Kibkom North Cyprus Forum

Thinking of opening a bank account.

What sort of interest rates for current and savings accounts currently on offer?

Online banking?

Ease of transferring money in/out?

How secure?

We use Credit West excellent rates we got 10.25% for TL account when we put the money in for a year. Only put a max of 30000 TL into one account. The banks will guarantee up to 30000 TL back should anything happen with the banks out here. The exchange rate we got was 3.85 yesterday.

We have found that a UK based sterling account with Nationwide that allows you to draw Sterling out here with no charge levied is the best way to utilize your UK money here...

We find the HSBC on-line services to be the most user friendly - we try not to set foot in the bank as we don't find the same in the customer interface in the local branch - although they do have some good staff we have been lumbered with fairly useless customer reps.... Harsh but true.... NNNPD. HSBC ATM's allow you to draw cash in sterling from your Nationwide a/c without charge. We then take it to MonExchange etc. to convert to TL.

Likewise I use a Nationwide Account you can draw up to £500 a day
But I also have a Good return on my converted Sterling into a TL account from Iktisat Bank, my branch is in Karakum opposite Lamar

Does anyone know what interest the banks in the TRNC are offering on sterling accounts these days?

I am beginning to think it might be safer to do this with any spare money I might have. When we converted our

sterling to lira 4 years ago, the exchange rate was 2.35 now it is 3.85 bad news if you ever need to change it back to sterling.


The butlers wife

Muzzamint,

The Central Bank guarantee the savings and is 20,000.00 euros per account. Currently this is about 55,000.0 TL or 14,000.00 GBP

Thanks for the replies so far.

As we don't live in TRNC we just want to open an account and keep enough TL in just to pay our utility bills etc, but also considering opening a deposit savings account seeing as the £ is so strong V the TL and better interest rates. Would prefer a bank with good OLB facilities though.

guru wrote:Thanks for the replies so far.

As we don't live in TRNC we just want to open an account and keep enough TL in just to pay our utility bills etc, but also considering opening a deposit savings account seeing as the £ is so strong V the TL and better interest rates. Would prefer a bank with good OLB facilities though.

Open a Turkishbank lira account in the UK. You get the same interest rate as in TRNC but you also get the UK £85k government guarantee (the TRNC one isn't worth the paper it's written on)

You can transfer the interest monthly to your Turkishbank TRNC current account to pay your bills.

Thanks Hedge fund. I take it I could still set up DD's for Kibtec etc from this?

Current £ rates with Viyabank are 4%, or 4.5% fixed for one year.

Michael

the one with the shorties queue

IF the Central Bank Guarantee can be relied upon, then the bank with the highest interest must be the best, unless someone knows different ?

cjtill wrote:Current £ rates with Viyabank are 4%, or 4.5% fixed for one year.

Michael

Where's Viyabank?

http://www.viyabank.com/home.html

regards Mike Turner

Hold all info regarding ViyaBank!!!!

Had an email from them a few minutes ago, and they have just dropped £ to 2% and TL to 7%.

Michael

Does anyone know if Santander charge for withdrawing cash in sterling here at say HSBC cashpoint, if so do you know how much the charge is?

Santander do not charge on a debit card for sterling

Turk Bank works for me, Alsansak branch have a very helpful English lady working there, called Susie Mackenzie, her husband (Tig the tree surgeon) is a professional, done a lovely job on my olive trees.

We set up accounts with Creditwest Bank in Catalkoy back in 2011, before we boughty our apartment. We've always found them helpful to deal with, and have had no problem tra nsferring money form the UK (in fact is gets there quicker than the time it takes for two UK banks to clear a UK cheque).

I am with TEB bank a large Turkish bank based in Girne they have just today given me 9.5% on a monthly TL account, and I have also opened a new flexi account with them which is giving me 10.75% on a monthly TL account, and with this account I can deposit and withdraw anytime during the month, not like most banks where you have to wait until your monthly maturity date.
This bank also has a credit card which you can use and not pay anything for 3 months which I have on a direct debit so no interest is paid at the end of the 3 months and no charges are payable yearly.
The young lady called Seran is brilliant and speaks perfect English and will phone you when your interest is paid and if she thinks you should move your money into a new account paying higher interest at the bank she will inform you of this option.

I like the sound of that interest rate.

Like Solic200, I am also with TEB and have been for quite some time. Seran is excellent - very helpful and will always go the extra mile. Worth checking whether their daily interest account pays the highest rate indefinitely because sometimes these are only for a limited period. Their internet banking is pretty comprehensive although I found it slightly confusing at first. I have a 'free' platinum credit card with them but they do tend to slip an annual charge in, both for this and supplementary cards which means chasing them periodically for a refund! Also bear in mind that they block funds of double your credit limit on these cards although interest is still paid as normal on the blocked funds.

I have just closed my TEB a/c's today as they surely must employ the slowest counter staff in the TRNC and that is some statement!!! It took way over an hour and a half and even then I couldn't get any actual cash from them..... only a cheque.

Been with them a few years now but just couldn't face the visits to the branch any longer. Even the machine just inside the door which issues the all important numbered tickets won't give one out unless you enter your phone number - so they can bombard you texts ads. I guess.

Credit West is so far ahead of them in every way. OK rant is now over!!

Compass

Garanti bank....very good rates and account manager and established Turkish bank.

Opened TL and GBP accounts with CreditWest in 2011. Also use them for car and house insurance. We do look around at interest rates but have always stayed with CreditWest. Main reason - Customer Service.

On line banking available, interest rates competitive and have had no issues with security.

Had the unfortunate experience to have to go in to HSBC in Girne once, deary me.....I know it was not our bank but the almost 2 hour experience was not good.

CreditWest Catalkoy Branch works for us.

I can't remember the last time I actually waited in a bank to be served as it's 2015 and I use internet banking so simple.
The machine as you enter TEB bank ask for either your phone number, account No so it recognises you have an account there or you can press the general button adding nothing.
I personally prefer Turkish banks to Cypriot banks as I find the rates better and I feel I have more peace of mind with a larger turkish bank
At the end of the day it's your choice where you put your money but in today's world the money is safer under the mattress again than with some banks.

Capital Bank near to Bollywoods Restaurant offering 11.5% on TL a/c's and 5% on Sterling a/c's..................... Hmmmmmm.

Compass