Banks in North Cyprus


Banks in North Cyprus

Guide to Banking in North Cyprus for New Residents

Welcome to North Cyprus! As you settle into your new life, understanding the banking system is crucial for managing your finances. Here's a comprehensive guide to help you navigate the banks in North Cyprus.

Types of Banks:

1. Central Bank of the Turkish Republic of Northern Cyprus (CBTRNC):
   - The central bank is the regulatory authority overseeing monetary policy and banking operations.
   - It issues the currency (Turkish Lira) and ensures the stability of the financial system.

2. Commercial Banks:
   - These are traditional banks offering various financial services, including savings accounts, current accounts, loans, and more.
   - Popular commercial banks include Akfinans Bank, Creditwest Bank, and İktisatbank.

3. Development and Investment Banks:
   - These banks focus on financing projects that contribute to economic development.
   - Not as common as commercial banks, but they play a role in supporting specific sectors.

Opening a Bank Account:

1. Documentation:
   - To open a bank account, you will need your passport, proof of address (utility bill or rental agreement), and a residency permit.

2. Currency:
   - Turkish Lira (TRY) is the official currency. You can open accounts in other major currencies, such as Euro or US Dollar, in some banks.

3. Account Types:
   - Choose between different types of accounts based on your needs, such as savings accounts, current accounts, or foreign currency accounts.

Banking Services:

1. Online Banking:
   - Most banks offer online banking services, allowing you to manage your accounts, transfer funds, and pay bills conveniently.

2. ATMs:
   - ATMs are widely available. Ensure your bank card is compatible with local ATMs to avoid extra fees.

3. Credit and Debit Cards:
   - Credit and debit cards are widely accepted. However, it's advisable to inform your bank about your move to prevent any issues with international transactions.

Currency Exchange:

1. Exchange Rates:
   - Keep an eye on exchange rates, especially if you have accounts in multiple currencies. Rates can fluctuate, impacting the value of your money.

2. Currency Exchange Services:
   - Banks and independent exchange offices provide currency exchange services. Compare rates to get the best deal.

Loans and Mortgages:

1. Eligibility:
   - Banks offer various loan and mortgage options. Eligibility depends on factors such as income, credit history, and residency status.

2. Interest Rates:
   - Understand the interest rates and repayment terms before committing to any loan or mortgage.

Taxes and Regulations:

1. Taxation:
   - Familiarize yourself with the local tax regulations. Seek professional advice if needed, especially regarding any international tax obligations.

2. Regulations for Expatriates:
   - Stay informed about any specific regulations that may apply to expatriates regarding banking and financial transactions.

Financial Planning:

1. Financial Advisors:
   - Consider consulting a financial advisor to help with long-term financial planning and investment decisions.

2. Emergency Funds:
   - Build an emergency fund in your local account for unexpected expenses.

All banks, including foreign bank branches, private banks, and International Banking Units, are governed by the Turkish Republic of Northern Cyprus’s formed Central Bank. Under international banking laws, this institution audits and oversees all of these banks. All banks comply to KYC and AML requirements, are governed by the Ministry of Economy and Energy, and are supervised by the Central Bank.

International Banking Units (I.B.U.)

  • Fortress Bank (Fortress Bank license has been revoked in 2021)

Public banks

Private banks

Branches of foreign banks in North Cyprus

Development and investment banks

  • Development Bank of the TRNC

Banks under Savings Deposit Insurance Fund (S.D.I.F.)

  • Asia Bank
  • Cyprus Commercial Bank
  • Erbank
  • Industrial Bank of Kıbrıs
  • Rumeli Bank
  • Tilmo Bank
  • Yasa Bank

By understanding the banking landscape in North Cyprus and staying informed about regulations and services, you'll be better equipped to manage your finances and enjoy a smooth transition into your new life.

The information provided below about banks in North Cyprus is intended for general informational purposes only. Blue Nest Luxury Property Advisors does not endorse, recommend, or guarantee the accuracy or completeness of the information, as it is subject to change without notice. 

The banking sector is subject to regulatory changes, economic fluctuations, and individual bank policies. Blue Nest Luxury Property Advisors is not responsible for any misinformation, errors, or omissions related to the details provided about specific banks.

Individuals are strongly advised to conduct their research and verify the latest information directly with the respective banks or relevant financial authorities before making any financial decisions. Blue Nest Luxury Property Advisors disclaims any liability for actions taken based on the information provided, and users of this guide are encouraged to seek professional advice regarding their specific financial circumstances.