How to get money transferred out here

Pippie


Joined: 02/12/2009
Posts: 1288

Message Posted:
08/12/2009 22:25

Can anyone suggest the most economical way of getting money here. I've read previously that it's expensive by Western Union. What about moneygram. My friend in the UK tried to send money to my bank recently but had difficulties because we couldn't provide him with an IBAN no. for the bank here in NC, only the corresponding bank in Turkey and his bank said that that was unacceptable. Anyone got any suggestions/advice? It's only a small amount so I want to avoid as many extra costs as poss. Many thanks.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
08/12/2009 22:42

Hi Pippie,



email your bank in the TRNC and get their IBAN no. without this you cannot transfer any money. I transfer money quite regularly and it costs me £20 to do this from my bank in the UK. If it is a small amount this may not be worth it and you would be better off trying to get someone to bring it out for you.



The butlers wife

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
08/12/2009 22:50

Agree with the butler here, if it's not to much, a money belt and someone you trust to bring it would be the best bet.

smithy


Joined: 17/07/2008
Posts: 5301

Message Posted:
09/12/2009 07:41

you have to have the iban no your bank here will have one, my son does that all the time and I also send money back to him via bank

nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
09/12/2009 08:15

Message2 The Butlers Wife,



Can you tell me how long the transaction takes, from UK to NC, is it very slow?



Chris

mikelapta



Joined: 20/11/2008
Posts: 2186

Message Posted:
09/12/2009 08:17

I had to transfer money to UK.Julie in HSBC opened on-line banking account,and it's free!!!!

HNComputers


Joined: 23/08/2009
Posts: 472

Message Posted:
09/12/2009 09:59

I use Western union.....its fast and secure and cheap! £7 per £1000, however there is a limit of £4000 per day.

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
09/12/2009 10:09

Nurse a Scottish bank to Credit West next working day or two days max

susiesusie


Joined: 09/03/2009
Posts: 337

Message Posted:
09/12/2009 10:35

Are u sure £7 per £1000 . I used them earlier this year for amounts of £650 to £3000 and was charged a minimum charge of £50 and more for the rest.. have they changed their rates?

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
09/12/2009 10:40

Crikey that is good Mike is this a new free charge with HSBC ?

HNComputers


Joined: 23/08/2009
Posts: 472

Message Posted:
09/12/2009 10:58

Not sure I used them about a month ago....asked the rates for tranfers and that was the price they gave me.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
09/12/2009 11:01

Hi Chris,



Nationwide to Turkbank they say 2 working days if done before noon in UK.







The butlers wife

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
09/12/2009 11:31

Hi....I transfer HSBC ( uk ) to HSBC ( NC ) via the net.....if you do it early ie 8.30am uk time, it is in my account the same day...cost about £7....however much..but there is a daily limit of about 9 -10 k.



IBAN is needed....this is made up from your bank's ID code, sort code and your account number...ALL banks will provide this for you.



For Some banks...this is located in Turkey...but it does go to your account here in NC



I suggest you try £25 first time and save your details...if no problem..use again to transfer higher amounts.



hope this helps

daveg


Joined: 11/01/2009
Posts: 69

Message Posted:
09/12/2009 11:38

By far the cheapest, easiest and quickest method is to open a Nationwide account in the UK and get a debit card.



You can then use this card anywhere abroad, including TRNC, to obtain cash from any ATM without any Nationwide charges whatsoever - and you always get the best exchange rate. If used outside the EU then most countries, including Turkey make a 1% surcharge. The same is true when you pay for goods and services.



You can draw £300 cash per day on your card and (we have discovered) if you have two cards on the same account you can withdraw £300 on each per day.



We have been using this system for the past ten years without any problems at all.



Dave.

spondoolics


Joined: 13/06/2009
Posts: 73

Message Posted:
09/12/2009 13:16

Just done it:



Transferred £35k, TRNC to UK via HSBC internet banking. Kyrenia Branch is registered in Instanbul. Only need IBAN of UK Branch. Charges were in YTL - 310Lira.

I requested transfer via FAX - 2 hours later a young lady rang to confirm my request, within 48 hours transfer complete.

Used a debit card last Tuesday, issued by TRNC HSBC in HSBC outlet Carlisle. On my way to visit friends in Edinburgh. I drew £200 at an xchange rate of 2.48. (you need a Lira account) Transaction no problem. Used same card in Sainsbury, had to stock them up with liquid refreshments for my long weekend, stay, again no problem. First time I have used this card UK and was surprised how quick and easy it is.



Hope this helps.

