

I was told yes this was possible when I asked the same question of Creditwest bank very recently for a friend who lives in the South. Was told that there is no problem but a UK. passport is required when opening an account.



Apparently many UK. residents who don't own property here have opened bank accounts.



lucienne


Joined: 29/01/2009
Posts: 129

Message Posted:
04/05/2009 23:47

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Message 3 of 40 in Discussion

A British address will do. You need passport and possibly driving licence



negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
05/05/2009 00:08

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Message 4 of 40 in Discussion

Like most things TRNC, the ability to part with the money is the only real criteria...





Nick



Whistler


Joined: 28/07/2008
Posts: 1332

Message Posted:
05/05/2009 07:45

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Message 5 of 40 in Discussion

My cousin opened one in Universal Bank only last week. She lives in the uk and only had to produce a passport.



Moover321


Joined: 11/04/2009
Posts: 649

Message Posted:
05/05/2009 09:04

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Message 6 of 40 in Discussion

It's quite easy to open an account. If you are with HSBC in the UK they will do it for you from the UK if you want. You will just have to fill in forms in both English and Turkish and the process takes about 10 days! You can open a current account in the local currency and a savings account in Pound Sterling or Euros. Just remember you will pay for the privilege of having an account as all accounts have a monthly charge of something like 3.00.



wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
05/05/2009 12:31

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Message 7 of 40 in Discussion

figen.kuman@creditwestbank.com

deniz.oralman@creditwestbank.com

I managed to open an account whilst in the UK and sort the final detail when I was over

Proof of ID needed as part of the money laundering stuff banks have to do world wide

Figen the area manager excellent professional as is Deniz .

As a non linguist their English is better than mine

Example of Service

I do an electronic transfer for the first time just 100 to make sure I've done it right

Next day I'm rung up on my mobile in the UK and asked which account and for how long I want to use.

Prompt efficient personal service virtually unknown in the British banking system.No Indian or other call centres personal face to face service with e-mail and telephone contact

An excellent expat service



Radnor


Joined: 10/04/2009
Posts: 28

Message Posted:
05/05/2009 15:23

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Message 8 of 40 in Discussion

Wow - thanks so much everyone for all your help. Hoping to be back over early June for another quick visit so perhaps we had better get ourselves into a bank and start the process.



Cheers all



gaziali


Joined: 23/03/2009
Posts: 28

Message Posted:
05/05/2009 16:00

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Message 9 of 40 in Discussion

Hi

I am the manager of the Universal Bank Catalkoy Branch. All we need to open an account is just your identification. Looking forward seeing you in our branch.

Ali Gazi



spud1


Joined: 22/05/2007
Posts: 544

Message Posted:
05/05/2009 16:50

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Message 10 of 40 in Discussion

hi ali gazi. many thanks for your phone call regards to alterations to interest rates. your bank is first class. see you in 2 weeks time. spud1



Chegwin


Joined: 24/03/2009
Posts: 775

Message Posted:
05/05/2009 17:20

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Message 11 of 40 in Discussion

Chegwin would like to know if he can open an account at Universal Bank, with the proper ID of course, with a sterling cheque drawn on a UK account?



Chegwin



LoopyLoo


Joined: 05/04/2009
Posts: 67

Message Posted:
05/05/2009 18:24

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Message 12 of 40 in Discussion

I opened an account in HSBC with my UK licence and passport. It took about 1 hour but I went in at 8.30am to beat the queue. I waited 12 days and the ATM card was ready. If I hadn't been there to pick it up, they'd have kept it for up to 2 months. That one account has turkish currency, sterling, euros and dollars in it. I haven't actually worked out how to do the internet banking because of the Turkish but am working on that.



Radnor


Joined: 10/04/2009
Posts: 28

Message Posted:
06/05/2009 07:26

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Message 13 of 40 in Discussion

Thanks Ali Gazi, May just be popping in to see you very soon then



SaraP


Joined: 30/04/2008
Posts: 295

Message Posted:
06/05/2009 08:00

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Message 14 of 40 in Discussion

Radnor..I would highly recommend Kibris Continental Bank.



gaziali


Joined: 23/03/2009
Posts: 28

Message Posted:
06/05/2009 11:54

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Message 15 of 40 in Discussion

Sure chegwin. I personally will do my best to help my UNIVERSAL BANK CATALKOY BRANCH CUSTOMERS. Actually i do not consider them as customers. They are friends.

