If you use a cash machine in North Cyprus to withdraw local currency (Turkish Lira) from a UK based (Sterling) account, the currency exchange rate that you receive (Sterling to Lira) will be considerably less than the rate that is available locally from a bank or exchange bureau.
For example, on a recent transaction, the difference between the currency exchange rate available locally on the day and the rate applied to the transaction, resulted in a loss of £10.45 on a withdrawal of £500. Add this to the charge made by the bank for completing the transaction which was £7.16 and the total cost of making the withdrawal was £17.61 (3.61%).
There are cash machines in North Cyprus that dispense UK Sterling and if you use one of these to make a withdrawal from a UK based (£ Sterling) account, no charges are applied to the transaction. Changing the Sterling to Turkish Lira using a local Bank or exchange bureau results in a considerable saving.
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