Opening a Bank Account: Licensed Banks and Branch Practices

This guide does not repeat the basic steps in the bank section of the first-week checklist (appointment vs. queue, university referrals); it goes deeper into bank types, the licensed-bank list, and branch/foreign-currency practices. For what to do in your first week, check that guide first.

Licensed banks

The TRNC Central Bank's bank branches list names 23 licensed banks (list). The list groups them as: the Central Bank itself, branches of Turkish (T.C.) banks operating in North Cyprus, the public deposit bank (Vakıflar), and privately owned local banks. The banks below are the licensed entities on that list (alphabetical); the full branch/phone breakdown is on the Central Bank's own page and downloadable as XML — this list makes no claim of completeness beyond what is on the Central Bank's licensed list:

Akfinans Bank, Albank, Asbank, Bankmare, Creditwest Bank, Denizbank, Highrise Bank, Kıbrıs İktisat Bankası, Kıbrıs Kapitalbank, Kıbrıs Türk Kooperatif Merkez Bankası, Cyprus Vakiflar Bank, Limasol Turkish Cooperative Bank, Nova Bank, Şekerbank (Cyprus), T. Garanti Bankası, T. Halk Bankası, T.C. Ziraat Bankası, Turk Bank, Türkiye Ekonomi Bankası (TEB), Türkiye İş Bankası, Universal Bank, Yakın Doğu Bank.

Some of these are the North Cyprus branch of a Turkish bank (Ziraat, Halk Bankası, TEB, Denizbank, Garanti, İş Bankası); others are locally capitalised. Branch count and geographic coverage vary by bank: Denizbank, for example, has a single branch in North Cyprus, in Kyrenia, while Bankmare has only two branches (Nicosia and Kyrenia); banks such as Vakıflar and the Cooperative Central Bank have a wider branch network across Nicosia, Kyrenia, Famagusta, and Güzelyurt.

Foreign-currency accounts and account types

Most banks do not publish account types or currency options in detail on their own product pages. The one bank whose own site confirms this in writing is Limasol Turkish Cooperative Bank's personal banking page: it offers current accounts, term deposits (1/3/6-month or 1-year terms), and cheque accounts, and accounts can be opened in GBP, USD, and EUR alongside Lira.

That is far from an isolated case: foreign-currency (GBP/USD/EUR) accounts can be opened at all five major banks in North Cyprus, not just Limasol. Sterling accounts in particular are common, since rent and property in North Cyprus are frequently quoted in pounds. On the card side, local banks (İktisat, Creditwest, Kıbrıs Vakıflar) offer CardPlus-style prepaid cards; Turk Bank and İş Bankası offer digital/youth-card alternatives (İş Bankası's "Nays" digital card), and Ziraat offers a virtual card — all practical for newcomers who do not yet have North Cyprus credit history.

Documents required, and how banks differ for foreigners

Every bank asks for the same baseline document set, required under the Central Bank's Know-Your-Customer/AML framework:

Beyond that baseline, bank and branch attitude diverges sharply — this is the single most useful thing to know before you pick where to open an account:

• Ziraat and İş Bankası (Turkish state-bank branches): strict with an applicant who has no legal tie to North Cyprus (a tourist, for example). Expect to be asked for a work permit, student certificate, or title-deed contract, and possibly a larger foreign-currency deposit.
• Kıbrıs Vakıflar Bankası: a public-integrated bank; a current e-student certificate is often enough on its own for a student account.
• İktisat and Creditwest (locally owned, private): the most flexible for foreigners — an account can be opened with a stamped sale contract plus a passport. Third-country nationals may additionally be asked for their home country's tax identification number (TIN) and a document showing the source of their income or funds. Creditwest sometimes accepts a symbolic opening deposit — around 100 GBP/USD/EUR on certain packages.

Student accounts: passport, muhtar residence certificate, and an active student certificate issued within the last month are generally sufficient. Students are not asked for regular-income proof — an allowance from family counts as a lawful source.

