North Cyprus Banking System and Credit Cards
North Cyprus banking system has grown rapidly in recent years and has had to adopt certain changes by the Turkish government who enforced restrictions and a strict ethical practice. These changes have developed a more modern, structured and effective North Cyprus banking industry, and allowed North Cyprus banks to become affiliated with international branches such as HSBC and became more accesible for tourists on their North Cyprus holidays.
Opening a bank account in North Cyprus is quite easy, with a choice of Sterling, Euros, US Dollars or local YTL currency. The interest can vary depending on what type of account you open and what money you want to invest into your North Cyprus account.
Most credit cards such as Access, MasterCard, EuroCard, Visa and Diners Club cards are accepted in the larger North Cyprus restaurants, hotels and shops. However be aware that a surcharge may be added if credit cards are used. Sometimes by using this method you may not receive the best exchange rate, as you do with cash.
ATM cash dispensers for credit cards/debit cards are available in Northern Cyprus and you can use it on your holiday in Northern Cyprus but once you use this method you will receive a lower rate of exchange. You can find ATM machines in many locations around the Northern Cyprus town centre.
Travellers cheques are easily exchanged at the reception of Northern Cyprus hotels or in the banks. Do remember to take your passport with you for identification.