Money is an all-purpose tool and a resource no one can live without. So, as a foreigner and most especially a student planning to move or already living in the Turkish Republic of North Cyprus (TRNC), it’s key you know how you’ll receive and send this indispensable resource (money) in order that your needs be taken care of. Therefore, read the following lines with alacrity.
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.
You can send personal funds, school fees, monthly allowances, etc. Your loved ones never have to feel isolated again. Transferred money will be deposited in their bank account or they can pick up the money at the various branches of the banks where they reside.
Requirements to SEND money
- Complete “To Send Money” transfer form, available at all bank branches.
- Hand the complete form to the teller providing your photo identification document together with the funds you are sending and the transfer fee.
- The teller shall complete the transaction and provide you with a written Money Transfer Confirmation Number (MTCN).
You can quickly and easily receive your school fees, monthly allowance or personal funds. Such funds can either be deposited in your bank account or you can pick up the funds at the various branches of the banks where you reside.
Requirements to RECEIVE money
- Complete “To Receive Money” form and provide the Money Transfer Confirmation Number (MTCN).
- Hand the completed form over together with your photo identification document to the teller.
- The teller will complete the necessary checks, process the transaction and pay you the funds.
- The receiver does not pay a fee for receiving the funds.
Money transferred from abroad are not subject to control by the government, and the amount remitted from abroad has no restrictions. However, a large amount transferred to the account from the TRNC can be verified. Please, note that when traveling, the import of foreign currency into the territory of the TRNC, must be declared if exceeds 10 000 EUR.
By Jude Asanji
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