Banking in TRNC

All to do with money - Banks, Insurance, Savings, Exchange Rates...

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DenBoy
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Banking in TRNC

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Post by DenBoy »

Hi Everyone

Been looking at the banking threads but a lot of them appear to be out of date I.e 2012.

Have some questions I am sure a few/lot of you will be able to help me with.

1. Already looked at the UK Gov website who state you can take a maximum of €10000 (GBP equivalent) or in fact TL equivalent. Just need to confirm this as the maximum or are there other ways of legally taking money into TRNC.

2. Already in touch with one bank who will open a TL account for us the next time we are in TRNC.

3. Once an account is opened can one transfer TL amounts into that account from the UK that has been opened ??

Already aware of several banks in TRNC - Geranti, Creditwest, Capitalbank to name but a few - I know everyone probably has their own favourite(s) or maybe people might have bad experiences also. Would one spread their capital across different banks ??

Never believed in re-inventing the wheel so any help or advice on this would be truly welcomed.

Cheers me dears

Dennis
As I grow older, my mind doesn't just wander..............sometimes it just leaves me completely !!

mickhm
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Re: Banking in TRNC

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Post by mickhm »

You can bring over more than 10,000 euros you just have to declare it at the airport and prove where the money is from Good luck
As I got older I congratulated myself on my tolerance..... Now I realise I just don't give a "ooops"

Bowman
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Re: Banking in TRNC

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Post by Bowman »

Hi Dennis,

Within the EU there is a limit €10,000.00 cash when crossing borders.

Once you have an account in the TRNC you can transfer from a UK bank..

Before we moved full time to the TRNC we ran current accounts in TL, GBP and Euros (based in Germany so had capital in Euros).

We always transferred the money in the currency of the sending bank and then used the TRNC banks on-line banking to transfer money from the TRNC GBP or Euro account to our TL current account.

We do have all our capital in one bank, but limit each savings account to €20,000.00.

Currently we bank with CreditWest.

Hope this helps

Mike Turner

DenBoy
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Re: Banking in TRNC

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Post by DenBoy »

Thank you for the couple of replies, really appreciated.

Dennis
As I grow older, my mind doesn't just wander..............sometimes it just leaves me completely !!

turtle
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Re: Banking in TRNC

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Post by turtle »

10,000 euro is the "legal" limit in cash but my advice would be to open both TL & Sterling accounts at you bank and transfer from UK to NC in Sterling then back to TL when the exchange rate is best.
The value on TL savings over the last couple of years has been in decline so be a bit wary of large exchanges into TL other than maybe long term investments ?

Ragged Robin
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Re: Banking in TRNC

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Post by Ragged Robin »

The cheapest way to transfer money is by cheque written on the UK Bank, but it takes a month to clear so you have to budget at least a month ahead and you risk the rate of exchange yo-yoing! You can do it by internet or telephone banking - but check with both UK and local banks what their charges are for the different methods, or you may get a nasty surprise, and their security procedures are so very tedious.

I use two local banks on the principal of spreading risk - but of course loose a little on interest with lower deposits.

I have used Turkish Bank and CRedit West for years. There have been problems (mainly with the complexities of the bankiing system worldwide and occasionally beaurocracy at Head Office), but both have good English speakers at my Branch to help expatriates and are generally polite, efficient and helpful. Turkish Bank have branches in N. London, registered under the UK Banking Laws, which can be helpful, particularly if you are dealing with people in the UK who are edgy about the TRNC. You will need a current account in sterling to transfer sterling into and one in TL (on at least one bank) for everyday spending and if you want a local credit card, and can have savings accounts in various currencies. TL usually has the best interest rates, but as said above it is a gamble on the rate of exchange.

Bowman
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Re: Banking in TRNC

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Post by Bowman »

Currently HSBC charges me 4.00 GBP per transfer with no charge by CreditWest.

To transfer money from my German bank I draw euros from the local ATM using my VISA card (no cost) and then pay the cash into my CreditWest euro current account.

As our pensions are paid by both the German and British government I see no end to this situation. I always check the bank account two working days after the transfers to check that there has been no change in the costs.

Before settling on the current strategy I made a number of transfers of 500 GBP/EURO each using different methods.

Regards Mike T

DenBoy
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Re: Banking in TRNC

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Post by DenBoy »

Thanks again all - really helpful on such an important subject.

Dennis
As I grow older, my mind doesn't just wander..............sometimes it just leaves me completely !!

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