Kibkom North Cyprus Forum

What is the cheapest way to send sterling from the UK to a Trnc bank account. To arrive in sterling?

Thanks all

Frugal

Hi Frugal90,
It would really depend on the transfer amount.
Here's a link for Credit West,
With their contact details.
They should be able to quote you direct.
I've never used them though.

http://www.creditwestbank.com/en/contac ... oy-branch/

Almost certainly not a Bank to Bank transfer!

Put it in a bag and bring it over the next time that you come, and just pay it in - no extra cost at all!

If it's more than 10,000 Euro's worth of Sterling, say £9,000, then you need to declare it and prove where it was obtained from, and give a convincing explanation about why you're carrying it.

There are various companies that do cheap money transfer abroad such as Transferwise - see this link.

I send sterling to sterling account from Lloyds and costs me £19.50 up to £10,000, LLoyds charge me £10 and the intermediate bank charges £9.50.

frugal90 wrote:What is the cheapest way to send sterling from the UK to a Trnc bank account. To arrive in sterling?

Thanks all

Frugal

Get a UK Nationwide Flex Account (with two cards if there are two of you) - then use ATM's that dispense Sterling (Garanti and TEB are two that do) to draw it out here in lots of £500x2 per day per card. It would then take only 10 days with two cards to draw £10,000...

There is no charge.

Then pay it in to whatever account you want here... keep the ATM receipt slips so you can prove it came from UK account.

Transferwise. Efficient and inexpensive

Halifax transfer up to £50000 for a cost of £9.50.

A couple of years ago I paid a bill by a Swift transfer and it went very smoothly only costing about £10. However I was asked for a further €25 by the recipient because their bank had also charged them for the transfer. I favour the ATM route.

Brazen wrote:A couple of years ago I paid a bill by a Swift transfer and it went very smoothly only costing about £10. However I was asked for a further €25 by the recipient because their bank had also charged them for the transfer. I favour the ATM route.

And at least you know where your money is - whereas, over the years many folk have had their bank to bank transfers disappear into thin air for lengthy periods of time - creating a nervous wait whilst the banks try to determine where it ended-up. I say keep control and use ATM's every time.... No fees - no fuss.. complete control.

they charge both ends same rate £12 UK £19 this end been same amount for last 15yrs

I've always found Foremost Currency to be very helpful. They have a range of options including spot transfer (ie at today's exchange rate) or forward contract (where you can lock in an exchange rate) for future transfer) etc.
https://www.foremostcurrencygroup.co.uk/

If you are transferring under £9000 then cash will work well, but for a higher amount a currency broker will be cheaper than high street banks.

Quick question on this subject if i may - has anyone successfully made a bank transfer from TSB online banking to Credit West in TRNC? if so - how did you fill the online recipient information - specifically your name and account details in the "remittance info" part of what Credit West provide. i seem to only have limited character space for refernce details.

"Get a UK Nationwide Flex Account (with two cards if there are two of you) - then use ATM's that dispense Sterling (Garanti and TEB are two that do) to draw it out here in lots of £500x2 per day per card. It would then take only 10 days with two cards to draw £10,000"

Careful with that please! Nationwide do not make any charges - However - Garanti ATM will add a charge on for sure and have been doing for a couple of months now (if they have stopped I would love to know). TEB will not charge you provided you draw less than £1700.00 per month, after that there is a charge.

waddo wrote:"Get a UK Nationwide Flex Account (with two cards if there are two of you) - then use ATM's that dispense Sterling (Garanti and TEB are two that do) to draw it out here in lots of £500x2 per day per card. It would then take only 10 days with two cards to draw £10,000"

Careful with that please! Nationwide do not make any charges - However - Garanti ATM will add a charge on for sure and have been doing for a couple of months now (if they have stopped I would love to know). TEB will not charge you provided you draw less than £1700.00 per month, after that there is a charge.

I work abroad (outside Europe) and need to send money from time to time remotely - so using ATM cards is not my required solution - i just want to deposit some money from time to time with simple transfer - and i already have TSB account in UK. hence me question pertaining directly to "TSB to CreditWest GBP transfer" only. Thanks

Re Halifax transfer costing £9.50. Was given the same advice from the Halifax. Moved money over to Credit West via Ya if bank in Turkey who took £10/ transaction. When we checked our money we found out that £35 was taken out at the UK end in addition to the £9.50 stated by the Halifax . Halifax which is part of Lloyds bank cannot transfer money here so they use Standard Charter bank who took our £35, this was on top of the £9.50 taken by the Halifax. After a heated discussion with the Halifax I was refunded all the money taken out by Standard Charter, my argument to the Halfax was that they repeatedly gave incorrect information regarding the full cost of moving money to North Cyprus!