North Cyprus’ Currency

Understanding the Currency in North Cyprus! When considering a visit or investment in North Cyprus, it’s essential to familiarize yourself with the local currency. Here’s in this article Senilk Real Estate provides everything you need to know about the currency traded in North Cyprus.

The official currency

The official currency in North Cyprus is the Turkish Lira (TL), which is composed of 100 new Kurus. Banknotes are available in denominations of  5, 10, 20, 50, 100, and 200 liras. Additionally, there are Kurus coins in denominations of 5, 10, 25, and 50 kurus. While the official currency is the Turkish Lira, most shops and restaurants in North Cyprus also accept British pounds sterling, Euros and US dollars. However, change is typically given in Turkish Lira. Major international credit and debit cards are widely accepted as well, making it convenient for visitors to make purchases without the need for significant amounts of cash.

Exchanging Offices

If you need to exchange your currency to Turkish Lira, there are several exchange bureaux and banks in major towns such as Kyrenia, Nicosia, and Famagusta. You’ll find plenty of both all around the city. You can also find exchange bureaux near the various border crossing points. Exchange rates can vary, so it’s advisable to compare rates and not exchange all of your funds on the first day. Some places may require you to show your passport or ID when exchanging currency. Secondly, you get better exchange rates inside Northern Cyprus than in your own country.

I strongly suggest to change your foreign currencies in exchange offices. They don’t have long queues, stay open much longer, always available even on Saturdays and offer better rates than banks. No commission will be charged for cash currency exchanges! Most banks on the other hand are only open on weekdays and no later than 17:30. They will charge a commission to exchange money, unless you exchange big amounts, in which case they may offer a good rate too.

Making Payment

While pounds sterling, euros, and dollars are widely accepted, it’s important to note that when visiting official sites such as government-run historic sites or museums, payment must be made in Turkish Lira. In smaller villages and towns, local currency is also preferred. If you have a traveler’s cheques when you visit the island is very difficult to use or exchange them. And let’s be honest, if you are so luck and succeded casing them, expect a steep commission fees being charged.

On top of that, you’ll find ATMs on virtually every corner of the street to withdraw some cash money for small expenses or tipping. These cash points accept not only all major credit cards, but also your regular bank cards provided they are linked into the Maestro, Cirrus or Plus network. The ATMs have menus in Turkish and English and supply TL’s.

If the ATMs connection line is not reliable, you may come across an error message saying that the transaction was refused by your bank. Sure, it’s always wise to carry some cash on you as backup. You can bring as much cash money as you want into the country, regardless whether they are Turkish Liras or any foreign currency. However, the country’s law states that you may take only up to $5000, or the equivalent in another currency! No need to panic if you experienced error when withdrawing at the ATM, in most cases this is not a big problem. Just move on to another ATM and try again.

Property prices are listed in pounds sterling, although the Turkish Lira is the official currency, most property prices in North Cyprus are quoted in British pounds sterling (£‎). This is done to provide stability and avoid potential fluctuations in property prices due to currency changes. The pound sterling ”’GBP” has become the de facto stable international currency in Northern Cyprus.

Banks & ATMs

Most larger shops and restaurants and hotels in North Cyprus accept all major international credit cards (VISA, MasterCard, Diners Club, American Express). On top of that, you’ll find ATMs on virtually every corner of the street to withdraw some cash money for small expenses or tipping. These cash points accept not only all major credit cards, but also your regular bank cards provided they are linked into the Maestro, Cirrus or Plus network. ATMs are also available for cash withdrawals and deposit and have menus in different languages mainly Turkish and English.

The familiar chip and pin system is widely used for card payments on the island. If the ATMs connection line is not reliable, you may come across an error message saying that the transaction was refused by your bank. No need to panic, in most cases this is not the fact. Just move on to another ATM and try again. Before traveling, it’s advisable to check with your home bank regarding any fees or charges for using your cards abroad.

The currency in south Cyprus is the Euro (€‎). If you plan to travel across the border or fly into south Cyprus and then drive or take a taxi to Northern Cyprus, you will need to have Euros for transactions in the south. North Cyprus is an independent country under the protection of Turkey and use of Turkish Lira as the official currency, it may creates the impression that North Cyprus is part of Turkey, which is not the case.

North Cyprus could adopt a different currency if it chose to do so, but the prevalence of Turkish banks in the Northern Cyprus suggests that the Lira will remain the primary currency. Turkish banks have been in tough competition to make great progress in recent years in terms of using the latest technology as well as improving their services.

Based on official data, many banks including Ceditwest Banks, İktisatbank, Near East Bank, Nova Bank, Akbank, Yapı Kredi, HSBC, Finansbank and others have opened more branches in Northern Cyprus. According to reports, Garanti Bank and Türkiye İş Bankası are the most active ones in terms of growth and employment creations. Here below is a listing of major Turkish banks operate and provide banking services to residents and visitors in North Cyprus:

1. Türkiye İş Bankası (Isbank):
   • Website: https://www.isbank.com.tr/
   • Main Branch: İsmet İnönü Caddesi, Nicosia
   • Other Branches: Kyrenia, Famagusta
2. Türkiye Vakıflar Bankası (VakıfBank):
   • Website: https://www.vakifbank.com.tr/
   • Main Branch: Atatürk Caddesi, Nicosia
   • Other Branches: Kyrenia, and Famagusta
3. Türkiye İş Bankası (Türk Bankası):
   • Website: https://www.turkishbank.com/
   • Main Branch: Dr. Fazıl Küçük Bulvarı, Nicosia
   • Other Branches: Kyrenia, Famagusta
4. Yapı ve Kredi Bankası (Yapı Kredi Bank):
   • Website: https://www.yapikredi.com.tr/
   • Main Branch: Bedrettin Demirel Caddesi, Nicosia
   • Other Branches: Kyrenia, Famagusta
5. Türkiye İş Bankası (Halk Bankası):
   • Website: https://www.halkbank.com.tr/
   • Main Branch: Dr. Fazıl Küçük Bulvarı, Nicosia
   • Other Branches: Kyrenia, Famagusta
6. Ziraat Bankası:
   • Website: https://www.ziraatbank.com.tr/
   • Main Branch: Bedrettin Demirel Caddesi, Nicosia
   • Other Branches: Kyrenia, Famagusta

Please note that the forementioned banks are just few part of an exhaustive list, and there are other Turkish banks operating in North Cyprus as well. It’s advisable to contact the specific bank for more information on services, and requirements. If you plan to visit Northern Cyprus, bring extra amount of cash with you and that a small amount can help in case of emergency so you can able to pay the taxi who brings you to your hotel.

At Senilk Real Estate, we understand the importance of currency considerations when it comes to property investments in North Cyprus. If you have any questions or require assistance in planning your trip, feel free to contact us.