Bank Transfer

[Hair Cut]

I want to transfer my TRNC Banks monthly interest into my UK bank account on a monthly basis.

I would rather set it up with the bank rather than go in each month.

Is anyone doing this?

[poppy++1]

Not sure it can be done on a monthly set up, it will cost transfer fees as it would UK to TRNC bank.
Best option is speak to the bank you have account with..

[benjaminbutton]

Your bank should transfer what ever you want whenever you want. Your TRNC bank will need, the UK IBAN No., the SWIFT no. and your Account number in UK, that should be all. Its a bit like setting up a Direct Debit. Of course there will be a a transfer fee, but I haven't a clue it will be. Sit and have a quiet chat with your Branch Manager.

[laptawrinkly]

I think some 'wholly NC' banks, i.e. not Turkish mainland ones, have to go through a mainland bank to use IBANS/SWIT codes- certainly the case in transferring money from UK to a NC bank (not Turkish). Certainly sending money to Near East bank via Turkey, the codes are time limited, and change frequently (daily?).

[benjaminbutton]

Sorry, I didn't make myself clear (my fault) I should have said UK banks will only transfer to mainland banks NOT TRNC bank. its my very recent experience that UK banks will only transfer to Turkish banks i.e. TEB, Garanti, Seker, Is etc. .

[poppy++1]

Also iktisatbank arrives same day from UK nation wide also first direct I think

[a1sysman]

Sorry, I didn't make myself clear (my fault) I should have said UK banks will only transfer to mainland banks NOT TRNC bank. its my very recent experience that UK banks will only transfer to Turkish banks i.e. TEB, Garanti, Seker, Is etc. .

NatWest transfer to Türk Bankası, to an account at their Alsancak branch seamlessly. I have regularly transferred this way (without any issues) for over eight years now.

[benjaminbutton]

Yes you will as they were one of the names I couldn't remember. i.e. etc. Yesterday I had to pop into Credit West to tie up a few ends and say my goodbyes to some staff I've known since day they opened and and the Asst. Man confirmed yet again that money transfers go all round the houses to a central bank in Turkey before reaching a TRNC bank. A bit like direct flights UK to Ercan, that land in Istanbul first. It would have made life a lot easier for me recently if that wasn't the case.

[waddo]

I transfer money from a UK account into the UK branch of Turk Bank - no charge and direct - Turk Bank UK transfer that via central bank Turkey into the Turkish branch of Turk bank who then transfer it into my Turk Bank KKTC branch, there is a charge of around £10 per £1000 but I can transfer £3000 for £30 and it takes approx 2 to 3 hours! Never had a problem that was not of my own making!

[poppy++1]

Credit west from experience take 2 days….days of worry until it hits the account.No longer use them,

iktisatbank arrives same day last time in 2 hours…..no stop over anywhere

[Brazen]

I transfer money from a UK account into the UK branch of Turk Bank - no charge and direct - Turk Bank UK transfer that via central bank Turkey into the Turkish branch of Turk bank who then transfer it into my Turk Bank KKTC branch, there is a charge of around £10 per £1000 but I can transfer £3000 for £30 and it takes approx 2 to 3 hours! Never had a problem that was not of my own making!

I do the same, transfer £3000 for £30; charge.

[poppy++1]

Wow that’s expensive First Direct £5 any amount and £9 iktisatbank

[Dave G]

My last 4 transfers to Turkbank took
1 - 7 days and lots of phone calls
2 - 2 days
3 - 19 days and lots and lots of phone calls plus visits to to the branch
4 -1 day

[Reyntj]

Slightly off topic but does anybody know the cheapest way to send a bigger chunk of money to the uk.

For c £70 k i went to a few banks garanti and a local bank and they where all quoting me £500-£600...but could.not really explain what those charges are?

Im wandering if its cheaper to set up a turkish bank in turkey send my money there then sent it turkey to uk?

Ive no idea if that reduces the fees or anybody has a cheaper option..

[Keithcaley]

Slightly off topic but does anybody know the cheapest way to send a bigger chunk of money to the uk.

For c £70 k i went to a few banks garanti and a local bank and they where all quoting me £500-£600...but could.not really explain what those charges are?

Im wandering if its cheaper to set up a turkish bank in turkey send my money there then sent it turkey to uk?

Ive no idea if that reduces the fees or anybody has a cheaper option..

Our Pakistani gardeners have always used Western Union to send cash Home...

Available at your nearest Iktisat Bank branch.

[benjaminbutton]

That was my first port of call. The Manager at Iktisat in Alsancak is my nearest Agent. He is extremely helpful and speaks excellent English. Make sure you take your Passport with you , it's so easy with only basic paperwork and I know a few Expats that have used this method on and off for years now. My choice was to have money in GBP and then change at a Exchange, not at the bank.

[Keithcaley]

I just spotted Viber Pay - I've no idea whether there are limits to the amounts that can be transferred or what financial securities there are, but it could be worth a look.