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To open and TRNC bank account or not....

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Dreamydiver



Joined: 30/08/2010
Posts: 306

Message Posted:
13/12/2010 21:43

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Message 1 of 23 in Discussion

We will be frequent visitors and need to be able to pay for utilities whilst out of the country.

So .....the question is .....do people rec; opening a bank account and, if so,

which ones are recommended

which ones need avoiding

what is needed to open an account.

Would prefer one that is near Esentepe AND does internet banking....



flightholiday


Joined: 19/07/2007
Posts: 3217

Message Posted:
13/12/2010 21:49

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Message 2 of 23 in Discussion

HSBC because you get good rates for moving money and also security being part of one of the worlds largest banks (HSBC Girne is a branch of HSBC Turkey not just a local TRNC bank). The only down side is that they offer slightly lower rates for their investments than the local banks.



Near to anywhere in TRNC is not that far and most banking can be done as you say by internet or at a local cash dispenser.



Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
13/12/2010 22:07

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Message 3 of 23 in Discussion

Their ATM's also pay out Sterling TL and Euros



Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
13/12/2010 22:18

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Message 4 of 23 in Discussion

Should have said Dollars not Euros.



Dreamydiver



Joined: 30/08/2010
Posts: 306

Message Posted:
14/12/2010 02:24

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Message 5 of 23 in Discussion

Brilliant, HSBC it is! John is in Esentepe now so i'll contact to get the ball rolling....presumably passport is all that will be needed??



Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
14/12/2010 07:15

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Message 6 of 23 in Discussion

A new branch of Limassol Bank is shortly to open in the heart of Esentepe Village with an ATM we are told that will dispense the most sort-after currencies. I'm not sure if Nationwide Debit Cards will be negotiable via these ATM's but if they are that will be very useful too...



nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
14/12/2010 08:38

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Message 7 of 23 in Discussion

If Limassol are opening near Esentepe, I would recommend them. They don't, at the moment, have internet banking but it is going to be happening apparently. Sending money from UK to Limassol Bank is very easy and quick as they have accounts at HSBC international in London so you can just do a credit transfer from your UK bank at no cost. When I do this from Nationwide UK, the money arrives here within 2 days.



mrsgee


Joined: 23/06/2009
Posts: 396

Message Posted:
14/12/2010 08:43

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Message 8 of 23 in Discussion

HSBC for me....very convenient. It is linked to my UK HSBC account so I can withdraw through the ATM in sterling from that one......no charges, although this may only apply if you have a premier account. A balance of 30,000 is needed over here to qualify for premier and this will also qualify the UK account for premier status even if you have less than the normal 50,000 requirement in UK. You also get free travel insurance, and internet facility. Dilek, the Premier Account manager in Girne branch is excellent. No waiting in queues, you just go upstairs to see her. Ok, not such a good rate as the TRNC banks, but as stated before you do have the security of the HSBC brand.



mrsgee


Joined: 23/06/2009
Posts: 396

Message Posted:
14/12/2010 08:44

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Message 9 of 23 in Discussion

Forgot to say, of course, another benefit is that HSBC cashpoints are all over the world, so again a convenience factor.......and you can use their VIP lounge at airports.



Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
14/12/2010 09:05

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Message 10 of 23 in Discussion

To find out more about banks and banking in the TRNC check out http://www.ncmoneyguide.info you will need to register (if you have not already done so already). The tab at the top named Banks and the section on Bank Accounts in the money guide will help you make an informed decision to this question.



For those of you that already bank in the TRNC you have the opportunity to rate and comment on the banks on the web site so as to help others.



Re 9 I assume that you need to be a HSBC premier account holder to benefit from the airport lounges?



Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
14/12/2010 09:09

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Message 11 of 23 in Discussion

Woops... Sorry Mrsgee just re read your posts (8 and 9) and answered my question in 10.

You do need to be a premier account holder to benefit from the airport lounges.