Always welcomed



sharpey77


Joined: 14/04/2009
Posts: 40

Message Posted:
06/05/2009 12:10

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Message 16 of 40 in Discussion

We opened two accounts with Ali a month ago, in Universal in Catalkoy. We were treated very well. It didnt feel like we were in a bank at all! Passports needed thats all.



Good luck!



Scythian



Joined: 14/03/2009
Posts: 75

Message Posted:
06/05/2009 12:53

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Message 17 of 40 in Discussion

Dear Gaziali,



I hope to get a yearly visa Northern Cyprus. Open an account at your bank. Make a deposit of 10,000.

In your bank say in Russian?



Sincerely Yours, Scythian



gaziali


Joined: 23/03/2009
Posts: 28

Message Posted:
06/05/2009 13:24

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Message 18 of 40 in Discussion

Will do our best to help you scythian.. Hope to see you here...



jax47


Joined: 03/10/2008
Posts: 102

Message Posted:
06/05/2009 18:10

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Message 19 of 40 in Discussion

message 7 - wanderer



We also joined Creditwest in March and have been VERY impressed with their service and helpfulness.......but I'm curious how you did a next day electronic transfer - could you explain please? Although I do internet banking here in UK and also can see my Creditwest accounts on-line, I thought I couldn't transfer money straight from one to another so I actually went into my bank here and did a funds transfer (paid 24 for the privilege!!) but it took about a week to get there. If there is an easier way, please tell me? Many thanks



wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
06/05/2009 18:37

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Message 20 of 40 in Discussion

Jax47 I agree you can only see your Creditwest on line and not handle the accounts

I bank with BoS /Halifax and there is a space for Transfers and International Transfers

All I did was copy & paste the account detail into the international transfer and away I went

as to the charge there is one for non staff members of BoS



jax47


Joined: 03/10/2008
Posts: 102

Message Posted:
06/05/2009 18:48

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Message 21 of 40 in Discussion

Hi wanderer, apparantly when the Creditwest site goes "live" soon we will be able to perform transactions. They already pay our electric bill directly, hope they can do the same for water bills very soon after a bad rip-off experience paying locally.



We bank with Yorkshire Bank and I dont think I have the facility to do International transfers on-line but I will keep checking with them though to see if its going to be an option in future. Thanks for your info.



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
07/05/2009 10:21

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Message 22 of 40 in Discussion

Dear Jax



with the HSBC international transfers done on line ie HSBC uk account to HSBC trnc account, is in your account the same day ( takes about 2 hours )....for about 7.00, unless you are a HSBC premier customer, where as, it is free of charge.



Garfield


Joined: 06/05/2009
Posts: 61

Message Posted:
07/05/2009 11:51

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Message 23 of 40 in Discussion

Hi Richard & Lisa

Yes you can open an account,I was there in March and opened an account at Iktisatbank no problem just need passport.>>>> and money of course<<<<<<



girne


Joined: 14/01/2009
Posts: 438

Message Posted:
07/05/2009 15:01

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Message 24 of 40 in Discussion

yes it is possible to a bank account if you are a non resident in the TRNC. All you need is your passport.







If you require any help please call me 05338417388.

Or pop into our office @

Kibris Continental Bank

Karaoglanoglu just before GAU



Tyra



stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
07/05/2009 20:25

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Message 25 of 40 in Discussion

Seke Bank in Girne is another good bank, giving high interest rates. Very friendly and helpful.



Chegwin


Joined: 24/03/2009
Posts: 775

Message Posted:
07/05/2009 21:06

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Message 26 of 40 in Discussion

So what sort of interest rates are on offer just now for say a ten thousand sterling deposit?



Chegs



keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
07/05/2009 21:23

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Message 27 of 40 in Discussion

Msg 26.



