banks in northern cyprus
#1
Forum Regular
Thread Starter
Joined: Feb 2007
Posts: 125
banks in northern cyprus
Hi anyone know how safe it is to open a bank account in the north and have a large sum of money in it?
Also how easy is it to take it out again, cash or to transfer it to another account around the world?
All advise needed.
Thanks
Also how easy is it to take it out again, cash or to transfer it to another account around the world?
All advise needed.
Thanks
#2
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Joined: Jul 2009
Location: Limassol Cyprus
Posts: 348
Re: banks in northern cyprus
Never keep any large amount in any bank, spread it around. Banks in North Cyprus are probably not insured by the EU €100,000 limit, best to check first.
#3
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Location: Cayman Islands
Posts: 4,998
Re: banks in northern cyprus
Unless you are living in North Cyprus, why on earth would you want to put money there for any length of time? It doesn't make sense.
#4
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Re: banks in northern cyprus
Hi, it's a friend of mine who has family there but is in a position of no bank account where they work and cannot open a account there due to non resident but works in this country without work permit.so they have a large amount of money with no bank to put it in, so has come up with north Cyprus as was allowed to open an account there using family members address.
Family members are uk passport holders but live in north Cyprus.
Anyone with any other ideas where to bank this money more safe?
Family members are uk passport holders but live in north Cyprus.
Anyone with any other ideas where to bank this money more safe?
#5
Lost in BE Cyberspace
Joined: Nov 2012
Location: bute
Posts: 9,740
Re: banks in northern cyprus
In used fivers in a box under your bed. ANYTHING but a bank - especially in Turkish Cyprus.
#6
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Re: banks in northern cyprus
Ha ha....
That's where it is at mo, but different currency!
That's where it is at mo, but different currency!
#7
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Joined: Dec 2012
Posts: 63
Re: banks in northern cyprus
It would be a big mistake to deposit any money into a bank to "Northern Cyprus".
Firstly, "Northern Cyprus" is not a country, and officially it does not exist. It was created unlawfully, following the Turkish invasion in 1974. Apart from Turkey, no other country recognises it, and of course is not a member of the UN or the EU.
Secondly, "its currency" is different, so you will probably lose on the exchange rate too.
Thirdly, it may be OK to move money into "Northern Cyprus", but you may have difficulties in taking the money out of the "country", especially if it is a substantial amount of money.
Firstly, "Northern Cyprus" is not a country, and officially it does not exist. It was created unlawfully, following the Turkish invasion in 1974. Apart from Turkey, no other country recognises it, and of course is not a member of the UN or the EU.
Secondly, "its currency" is different, so you will probably lose on the exchange rate too.
Thirdly, it may be OK to move money into "Northern Cyprus", but you may have difficulties in taking the money out of the "country", especially if it is a substantial amount of money.
#8
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Joined: Dec 2012
Posts: 63
Re: banks in northern cyprus
I would also agree with Zygiman, that "you shouldn't keep any large amount of money in one bank, but spread it between different banks".
He is so right.
He is so right.
#9
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Posts: 125
Re: banks in northern cyprus
Thanks everyone for the advise, please keep them coming as I need to convince my friend this is a stupid idea.
The bank accound my friend has opened is a Turkish bank in northern Cyprus, my friend seems to think this is safe and would not be so silly to put the money in a Cypriot bank!
How easy is it to open a off shore bank these days ??
More advise please.....
The bank accound my friend has opened is a Turkish bank in northern Cyprus, my friend seems to think this is safe and would not be so silly to put the money in a Cypriot bank!
How easy is it to open a off shore bank these days ??
More advise please.....
#10
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Joined: May 2012
Location: Cayman Islands
Posts: 4,998
Re: banks in northern cyprus
(I have no vested interest in the site, and certainly don't agree with all the postings. But I am a "member" and do comment from time to time. I just remembered that I featured it in a post on my own blogsite in May 2012, which might be of passing interest to you.)
#11
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Joined: Mar 2014
Posts: 4
Re: banks in northern cyprus
In North Cyprus there are Turkish Cypriot banks and banks with head offices in Turkey. The Latter being in my opinion safer as you are dealing with a larger economy.
#12
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Re: banks in northern cyprus
Steve. I don't think the size of the economy is as important as where the banks have lent their money - i.e. where banks' borrowers live. What do you reckon?
#13
Just Joined
Joined: Mar 2014
Posts: 4
Re: banks in northern cyprus
true.. maybe i was being a little too diplomatic.. Turkeys banks are better regulated than Turkish Cypriots, and so i would personally put my money there. North Cyprus previously had its own banking crisis around 8 years ago i believe..