Dreamydiver



Joined: 30/08/2010
Posts: 306

Message Posted:
14/12/2010 09:15

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Message 12 of 23 in Discussion

What requirements do Limassol bank have to open an account? If we can transfer cash from UK w/o incurring the 25 fee (to send AND to receive) First Direct charge, I'd be very interested.

thanks for all the help!



graycoul


Joined: 23/04/2009
Posts: 493

Message Posted:
14/12/2010 10:42

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Message 13 of 23 in Discussion

ask in the uk about HSBC here they dont even know its there if it goes pop they wont cover you



mrsgee


Joined: 23/06/2009
Posts: 396

Message Posted:
14/12/2010 11:04

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Message 14 of 23 in Discussion

message 13



Sorry you are wrong. They do know about it in the UK, it's just not recognised under 'Cyprus'. I went into my UK branch to link my UK account with my HSBC one over here..........guess what, they actually TALK to each other. I think it is just a matter of ensuring that they have the full details of the branch over here....I gave them Dilek's email address so they could confirm that I had a qualifying account over here......no problems at all she responded immediately whilst we sat with the adviser in UK. You do have the same guarantees and won't go 'pop' unless the whole of HSBC does! For some reason people seem to be under the impression that it is not really HSBC. Speak to Julie in the Girne branch.....I believe she was transferred from her position in UK based HSBC.......it's just a shame that so many of the UK HSBC staff are so ignorant of the fact.



Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
14/12/2010 11:06

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Message 15 of 23 in Discussion

Re 13 The HSBC in the TRNC will not come under the UK deposit compensation scheme as stated. It does however come under the Republic of Turkeys equivalent as the bank is registered in Turkey and not the TRNC or the UK.



Full information on how the scheme works and to find out about the TRNC scheme go to the Bank Accounts section of the North Cyprus Money Guide http://www.ncmoneyguide.info you will have to log on to see that content.



breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
14/12/2010 13:27

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Message 16 of 23 in Discussion

If you dont want to use a deposit account I suppose HSBC is as good as any.

If you want to invst then Creditwest is excellent with the best rate of interest and nearer to Esentepe.

I beleive they are safe and will remain so.

Also use Garanti for direct debits and a credit card with very good service.



nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
14/12/2010 17:36

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Message 17 of 23 in Discussion

Re: message 12. Limassol will only want to photocopy your passport and you just need to give them some dosh to open the account. Ask them for the details of the routing via HSBC in London (they normally have photocopies of these in the branches). When you transfer money from the UK, all you need to do is a normal UK credit transfer. Pay to HSBC/sort code/Limassol Turkish Bank's account number (sterling/dollar/euro whichever you want) and, as a reference, your account number with the Limassol. As you are with First Direct, the money should arrive in your Limassol account next day. As the money is going initially to another UK bank account, it will be completely free and you can do it online, no problem. If you have any problems let me know as I have the routing details.



Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
14/12/2010 18:03

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Message 18 of 23 in Discussion

If the Limassol Bank's ATM will handle a Nationwide Debit Card as most banks do, you won't even need a Limassol Bank account.... but I don't know if they are linked up like other banks. Does somebody know the answer?



nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
14/12/2010 21:28

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Message 19 of 23 in Discussion

message 18: yes, of course the Limassol's ATMs handle Nationwide Debit Cards but this is not the question asked. The question is about transferring funds from UK to TRNC so that utility bills are paid automatically from an account here. The ability to use a UK debit card here is not relevant.



Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
14/12/2010 22:03

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Message 20 of 23 in Discussion

It's very relevant to a lot of people who live here full time, that's why I asked the question, you don't need to be quite so rude... do you?



nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
15/12/2010 00:07

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Message 21 of 23 in Discussion

Message 20: there's nothing rude about it unless you are a particularly sensitive soul! I am merely pointing out that the original question was the need to open a local bank account to pay utility bills in the person's absence. The subsequent question concerned the most cost effective way of transferring money out here from the UK. My answer, that using the Limassol means that you can do this free of charge, seems perfectly appropriate. The use of ATMs is surely a separate issue? My humblest apologies if you are offended by this.



Dreamydiver



Joined: 30/08/2010
Posts: 306

Message Posted:
03/01/2011 13:36

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Message 22 of 23 in Discussion

Re: Message 17 (nostradamus).

We would appreciate info on 'routing details' as so far it seems we have to pay First Direct a 10

international fee (25 normal fee but First Direct and HSBC have 'ties') plus XXX ( we don't know until the charge is applied) fee to HSBC in Girne for accetpting the money.

We will be transferring relatively small amounts to cover bills so would like to avoid paying 10+ per transfer.

General day to day spending isn't relevent as we are not yet able to move to the TRNC full time.



nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
03/01/2011 15:00

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Message 23 of 23 in Discussion

Re message 22: have e-mailed you the details direct.



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