Kibkom North Cyprus Forum

Has anyone used Transferwise to send Sterling into a Creditwest Sterling account. I believe it is done using the Swift system and Transferwise say you will be charged by the recipients bank. Doe anyone know what the charges are.
TIA.

It goes in a dog-leg, first to Vakifbank, Turkey as Beneficiary Bank then Beneficiary Name; CreditWest, Lefkosa then to your account. You need Swift code, Iban and your account number.
The UK end will charge about £40 but depending on your relationship and amounts involved with Credit West, holding monies for longer than 3 months they may waive their charges.

You, will be charged by Vakifbank aswell you would be cheaper flying back and getting the money.

CW picked up my Vakifbank charge but as I said before, depends on the relationship you have with CW!

From my personal experience TSB will charge about £10 to £20 whilst Credit West will not charge for receiving the money.
The fly in the ointment is the third party intermediate, Vakiflar, whose charge is not known until it appears on your Credit West list of transactions (a rip off, in my opinion, for handling a transaction - but that is what banks do).

As I’ve said before to send Euro via the Vakiflar route as outlined above to Creditwest costs me €0.51 - the Ulster Bank charge - only.