About 4.5% monthly interest,higher for longer term.



Better to convert to tl and get 13%,but wait for the fx rate to rise again.



Chegwin


Joined: 24/03/2009
Posts: 775

Message Posted:
07/05/2009 21:28

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Message 28 of 40 in Discussion

So, on a 10 grand sterling deposit, converted to Lira @ about 2.4 to a pound will be +/- 3000 Lira a month?

Me math aint that good so help out if you can.

Cheers





Chegs



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
07/05/2009 21:50

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Message 29 of 40 in Discussion

Sorry Chegwin.



10,000 at 2.4/1 = 24,000 TL on deposit. Not 3,000 TL interest per month but 3,000 TL per annum. Interest rates in TL are not that good. The interest rate is 13% per annum.



Chegwin


Joined: 24/03/2009
Posts: 775

Message Posted:
07/05/2009 22:08

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Message 30 of 40 in Discussion

Yep! Thought as much.

Whats the 19.6% monthly at the top of this thread then?

Chegs



eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
07/05/2009 23:38

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Message 31 of 40 in Discussion

Where does it say that ?



canyavuz


Joined: 22/02/2009
Posts: 363

Message Posted:
07/05/2009 23:46

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Message 32 of 40 in Discussion

You need to have a local address to open a bank account here, which is a common rule everywhere.



eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
08/05/2009 00:11

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Message 33 of 40 in Discussion

You certainly don't need a local address here to open an account here,.....i opened mine simply by sending photo copies of certain documents to the bank and sent money via international transfer. that way it clears in 3 days and interest on the money starts after that.



halffull


Joined: 26/01/2009
Posts: 571

Message Posted:
08/05/2009 01:25

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Message 34 of 40 in Discussion

I found Credit west really good and opened an account from England and will be going to see them and deposit some money on our visit in June.



Chegwin


Joined: 24/03/2009
Posts: 775

Message Posted:
08/05/2009 07:20

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Message 35 of 40 in Discussion

Morning.

eager Msg 31.

On the banner across the top of this thread but I do realise that the FMA is not a bank.

And keithr reckons about 4.5% a month so I know I am a bit daft about these things but I can work out that 13% a year does not equate to 4.5% a month.

Still puzzled.



Chegs



eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
08/05/2009 11:12

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Message 36 of 40 in Discussion

Chegwin, 4.5% in sterling is per annum.....if you choose to have it in a MONTHLY account as opposed to 3, 6 . or 12 months.



girne


Joined: 14/01/2009
Posts: 438

Message Posted:
08/05/2009 12:12

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Message 37 of 40 in Discussion

10k stg monthly 5.5%

3 monthly 6.0%

6 monthly 6.5%

yearly 7%



Tyra

Continental Bank

Karaoglaoglu

tele :822 4359

mob : 05338417388



zcacmxi


Joined: 30/11/2008
Posts: 388

Message Posted:
08/05/2009 13:39

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Message 38 of 40 in Discussion

WOW: 7% on GBP! That's simply an amazing rate. I have not received that sort of interest in the UK at anytime in the last 10 years, even when the base rate was higher.



In the UK the base rate is currently 0.5%. The Big Banks are currently paying:



Barclays: 1.26%

HSBC: 0.75%

Lloyds: 1.6%

Natwest: 1.1%



You can get 3.5% if you're willing to put your money in a small building society and not touch for 1+ years.



Scythian



Joined: 14/03/2009
Posts: 75

Message Posted:
11/05/2009 19:38

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Message 39 of 40 in Discussion

Sorry, keep money in the bank - it is ineffective.

The climate of Northern Cyprus authorizes three harvests a year.

For example, Israel.

It was desert, now - the high production of agricultural products.



These speculations virtual money - made crisis



I apologize if offended



Manufacture of food products - a strategically important to the state.

It is a pity that we in Russia do not understand the rulers of ...



kathy1


Joined: 02/12/2008
Posts: 39

Message Posted:
27/05/2009 12:56

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Message 40 of 40 in Discussion

you can open a bank account in the north without owning a property .our friends did it when they came to visit us. theyn used credit west and got a good deal



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