The currency of the TRNC is the Turkish Lira (TL). In recent years the TL has become more stable. The days of fluctuating exchange rates and unbelievably high interest rates are over. The Turkish economy is being managed far better and has one of the best growth records in recent years. Because of the isolation of the TRNC, Turkey contributes much of the funding to the Northern Cyprus economy.
There are several banks in the TRNC offering good interest rates on savings. Many of the banks have English speaking personnel. If you need to regularly transfer money from the home country it is best to find a bank that makes that transaction easy because a cheque can take one month to clear.
It is possible to obtain cheque books and credit cards from most banks. Some of the credit cards do not allow you to draw cash from an ATM (only goods from retailers) so make sure you get what you require. Most retailers, do, however accept credit cards. You may find that the bank will freeze funds in another account to cover the credit card limit.
You can set up standing orders with your bank to pay your monthly bills to KibTek (electricity); the Belediye (water and services) and your mobile phone etc. All you will need to provide is your account number with the relevant service (and have enough money in your account!).
Many years ago, most expats, simply opted for HSBC because it was a ‘well known’ name and the staff spoke English. In recent years a number of new banks have opened with better interest rates and an ‘English speaking section’. Iktisatbank, Credit West and Turkiye Is Bankasi are the most popular.
Internet Banking is now common and most sites have English translation.
