Kibkom North Cyprus Forum

Any idea of charges to send money back to the uk from a trnc bank. I am looking to send around £54000 back to hsbc.
Thank you

What has HSBC quoted - your information only? Compare their quote against Transferwise or a similar company. I saved over €350 using Transferwise to move €20K to TRNC from Spain.

The problem I've encountered ls that the banks here say 'no fee' particularly if you bank with them but they fail to warn you that someone down the line i.e. in Turkey will take a cut!!!!!

TransferWise and most similar countries can only send funds to TRY but not from. When using the bank directly they use SWIFT transfers that involve intermediary banks, hence the hidden charges. I personally use turkiye is bank and have a separate Euro and dollar account with them. I get them to convert TRY into desired currency and then use TransferWise to get money out of that account back into my uk account. A bit long winded but cheaper.

Thanks for the replies everyone but my question has still not been answered regarding the costs to send money back to the uk.

When we sold our house we had sterling put to Arab bank TRNC .
When money was sent to HSBC UK they charged .2% which on a house sale was a lot. The U.K. Branch also charged.
Just last week we sent a sterling amount from HSBC TRNC to HSBC UK by Internet swift.

No charge either end and funds received same day

I've been quoted 0.04% by Creditwest. I think that works out at £4 per thousand sent from the TRNC to UK bank. There could be more charges en-route and you have to pay a standard charge of about 40tl per transaction.

It does not matter how much I want to send to my UK bank account, Teb bank or Universal bank always charge me about £35/£40!!
Even if I want to send £200

If you are a HSBC Premier customer here in the UK and a HSBC Premier customer in the TRNC I am sure there is no charge. I do know when I have transferred between HSBC UK and HSBC TRNC I was not charged.

Second that aripointer.

Asked at several banks and was quoted between £80 - £100 for transfer of £20k.

As above used HSBC Premier swift transfer and cost was £0.

WE are HSBC Premier customers here and have been charged €40 to send an amount to Spain. Also charged €40 by the bank in Spain. Go to your bank and ask what the charges are ...surely that is the most efficient way of getting a definitive answer?

carrierbag wrote:...Go to your bank and ask what the charges are ...surely that is the most efficient way of getting a definitive answer?

Agreed, but that will only give a definitive answer as to what that particular bank charges...

I think that the OP was looking to find out what other people had found to be the best way . to transfer money

Thanks for all replies, we have done it now and charges were not as bad as we originally thought!

mavis wrote:Thanks for all replies, we have done it now and charges were not as bad as we originally thought!

Go on then!

Please tell us which bank or company you used, and how much the charge was - in £££'s / percentage...

Just to clarify . We are HSBC premier and we WERE charged when we sent Sterling from UK to TRNC ad it was a Turkish regulation but are not charged if we send sterling from TRNCto UK

LooseBoots wrote:Just to clarify . We are HSBC premier and we WERE charged when we sent Sterling from UK to TRNC ad it was a Turkish regulation but are not charged if we send sterling from TRNCto UK

How much though, Malcolm? - was it 75 Kuruş?

Keithcaley wrote:

LooseBoots wrote:Just to clarify . We are HSBC premier and we WERE charged when we sent Sterling from UK to TRNC ad it was a Turkish regulation but are not charged if we send sterling from TRNCto UK

How much though, Malcolm? - was it 75 Kuruş?

Not quite as much as that Keith, cheeky.......

No, really, how much did they charge you?

Keith, I just tried to check back as it was a year ago and have to confess its not clear the exact amount but I remember I had an argument with Julie and Internet banking as I only moved a small amount and got charged about 10% of the sum transferred. They said it was their minimum charge. I pointed out that it was premier to premier and that I had not been charged before . Apparently the rule had been brought in by Turkey about 6 months before my transfer.
They refused to refund.
They also charge when you change from TL to Sterling and vice versa, tax apparently.
As I say I have very recently transferred Sterling from TRNC to UK via Swift. No charge from HSBC TRNC for outgoing and no charge for incoming funds to HSBC UK.

Thanks for that, it all helps increase everyones understanding. ..

Always a pleasure Keith.