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Problems with Bank transfer from UK to TRNC
Posted: Thu 14 Jan 2021 5:09 pm
by IPA
Hello, I am wondering if anyone else has problems with Bank transfer from UK to TRNC? Ive been making regular transfers in the last 2 years with no problems. After trying 2x transfer the money was returned to UK bank minus 10 GBP. UK bank says the Turkish clearing bank T. Vakif Bank TAO rejected transfer because (my) name and address were different. Not true and im completely baffled. Some friends recommend trying Transferwise instead but Im not so keen. Any help would be appreciated
Re: Problems with Bank transfer from UK to TRNC
Posted: Fri 15 Jan 2021 6:15 am
by Soner
I had same problem, it was a nightmare and took a long time for money to fall back into my account, approx 6 weeks.
I was told when transferring money to your TRNC account you have to put "Vakif Bank" for the name of Bank to be Paid. (I am looking for correspondence from my TRNC bank to give you exact details.) In the Message box at bottom of page you enter your name, TRNC Bank, and account number. Then, immediately contact your bank to chase transaction with Vakif Bank.
It's crazy! Lost around £50 in the process. I now try and only use Monzo Prepaid card to bring money over, and use the card to make 90% of purchases. will not use banks until they sort their act out.
Re: Problems with Bank transfer from UK to TRNC
Posted: Fri 15 Jan 2021 6:41 am
by paul90
I regularly transfer from TSB to Iktisat with no problems and money is in the Iktisat account in less than 24 hours.
Yes, the bank name should be Turkiye Vakiflar with their Ankara address.
Beneficiary name is Kibris Iktisat Bankasi with their Lefkosa address.
Reference box contains my account number and name.
IBAN box is the IBAN for my account.
Re: Problems with Bank transfer from UK to TRNC
Posted: Fri 15 Jan 2021 6:56 am
by mrsgee
I use transferwise, brilliant! No probs at all. Flat fee of £10.50 if doing by debit card or 7.50 if straight from bank account. You are told how long it will take, quickest I got was 2 hours from hsbc acc to garati tl account. Excellent rate of exchange set at time of transaction and guaranteed at that rate. So easy, just need iban for tl account. Notifications by email in progress. Takes longer if over weekend, but you know before you accept exactly how long and exactly how much to expect.
Re: Problems with Bank transfer from UK to TRNC
Posted: Fri 15 Jan 2021 6:34 pm
by EnjoyingTheSun
Never used them but I hear good things about transferwise.
If the regular payments are pension or similar a Revolut Card might be a good option
Re: Problems with Bank transfer from UK to TRNC
Posted: Fri 15 Jan 2021 8:24 pm
by IPA
Thanks for the great advice
Re: Problems with Bank transfer from UK to TRNC
Posted: Sat 16 Jan 2021 9:38 pm
by Reyntj
I sent a swift this week to garanti arrived in three hours!
Re: Problems with Bank transfer from UK to TRNC
Posted: Tue 26 Jan 2021 8:20 am
by Chriswright03
mrsgee wrote: ↑Fri 15 Jan 2021 6:56 am
I use transferwise, brilliant! No probs at all. Flat fee of £10.50 if doing by debit card or 7.50 if straight from bank account. You are told how long it will take, quickest I got was 2 hours from hsbc acc to garati tl account. Excellent rate of exchange set at time of transaction and guaranteed at that rate. So easy, just need iban for tl account. Notifications by email in progress. Takes longer if over weekend, but you know before you accept exactly how long and exactly how much to expect.
I have used Lloyds to send money to my bank here. Lloyds charge a flat fee of £9 which is very good but then other banks seem to charge on the way over plus you have to pay to pay into the bank account here. So Mrsgee do your bank charge to put the money into your account when you use Transferwise please?
I have a Revolut and a Starling card. We use the Revolut for purchases here unless it is for a minimal amount. Starling have no limit on the amount of TL we can withdraw so use that at Capital Bank ATM where there is no fee for TL. As we cannot travel to the UK nor would want to at the moment our usual method of bringing Sterling back with us is out of the question.
Re: Problems with Bank transfer from UK to TRNC
Posted: Tue 26 Jan 2021 8:57 am
by mrsgee
Chriswright03 wrote: ↑Tue 26 Jan 2021 8:20 am
mrsgee wrote: ↑Fri 15 Jan 2021 6:56 am
I use transferwise, brilliant! No probs at all. Flat fee of £10.50 if doing by debit card or 7.50 if straight from bank account. You are told how long it will take, quickest I got was 2 hours from hsbc acc to garati tl account. Excellent rate of exchange set at time of transaction and guaranteed at that rate. So easy, just need iban for tl account. Notifications by email in progress. Takes longer if over weekend, but you know before you accept exactly how long and exactly how much to expect.
