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Best interest rate and bank

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Ged46


Joined: 03/08/2008
Posts: 1

Message Posted:
03/08/2008 23:13

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Message 1 of 22 in Discussion

Have bought an apartment in Northern Cyprus and I would like a bank I can access when I holiday there. I would like a good interest rate and one I could access from my home country of England.



sunshinedays


Joined: 16/06/2008
Posts: 13

Message Posted:
04/08/2008 07:14

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Message 2 of 22 in Discussion

A HSBC Online account is a good idea, you can invest and exchange money online and the interest rate is usually quite good. Interest Rate is higher for online Investors. If you have a UK HSBC account and you want to send money out it usually manages arrive the same day and the charge is less than it would be if you transferred to another bank.



trevor


Joined: 02/04/2008
Posts: 244

Message Posted:
04/08/2008 14:55

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Message 3 of 22 in Discussion

We have just opened an account with HSBC in England and TRNC, they charge a one off fee of 100.00 to open the TRNC one, you have to fill out some forms and take then to your HSBC and have signatures witnessed then they send these to Manchester and everything is then sorted for you. We have just recieved our Bbank cards which are sent from Turkey. Just got to ring the bank in Kyrenia and get some passcodes now before i can transfer. I think you can actually open it over there and there is no fee but not 100% on this. To taransfer money from one bank to the other is 10.00 instead of the usual 20.00. Hope this helps



stanley


Joined: 30/06/2008
Posts: 42

Message Posted:
04/08/2008 15:00

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Message 4 of 22 in Discussion

Iktisat have an english speaking department, and online banking is available.



Rogerdodger


Joined: 24/04/2008
Posts: 271

Message Posted:
04/08/2008 15:21

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Message 5 of 22 in Discussion

I have opened an account with Turk Bankasi,they were English speaking, very polite, quick, and a pleasure to deal with, plus they offer a very good intrest rate, I looked at opening a HSBC account in Girne, however when I went to the bank in Girne, we took a ticket and waited for an hour and a half, still never got seen so we left as they were packed out, I am told by people that were waiting in the que it was always like that, it might seem a good idea to open a HSBC account for NC in the UK, but you try and getting seen in the bank in NC, it's a mad house, and time consuming to say the least, my advise is try Turk Bankasi,they are one of the oldest Turkish banks, you will not be disipointed



cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
04/08/2008 16:25

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Message 6 of 22 in Discussion

I always say same about HSBC. Think about when banks are busy in UK and you will find same here.



We have worked out the times when they are likely to be busy and go then, never a problem!!!



You do not get a ticket as above poster says, you go downs stairs and just wait. Getting a ticket is purely for counter transactions. As for comments "it is always like that" obviously from people who enjoy sitting for hours in queues.



If you have 100,000 ytl to invest you go upstairs and will be seen almost straight away, again not at busy times such as 1st day of month, monday morning, last day of month etc.



cuddles


Joined: 09/08/2008
Posts: 9

Message Posted:
11/08/2008 10:15

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Message 7 of 22 in Discussion

I tried to open a bank account at HSBC Famagusta, but was told that I could only open a joint account with my partner (Turkish Cypriot) and had to show evidence of buying a property there. I would only have been allowed to open a personal account if I was married to him. Has anyone else experienced trouble in opening a bank account at the HSBC?



breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
11/08/2008 13:49

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Message 8 of 22 in Discussion

Hi Ged

HSBC have the worst rate and do not give interest over 7 days per week.

Garanti give up to 18% and Iktisat give up to 20%. Both depend on how much you are depositing in a YTL 30 day account. Open a sterling account and put the money into this then when the -YTL rate is good transfer it into a YTL 30 day deposit account which you can open with a few YTL when you are there.

Both Garanti and Iktisat are Turkish and have Internet access and English speaking account managers. At Garanti ask for Aylin Goksen on the first floor. At Iktisat the english speaking girls are on the second floor.

Both just need your passport and a small amount to open each account.



gudgirl


Joined: 11/09/2008
Posts: 10

Message Posted:
11/09/2008 16:33

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Message 9 of 22 in Discussion

Hello,

How can i get on the Iktisat website? or does anyone have contact details for them?