Arek Naw


Joined: 29/08/2008
Posts: 75

Message Posted:
09/12/2009 13:24

If you're an HSBC Premier customer then transfers to other HSBC accounts worldwide are free. Furthermore, drawing sterling out of the Girne ATM is free. The UK account is debited the next day and you can draw £1000 per day, which is almost enough to live on in TRNC - if you're careful!

bazilbrush


Joined: 29/03/2008
Posts: 404

Message Posted:
09/12/2009 13:44

You can write a uk cheque out to the bank here it takes 30 days to clear, but is free.

spondoolics


Joined: 13/06/2009
Posts: 73

Message Posted:
09/12/2009 15:45

Arek Naw,

Does Premier Account in any location worldwide negate transfer charges, I was charged even with Premier Account UK, not sure status TRNC. If you advise posotively I will chase up refund.



Happy Xmas and Prosperous New Year to All our Readers - Whatever denomination.

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
10/12/2009 12:06

Hi....Premier AC is free, sometimes it is charged but always refunded when you contact them.

zcacmxi


Joined: 30/11/2008
Posts: 388

Message Posted:
10/12/2009 12:16

I've been told that Premier Account to another HSBC account in the same name is free. i.e., the purpose is to allow you to transfer your own money to your own accounts overseas for free.



Paying anybody else overseas, even from a premier account then they will charge the currect fee which is £17.

Arek Naw


Joined: 29/08/2008
Posts: 75

Message Posted:
10/12/2009 12:29

Spondoolics,

Transfers between one's own HSBC Premier accounts in the same currency is free, worldwide. If you change currency, there is a spread of course. I find the economical way of drawing cash here to be to draw sterling from the HSBC ATM from a sterling a/c, therefore free, and buy TL from a money changer

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
10/12/2009 12:42

Working for the Continental Bank. We would normally give our customers bank details to our intermidary bank and the funds should get here with in 3 working-days.

rogspur


Joined: 16/12/2008
Posts: 78

Message Posted:
10/12/2009 13:47

Hi

On the Nationwide accounts do you have to pay the 1% surcharge in the TRNC please?

IvorBankloan



Joined: 14/08/2009
Posts: 180

Message Posted:
10/12/2009 13:59

Maybe a good deal for you ir a regular transfer



go to my web site http://www.johnpattiosn.co.uk



go to valued suppliers page from the menu on the left



you'll see a link to FTT Global the money trafers contact i used for 2 years at rates way better than banks. They may not be interested in one offs because that isn't what they do but if a regular transfer they make thier money from the exchange rate not commission. It's London based Co with an office in Dubai.

I know Jennifer very well and you'll be treated well if you mention me.

susief


Joined: 06/11/2008
Posts: 529

Message Posted:
10/12/2009 14:53

Does anyone know if it's possible to set up a Paypal account that allows funds to be withdrawn directly to a bank account here in North Cyprus or to a local credit/debit card?

spondoolics


Joined: 13/06/2009
Posts: 73

Message Posted:
10/12/2009 18:48

Great advise from your goodselves I will go after HSBC for a refund. That,s what this site should be all about, good solid advise to us newcomers, and veterans. Thanks

nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
10/12/2009 22:55

Paypal can be set up for a TRNC account but the receiving account has to be in Turkish Lira. Until recently, it was only possible to use Paypal with an account at a Turkish owned bank, as opposed to a T/C bank as they needed certain code numbers that T/C banks don't have. They have now, I think, changed to using IBAN numbers so that should mean that it's possible to use any bank here. Contact Paypal to confirm that this is correct.

nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
10/12/2009 22:59

Suggest that you ask your bank here if they have accounts at a UK based bank. If they do, you can transfer online from your UK account to their intermediary bank in UK at no cost. I know that Iktisat and Limassol Turkish have UK accounts and probably many other banks as well. I have used Nationwide UK to Limassol and money is normally here within the day their intermediary bank is HSBC International. Have to say that the UK banks are unlikely to give you this info as there's no money in it for them!

nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
10/12/2009 23:00

There is no surcharge by Nationwide for using their cards in TRNC - they class it as Turkey.

Pippie


Joined: 02/12/2009
Posts: 1288

Message Posted:
10/12/2009 23:00

Thanks everyone for your advice.

Pippie


Joined: 02/12/2009
Posts: 1288

Message Posted:
12/12/2009 09:30

Hi again, just thought I'd get my facts straight on this one - it wasn't the IBAN No. that I was missing from the bank, but the SWIFT code. Don't know whether it's because they use a correspondence bank in Turkey to send/receive money through (I don't have a UK bank acct). Anyway, that seems to be the reason why my friend's bank in the UK was creating problems and saying they couldn't send any money to me, and I was wondering whether anyone had had similar difficulty and whether you'd found a way around it.

geronimo


Joined: 30/08/2009
Posts: 296

Message Posted:
12/12/2009 10:28

When we sent money from UK to HSBC here we were charged in the UK but not here if you are a Premier member. We have opened an account with Seker Bank and when we want money from the UK we give them a UK cheque and the money comes through, admittedly taking up to four weeks, but that is at no cost. Good luck.