Kibkom North Cyprus Forum

Drew £400 out today, the normal thing is "Do you accept the £20 commission" therefore £420 comes out of your UK bank account.

Today " Do you accept £20 commission plus Tax £7.96" so the total fee £27.96.

Now I know there are certain people who bank with Banks that don't charge commissions, but I've never seen this before.

If it's Tax on the commission the fee is a Bank'scharge, therefore, the Tax element should be paid by the Bank, not the individual.

I finding this more and more over the last month or so. I've not been able to ascertain who is charging it though.

benjaminbutton wrote: ↑

Wed 09 Nov 2022 3:05 pm

I finding this more and more over the last month or so. I've not been able to ascertain who is charging it though.

It came out of a Bankamatic ATM, If its tax it has to be a government thing.

Open a Sterling account with your bank here. You'll be charged around £20 from your UK bank to transfer and around 1% from the the Turkish clearing bank . If you spend a lot of time here its advisable to avoid extortionate ATM charges by opening a Bank Account in the TRNC

Telstar wrote: ↑

Thu 10 Nov 2022 4:23 pm

Open a Sterling account with your bank here. You'll be charged around £20 from your UK bank to transfer and around 1% from the the Turkish clearing bank . If you spend a lot of time here its advisable to avoid extortionate ATM charges by opening a Bank Account in the TRNC

Just done that, they charge £38.. I live here. I don't mind the charges, the point is why the Tax element has just started.

Hair Cut, as I say to anything regarding life here the answer to your question is "because they can".

I withdrew 240 sterling from TEB they didnt ask anything about commission. But checking my uk account they took 252 plus my uk bank charge 1.50

Tax seems to be an extra 1.99% on top of the 5% they generally charge , so in total 6.99% being charged now on sterling withdrawals from most atm's here. If any are charging less than this then you are getting a good deal imo.

What an absolute rip off! I haven't taken Sterling out of ATM's since they started charging a while ago, always TL. If I do need Sterling from UK, I always now use Western Union cost £4.90 for up to £4000 doing online transaction. I may have mentioned this once or twelve times in the past.

alphamike wrote: ↑

Mon 14 Nov 2022 2:16 pm

If I do need Sterling from UK, I always now use Western Union cost £4.90 for up to £4000 doing online transaction. I may have mentioned this once or twelve times in the past.

alphamike, I would be interested in this but I did a tester online with western union and at the end it says ...'you may receive less than the full amount due to "local taxes"!!'...and that put me right off, how are you meant to estimate what the local taxes would be?

techtrader wrote: ↑

Tue 15 Nov 2022 10:51 am

alphamike, I would be interested in this but I did a tester online with western union and at the end it says ...'you may receive less than the full amount due to "local taxes"!!'...and that put me right off, how are you meant to estimate what the local taxes would be?

Techtrader, I have never been charged any local taxes when transferring GBP from my UK bank to here. Only fee has been the £4.90 charge, and have picked up the full amount in Sterling from Iktisat bank.
I just did a dummy run and notice that you can now do a bank transfer at the cost of £2.90 which is even cheaper, that did not use to be available.

AM...do you need to book an appointment with Iktisatbank to pick up your funds or just turn up and walk in?

Techtrader, yes you have to choose which Iktisat branch and make an appointment. Remember to take your passport and note the transaction number given by Western Union.

https://www.iktisatbank.com/western-uni ... tment-form

Thank you for your replies AM, getting back on thread I do wonder if this new 1.99% tax will now be applied to such transactions going forward.