Is that savings rate before or after tax? and if after, do you know what rate it is after?

thanks



stanley


Joined: 30/06/2008
Posts: 42

Message Posted:
11/09/2008 16:53

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Message 10 of 22 in Discussion

www.iktisatbank.com

0090 392 815 5351 extension 4137

alev.peler@iktisatbank.com email english customer rep



joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
11/09/2008 17:07

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Message 11 of 22 in Discussion

The savings rates quoted are before tax. You will be taxed 8% on the interest. By the way Breezyboy, I believe Iktisatbank is Cypriot not Turkish.



Biker



Joined: 11/01/2008
Posts: 396

Message Posted:
11/09/2008 17:47

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Message 12 of 22 in Discussion

joandjelly



You are wrong



Iktisat bank is owned by Turkish Cypriot people.



lippylou


Joined: 11/09/2008
Posts: 13

Message Posted:
11/09/2008 17:57

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Message 13 of 22 in Discussion

Thanks a lot guys-great help! if any one knows of any banks with higher rates of interest please feel free to recomend!



laptagal


Joined: 28/05/2008
Posts: 549

Message Posted:
11/09/2008 19:09

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Message 14 of 22 in Discussion

Hi Sunshinedays - I have HSBC accounts in UK and TRNC and finally got around to getting my password today. However, I can't work out how to transfer money from the UK - can you do it under 'make a payment' or do you go onto 'transfer money overseas'?



joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
11/09/2008 19:17

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Message 15 of 22 in Discussion

Biker - when I said Iktisat was Cypriot I was talking about Turkish Cypriot.



Laptagal - I have not managed to transfer money online with HSBC although it should be the Transfer Money Overseas option. The reason for this is that when filling in the form it asks for a BIC (branch identification code) but there is not a code for Kyrenia/Girne in the list of branches. I got round this by setting up a payment with Telephone Banking. You only have to give them the details once and from then on it is very straightforward. Also be aware that you can only do overseas transfers up to 3.30pm each day.



Lippylou - you can get higher rates of interest if you invest over 100,000ytl. For example, Continental Bank pay 21%.



littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
11/09/2008 19:20

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Message 16 of 22 in Discussion

joandjelly mention Mr Nigel and you get 22% I am such a nice guy !!



AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
11/09/2008 22:00

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Message 17 of 22 in Discussion

Beware of banks offering higher than normal interest rates. Pick a bank that has been around for a long time and that survived the last banking crash in the TRNC (I think about 10 years ago) and also pick a bank that is bonded with the Central Bank. Up to 20000 per account is protected with a bonded bank.

Dont be greedy.

AJ



lippylou


Joined: 11/09/2008
Posts: 13

Message Posted:
12/09/2008 10:37

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Message 18 of 22 in Discussion

Hello,

Thanks agin.

Joandjelly, do you have any info. on Continental bank, like website, email or anything as i don't seem to be able to find on the net.

Thanks



Biker



Joined: 11/01/2008
Posts: 396

Message Posted:
12/09/2008 13:24

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Message 19 of 22 in Discussion

joandjelly



BIC number for HSBC is HSBCTRIX

This is used because it represents the transferring bank in Istanbul.

If you use this as BIC and your IBAN number then you should be able to transfer on the internet which costs less.



Biker



Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
12/09/2008 13:53

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Message 20 of 22 in Discussion

nast little man may be nice one day, he is not nastyin the flesh when you meet him but seems to have a talent for it on here !!



joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
12/09/2008 18:30

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Message 21 of 22 in Discussion

Hi Biker



I must admit I have never wanted to chance just using HSBCTRIX. If you can confirm that you have transferred money online using this BIC then I will be a very happy person.



Thanks.



Jo



joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
12/09/2008 18:32

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Message 22 of 22 in Discussion

Hi Lippylou



I found this http://www.northcyprusonline.com/North-Cyprus-Online-Private-Banks-Continental.php



There is a website but it doesn't seem to be working at the moment and I think it only in Turkish anyway. I would suggest you phone or email the Kyrenia branch. There are a number of people there that speak very good English.



Jo



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