It is real and reasonable safe as they have a basic depositors scheme up to 20,000 Eur as I recall. Certainly not as safe as a Cyprus or Belize bank though.
Like most if not all North Cyprus banks they do not have direct Iban or Swift abilities and your corporation information must be mention as a "memo" on the wire for it to be credited.
Currently Yesilada does not issue debit cards any longer as they are going through some changes. Some clients have had issues transferring money out without invoices if it is over 10k because of a requirement of their new correspondent bank. Sending wires can take 5-7 business days also.
They are reasonable easy to setup although they no longer instantly activate accounts as they did in the past.
It is real and reasonable safe as they have a basic depositors scheme up to 20,000 Eur as I recall. Certainly not as safe as a Cyprus or Belize bank though.
Like most if not all North Cyprus banks they do not have direct Iban or Swift abilities and your corporation information must be mention as a "memo" on the wire for it to be credited.
Currently Yesilada does not issue debit cards any longer as they are going through some changes. Some clients have had issues transferring money out without invoices if it is over 10k because of a requirement of their new correspondent bank. Sending wires can take 5-7 business days also.
They are reasonable easy to setup although they no longer instantly activate accounts as they did in the past.
No debit cards, issues wiring money out ; sounds like they want to keep your money with them > running away ?
Do you need invoices for wires coming in ?
What changes ?
Many banks now days will require invoices for wires over a certain amount, luckily it only effects wires out with the new correspondent bank, and not wires in.
The bank is currently working on issuing debit cards again. I sincerely doubt they will take the money and run as they have 4 branches in North Cyprus in additional to their offshore branch. Additionally clients are protected up to about 20,000 euro if the bank folds by the Central Bank.
Posted by: Marco Mazzocchi - Edge Web Service, Poland, on Mar 15, 2008.
Rating:
Stay far from this one!
We are customer of this bank from few months and we are seriously thinking to transfer our funds elsewhere. Money transfers from EU countries to this bank take ages (if arrive at all), the staff does not respond to mail or faxes, if you call you just get promises to get your problem (and there are a lot of them) solved but the promise is very seldom fulfilled. I can write pages about the problems (every transaction you make involve one or more problems that costs you time and money to solve if solved at all).
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I believe it is because Northern Cyprus is an embargoed country (by some countries, such as UK) and generally unrecognized as a sovereign nation. The banks cannot get their own SWIFT numbers and must receive wire transfers through foreign banks who will allow them to hold accounts (mostly in Turkey) and so there can be problems with FFC indications and the like. Although, I don't know why some of the other problems would be happening.
If I remember correctly too, some US overseeing agency, possibly OFAC, recently told all US banks to be vigilant about transfers going to the TRNC and give them enhanced examination, even transfers passing through to banks with correspondent banks in Turkey due to what the US govt perceives as a potential for money laundering because the US doesn't like countries that don't have the same standards as they have.
I would not bank at Yesilada Bank.
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I'm the CashCambist. MY SERVICES ASSURE YOUR ANONYMITY & PRIVACY 100%! ICQ: 581152178
Last edited by CashCambist : 06-24-2009 at 11:27 AM.
I believe it is because Northern Cyprus is an embargoed country (by some countries, such as UK) and generally unrecognized as a sovereign nation. The banks cannot get their own SWIFT numbers and must receive wire transfers through foreign banks who will allow them to hold accounts (mostly in Turkey) and so there can be problems with FFC indications and the like. Although, I don't know why some of the other problems would be happening.
If I remember correctly too, some US overseeing agency, possibly OFAC, recently told all US banks to be vigilant about transfers going to the TRNC and give them enhanced examination, even transfers passing through to banks with correspondent banks in Turkey due to what the US govt perceives as a potential for money laundering because the US doesn't like countries that don't have the same standards as they have.
I would not bank at Yesilada Bank.
We all know that TT's take time for the obvious reasons stated above, but all else depends on WHO YOU KNOW from the bank in question. I know for a fact that things are kosher at Yesilada and will only get better in a near future.
So, there's nothing wrong having a banking relationship with them!
Yesilada Bank
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