Bank

North Cyprus is considered as a suitable destination for those who want to invest since this island has provided a good and safe environment for investors and also its relations with other countries in terms of international businesses and international financial regulations. With having high ranking international universities which present good educational facilities, North Cyprus is also known for its famous universities. Every year many students from all over the world come to North Cyprus to begin or continue their education. Whether you are a student or you have a business on this island, you are going to need a bank account. Opening a bank account is done in two types. Online and face-to face.

Advantages of having a bank account in North Cyprus
1.    The money is in a completely safe place.
2.    Some of the banks have an option to open the account for their customers, online.
3.    Tax discount and giving profit to your deposit in private banking.
4.    Opening an account in the shortest time. 
5.    Low commission.
6.    Multiple transactions.
7.    Online banking with a secure environment.
8.    Variety of banking services.
9.    Support and investment consultant.
10.    Strong privacy.

 Terms and condition for opening a bank account:
 For opening a bank account, the person must have a visa or document that   proves she/he lives in North Cyprus, legally. Meanwhile, some of the banks   will open a bank account for Turkish Cypriot who have been living on this   island for a long time and also have residence in another country by   presenting  a valid passport and their exact current address.
 Requested Documents

 1.    Passport
 2.    Visa
 3.    Tax Return (Singed)
 4.    Muhtar
 Opening a bank account is easy if the presented documents are valid and   correct. It should be mentioned that some of the banks request different   documents. Not all them are the same. But there are some documents that are considered main documents such as passport, visa, tax return and muhtar.

 
Online Banking
All of the customers who would open a bank account, would also get online banking services. Services like bill payment, transactions, etc. Remember, if you want to have access to all kinds of services, you shall present all of your information like name and surname, mobile phone, address, email, etc.

Iktisat Bank
Iktisat Bank, located in Northern Cyprus, provides full services to its customers. Also individuals can open their bank account online and can have access to online banking services. For more information, you can visit the Iktisat Bank website. 

Creditwest Bank
One of the famous banks in North Cyprus. This bank, just like Iktisat Bank, has provided facilities such as online banking services and opening an account online for its customers. For more information you can visit www.creditwestbank.com. 
Opening a bank account for those who does not have a residence permit
People who do not have a resident permit can open a bank account, but they will be asked to provide enough rational reasons for this purpose such as business, investment, purchasing a property. It should be mentioned that the person's country of birth should not be on the OFAC list. Unfortunately, Iran is on this list. This list consists of countries that North Cyprus banks and financial organizations do not have any relationship with. 

Different types of bank account in North Cyprus
1.    Current account
2.    Foreign currency account
3.    Precious metals account
4.    Saving account
5.    Investment account, etc.    
Users had this option to manage their bank account, online with their mobile phones, tablets, iPads, laptops, etc. since 2012 and from then, it became common in North Cyprus. 
Different types of banking services:
There are different banking services available in North Cyprus such as loan granting, different types of trades, foreign exchanges, different types of transactions, international transactions. One of the bank’s services that it offers to its customers when they want to open their account is the “full package” services.

People who open their bank account in North Cyprus, will have investment opportunities and also variety of banking services such as:
1.     Different types of transactions, international transactions with different currencies. 
2.    Foreign exchanges
3.    Different types of trades
4.    Customers can use their personal saving accounts
5.    Opening deposit accounts
6.    Different types of loan
7.    Obtaining different cards
8.    Opportunity to have consulting in different businesses and different investment fields

Currencies services:
Those people who have a residence permit or visa and want to open a bank   account can have access to international transactions and also connect to the   international banking network. 
How to open a bank account, online and face-to face?
In a face-to face process customers are required to provide requested   documents and they shall fill and sign the related forms.

On the other hand, if   customers want to open their account, online they shall follow the process     below:
1. Choose their intended bank
2. Visiting the bank’s official website
3. Downloading the bank’s application
4. Provide and confirm their personal information, identification card or  passport and in some cases they are asked to take a selfie
5. Accepting the terms and conditions of the bank and then receiving the password
6. Providing their financial information
7. Get their card from the bank

The most famous banks in North Cyprus:
Koop Bank
Customers can benefit from savings accounts and current accounts. Other services include loan granting, credit cards, currency transactions, different kinds of facilities, multi-currency accounts, consulting and insurance. For more information, customers can visit www.neareastbank.com. 

Near East Bank
With 7,200 employees, this bank is the largest private financial organization in Turkey and North Cyprus. The activities of this bank are in the fields of health, animal husbandry, finance, education, art, tourism and culture. Assets of this bank are equivalent to 2.10 billion dollars. For more information, customers can visit www.neareastbank.com. Near East bank also presents services like loan granting, credit cards, and saving accounts to its customers.

 
HSBC Bank
It has several branches in different cities. Variety of services are available in this bank. Services such as investment consulting, saving and current accounts, loan granting, etc. There are many HSBC’s ATM in North Cyprus.