Interest Rates - Safe Bank, best interest rates?

john1234


Joined: 20/04/2009
Posts: 321

Message Posted:
18/06/2010 04:22

Hi All,



I've been away for a while but coming back soon.



Anyone have the latest on the best and safest bank in Girne?

I can get 9.75% at my regular Garanti bank on YTL.

Should I just stay there?



Thanks!!!

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
18/06/2010 06:22

There are no safe banks anywhere in the world!!! You just have to take a risk assesment and use your own judgement, as I always quote, if a deal sounds too good it is!!!!!!



After the Akfinans debacle many are now thinking of moving away from TRNC banks, may be unfairly but that is life. Screw people too often and...............



We still have savings with 2 TRNC banks and will not be moving. Their rates are now down at levels in line with the likes of Garanti.



Remember that under TRNC banking regulations, which cover ALL banks operating here there is only a guarantee in case of failure of 25,000 euros (may be slightly out) per acount. So do not keep all your funds in one account. ie if with Garanti open several accounts with say, a max of 40,000tl in each.

sunshine22



Joined: 07/06/2010
Posts: 251

Message Posted:
18/06/2010 06:35

The creditwiserep emailed me that it is 20,000 euros that is guaranteed with them, can you have more than one bank with the limit in each.

To get your residence visa, how much cash do you need to have in TRNC banks? I know you must provide proof that you are finacially able to live in TRNC but are off shore A/C's accepted as proof?

proger1



Joined: 18/04/2009
Posts: 2919

Message Posted:
18/06/2010 08:28

sunshine,

I was also under the impression it was 20,000 euro max guarantee.

I also understand that there is no limit to the amount of accounts you have let alone how many banks you are with but credit west or other bank reps would be better for confirmation.

I can't get a residency but needed one for the wife and to get it we just showed statements from an NC bank we had transferred funds to and a Dubai bank we still had cash in at the time and to be honest they didn't even look at them, just the fact that we supplied the documents should they need them seemed to be enough.

I have been told that you don't actually have to have funds in NC, just as long as you have available funds somewhere but then it seems to be different almost everytime.

My advice, although others will disagree is to get an english speaking TC to do your first residency, they know who and how to answer the right questions too.



Paul

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
18/06/2010 10:44

The process of residency is so simple you do not need anyone with you.



Take all the bits of paper required, all on the door at Girne police station. The staff there all speak English and if you have a problem ask them. Do not take advice from the forums other than generalised because the information one person has may have changed by tomorrow.



The funds required, no body will tell you a definitive answer. You must have savings or income that will be sufficient to live on. Quite vague but that is all you get.

bazilbrush


Joined: 29/03/2008
Posts: 404

Message Posted:
18/06/2010 12:24

My friend had no bank account here last year and got away with showing her uk account details.

Limasol bank give 9.25 tl and 5% in sterling account and no transfer fees from the uk.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
18/06/2010 13:19

The guarantee is for 20000 euros per account.

Garanti is usually about 1% to 2% lower than Iktisat and Creditwest all of them give good service.

sunshine22



Joined: 07/06/2010
Posts: 251

Message Posted:
18/06/2010 13:52

All sounds much akin to Dubai, I'm sure they discuss over breakfast each day here

"now what can we change today to make the day a little more interesting"



Will I be able to apply for residence as soon as I arrive?

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
18/06/2010 13:54

Proger1 - message 4



You are right - the police are only interested in your having the right papers and not the content. But the Immigration Office check the documents carefully before they issue the permit. So how much money you have does matter - but, as everybody else says, nobody will say how much is enough.



However, last time around I presented 2 bank accounts each with 40,000 tl. It confused the policeman because he thought it was the same account copied twice. When he understood he gave 1 back and said 40,000 is enough for 1 man.



What is the lowest other people have presented (per person)????? Maybe some answers will provide a guideline.

proger1



Joined: 18/04/2009
Posts: 2919

Message Posted:
18/06/2010 14:19

I had accounts showing a total of around 15,000 GBP but also salary contract showing monthly income to support my wife so that was plenty.

sunshine22



Joined: 07/06/2010
Posts: 251

Message Posted:
18/06/2010 14:35

Great, I shouldn't have a problem then



proger1 do you know how much cash you can take out of Dubai with you?

proger1



Joined: 18/04/2009
Posts: 2919

Message Posted:
18/06/2010 14:48

That is a tricky one, I have been informed but never confirmed that you can only carry $1000/person in cash outside of Dubai without declaring and up to $10,000 if you declare it (I will see if I can get this confirmed and get back to you). I know people have said you can carry 5,000 Euro but that I believe is a european rule.

In all honesty sunshine I split an amount between myself, my wife and my daughter but was still over the limit. I didn't actually need it because I opened a bank account straight away and then transferred money from my Dubai bank on return to Dubai but that is only an option if you aregoing back and forth a couple of times as we did.

If I were to do it again, I would carry as much as possible in cash, some in travellers chacks and I believe you can also send money to a local bank through one of those exchange companies, maybe someone else can confirm this.

I will look into this and see if I can get more info.



Paul

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
18/06/2010 15:03

guarantee seem to be better than the rest even İktisat at this point

proger1



Joined: 18/04/2009
Posts: 2919

Message Posted:
18/06/2010 15:27

http://www.dubaifaqs.com/duty-free-limits-dubai.php



This seems to say that you can bring in up to 10,000 USD but I can only assume it would be same for taking out

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
18/06/2010 15:33

To go back to your original question, Seke Bank offer a good monthly interest rate, as do Iktasbank. Iktasbank also gve a slightly higherexchange rate. I know a lot of people like Credit West, but their exchange rate and interest rate are generally slightly lower.

sunshine22



Joined: 07/06/2010
Posts: 251

Message Posted:
18/06/2010 15:59

Thanks proger1, there's only me so splitting wouldn't be an option.........oh unless I could do me, myself and I, somehow I don't think that would work.

stellasstar1, I will do a search for Seke Bank and Iktasbank, thank you for the pointer and sorry for high jacking your post john1234

john1234


Joined: 20/04/2009
Posts: 321

Message Posted:
19/06/2010 00:02

Thanks everyone,



Gee, what did I start here?!



I'll just stick with Garanti at 9.75%, internet rate...

Aeyeofspirit



Joined: 01/05/2008
Posts: 34

Message Posted:
23/07/2010 01:35

Hi been reading discusion - am intending to come out with hubby in August/Sept to open an account - so as of today (2010)



what is minimum amount needed to do so (& for use in-case of emergencies) & obviously which is best bank for safety rather than interest rate



Am coming out initially for 6mnths - intending to rent (if we like & can sell our home here we are loking to move over permanetaly)



My monthly pension (which we should be able to live off - even after rent & utility bills paid) can be paid direct to the account when opened - so I am lucky in that respect (as no transfer fees)



Am aware thaty we apparently just need to go to Police Station in Kyrenia to extend our Visa but will we be liable for any tax during the 6months we are there



Much appreciated



Anne



ps sorry no pic - don't know how to post one