which bank to use and ones not to use

fryingpan


Joined: 10/01/2012
Posts: 80

Message Posted:
21/02/2012 17:37

hi,im opening an account in trnc,i will be transfering from uk-trnc,which ones are ok and which should i avoid

CyprusNow


Joined: 16/07/2011
Posts: 168

Message Posted:
21/02/2012 17:46

Avoid HSBC.

jamestalbot


Joined: 20/12/2009
Posts: 958

Message Posted:
21/02/2012 17:51

I can recommend Credit west , is the best. James

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
21/02/2012 18:05

yep credit west .

Sandford


Joined: 17/12/2011
Posts: 133

Message Posted:
21/02/2012 18:06

Credit West for me

sunrise


Joined: 14/02/2009
Posts: 274

Message Posted:
21/02/2012 18:45

Had many problems with Universal (although the rates are good). Moved to TC Ziraat.

fryingpan


Joined: 10/01/2012
Posts: 80

Message Posted:
21/02/2012 19:06

credit west it is,cheers all

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
21/02/2012 20:02

Anybody recommend Akfinans Bank? I believe they made very good profits in recent years so they can afford to give good rates

If you don't believe me ask around K5 for proof.

ismet

fidelis


Joined: 16/11/2011
Posts: 33

Message Posted:
21/02/2012 20:03

credit west.services very good

gemini39


Joined: 16/09/2011
Posts: 89

Message Posted:
21/02/2012 20:13

Credit west were reccommended as they do not do mortgages , therefore less risk + they garrente 35000 TL per

account

Mike41


Joined: 11/01/2011
Posts: 18

Message Posted:
22/02/2012 00:15

I have received excellent service fron Iktisat bank who also have dedicated English speaking staff.

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
22/02/2012 12:28

Garanti are very good, and have good rates, plus the internet banking, is much better than some banks.

CuddleKins


Joined: 11/02/2012
Posts: 345

Message Posted:
22/02/2012 12:37

garani or turk bank...! definetly..

yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
22/02/2012 13:15

#8

Elko, I applaud you, your humour is rapidly becoming English.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
22/02/2012 16:10

Re 10 Credit West do not make the grantee but the TRNC Central Bank (a bit like the UK's savings compensation scheme).

For more information see http://www.ncmoneyguide.info/?page_id=11

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
22/02/2012 16:14

Also re 10 they do do mortgages or they say they do...

http://www.creditwestbank.com/index.phpoption=com_content&view=article&id=76&Itemid=123&lang=en

gemini39


Joined: 16/09/2011
Posts: 89

Message Posted:
22/02/2012 16:31

Thanks Swany for the info.

pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
22/02/2012 18:03

I like Asbank and Creditwest



You all know who I dont like.

periwinkle


Joined: 21/09/2011
Posts: 83

Message Posted:
22/02/2012 18:27

Well actually think ahead....the Gov say they are lacking in money. If the economy decreases like the greek side and we go down hill, if you have chosen a Cypriot Bank to invest your money there is no guarantee you will get it back. However more chance if your put your money in a Turkish Bank here.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
22/02/2012 20:12

The Turkish banks in the TRNC come under the same grantees as the TRNC banks. So if they went bust they would be under the same fate as if a TRNC bank went under. I guess the considered opinion is that a Turkish bank is less likely to go under than a TRNC bank. One of the good indicator of the strength of a bank is its capital adequacy rato.



This essentially is the value of the bank's capital as a percentage of its assets.



The ratio tells you what percentage of losses the bank can take on its loans before it goes bust.



Credit West runs at just over 13% and Near East at 17% (taken from their published accounts) HSBC (international) at the end of 2008 was at 10.5% and now stands at 11.4% (Reuters 10/08/11).

Pippie


Joined: 02/12/2009
Posts: 1288

Message Posted:
22/02/2012 21:31

Out of interest, has anyone done any research on which bank is best to use when you need to receive money from UK to TRNC? My current bank charges a hefty fee every time I receive money, even though it's coming in to a Sterling account. They blame it on a government tax!

phylray



Joined: 21/09/2007
Posts: 1727

Message Posted:
22/02/2012 21:35

Iktisatbank is suitable for me and their English dept. v. helpful.

I opened at a/c with Limassol bank in Esentepe to pay my water by direct debit

but it seems it has not been paid for months although there was money left in

for some of the months. I emailed them but no reply.

In Turkey I used several banks, and they were all good. Working at E.M.C Kibris I used

the college's Co-op bank and we had dollar accounts as well as TL as we were paid

partly in dollars, (though we were teaching a British system school!)

imposoliedus


Joined: 16/01/2012
Posts: 18

Message Posted:
22/02/2012 21:48

HSBC is one of the biggest banks in the world, to big to fail,,,,,, the governments would not let them go bust, and before any silly begger comes on hear and says it only a franchise,,,, RUBBISH,,, AND pays 9%payable monthly

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
22/02/2012 22:12

If anyone is interested , I have a PDF version of a paper written by Okan Safakli of the Near East University in 2003 It analyses the causes of the TRNC banking collapse in 2000.

Although there have been some changes since that event I am not convinced that the same situation will not happen again. Apart from other factors there is a direct correlation between interest rates paid to depositors and charged to borrowers and the amount of loans that end up in default. It makes interesting reading.

Please e-mail me (e-mail address in my profile) if you would like a copy.

AJ

cypgab


Joined: 09/01/2010
Posts: 338

Message Posted:
22/02/2012 22:23

Or just google 'Okan Safakli of the Near East University 2003'. He's known for a number of interesting papers.

TRNCvictim


Joined: 17/08/2010
Posts: 1417

Message Posted:
22/02/2012 22:36

I would definately "NOT" repeat "NOT" use either AKFINANS or HSBC both to be avoided at all costs!!



The rest I can't comment on! It's up to you! I have had no dealings with them! Thank God

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
23/02/2012 13:47

Garanti very good with direct debit payments and their credit cards which pay an excellent rate of Turkish Airlines air miles. gaye newly appointed ,anager at the re-opened branch in town speake perfect English and is ultra helpful.



For a better rate of interest I use Creditwest and Deniz at Karakum again perfewct English and most helpful.



Turk Bankasi in Karakum are the worst commercial enterprise I have ever dealt with and i had to use the TRNC Central Bank's name to get my money repaid after realising how bad their service was. What bank employs a girl who cannot count!!

tasmin1


Joined: 18/01/2012
Posts: 4

Message Posted:
23/02/2012 15:20

I would suggest Creditwest Bank. double AA SECURITY sistem interest rates are reasonable and a service is professional. you can contact them 24 hours a day and get any info 05338631048

Linda73


Joined: 24/02/2012
Posts: 1

Message Posted:
24/02/2012 18:06

Hi,



I just moved recently from U.K to Cyprus. I have been into Asbank, Iktisat Bank and Creditwest bank today. I found Creditwest to be more informative so at the moment Creditwest definitely, but any other suggestions?

fryingpan


Joined: 10/01/2012
Posts: 80

Message Posted:
24/02/2012 18:10

cheers linda

astro941


Joined: 22/05/2011
Posts: 193

Message Posted:
24/02/2012 19:18

Ms 8 I believe that Polly Marples has some funds held by this bank but she just doesn't have access to these funds at the momement.

suehowlittle


Joined: 31/10/2010
Posts: 1202

Message Posted:
24/02/2012 19:27

Why would she not have access to her funds 'at the moment'?