Kibkom North Cyprus Forum

I joined Garanti Bankasa when they opened quite some while ago. Found their internet banking much more friendly than NATWEST.
Having no close ties to the UK, not having visited since 2003 decided to take the plunge and close my account with them. Boy am I glad I did. Both my Government pension and other bits and bobs all come in to my current acc. here. In the 2 yrs this has been in operation not one problem.

I appreciate that my finances are very straight forward, but it is worth thinking about given all appears to be not well with UK Banking.
Large mainland Turkish Banks are safe, they have pretty strict laws and good compensation provision.

Does anyone agree/disagree that UK banking aint what it used to be ?

Nothing in U.K is the same as it used to be!!!!!!

i agree i think the turkish banks are a lot safer than the uk ones

I have had trouble during the last week even getting Natwest to respond to emails and when I did get a reply I was told the slow response was because of problems with their new computer systems so I am glad I am in the final stages of closing my business accounts down with them.

My personal accounts are with HSBC and I have to say when I transferred my accounts from the UK to Girne branch it all went like clockwork but as they are one of the largest Banks in the world I feel relatively safe haviing my funds with them.

Mel7348 wrote:I joined Garanti Bankasa when they opened quite some while ago. Found their internet banking much more friendly than NATWEST.
Having no close ties to the UK, not having visited since 2003 decided to take the plunge and close my account with them. Boy am I glad I did. Both my Government pension and other bits and bobs all come in to my current acc. here. In the 2 yrs this has been in operation not one problem.

I appreciate that my finances are very straight forward, but it is worth thinking about given all appears to be not well with UK Banking.
Large mainland Turkish Banks are safe, they have pretty strict laws and good compensation provision.

Does anyone agree/disagree that UK banking aint what it used to be ?

Mel,

Transfering your pensions into TRNC bank leaves you open to the TLR exchange rate,up or down,if you leave your money in UK and draw out Sterling via TRNC cash machine,simples?

David

Hi Davpat,
Can you explain that a little more?
I've been looking for a convenient way to bank etc.

So if I leave my money in my UK account (I'm with Halifax) I can draw out from ATMs around Kyrenia.
Any particular types to look out for? Do they charge?

Thanks in advance.

Chris

CatalkoyChris wrote:Hi Davpat,
Can you explain that a little more?
I've been looking for a convenient way to bank etc.

So if I leave my money in my UK account (I'm with Halifax) I can draw out from ATMs around Kyrenia.
Any particular types to look out for? Do they charge?

Thanks in advance.

Chris

Chris,We holiday in TRNC every year for the past 5 years or so,we intend to retire next year in TRNC,I had been following the advise of numerous posters on C44,that is to have your pension paid into UK bank,and use your Card to obtain £,then exchange a better rate locally,than the nominated Exchange Rate,that is what we intend to do when we retire next year.

David

Just a little warning to you all.On more than one occasion after using Turkbank ATM,s i found out that the same amount of money was taken out of my Natwest twice in the same day,After a few contacts with Natwest i got my money back.Keep checking those statements.

On more than one occasion after using Turkbank ATM,s i found out that the same amount of money was taken out of my Natwest twice in the same day,After a few contacts with Natwest i got my money back.Keep checking those statements.

I did stress that I bank with a major Mainland Turkish Bank not a Turkish Cypriot bank. The mainland banking laws differ in some respects. Mainland banks offer greater investor protection amongst other things.

I worked in the finance sector before retiring here and researched the banking laws with professional Turkish help before making my decision. The currency fluctuation has not been great over the past 5 yrs. Being lazy by nature have gone for the soft option of a Laptop, cash machine at Cratos, Credit Card( Flexi VISA) for internet shopping etc.

I maybe a few Korush(per GBP) up one month a few down another.

Horses for courses really.

Mel7348 wrote:On more than one occasion after using Turkbank ATM,s i found out that the same amount of money was taken out of my Natwest twice in the same day,After a few contacts with Natwest i got my money back.Keep checking those statements.

I did stress that I bank with a major Mainland Turkish Bank not a Turkish Cypriot bank. The mainland banking laws differ in some respects. Mainland banks offer greater investor protection amongst other things.

I worked in the finance sector before retiring here and researched the banking laws with professional Turkish help before making my decision. The currency fluctuation has not been great over the past 5 yrs. Being lazy by nature have gone for the soft option of a Laptop, cash machine at Cratos, Credit Card( Flexi VISA) for internet shopping etc.

I maybe a few Korush(per GBP) up one month a few down another.

Horses for courses really.

When you say the "finance" sector Mel,I hope you werent a Banker who saw the writing on the wall,so to speak!!!

Bankers arent my flavour of the month

David

if you send your pension to a sterling account then change to tl you will get the full rate.

DAVPAT. - Honest was not a bwanker. Worked for Leamington Spa Building Society taken over by the "ooops"(intentional) & Bingley and made redundant/early retirement.

No sniff of bonus, golden handshake just statutary requirement terms, back in the nineties. Could not find another job, wrong side of 50. Hey Ho, Hey Ho and off to TRNC and not regretted it.

Well done Mel,hope to join you all next year in our retirement!!!

Counting down too, although it'll be over a decade before I retire.

Thanks for the advice guys!

Chris

dont you have to pay a fee when you draw out money over here on your UK account ? i dont know as i dont have one

Yes Andrew,But someone tried to take an extra £400 out of me