Keeping pace with the time and general economic development, the development of the banking system Northern Cyprus in recent years shows a significant growth. In TRNC, banks have not only been able to adapt to new economic conditions, but also to create the perfect structured system. Branches of international banks, private commercial banks and investment banks represent the basic structure of the banking system in the northern part of the island.
Banks of Northern Cyprus have started to operate from the first day of the proclamation of the Turkish Republic of Northern Cyprus in 1974, but their numbers are constantly growing, as well as the geographic network of offices. In Northern Cyprus there are 22 banks with 235 branches in all major cities and settlements of the TRNC. In Lefkosa, Kyrenia, Famagusta, Güzelyurt represented branches of both Turkish foreign and local banks. ATMs are widely used in TRNC as well as automatic payments (payment of utility bills, phone bills, education, etc.).
According to the Bankers Association of Northern Cyprus banks employ 2700 workers and each employee services 111 clients. The amount of deposits in the banks of Northern Cyprus is around 8.5 billion Turkish liras, and the amount of loans - 6 billion Turkish liras.
The leading banks of Northern Cyprus are branches of foreign banks, private banks in Northern Cyprus, and investment banks.
Foreign bank branches: HSBC bank, Halk Bankası, Türkiye Is Bankasi, Garanti Bankasi.
Local private banks: Credit West, Near East, Limassol Turkish Cooperative Bank, Asbank, Sekerbank (Kibris), Akfinans Bank
It should be noted that some local banks, for example, Near East Bank have a branch in Turkey, and Credit West Bank in Ukraine.
Most banks have account management system online (internet banking) and the possibility of international transfers. Every citizen and resident of the country can arrange automatic payment of their bills for electricity, water, pool maintenance, or tuition fees.
Account in a local bank can be opened by anyone. Banks open account for foreigners only with a valid passport. Foreign banks in Northern Cyprus, however, require proof of residential address in Northern Cyprus (electricity or water bill for example), the contract for the purchase of property, in some cases – official letter from the mayor of the place of residence. 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.
Banking services in North Cyprus are quite flexible, and customer service is extremely good. To meet the needs of the population, the staff working in the banks is at least bilingual, speaking Turkish and English, and more recently in many offices of the city of Kyrenia, Famagusta, Lefkosa, Iskele works and multilingual staff. Until recently, banks in North Cyprus did not provide loans to foreigners, but nowadays many of them offer loans to purchase cars and are willing to consider the necessary documents for foreign nationals to provide loans for purchasing a property in Northern Cyprus. The required package of documents includes certificates of employment or salary.
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. It should be noted that the import of foreign currency into the territory of the TRNC, must be declared if exceeds 10 000 EUR.
The state of Northern Cyprus guarantees the safety of deposits in case of emergency in the amount of EUR 20 000 or the equivalent in another currency. Alliance-Estate helps its customers to open qa bank account in Northern Cyprus, which, by opening your personal home page on the Internet, you will be able to translate and manage your money, from anywhere in the world.
Interest rates depends on the bank, the amount and currency. For deposits in Turkish lira banks provide the most favorable interest rates of deposit - up to 10%, the currency - to an average of 3.5%.
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