I have used Lloyds to send money to my bank here. Lloyds charge a flat fee of £9 which is very good but then other banks seem to charge on the way over plus you have to pay to pay into the bank account here. So Mrsgee do your bank charge to put the money into your account when you use Transferwise please?
I have a Revolut and a Starling card. We use the Revolut for purchases here unless it is for a minimal amount. Starling have no limit on the amount of TL we can withdraw so use that at Capital Bank ATM where there is no fee for TL. As we cannot travel to the UK nor would want to at the moment our usual method of bringing Sterling back with us is out of the question.
Chris Wright, the only charge is the one from Transferwise, no other charges unless you use a credit card instead of a debit, for which the usual charges for cash would apply. I find it very convenient, the exchange rate they give is usually better than you get in the change offices. Money goes straight to my TL account, no probs.
Re: Problems with Bank transfer from UK to TRNC
Posted: Tue 26 Jan 2021 10:03 am
by Geoff1131
mrsgee, could i ask. When you use the Transferwise does the money come straight to the TRNC bank account or does it still have to go to the intermediary bank in Turkey first? I live on a small site and we have owners in the UK who are trying to pay site fees for this year, and are obviously having problems as they are not able to visit the island. Many have tried to pay from the UK to their TRNC banks through the usual channels but have had difficulty. This Transferwise could be the answer.
Re: Problems with Bank transfer from UK to TRNC
Posted: Tue 26 Jan 2021 10:18 am
by mrsgee
Geoff1131 wrote: ↑Tue 26 Jan 2021 10:03 am
mrsgee, could i ask. When you use the Transferwise does the money come straight to the TRNC bank account or does it still have to go to the intermediary bank in Turkey first? I live on a small site and we have owners in the UK who are trying to pay site fees for this year, and are obviously having problems as they are not able to visit the island. Many have tried to pay from the UK to their TRNC banks through the usual channels but have had difficulty. This Transferwise could be the answer.
Geoff1131, as far as I can tell, and given one transaction went through within 2 hours, the money goes direct. You have to quote your TRNC Iban number so they can do the transfer. If you go onto their website you will probably find the answers to all your questions. They are based in London and regulated by FCA.
Re: Problems with Bank transfer from UK to TRNC
Posted: Tue 26 Jan 2021 10:43 am
by Chriswright03
mrsgee wrote: ↑Tue 26 Jan 2021 8:57 am
Chriswright03 wrote: ↑Tue 26 Jan 2021 8:20 am
mrsgee wrote: ↑Fri 15 Jan 2021 6:56 am
I use transferwise, brilliant! No probs at all. Flat fee of £10.50 if doing by debit card or 7.50 if straight from bank account. You are told how long it will take, quickest I got was 2 hours from hsbc acc to garati tl account. Excellent rate of exchange set at time of transaction and guaranteed at that rate. So easy, just need iban for tl account. Notifications by email in progress. Takes longer if over weekend, but you know before you accept exactly how long and exactly how much to expect.
I have used Lloyds to send money to my bank here. Lloyds charge a flat fee of £9 which is very good but then other banks seem to charge on the way over plus you have to pay to pay into the bank account here. So Mrsgee do your bank charge to put the money into your account when you use Transferwise please?
I have a Revolut and a Starling card. We use the Revolut for purchases here unless it is for a minimal amount. Starling have no limit on the amount of TL we can withdraw so use that at Capital Bank ATM where there is no fee for TL. As we cannot travel to the UK nor would want to at the moment our usual method of bringing Sterling back with us is out of the question.
Chris Wright, the only charge is the one from Transferwise, no other charges unless you use a credit card instead of a debit, for which the usual charges for cash would apply. I find it very convenient, the exchange rate they give is usually better than you get in the change offices. Money goes straight to my TL account, no probs.
Thanks mrsgee that is very useful to know and I am sure I will be using it in the future.
Re: Problems with Bank transfer from UK to TRNC
Posted: Tue 26 Jan 2021 12:49 pm
by mrsgee
Well, all I can say is it works for me, each to their own of course, and whatever works for them,
Re: Problems with Bank transfer from UK to TRNC
Posted: Fri 29 Jan 2021 1:26 pm
by MnM
Been looking at PayPoint Cyprus but Esentepe isn't listed under Municipalities. Not due yet anyway but thought i'd look into it in case we can't get out before April.