Banking in North Cyprus
Some TRNC banks have branches in London and others have arrangements with major UK banks. It is advisable to make inquiries either in the UK or in the TRNC. Sterling cheques may be cashed locally with a small charge made to drawer in either sterling or YTL.
Sterling cheques paid into a TRNC bank account can take around 28 days to clear.
It is possible to hold a deposit account in a main foreign currency from which both sterling and YTL can be drawn.
Arrangements can be made with some local banks to pay bills by direct debit in the property owner's absence.
Credit cards
Access, MasterCard, Visa and Diners club are acceptable in the larger hotels, restaurants and shops. A surcharge is often added if a credit card is used; a lower rate of exchange is generally used than if making payment by cash.
ATM machines for use with credit and debit cards are available at various banks.
KDV (or VAT)
KDV rates can vary from 3% to 20%, and are imposed on almost all goods and services. The TRNC government recently reduced the KDV rate to zero on basic foodstuffs, including bread, milk, eggs, meat, flour, rice and pasta.
Shopping
Most goods are available in local shops. There are several large well-stocked supermarkets for foodstuffs and many small stores, which provide daily requirements. There are a wide range of wines and spirits available at low costs, as are popular brands of cigarettes and tobacco.
Chemists (Eczane) stock most internationally available products.
Furniture can be bought ready made or made to order.
There are many boutiques for women; materials are of good quality with an extensive range. Men's tailoring is good and generally less expensive than in the UK .
There are local potteries where a wide range of hand made goods can be purchased.
UK newspapers are available in a few supermarkets, but are from a couple of days previous.
Every Saturday the Cyprus Today newspaper is published providing a round up of local, UK and world news. It is the only English print newspaper in the TRNC.
Banking in North Cyprus
There are two types of commercial banks in North Cyprus. There are branches of large banks that are seated in Turkey, and local banks. Transactions can be carried out in all hard currencies. The Central Bank of the TRNC is in charge of monetary, credit and exchange policy, and acts as banker to the government.
Banking as a section of industry in Northern Cyprus lately recorded a considerable growth. Especially after some severe tests in 2000 it has seen a careful and sustained consolidation, supplied with some sensible and necessary guidelines enforced by the Turkish Cypriot government. The traditional ‘boom and bust’ economy of this area has lead to a well structured and effective banking system which has close ties with many foreign banks including Barclays, Natwest and HSBC. Most expatriates in North Cyprus seem to like HSBC just due to their familiarity with it and brand name recognition. Branches of HSBC can be found in Nicosia, Kyrenia and Famagusta. To open an account in North Cyprus banks is a very easy and simple process. Your account can be set up in your choice of currencies including British Pound, US Dollars, Euros and the Northern Cyprus currency which is the New Turkish Lira (YTL).
Bank services
All types of banking services are provided in Northern Cyprus and they are flexible enough to satisfy the continually diversifying needs of the business community. Recently banks in North Cyprus have expanded their activities beyond traditional banking and their services include insurance, leasing, hire purchase finance, factoring, mutual fund management, investment and consulting as well as custody and asset management services. They have also developed new products and services through electronic means. Your bank account can be easily reached via electronic access and through internet banking, now more and more widely used you can make a number of transactions worldwide. In most of the banks of the TRNC you will find a few English speaking employees, the best chance is in the foreign exchange section of the bank.
Off-shore banks
For non-residents of the TRNC there are investment opportunities provided by offshore banks which are positioned outside the country. They include business transactions in foreign currencies, lending and other financial services. The advantage of offshore banks is that they provide access to politically and economically stable jurisdictions. The aim of such units is to make an expansion of banking and trade services to non-residents of the TRNC, supporting an international financial centre.
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