Tax number requirement: opening an account is, as a legal matter, conditioned on having a tax number (or the Ministry of Interior's Foreign ID/Immigration Number), since the bank reports interest and account activity to the Tax Office — this applies to residents. The one narrow exception: some local banks (Creditwest, İktisat) will open a temporary "restricted/monitoring" account for a tourist property buyer with just a passport and stamped sale contract; it closes automatically if a tax number is not registered within 30-90 days. Getting a tax number is free and same-day — see Getting a Tax Number.

The bank-by-bank differences above come from direct research; the banks' own official pages do not publish this level of detail. Confirm the exact list with the branch where you plan to open an account.

Branch contact details

The following head-office/general-directorate phone numbers come from the TRNC Central Bank's bank branches list (alphabetical):

• Akfinans Bank — Head office/Nicosia 0392 228 7020 / 0392 227 8390.
• Albank — Head office/central 0392 444 5252 / 0392 228 5510.
• Asbank — Nicosia central 0392 224 0963.
• Bankmare — Nicosia 0392 228 5286 (only 2 branches: Nicosia, Kyrenia).
• Creditwest Bank — Head office/central 0392 678 0000 / 0392 444 9378.
• Denizbank — North Cyprus Kyrenia branch (only branch) 0392 650 99 50/60.
• Highrise Bank — Head office/central 0392 444 1982.
• Kıbrıs İktisat Bankası — Nicosia central/head office 0392 600 4000; phone banking +90 392 444 4444.
• Kıbrıs Kapitalbank — Head office 0392 444 2265.
• Kıbrıs Türk Kooperatif Merkez Bankası — Yenişehir-Nicosia central 0392 622 1010.
• Cyprus Vakiflar Bank — Head office/Nicosia central 0392 228 3212.
• Limasol Turkish Cooperative Bank — Nicosia central/head office 0090 392 227 46 96, general line 444 58 52; address Atatürk Caddesi, Yenişehir-Nicosia.
• Nova Bank — Head office 0392 673 1111.
• Şekerbank (Cyprus) — Head office/Nicosia 0392 228 0677 / 0392 228 5587.
• T. Garanti Bankası — Nicosia 0392 600 5300.
• T. Halk Bankası — Nicosia 0392 612 2900; North Cyprus country directorate 0392 612 28 00.
• T.C. Ziraat Bankası — Nicosia 0392 224 05 22.
• Turk Bank — Head office/Nicosia 0392 600 3333; email mim@turkbankasi.com (site).
• Türkiye Ekonomi Bankası (TEB) — Nicosia 0392 229 20 40.
• Türkiye İş Bankası — North Cyprus country directorate 0392 228 3606; Nicosia 0392 225 2808.
• Universal Bank — Head office/Nicosia 0392 600 1300-1.
• Yakın Doğu Bank — Head office/Nicosia central 0392 228 38 34.

The full branch list for Kyrenia, Famagusta, Güzelyurt, and İskele, plus every other branch phone number, is on the Central Bank's bank branches page as a table (bank code, branch code, phone, fax, address, city) and downloadable as XML. For campus-adjacent university branches, see the bank section of the first-week checklist.

Numbers and branch details can change; confirm the current details on the bank's own site or the Central Bank's bank-branches list.

Fees and balance requirements

• Minimum balance: a standard individual current account has no minimum-balance requirement — it can sit at zero. Only interest-bearing savings/term accounts carry a floor, typically around 500 GBP/EUR/USD or 20,000 TL.
• Account-maintenance fee: a monthly maintenance fee on an individual current account is banned; it can only apply to investment or special account types.
• Card fees: the debit (ATM) card is free. Credit-card annual fees depend on the card tier — local CardPlus-style cards run roughly 250-650 TL , student/youth cards are usually free, and two or three automatic bill payments zero out the annual fee at most banks.

These general rules come from direct research. Ask your branch, or check the bank's own fee schedule, for the exact current figures.