changing money in trnc

rapidset


Joined: 26/09/2007
Posts: 4

Message Posted:
26/09/2007 15:59

we are coming on holiday next week and want to know about changing sterling. probably change a bit here and bring notes with us....good idea or not? anyone help ?

Susie


Joined: 06/06/2007
Posts: 87

Message Posted:
26/09/2007 16:10

No problem changing money in banks, and there are lots of these now (in the Girne area, can't say for other areas) Rates are not much less in exchage bureaux. Hotels offer the lowest rate (in my experience)

stevie-d



Joined: 13/07/2007
Posts: 1420

Message Posted:
26/09/2007 16:14

I`ve been going to SUNNY TRNC for 4 years,usually take about £50 in YTL you get a far better exchange rate from banks in TRNC.

stevie-d

rapidset


Joined: 26/09/2007
Posts: 4

Message Posted:
26/09/2007 16:21

thanks. good to know about money. can`t wait to get to some sunshine.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
26/09/2007 23:17

A lot of places (shops/restaurants) will take sterling

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
27/09/2007 14:39

i advise all you guys that most shops and resturants do take sterling but you will not get a good rate unless you know the owner or workers of these places the best rate you can get is from a bank but you even get a better rate when you have an account with the bank and its easy to open an account all you need is your passport to open one i reconmend hsbc

Tiggy


Joined: 25/07/2007
Posts: 1994

Message Posted:
27/09/2007 18:04

Hello All,



If you are in the West London area and want to get your holiday/buisness money for NC then try Spring Bureau, 32 Spring Street, Paddington, 1JA TEL:- 7723-7960 They usually give just under the bank rate (not tourist rate) and No commission. Post office and M&S can not touch them for value. Have used them for several years, give them a call to find out. I have no involvement with this company just helping out fellow/ette 44 users. If you get a good deal you can thank me on air!!

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
28/09/2007 00:03

hi there

good info tiggy

thru my past experiances you get a much better rate in turkey or north cyprus for one thing the banks and change offices in turkey and north cyprus change their rates 3-4 times a day where in the u.k they give you a flat daily rate, also they give you a better rate cos they favour sterling and on top of that they give you a even better rate if you are changing a lot of money

Tiggy


Joined: 25/07/2007
Posts: 1994

Message Posted:
28/09/2007 14:15

Cheers Ukturk,



the rates I am talking about change with the bank of England rate and not travel exchange rates which are much lower.I have just called the shop and they are giving Turkish Lira @ 2.32 to the £. Is this a good rate? When we are over in the new Year we will be opening an account and was advised by solicitor HSBC are easy to deal with. We would rather bring sterling over to put in to the economy in Cyprus with a better deal.

rapidset


Joined: 26/09/2007
Posts: 4

Message Posted:
28/09/2007 14:20

hello to all who have replied,

i have just changed £200 and got 460ytl (202.15p)

at a rate of 2.27 from the post office

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
28/09/2007 15:58

Rate today in North Cyprus will be in the region of 2.50 YTL to the £

Marvo


Joined: 30/04/2007
Posts: 194

Message Posted:
28/09/2007 16:05

Is it possible to open a sterling account in TRNC and withdraw in sterling, and would this be of any benefit. The reason for this querie is that when we were over we were getting a good exchange rate for sterling notes in the exchange shops in Kyrenia.

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
28/09/2007 17:06

hi there all

yes hsbc is prob the best bank for the pure reason if you got hsbc account in the u.k you can transfer money more easier and costs less and you can view all your monies in account in both countries also when you do open an account you get a lira account - sterling and euro account and yes you can draw out sterling out of cash machine like i said before the best rate you will ever get is having an account in cyprus and changing your money thru your account

sorry to say rapidset that was not really a good rate dont change no more in the u.k change in cyprus the rate at the moment is 2.56

Also a word of advice for all you posters for most people who go out to cyprus a lot or live there to make a bit of money on your money open an account change sterling to lira then put this money into a saving fund called 'fones' and you can choose the duration of this i.e 1 month - 6 months even a year the lowest intrest rate you get with this is 18% sounds good dont it!!!!!

if any of you want more advice or help just post me and ill be happy to help

dylansgranny


Joined: 28/12/2006
Posts: 67

Message Posted:
28/09/2007 17:09

I think all banks have sterling accounts but they do not give interest on these accounts. We have sterling with Guarantee and Turkbank as well as ytl.

Marvo


Joined: 30/04/2007
Posts: 194

Message Posted:
28/09/2007 18:06

Hi ukturk.



Your just a mine of information. do you know how much tax you pay on the 18%

Tiggy


Joined: 25/07/2007
Posts: 1994

Message Posted:
28/09/2007 18:36

Looks like it is the change of sterling into NC notes when we get to Cyprus from now on. Will still be getiing euros etc from Paddington.



