Living in North Cyprus

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NORTHERN CYPRUS BANKING

Banking is another industry in North Cyprus which has seen considerable growth in recent years and has had to adopt certain changes. After some severe testing in the late 1990s and 2000, the banking industry in the TRNC has seen some in-depth, careful and sustained consolidation. A big influence with some sensible suggestions and guidelines was the Turkish Cypriot government, who enforced certain restrictions on the Northern Cyprus banks and strict ethical practice. These changes have led to a modern, structured and effective North Cyprus banking system, now affiliated with international branches such as HSBC. Opening an account in North Cyprus bank is simple, with a choice of Sterling, Euros, US Dollars or local YTL currency.

Credit cards

Access, MasterCard, Euro card, Visa and Diners Club cards are accepted in the larger North Cyprus restaurants, hotels & shops. However, a surcharge may be added if credit cards are used. You may not also receive the best exchange rate, available on cash. Cash dispensers for use with credit cards are available in Northern Cyprus, but again you will receive a lower rate of exchange. You can also use your UK cash/credit cards in ATM machines, which are positioned in a variety of locations around the town center in North Cyprus.