Banks in North Cyprus

There are many banks in North Cyprus and they are divided into two groups, the first group consists of local banks, the second one is international banks which have branches in North Cyprus. Many of these banks have ATMs (automatic teller machines) all international transactions are carried out in all these banks, so it is very easy to transfer funds internationally from outside the island. All of the banks have English speaking executives, which makes life much easier for foreign visitors. All currencies are accepted in the banks.

The Central Bank of TRNC (Turkish Republic of North Cyprus) is in charge of monetary credit for the island and all inter banking monetary exchanges pass through the central bank. The opening hours of the banks in North Cyprus are generally 8am – 5pm Monday through Friday in the winter and in the summer times vary from bank to bank so it is advisable to check when you open an account. During bank holidays all banks are closed.

Banks in North Cyprus
• Akdeniz Garanti Bank
• As Bank
• Central Bank of TRNC
• Cyprus Economy Bank
• Cyprus Turkish Co- operative Central Bank
• First Merchant Bank
• HSBC Bank-Cyprus Branches
• Is Bank-Cyprus Branches
• Kibris Finans Bank
• Kibris Vakiflar Bank
• Limasol Türk Kooperatif Bank
• Renfrew Security Bank
• Seker Bank
• TC Ziraat Bank-Cyprus Branches
• Turkish Bank Group
• Universal Bank

Currency: The local currency used in North Cyprus is the New Turkish Lire, YTL, however Sterling, US Dollars, Euros and Cypriot Pounds are widely accepted in banks, shops, hotels and restaurants. Major credit cards are also widely accepted, although it should be noted that some retailers will add a handling fee for their use.

If you are intending to purchase a property in North Cyprus it is imperative that you open a local bank account and for this process you will required to take your passport with you and a small amount of cash to make an initial deposit.