This forum is really helpful with people sharing knowledge and info amongst the forum. It can make life so much easier for everone involved.



Before we sold in Lanzarote we had a Banca March account their and in London. So long as you had £50 in the London account their was no charge to transfer cash to the bank in Lanzarote. Does HSBC operate on the same lines?



Tiggy.

livethedream


Joined: 12/04/2007
Posts: 455

Message Posted:
28/09/2007 19:36

Hi Tiggy, in my experience - No they don't. They charge you in the UK to transfer HSBC to HSBC Cyprus, although not as much as from another bank, but they also charge you here.

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
28/09/2007 19:52

ukturk for prime minister

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
29/09/2007 01:07

hi there guys

you are far too kind for your comments, it gives me satisfaction that i can pass on my knowledge to anyone who needs it

firstly i would only advise to use banks that are affliated with turkey like hsbc - garanti bank - yapi kredi etc i would not touch any banks that are indpendant north cyprus banks only for the pure reason of over the last 10-15 years nc banks were popping all over the place taking peoples money then closing down and stealing their monies at least with banks that have main offices in turkey you can make them aware of your problem

secondly the 18% is the true rate you get the tax on it changes but calculate they deduct about 120lira on every 1000lira you earn (1 milyar old money) so in theroy thats 1.2%

and thirdly yes you do have to pay a charge to send money over but if you got a hsbc account in the u.k and 1 in north cyprus its even cheaper

But i found a way round this all you have to do is set up internet banking on your u.k hsbc account and internet banking with your north cyprus account and transfer money this way and you dont pay nothing up to £5000 but this might have changed because i have not done it in a while

hope this all helps!!!

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
29/09/2007 15:38

The rate of tax on the interest earned is 8%. So if your gross interest is 250 YTL you will have tax of 20YTL deducted at source. The same rate applies whether it is a YTL or sterling account

livethedream


Joined: 12/04/2007
Posts: 455

Message Posted:
29/09/2007 18:48

Hi ukturk. That's interesting about internet banking - might give it a try and see. Thanks, Karen

Dalek


Joined: 21/08/2007
Posts: 29

Message Posted:
29/09/2007 22:56

Also please check out what is said about it being easy to open an a/c in the HSBC, my experience was thay I needed my passport, but also a copy of my application and agreement to purchase or rent a property in TRNC.

HSBC also charge a fee for putting sterling into the bank and changing it to a lira a/c, I am not sure of the present fee but it is not insignificant.

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
29/09/2007 23:27

Try Turkbankisi, no hassle.

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
30/09/2007 03:45

hi, karen no probs anytime!!! dalek sorry to hear u had a bit of hassle opening an acc they must of being difficult with you, in my experiances ive opened many acc's in turkey and in famagusta - lefkosa for people and never been asked for purchase or rent contract but passport yes and word of advice you should have a word with the manager or assistant about them charging you putting sterling then changing in to lira because you should not be charged a fee!!!



Another word of advice if you dont wont the hassle of going down to the bank in n cyprus you can acctually open it in the u.k as long as you got a hsbc acc in the u.k you go down to your local brach and get them to refer you to international banking head office in canary wolf in london and they will send you a application form for a account and it will be in english too

pilgrim is right turkbankisi quite good bank aswell

Dalek


Joined: 21/08/2007
Posts: 29

Message Posted:
30/09/2007 08:35

Unfortunately ukturk it now seems to be a fact that HSBC do charge,

they are also tightening up on the rules about opening bank accounts, just the same as in the EU, it is the new international banking code of conduct covering regulations to combat money laundering and it applies to most banks worldwide also, the days of just popping down to your local branch and opening an a/c are now gone for ever, you have to have proof of residency, as anyone who works in the banking sector will testify, in the UK this is normally two utility bills bearing your name at the address you give, plus photo ID either passport, UK driving licence.

I for one am happy with this system, it gives me some comfort having the knowledge that the banks are trying to conform to international standards and are regulated by the international financial services authority, as you rightly said ukturk - in the past some banks were unregulated and many people lost their life savings, but not only in N.Cyprus, Turkey had 3 banks collapse in the 90's and probably one of the most famous was the Nick Leeson case where he brought down Baring's bank

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
30/09/2007 13:54

hi

dalek is right to open an account in u.k and the e.u you have to go thru a lot of red tape and the rules have been made strict but when im talking about ive opened a lot of acc's i actually mean opening in turkey and n cyprus where i reside which dont have to uphold to any e.u banking codes only their own company banking charter and i can assure you that i have never in all my years ive banked with hsbc turkey and hsbc cyprus i have never been charged for changing sterling to lira thru my account, but my hsbc acc in u.k you do get charged to do this. just the other day i went in to the branch in famagusta with £500 and my paying in book deposited the money then straight away changed it in to lira and withdrew it and got a rate of 2.56 and in return i got 1280 lira!!!