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Banking and Currency Tips

The local currency used in North Cyprus is Turkish Lira (TL) , of which there are generally between 2,600,000 and 2,800,000 to each British Pound, depending on exchange rate fluctuations. With such high denominations, most shops, restaurants and other outlets readily accept payments in British Pounds, Euros and US Dollars. It is also estimated that 95% of shops and restaurants in Northern Cyprus accept major credit cards, such as Visa and MasterCard, making it easier for you to pay for your purchases.

North Cyprus is well served by banks. There are branches of the major Turkish banks in many of the towns and cities, as well as private banks and branches of international banks, such as HSBC.

All offer over-the-counter services and some offer the convenience of Internet banking, so you can take care of your finances online.

Bank branch opening times can vary with each banking institution and also may vary from summer to winter. Typical opening times during the summer months are 8am to 2pm. In the winter, banks generally open half an hour earlier. Most bank branches have ATM facilities, so cash can be withdrawn from your North Cyprus bank account. If the ATM is enabled to take internationally recognised cashpoint cards such as Visa, then you will be able to withdraw cash from an offshore bank account too.

Opening a bank account with a bank in North Cyprus is a straightforward process. Many banks will allow you to open accounts in the local currency as well as foreign currency accounts, including British Pounds.


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