North Cyprus Tourist Board - How to lose your money in one easy step - Banking Problem
North Cyprus
North Cyprus > North Cyprus Forum > How to lose your money in one easy step - Banking Problem

How to lose your money in one easy step - Banking Problem

North Cyprus Forums Homepage

Join Cyprus44 Board | Already a member? Login

Popular Posts - List of popular topics discussed on our board.

You must be a member and logged in, to post replies and new topics.

» See All North Cyprus Banks Related Threads posted so far

» See North Cyprus Interest Rates



smudge



Joined: 07/04/2008
Posts: 160

Message Posted:
18/07/2008 18:19

Join or Login to Reply
Message 1 of 18 in Discussion

On 10th June we transferred a significant amount of money from our English account, via a Lloyds transfer account with the aim of it getting to Iktisatbank. After chasing this for 3 weeks we now know that it duly left our account, Lloyds (begrudgingly) told our bank that it had been received and passed to the appropriate account held be Iktisatbank. The Cyprus bank say it hasn't been received by them even though all of the details which were used were correct e.g. sort codes etc. All they can advise is that we ask our English bank to recall the sum of money.



As it was a BACS domestic transfer, the money is gone and cannot be recalled.



Anyone got any advice, or had a similar problem?

Thanks

Smudge



Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
18/07/2008 18:26

Join or Login to Reply
Message 2 of 18 in Discussion

We had a similar problem when money was held at their head office... I suggest you speak to Hussein, who's a very nice English speaker (only problem is he's not there every day) he is older and wiser than most of the staff and gets to the bottom of things...



smudge



Joined: 07/04/2008
Posts: 160

Message Posted:
18/07/2008 18:48

Join or Login to Reply
Message 3 of 18 in Discussion

Thank you Groucho. I shall go out armed with paperwork and ready for a mini battle.

Losing interest every day and risking having no electric or water bills paid is a worry in the meantime.



I think it'll be the last transaction done by BACS. Our bank are being as helpful as they can. They need a medal for their persistence at this end.

Smudge



Aga Buyers A G


Joined: 04/10/2007
Posts: 488

Message Posted:
18/07/2008 18:50

Join or Login to Reply
Message 4 of 18 in Discussion

Give it to Gary Robb and ask him to carry out the transaction for you - he even gives a receipt.........lol



orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
18/07/2008 18:58

Join or Login to Reply
Message 5 of 18 in Discussion

We had a similar problem back last year. HSBC UK to HSBC Girne via Istanbul. When the money left the UK they had a digit wrong so the money stayed in Istanbul in a holding account (they don't think to return it or use their brains and look up the name of the beneficiary to see if they can find a home for it!). Julie in Girne branch checked Istanbul who told her about the digit being wrong. The money had to be recalled by the UK then resent again. All in all it took over 3 weeks.

Karen



joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
18/07/2008 19:12

Join or Login to Reply
Message 6 of 18 in Discussion

This is worrying. My friend recently bought an apartment here and set up accounts with Iktisat and Lloyds to transfer money. When she tried sending money from Lloyds they didn't have a clue what she was on about, claimed not to know about any link-up with Iktisat and insisted even if such existed they couldn't possibly do a domestic BACS transfer. In the end they did an International transfer.



smudge



Joined: 07/04/2008
Posts: 160

Message Posted:
12/11/2008 21:15

Join or Login to Reply
Message 7 of 18 in Discussion

ooo i forgot to tell you....

Thanks to Groucho we visited Mr Hussein who was incredibly helpful. He promised to help us and the next day we received a phone call to say that the money had been located, placed into our account with the appropriate interest which we would have accrued.

So..... thanks to Grouch and Mr Hussein for their kind help in resolving the problem.



(Still won't every use Lloyds for any sort of account - their poor service was such a let down)



AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
12/11/2008 21:27

Join or Login to Reply
Message 8 of 18 in Discussion

I may be wrong but what happens with a transfer is if it is with a Turkish affiliated bank then the money will end up in Turkey first before it is transferred to the TRNC. I have found the easiest way is to write a cheque to the value of the transfer amount and pay it in to your local TRNC branch. It may take a bit longer but usually there is no cost and I have found it more reliable. OK so not the answer for someone residing outside of the TRNC but that is what I am happy doing and have done on many occasions.

