There are several major banks in Cyprus, local banks and international banks having branches in Cyprus. Many Cyprus banks have ATM' (automatic teller machine), enabling you to draw foreign currency during your stay in Cyprus.
If you open a bank account in one of Cyprus's banks, you are advised to compare commission rates for money transfer to and from Cyprus. In most of the banks in Cyprus you will find English speaking employees.
In recent years banks have expanded their activities beyond traditional banking and their services include insurance, leasing, hire purchase finance, factoring, mutual fund management, investment and consulting as well as custody and asset management services. They have also developed new products and services through electronic means or electronic access, using alternative distribution channels such as the internet, call centers, etc.
All types of banking services are provided in North Cyprus and they are flexible enough to satisfy the continually diversifying needs of the business community. There are branches in many of the important trading centres of the world. Numerous Turkish and Turkish Cypriot banks (HSBC Bank has now opened branches in Nicosia and Kyrenia in TRNC and they are open from Monday to Friday (except public holidays) between 08.00-12.00/14.00-16.00 hours.
New Turkish lira is used as the local currency. There are no restrictions for the import of foreign currency into North Cyprus, however, the export of currency is restricted to US-dollars $8000, or the equivalent in other currencies. Exchanging all the currencies in banks, exchange offices and in hotels, is possible. Visa, Master card, Euro card, Euro cheques, travelers checks etc. can be used in place of cash. The main bank which are also operating in uk are IS Bank and Turk Bank. |
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