Transfer of funds from UK to TRNC

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moneypenny5
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Transfer of funds from UK to TRNC

Post by moneypenny5 »

Over past 3 months I have tried 5 times to send sterling payments from UK to TRNC sterling bank account via Turkey. On all payments I have quoted recipient bank account details including IBAN and Mersin 10. 4 payments returned to me with Turkish bank fees deducted from my funds of £47.50 for each payment. Only one payment reached the bank account but was £10.00 less due to fee charges in TRNC.

I am now looking to use Western Union to send sterling to TRNC.

Has anyone used this service? If so how do their charges compare and where is the office in TRNC?

Any advice would be much appreciated. Thank you

Chriswright03
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Re: Transfer of funds from UK to TRNC

Post by Chriswright03 »

Which Bank are you using here?

Brend
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Re: Transfer of funds from UK to TRNC

Post by Brend »

I have transfered money to someone in Cyprus without a problem. I went down to my bank {RBS} and gave them as follows
Country Turkey
Swift Address .........
Benificary Bank ,,,,,,,, Which in my case was in Ankara
Account Name Which was Universal Bank
IBAN number ...........

and then put in message
for further credit to account of {your name}
Account no. {GBP} : .......

Hope this helps

moneypenny5
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Re: Transfer of funds from UK to TRNC

Post by moneypenny5 »

I am attempting to send funds to Capital Bank in Girne from my NatWest a/c.

Brend: The Beneficiary Bank is always quoting in Istanbul and I am using all the other details you have quoted.

Asia111

Re: Transfer of funds from UK to TRNC

Post by Asia111 »

Recommend you go see Roseann Campbell (English rep)
Turkbankasi Alsancak. She works most mornings up to 1pm and will be able to help you.
We have transferred monies without any probs using their ‘fast cash’ service and the transfer can be viewed online by close of business same day. £30 to transfer £3000. A bit cheaper if transferring less than this amount.

You would need to open an account with Turkbankasi though. Well worth it given the problems and costs you have incurred for failed attempts

Reyntj
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Re: Transfer of funds from UK to TRNC

Post by Reyntj »

I use garanti and the last swift payment arrived in 1 hour. I have had a oroblem before with a local bank and they lost the money in the system and it took 20 days I would not use a local bank again for such a transaction as they have to use intermediary different banks so not only do you get charged extra they also are delays and problems.

Bogaz58
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Re: Transfer of funds from UK to TRNC

Post by Bogaz58 »

Moneypenny, I use the same banks as you, when arranging the transfer with Natwest tick the box pay all fees, it's £12, if you speak to the Capital bank manager and arrange for the funds to go into a monthly savings (GBP) account they may waive their fee, total cost £12.

Chriswright03
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Re: Transfer of funds from UK to TRNC

Post by Chriswright03 »

moneypenny5 wrote:
Wed 24 Feb 2021 5:42 pm
I am attempting to send funds to Capital Bank in Girne from my NatWest a/c.

Brend: The Beneficiary Bank is always quoting in Istanbul and I am using all the other details you have quoted.
If you see Mustafa Gelen there he should be able to help. He has been very helpful to us when we are transferring monies across. I have found that our bank in the UK only charge a set (low) fee but there are other charges from the intermediary banks.

I did it once and omitted to put my name and bank account number for Capital in the Reference notes and that payment was returned to my bank in the UK. I have done it since with the details ad it came through without an issue other than the extra charges as mentioned.

At present I am trying to transfer funds here using my Starling card and will see if that has any extra charges added on it's journey if it gets here.

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waterline
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Re: Transfer of funds from UK to TRNC

Post by waterline »

Western Union is at the Iksitatbank.
Life is what happens to you while you're busy making other plans. (John Lennon)

Brend
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Re: Transfer of funds from UK to TRNC

Post by Brend »

I hope you are successful moneypenny

Mr Chinnery
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Re: Transfer of funds from UK to TRNC

Post by Mr Chinnery »

It would appear with Turkbankasi ‘fast cash’ you transfer Sterling from your UK bank to Turkbankasi in London. If this is done online no charge applies. Then this money is transferred to your TRNC Sterling account at Turkbankasi here in TRNC the same day.
The charge is £30 for the transfer of £3000. This equates to 1% which I think is reasonable.
It would be interesting to know what the total charges are for transfers that first go to ISTANBUL before transfer to TRNC which seems to be the normal way of doing things especially if the Sterling is exchanged into Turkish Lira.

moneypenny5
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Re: Transfer of funds from UK to TRNC

Post by moneypenny5 »

Thank you all for your responses. Very helpful. When I am back in Cyprus I will visit the said banks for discussions.

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