AL



Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
12/11/2008 21:57

Join or Login to Reply
Message 9 of 18 in Discussion

Smudge,



Many thanks for the update... I'm so glad you managed to get a good resolution to what must have seemed like a nightmare....



It's worth noting that if you are transferring money in lots due to maximum transfer size, for a stage payment for example, you should not make multiple payments of exactly the same sum as this confuses the hell out of them in the central clearing bank in Istanbul ... they think two lots of 10k is a duplicate... it's therefore always best to make the payments for different odd amounts... say one at 10k one at 5,999 one at 4,001...



Also make sure all transfers carry an IBAN (check it's correct too) as this uniquely identifies the target account...



breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
13/11/2008 13:37

Join or Login to Reply
Message 10 of 18 in Discussion

Superb example of what this forum should be about. Great help for a fellow member. Well done Groucho.



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
13/11/2008 15:32

Join or Login to Reply
Message 11 of 18 in Discussion

Hi

My suggestion is, before sending money for the first time, send a small amount ie 20 -50

If this goes through OK, be confident the rest will, using same bank details.

Sometimes a digit can be out or it gets held up at "Head office", once you have done this once and it is fine, the rest is generally transferred OK

I transfer mine via HSBC international online service, all has been fine, used Barclays service a few times ( via a form filled in at the bank )...lost my money once for 3 weeks due to "human error" at the bank .



davidoff


Joined: 21/04/2007
Posts: 438

Message Posted:
13/11/2008 15:47

Join or Login to Reply
Message 12 of 18 in Discussion

Hi all,



I had a nightmare once transfering money from uk to europe in euros for a very large sum of money.



The bank forgot to fax the transfer form on the day when the euro was a good rate- 3 weeks later I found out they hadent transfered the money.



In the meantime the euro plummeted and they tried to give me the euro rate on the day they would re-send it instead of the rate I should of got 3 weeks before.



I had to fiight nail and tooth to get the rate it was originally meant to be sent in otherwise the exchange rate difference was going to cost me an extra 1200!!



The bank made the mistake so they should pay thewhole difference??



In the end the bank reinbursed me half my loss which still Im not happy about- It was their fault and bunder not mine!!



take care d



fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
13/11/2008 16:02

Join or Login to Reply
Message 13 of 18 in Discussion

we had loads of problems with lloyds, in the end we just closed our accounts.

its not just them we also had our money lost in the system a few years back with bank of santander.

again just closed the account.



craig2536


Joined: 09/06/2007
Posts: 277

Message Posted:
13/11/2008 16:22

Join or Login to Reply
Message 14 of 18 in Discussion

If you deposit a uk cheque into a trnc bank it can take up to 6 or 7 weeks to clear.



breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
13/11/2008 18:11

Join or Login to Reply
Message 15 of 18 in Discussion

Royal bank of Scotland takes 3 days for 20 and never lost one yet out of about 12.



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
13/11/2008 18:19

Join or Login to Reply
Message 16 of 18 in Discussion

FYI.....as you all have computers...HSBC internet banking, my money is transferred within 3 hours for 10 - 15 ( from Uk to Nc ac )....I can then pay whoever I wish from my NC ac, into thier bank.

a great service

( I opened a HSBC in UK and in NC Cyprus just to transfer money )



AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
13/11/2008 18:20

Join or Login to Reply
Message 17 of 18 in Discussion

craig

It has only ever taken around 30 days (+/- 2days allowing for weekends) for any of my UK drawn cheques to end up in any of my TRNC accounts.



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
15/11/2008 13:28

Join or Login to Reply
Message 18 of 18 in Discussion

I've moved money over here to Turkbank by giving them a cheque. it is deposited 30 days later. The cheque takes between 9 & 14 working days to clear. I've been moving money this was since 2002 & must have done it now on at least forty occasions. On every occasion the money has been deposited in my account here on the due day & there has never once been a problem.



The only cost is the loss on interest on the UK. account for maximum 15 days. Now that interest rates are so low in the UK. this will be even less tha before. The only time it would be worth using an alternative method is if the sum involved is substantial. Work out the loss of interest on each amount being transferred to see if it is worth paying to have the transfer done for a charge.



For an amount of 1,000 at a net interest rate of 2.5%, the cost would be 1.03 for 15 days loss of interest. I rest my case.



North Cyprus Forums Homepage

Join Cyprus44 Forums | Already a member? Login

You must be a member and logged in, to post replies and new topics.