North Cyprus has numerous visitors from around the world each year. With these visitors come different types of currency. In order to deposit or withdraw money tourists will need to use offshore banks. Read on to learn more about North Cyprus offshore banks.
There are several offshore banks that tourists and locals alike can use in North Cyprus. Bank Turquoise Offshore, Unibank Offshore or First Merchant Bank Offshore are just a few offshore banks that serve North Cyprus. There are several advantages to using offshore banking. One advantage is that you can exchange your money for lira using dollars, Euros, or sterling at any of the offshore banks quickly and easily. Offshore banks also offer lower taxes and provide services that the main banks on the island may not offer. There is also stricter privacy enforced for users of offshore banks.
Many of the North Cyprus offshore banks offer money exchanges, credit, loans, management of funds and deposits. You can also transfer money to people or between your accounts easily. Withdrawing and depositing will be easier than ever with an offshore bank account. If you want to buy property in North Cyprus applying to an offshore bank for a loan would be a good idea because of the low interest rates.
Opening an Account
It is quite easy to open an offshore bank account these days. Before opening your account decide which currency you are going to use. You can deposit any type of currency into your accounts including Euros, dollars and lira, but it has to stay consistent. Some offshore banks do not require a minimum deposit when opening a savings account so if you want to start small look for banks that have this policy. There are two ways you can open an offshore bank account in North Cyprus.
You can either go into the bank itself or apply online at the bank’s website. If you do open your account online there may be a need for you to send back signed forms via fax machine. It will usually not take a lot of time to open an account and once your account is validated you can start withdrawing and depositing money. If you are part of a company you are also eligible to open an account with offshore banking. Having an offshore bank account will make business transactions smoother and safer.
Using North Cyprus offshore banks is advantageous to the bank and customer alike. You can rest assured that your money is safe and if you ever need to exchange currency the bank will do it. You do not have to open a bank account if you are visiting the island but you can exchange currency at the North Cyprus banks. Low taxes and ease of access are why some people choose offshore banking.