Question about beneficiary banks

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kedikat2903
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Question about beneficiary banks

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Post by kedikat2903 »

It might be a stupid question but when transferring money from U.K. to an account in North Cyprus how does the money get to the recipient in North Cyprus ? I have tried to fill out on line forms from Lloyd’s, RBS and Transferwise. Nowhere does it allow me to enter the account details for the North Cyprus account. I can only put details of the Turkish Vakif bank . The reference box doesn’t have enough space to put in the name and bank details of the recipient.i don’t want my money to be stuck in Turkey . I have sent emails to all three banks. They weren’t any help

paul90
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Re: Question about beneficiary banks

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Post by paul90 »

I use TSB and in the reference box I put my account number and name, e.g. xxxx-xxxxx-xxx pppp sssssss.
It does fit and I have no problems.

The bank name and address is Vakiflar in Ankaka.
The Beneficiary (name of account holder) is Kibris Iktisat bank at their Lefkosa address in my case.

Hope this helps.

Jane M
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Re: Question about beneficiary banks

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Post by Jane M »

I send money from the UK to my bank account here and initially I had to set up the transfer details, ie my bank's name and address here, account name and number etc with my UK bank.

I did this via their phone bank. Subsequently, every time I want money I use phone bank again, and as the template is already set up, it only takes a few minutes.

I have never done this completely online in terms of getting money sent here, but I have sent money from here to an account in the UK. So it should be possible. Perhaps you have to set up the initial details with your UK bank.

kedikat2903
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Re: Question about beneficiary banks

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Post by kedikat2903 »

Thankyou Jane M and paul90

Chriswright03
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Re: Question about beneficiary banks

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Post by Chriswright03 »

If you are sending money from Lloyds make sure you select send money out of the UK. Then you will see that you need to input the IBN and all the other details. At the bottom there is a box saying customer reference that will appear on your statement. That is where you put your name as per your account in Cyprus and the account details. All the other stuff is as you say.

Your account manager here should be able to help you if you are stuck. Ours at Capital Bank was very helpful and sorted it all out for us.

Saddique
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Re: Question about beneficiary banks

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Post by Saddique »

Hi The money goes via a swift messaging system from UK-----> Vakif ( Vakiflar) Bank in Turkey and then onto your own bank in TRNC who is the final beneficiary.

The Beneficiary Bank maybe written as Vakif Bank but the Beneficiary Name has to be your TRNC Bank name.
You also have to put your full name and your account number in the message / payee reference box.

To be honest try to find a bank like Ziraat here who do not charge for incoming swift transfers from the UK from what i know.

I stupidly paid £153 in charges / fees when the money arrived to my Credit West account.

That is an extremely high fee to pay by any standards considering i paid the fees to Natwest in the UK.

You live and learn but never again would i transfer money via Vakif Bank into Credit West. The charges are ludicrous and greed comes to mind.

Best thing is to open an account with Ziraat Bank here and then transfer the funds over.
Or look into a Revolut Card which has major benefits in terms of exchange rates and transfers and spending on Revolut card here.

PM me if i can be of further help

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Soner
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Re: Question about beneficiary banks

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Post by Soner »

Whatever you do, do not transfer money unless you have got all details correct. Had done transfers via Vakif several times and money returned back to UK, but took unto 6 weeks before back into my account and intermediate bank does not refund their charges.
You live and learn, at your own expense.
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Saddique
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Re: Question about beneficiary banks

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Post by Saddique »

Soner wrote:
Thu 04 Mar 2021 7:40 am
Whatever you do, do not transfer money unless you have got all details correct. Had done transfers via Vakif several times and money returned back to UK, but took unto 6 weeks before back into my account and intermediate bank does not refund their charges.
You live and learn, at your own expense.
(:Z)(
This is a problem when intermediary Banks such as Vakif are involved. The UK Bank collects fees for the agent bank but Vakif Bank then charge their own forwarding fees and its ridiculously high. There is no justification for these high fees based on how much you remit.

UK banks charge a flat swift fee and thats it whatever the amount.

If you bank with Credit West, be extra cautious as the funds you send from the UK will go via Vakif Bank and be subject to extortionate fees.

Best to ask the local banks what is their fees policy on incoming swift payments from the UK and then Bank with them IMHO

Mowgli597
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Re: Question about beneficiary banks

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Post by Mowgli597 »

As I’ve said before transferring Euro from a Euro account (not in the U.K.) to a Euro current account in Creditwest which goes via Vakif bank costs me €0.51 (51 cents) up to €20000 (that’s a transfer limit, not a charge limit).

Transferring Euro in the opposite direction (from a Creditwest Euro account to a Euro account) cost me €23.50 to transfer €5500.

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