Wouldn’t it be amazing if you know how to be the master of your budget and funds? Yes, that’s possible with a bank account. I guess you are in smiles now because you are reading how you can manage your money in a foreign land.
The currency used in the TRNC is the Turkish Lira (TL).
There are about 22 banks with 235 branches in all major cities and settlements of the island. In Lefkosa, Kyrenia, Famagusta, Güzelyurt and Lefke are represented branches of both Turkish foreign and local banks. ATMs are widely used in TRNC as well as automatic payment points (payment of utility bills, phone bills, education, etc.).
Some foreign bank branches include: Türkiye Is Bankasi, Garanti Bankasi, Ziraat Bankasi, HSBC bank, Halk Bankası. Local private banks are: Credit West, Near East, Limassol Turkish Cooperative Bank, Asbank, Sekerbank (Kibris), Akfinans Bank.
When it comes to worldwide instant send and receive services such as; Western Union, MoneyGram, Ria Money etc. a handful of these banks offer them. Just carry out a check.
There exist numerous foreign currency exchange stores around towns where you convert currencies like USD, EUR, and GBP to the local currency; TL.
OPENING THE ACCOUNT
Account in a local bank can be opened by anyone, as long as you meet the requirements. It’s essential to note these requirements differ from bank to bank and on the person’s status. An account can be opened in local currency, US dollars, GBP, Euros, and can be deposit or current account. Developed system of Internet banking allows you to transfer amounts from one currency to another at the best international rates. All banks offer the opportunity to use their services in the provision of credit cards Visa or MasterCard. In supermarkets, shops, pharmacies, restaurants and other establishments you can use credit cards.
DOCUMENTS REQUIRED (for a student).
- Proof of identity (passport)
- Proof of address from “ Muhtar” (council), gotten with a house contract
- Student letter
- Fees and stamps (100 TL)
There is an initial deposit that banks demand, ranging from 300 to 1000 USD. This amount is yours but can only be withdrawn after a period and against the bank’s instructions. Please, contact the bank(s) to get the specificities.
By Jude Asanji
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Studyinnorthcyprus.net or its affiliates.