Banks of North Cyprus
When you buy a property in North Cyprus you may think about opening a bank account. Here are some helpful information about North Cyprus banks.
Banks of North Cyprus divided to Turkish and Cypriot banks operate in North Cyprus. Most of them use internet banking system. The currency of North Cyprus is the Turkish Lira. Most banks in North Cyprus also offer credit card services, which is an important advantage for people who want to make international purchases online. You can also exchange common currencies (Dollars, Pounds and Euros into your account by receiving a credit card).
To open an account, students need a university certificate, employees need a work permit, and investors need a property contract.
At present, the annual interest rate for US dollar deposit accounts is 0.40%, Euro deposit is 0.15% and British Pound deposit is 0.20%.
Benefits of opening an account in the banks of North Cyprus:
- Keeping your money with profitability in a safe place
- Shopping with credit cards and international online shopping
- Ability to receive money from bank ATMs abroad if needed
- Transporting money to countries that have cash restrictions
- Ensuring not to lose and steal cash on foreign trips
- Transfer money from Iran to your account and vice versa (via One Pay platform)
√ Foreign currency mortgage repayment period is up to 15 years.
√ The repayment period of the mortgage in Euro is a maximum of 25 years.
√ Applicants must not exceed 70 years of age in addition to the mortgage term.
√ Banks lend 50% of the value of the property in the form of a loan
√ Installment payment of mortgage without interest or low interest
There are a variety of ways to repay a mortgage that you can choose according to your circumstances and of course we will guide you in choosing the right and convenient method and there are also fixed costs for getting a loan. Such as stamps and insurance and so on.
It should be noted that it is possible to change the interest rates of banks in the future.