Banking system in Northern Cyprus

In addition to local financial organizations, foreign banks have been active and developing since 1983. These are mainly Turkish banks. It is worth noting that «Cyprus Vakiflar Bank» - the only state bank of Northern Cyprus, was founded in 1981. Today, the organization has 13 branches throughout the country and more than 25 ATMs.

The following is a list of banks operating in Northern Cyprus, both local and Turkish:

  1. Turkiye Garanti Bankasi, has more than 3 branches and 30 ATMs.
  2. Creditwest Bank, has more than 13 branches and 35 ATMs.
  3. Turkiye Is Bankasi, has more than 13 branches and 30 ATMs.
  4. Akfinans Bank, 2 branches.
  5. Asbank, has more than 9 branches, and 35 ATMs.
  6. Iktisatbank, has more than 20 branches, and 21 ATMs.
  7. K.Turk Koop Merkez Bankasi, has more than 18 branches and 19 ATMs.
  8. Limassol Turk Koop Bankasi, has more than 11 branches and 12 ATMs.
  9. Near East Bank, has more than 5 branches and 35 ATMs.
  10. T.C. Ziraat Bankasi, has more than 9 branches and 12 ATMs.
  11. Turk Bankasi, has more than 19 branches, and 22 ATMs.
  12. Universal Bank, has more than 12 branches and 14 ATMs.
  13. CapitalBank
  14. Halkbank
  15. Nova Bank Ltd.
  16. TEB Bank
  17. Sekerbank


To open a bank account at most banks in North Cyprus, you need a passport and an IKAMETGAH BELGESI (certificate of confirmation of address), which can be obtained from the Mukhtar (head of the local administration of the district) of your residence, based on your rental or purchase contract. A residence permit is sometimes required to open a bank account. Since the internal policies of financial institutions are constantly changing, it is impossible to establish exact rules for opening accounts at all banks in North Cyprus. However, since it is relatively easy to open an account at "Creditwest Bank", the bank is very popular among foreigners.

Most bank accounts in North Cyprus are opened in Turkish Lira (TL), but can also be opened in US Dollars (USD), British Pounds (GBP), or Euros (EUR) if desired. Bank staff will also help you set up online bank account access and install a mobile banking application for your convenience.


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