Help - which bank?

[bigg1970]

Sorry if this is in the wrong place - I am moving to the TRNC in 2 weeks to take up a teaching post. I am getting confused with the different banks and what they allow you to do, charges etc...... My wages will be paid into the bank account but i will have to send money to a UK bank account each month. I know i will be getting paid in TL, but has anyone any idea how much it will cost to send money back to the UK and what will be a good bank to deal with.....I like to do my banking online.

When i come over on the 19th it will be good to have the input of you good folk to get some ideas of where to go.

Thanks in advance

Graeme

[Marions]

Not in the wrong place at all, and welcome to KibKom, where we hpe you can find your answer,s and maybe from time to time help us when we are confused.

Seriously, quite underswtacnd your confusion, and all the banks here vie for custom a bit - some offering larger interests rates than others etc etc. But, one thing I know and that is when I WAS TEACHING HERE, I HAD NO CHOICE AS TO WHICH bANK. tHE SCHOOL DECIDED FOR ME. (SORRY, CAPS STUCK AGAIN). cHECK WITH THE SCHOOL WHETHER THEY WANT YOU TO USE THEIR BANK. It could well be that you will have no choice, and that will do away with the confusion.

There are several banks here which serve their customers well, and I could give you names of people connected with some of them, (and others give more), but I will hold off tha.t I can p.m. you if need be.

BUT MAYBE YOU WILL NEED TO TLAK TOTHEM WHEN YOU ARRIVE, AND EQUALLY I AM SURE THERE ARE KIBkOMERS WHO CAN GIVE YOU GOOD (oh dear, it has all stuck again - sorry) advice on the various banks.

But to get a true idea of costs of transfers, you need to speak to the banks and decide where is the best deal (unless, as I say, you have no chice. Check first with your school. Oh, and I hope you will be very happy in your new job and enjoy life here. It is a special place, even though it does have some challenges!

[bigg1970]

Not in the wrong place at all, and welcome to KibKom, where we hpe you can find your answer,s and maybe from time to time help us when we are confused.

Seriously, quite underswtacnd your confusion, and all the banks here vie for custom a bit - some offering larger interests rates than others etc etc. But, one thing I know and that is when I WAS TEACHING HERE, I HAD NO CHOICE AS TO WHICH bANK. tHE SCHOOL DECIDED FOR ME. (SORRY, CAPS STUCK AGAIN). cHECK WITH THE SCHOOL WHETHER THEY WANT YOU TO USE THEIR BANK. It could well be that you will have no choice, and that will do away with the confusion.

There are several banks here which serve their customers well, and I could give you names of people connected with some of them, (and others give more), but I will hold off tha.t I can p.m. you if need be.

BUT MAYBE YOU WILL NEED TO TLAK TOTHEM WHEN YOU ARRIVE, AND EQUALLY I AM SURE THERE ARE KIBkOMERS WHO CAN GIVE YOU GOOD (oh dear, it has all stuck again - sorry) advice on the various banks.

But to get a true idea of costs of transfers, you need to speak to the banks and decide where is the best deal (unless, as I say, you have no chice. Check first with your school. Oh, and I hope you will be very happy in your new job and enjoy life here. It is a special place, even though it does have some challenges!

Thankyou for the info and the welcome.

My school have insinuated that i can open an account with anyone...

Graeme

[Marions]

Might be an idea to ask if they recommend the bank they use, and if so, why? Could be a good starting point.

[BLUE BUTTERFLY]

big 1970. Welcome to Kibcom and Cyprus. I wish you every success in your new job.

I highly recommend Garanti bank, I banked with others, HSBC, turkbank and universal but was not happy with their interest rates, service etc etc.

I have a timed account at Garanti which earns 10per cent interest, I have an internet account, and I can go in at anytime and speak to an advisor should I have any problems.

On an initial visit you tell her exactly what you want and she will take the time to advise you on your individual needs and what is best for you and set it all up there and then.

You will need your passport and a muhtars letter.

They are a Turkish bank so to my mind just that little bit more 'secure'.

[Groucho]

We have found that the HSBC has the best on-line banking app.
But the customer service at the Girne branch is not as good as it should be. Most of the staff seem indifferent to their 'raison d'etre' ....
However as you plan to do mostly on-line banking I must say we find that aspect of HSBC's offering very good indeed.
Although TRNC banks give often slightly higher rates of interest I can't recommend Cyprus based banks as the higher interest brings with it increased risk (I guess that is a fact of finance - as they lend at high rates and defaults are disproportionately high as a result with new business failure rates very high - you only need ask about the here today gone tomorrow start-ups that fail largely because they borrow at these high rates and have no real head for business).
There are Turkish banks and other international banks to choose from too. We have found their on-line banking inferior to HSBC's.

Graeme,
If the school charges fees in Sterling why not ask to be paid in Sterling.... (don't hold your breath)

[come_on_aylin]

BB,

Do you need a certain amount in the Garanti to get 10%. The interest rates in HSBC have dropped from 10% to 8.4% (today) on their 22 day accounts over the last 5/6 weeks.

[stellasstar1]

Iktisatbank also give 10% and have excellent internet and an English speaking person in their branches. Also good if you want to transfer pounds across, as you just transfer it to their English branch who will then transfer it out here. Much cheaper. Always very helpful. HSBC is known to have the worst rates for Time Deposit accounts.

[Groucho]

big 1970. Welcome to Kibcom and Cyprus. I wish you every success in your new job.

I highly recommend Garanti bank, I banked with others, HSBC, turkbank and universal but was not happy with their interest rates, service etc etc.

I have a timed account at Garanti which earns 10per cent interest, I have an internet account, and I can go in at anytime and speak to an advisor should I have any problems.

On an initial visit you tell her exactly what you want and she will take the time to advise you on your individual needs and what is best for you and set it all up there and then.

You will need your passport and a muhtars letter.

They are a Turkish bank so to my mind just that little bit more 'secure'.

Yes Turkish banks come under the European standards for bank administration so they are more closely regulated - which is good...

[BLUE BUTTERFLY]

BB,

Do you need a certain amount in the Garanti to get 10%. The interest rates in HSBC have dropped from 10% to 8.4% (today) on their 22 day accounts over the last 5/6 weeks.

When I started banking with them you didn't need to have above a certain amount in. And I realise that interest rates might have dropped but when I opened my account I was told that the interest rate would stay the same during the life of my timed account.

So really I can't say what the rate is for someone opening a new account but you have nothing to lose by shopping around and asking, they are all very keen to have you as a customer.

[sophie]

There must be a change in policy because when I was involved with one of the Universities, teaching staff were always paid in Euro. Admin staff and below were the only ones paid in Lira. I agree with the remarks about Garanti and remember that you can withdraw from their ATMs in Sterling, you can also do this at HSBC, and TEB'

[DieHard]

Unless you have a lot of money in Garanti Bank, you can wait up to an hour or more to get help from anyone. They will not deal with you upstairs unless you have a large amount deposited. We only had 10k, moved it to Creditwest, never had a problem since. They are friendly, helpful and the Catalkoy and Karaoglanoglu Branches have excellent English speaking managers. We have had money transferred from UK but never had to send any back. If it is a regular amount you want sending back, maybe the school could help out.