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St. Barnabas · Gazimağusa · 📷 Ad Meskens · CC BY-SA 4.0
St. Barnabas · Gazimağusa · 📷 Ad Meskens · CC BY-SA 4.0Money in Cyprus: lira, pounds, euros
TL, pounds, euros: sorting out the mix
In North Cyprus everyday shopping is in Turkish lira, but rent is often asked in British pounds and some school fees in euros. If you earn in lira, exchange rates affect your budget, so plan ahead.
Which payment in which currency?
- Groceries, transport, bills and daily spending: Turkish lira.
- Rent: often British pounds; check which currency your contract states.
- School fees: some schools ask for euros or dollars; ask your school.
- Rates can change every month; work out your foreign-currency costs in lira too.
Opening a bank account: what's usually asked
- Passport.
- Residence permit or proof of your permit application.
- Proof of address (e.g. rental contract or a bill).
- Requirements vary by bank; ask the branch before you go.
Exchanging money
- Compare exchange office rates; check the buy/sell spread.
- Don't change money on the street or with strangers.
- Get a receipt for every exchange.
Receiving money from abroad
- Compare fees and rates of bank transfers and money transfer companies.
- Ask how much will actually arrive before sending; deductions can lower the total.
- Only receive money into an account in your own name.
This page is for information only and is not financial advice. Fees, rates and document requirements change; check current details with your bank.
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