The banks of North Cyprus have many advantages including the absence of tax on deposits, complete confidentiality of information, an unlimited amount of transfers, the ability to quick open an account.
Recently the banking system of North Cyprus develops rapidly. There is an opportunity of electronic payments and card payments in shops and other public places, the number of ATM has increased. In North Cyprus there is a bank that performs all functions of the central bank, except for the formation of monetary policy and printing money. It determines exchange rates for commercial banks, which in turn it receives from the central bank of Turkey.
There are local and international among commercial banks of North Cyprus. They are as reliable as European ones.
The procedure for opening an account in the banks of North Cyprus is simple and fast. To do this you need an identity card and sometimes documents confirming your residence in North Cyprus. Providing information about the sources of your income is not required. The account can be opened in any currency. You can use the received bank card for payments in public places, for withdrawing money from ATMs. Connecting Internet banking will allow you to track the movement of the account, as well as carrying out some payments without leaving home.
Among the reliable and well-known banks of North Cyprus HSBC, Garanti, CreditWest, Is Bank can be identified.