Kibkom North Cyprus Forum

Until we got settled, we left our UK part-pensions getting paid into our Australian accounts. We're now thinking of having them paid directly into our Iktisat a/c here. Have other people had any hassles with this or any positive stories?

Had no experience in dealing with money transfers but we have banked with Iktisat for over 5 years now and will recommend them to anyone.

A first class bank.

Hope this helps.

Before you do it, I think there is a change in the way the UK pays the pensions into accounts abroad. I seem to remember it is now paid in the currency of the country, rather than in pounds sterling, so lots of people here, have it paid into a UK bank, and then get it transferred over here to change up , because the lira to pound rate is always lower in England, so if you change it here, you will get more lira. I'm not a banker, so check with someone who knows for sure.!

Although different bank to yourself, my UK pension is paid into my TL current account and since inception no problems whatsoever.

Both government and private appear to favour currency of the country receiving payments. This works well for me as I do not have a UK bank account.

Thanks for the feedback. We already have an account at Iktisat and they have always been very helpful. It just seems mad to transfer our part-pensions to Australia, then draw on that money through our travel card, rather than just get our pensions paid straight to Iktisat. I'll check with someone at the bank how we go about getting pensions paid direct.

Mel7348 wrote:Although different bank to yourself, my UK pension is paid into my TL current account and since inception no problems whatsoever.

Both government and private appear to favour currency of the country receiving payments. This works well for me as I do not have a UK bank account.

So which bank do you use as I have had problems with Pension transfers?

tutor4u - have sent you an email.

Thanks for the information my bank are on their last chance to get it right, after which I will set up a new account at your bank.

Many Thanks Mike

We have all our pensions paid into UK banks and then withdraw out from an ATM machine in Sterling, walk across the road to the money exchange for tl. We appear to get a far better rate than having pensions paid direct in to our TRNC tl bank accounts.

I agree, we have a Nationwide account where our pensions are paid to. Nationwide do not charge for withdrawing sterling abroad.
I withdraw sterling from the ATM and cross the road and change it to TL. We do get a much better rate this way and when you are living on a pension every lira counts.



The butlers wife

A friend who works in a pension department refers to us all as 'Coffin Dodgers'

Hi, although not a pension (may be different rules, I don't know), I often have money transferred out here through Iktisat. My account is held in Sterling in Iktisat. The transfer is done through the Turkiye Bank in London and then sent over here. There are no deductions for transfer, it's very quick and reliable.