Banks of Northern Cyprus

In addition to local financial organizations, foreign banks have been actively operating and developing in the country since 1983. These are mainly banks from Turkey. It is worth mentioning "Cyprus Vakiflar Bank" separately - the only state bank of Northern Cyprus, which was founded in 1981. Currently, the organization has 13 branches throughout the country and more than 25 ATMs.

There are also local commercial banks in Northern Cyprus. These include Creditwest Bank, Near East Bank, Koop Bank, Capital Bank, Cyprus Vakiflar Bank, Akfinans Bank, Artam Bank, Asbank, Kıbrıs Continental Bank, Kıbrıs İktisat Bankası, Limassol Turkish Cooperative Bank, Turkish Bank, Viyabank, Yeşilada Bank, and Nova Bank.

• Branches and ATMs
• Rating of Northern Cyprus banks
• Frequently Asked Questions about Banks in Northern Cyprus

Branches and ATMs

Akfinans Bank

3 branches and additionally 3 ATMs.

Asbank

9 branches.

Iktisatbank

11 branches and additionally 6 ATMs.

K.Turk Koop Merkez Bankasi

24 branches.

Limassol Turk Koop Bankasi

14 branches.

Near East Bank

5 branches and additionally 7 ATMs.

T.C. Ziraat Bankasi

10 branches and additionally 12 ATMs.

Universal Bank

3 branches and additionally 10 ATMs.

Capital Bank

18 branches and additionally 4 ATMs.

Halkbank

20 branches and ATMs.

Nova Bank

8 branches and ATMs.

TEB Bank

7 branches and additionally 6 ATMs.

Sekerbank

1 branch and additionally 6 ATMs.

Bankmare

2 branches, in Nicosia and Kyrenia

BANK RATINGS IN NORTHERN CYPRUS

There are over a dozen banking institutions in Northern Cyprus, and in many of them, a foreigner can open an account. Below, we will return to the question of the necessary documents for this.

And now, we present to you the rating of banks in Northern Cyprus. The first five positions are banks that open accounts for foreigners, with all of them being private except for Cyprus Vakiflar Bank - a local state bank. However, they will very carefully investigate the origin of funds, and it will be impossible to transfer money to these accounts from another country, but it is suitable for obtaining a residence permit.

1. Creditwest Bank
2. Near East Bank
3. Koop Bank
4. Capital Bank
5. Cyprus Vakiflar Bank
6. Akfinans Bank
7. Artam Bank
8. Asbank
9. Kıbrıs Continental Bank
10. Kıbrıs İktisat Bankası
11. Limassol Turkish Cooperative Bank
12. Turkish Bank
13. Viyabank
14. Yeşilada Bank
15. Nova Bank
16. Bankmare

FREQUENTLY ASKED QUESTIONS ABOUT BANKS IN NORTHERN CYPRUS

Which bank is best to open an account with in Northern Cyprus?

The most popular bank for foreigners to open an account with is Creditwest Bank. They do not require additional documents and offer a competitive product, including a credit card that supports transactions outside of Cyprus. However, the credit limit is not issued as a loan - you need to secure it yourself considering the interest.

Which bank cards work in Northern Cyprus?

The most popular payment systems - Visa and Mastercard - work flawlessly in Northern Cyprus. Of course, we are not talking about cards issued in Russia. An exception is Union Pay; cards of this payment system issued in Russia are accepted for payment, but not from all banks (sanctioned ones are not accepted), and not in all places - usually only where there are terminals of Turkish banks.

Which Turkish banks are present in Northern Cyprus?

In the northern part of the island, there are not only local banks but also branches of Turkish banks. Here is their list:

• Garanti Bankası
• Halkbank
• Oyak Bank
• Türk Ekonomi Bankası
• Türkiye İş Bankası
• Ziraat Bankası
• Deniz Bank
• Şekerbank

How to open an account in a bank in Northern Cyprus?

To open an account in one of the banks, you will need a passport, residence permit (Ikamet), and a certificate from the muhtar confirming your address of residence. It is issued by the administration of your locality or, in some cases, a residential complex based on your rental or property purchase agreement. The document processing takes about half an hour, and the card itself will be ready on average within three weeks.

Is there Russian-speaking support?

In some banks, such as Creditwest Bank and Iktisatbank, you can use the services of a Russian-speaking manager in almost every branch. Some mobile banking apps are available in Russian.

In which currency are accounts opened?

Most accounts in Northern Cyprus banks are opened in Turkish Lira (TL), but in some cases, you can open an account in US Dollars (USD), British Pounds (GBP), or Euros (EUR). Additionally, you will be provided with online access and assistance in installing a mobile application for convenient banking transactions.

More materials on the banking sector in Northern Cyprus can be found in our special section on the website.

To stay up to date with news from the banking sector, subscribe to our Telegram news channel. And on the largest forum of Northern Cyprus, you can ask questions and get answers from several thousand people living on the island.