which bank would you recommend for me (living permanently in TRNC)

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Mika
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which bank would you recommend for me (living permanently in TRNC)

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Post by Mika »

Hi there,

My name is Michael and I just relocated to TRNC a week ago.
For the residency application I need to open a bank account (and of course for other reasons) and would like to ask which bank you can recommend me.

It will be mainly used for TRNC living expenses (mainly grocery).
If possible I would like to hold the money there in $ as the turkish Lira is still weak and might become even weaker. (GBP, EUR would be another, less good option)


Please advise which bank to use,

Thank you,

best regards,
Michael

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Re: which bank would you recommend for me (living permanently in TRNC)

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Post by forestpixie »

Not Garanti that's for sure, I had to use it for my salary. I waited 2 hours to see someone to set the account up. My card randomly worked online and they offered no solution. If you need English speaking you're out of luck. I closed my account just the other day. Everyone seems to recommend Credit West

mish
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Re: which bank would you recommend for me (living permanently in TRNC)

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Post by mish »

On the basis of the description of your needs, start with a Revolut card for everyday payments and take some time to make a decision about a 'real' bank.
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Re: which bank would you recommend for me (living permanently in TRNC)

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Post by wanderer »

The US Federal Reserve made a remarkable statement for the dollar index, which fell 6 percent after the Fed's meeting on November 2, where it announced its interest rate decision. According to Morgan Stanley, it was stated that the US dollar has peaked and will fall in 2023. Treasury and Finance Minister Nureddin Nebati made a flashy comment saying 'despite all the criticisms' regarding the exchange rates. While gold prices are on the rise, there is a remarkable decline in the dollar index. The dollar index has lost 6 percent since the US Federal Reserve's FOMC meeting held on November 2 and experienced the sharpest decline this year. A few more Fed officials stated that there was a slowdown in interest rate hikes and investors speculated that a peak in interest rates might be imminent. The Dollar Index fell 0.5 percent to 105.97, the lowest level in the last three months. FED WILL BRAKE ON INTERESTS Fed officials expressed their view of the dollar's decline as exaggerated, reiterating their statements that interest rates should continue to rise to combat inflation, possibly at a slower pace. However, expectations that the Fed, which has increased interest rates by 75 basis points in each of the last 4 meetings, will increase interest rates by 50 basis points in December, are getting stronger. AMAZING EXPLANATION FOR THE 2023 DOLLARS ESTIMATE The expectation of a decrease in the rate of increase in interest rates brought along the 2023 forecasts for the dollar. In this context, according to Morgan Stanley, it was stated that the US dollar peaked and will fall in 2023. The bank thinks that the index will fall to 104 by the end of next year, while the euro will outperform. EURO UP 8 PERCENT COMPARED TO THE BOTTOM

OKU, YORUMLA ve PAYLAŞ ==> https://www.kibrisgazetesi.com/ekonomi/ ... 33036.html

Kıbrıs Gazetesi

ljarvo
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Re: which bank would you recommend for me (living permanently in TRNC)

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Post by ljarvo »

My personal choice is use a Turkish bank and not a local bank if you have significant funds.

I have been really happy with Garanti - plus it has an international IBAN

Or TEB could be a good choice.

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Re: which bank would you recommend for me (living permanently in TRNC)

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Post by jayceebee »

I have been very happy with Creditwest for my banking requirements since relocating here in 2016.

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Re: which bank would you recommend for me (living permanently in TRNC)

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Post by come_on_aylin »

Might be worth checking if your home country bank has any ties with Turkish banks which may make international transfers easier and probably cheaper. The Turkish economy bank (TEB) is part of the BNP Paribas group which has a presence in both Germany and Austria.

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Re: which bank would you recommend for me (living permanently in TRNC)

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Post by gates »

Wise great

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Re: which bank would you recommend for me (living permanently in TRNC)

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Post by Mika »

Happy New Year to all of you and thank you for sharing your thoughts with me.

I am still struggling and need your help again.

After I talked to some locals and the former owners of the house we opened an account with Capital bank.
Everything was setup quickly and we received our credit and debit cards.

Now I transfered money via Transferwise, just a small sum as a first test and was shocked about the fees!
I transfered 200Eur, Wise told me they will take 3.80Eur (so I transfered 203.80Eur) and I paid a hefty extra fee of 14.50Eur for the money to arrive on my checking account. I only received 185Eur!
Capital bank called me and asked if I want the money at my checking or saving account, they did not explain that there is a difference in fees. (no fee on the saving account, but you can't use the money within the first month)

So I went there, asked them regarding the fees and they could not explain properly.
They told me that they don't know the fees of the turkish bank which is shocking!

I need to transfer more money, especially for the residency process as I need a bank statement and need to show that I have sufficient funds (no income at the moment).

Is somebody here using Capital bank and knows there fees better?
I hope the bank takes a flat fee and these almost 10% of fee are an exceptional. What can you recommend?

My options are:
To use another bank (need to open another account)
to go to the south and withdraw money with an ATM instead
to figure out there fee structure
to use crypto instead and to deposit cash at the bank

or can I use a bank statement of f.e. an Austrian bank instead of a bank in TRNC?
Documents must be original, via mail this document will not arrive in time. Did you use a foreign bank to show TRNC that you have sufficient money? And if yes, how did you do it?


--> Or am I totally wrong and can use any bank wordwide to proof that I have sufficient funds for the residency? I can download a bank statement (German/English) easily for my Austrian bank. Is this sufficient as a proof for the residency, or is it a must to use a TRNC bank?



Best regards,
Michael (who needs to find out how to solve this issue before the police appointment in Feb)

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dippersgirl
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Re: which bank would you recommend for me (living permanently in TRNC)

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Post by dippersgirl »

We have been with Turkish Bank for 22 years and have never had a problem, have done various transfer etc,
Always with the Famagusta Branch.

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Re: which bank would you recommend for me (living permanently in TRNC)

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Post by Keithcaley »

dippersgirl wrote:
Wed 18 Jan 2023 4:59 pm
We have been with Turkish Bank for 22 years and have never had a problem, have done various transfer etc,
Always with the Famagusta Branch.

The people that I know who use Türk Bank never have anything bad to say about them!

You can definitely use downloaded & Printed statements for residency purposes - we would all be stuffed if you couldn't!

Try and use a Wise/Revolut/Starling card linked to your foreign bank account for as much of your expenditure as is humanly possible!

You will get a better rate of exchange with no fees (generally) and (at least with Revolut) you can withdraw a couple of hundred worth of local currency with no fees each month. I suggest that if you are a couple, you each do this to maximise the advantage!

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