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banks in northern cyprus

banks in northern cyprus

Old Sep 27th 2013, 5:21 pm
  #1  
cbc
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Default 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
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Old Sep 27th 2013, 8:14 pm
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Default 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.
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Old Sep 28th 2013, 7:55 pm
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Default Re: banks in northern cyprus

Originally Posted by cbc
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?
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.
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Old Sep 29th 2013, 2:20 am
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Default 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?
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Old Sep 30th 2013, 1:09 pm
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Default Re: banks in northern cyprus

In used fivers in a box under your bed. ANYTHING but a bank - especially in Turkish Cyprus.
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Old Sep 30th 2013, 1:35 pm
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Default Re: banks in northern cyprus

Ha ha....
That's where it is at mo, but different currency!
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Old Oct 2nd 2013, 2:33 am
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Default 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.
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Old Oct 2nd 2013, 2:34 am
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Default 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.
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Old Oct 2nd 2013, 5:08 am
  #9  
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Default 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.....
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Old Oct 2nd 2013, 4:19 pm
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Default Re: banks in northern cyprus

Originally Posted by cbc
How easy is it to open a off shore bank these days ??
More advise please.....
There is a web-forum called "International Man", which you can Google. It has many, many threads on offshore bank accounts. Check them out.

(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.)
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Old Mar 15th 2014, 2:15 pm
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Default 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.
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Old Mar 15th 2014, 2:21 pm
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Default Re: banks in northern cyprus

Originally Posted by stevemalone123
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.
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?
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Old Mar 15th 2014, 2:31 pm
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Default 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..
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