Any one knows about Yesilada Bank and how they work?

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Spinat

Corporate Services
Mentor Group Gold
Elite Member
Found the bank Yesilada Bank Ltd, Lefkosa in nothern Cyprus, have been googling them and can't find anything negative about them, fact, I can't find anything about them.


The website looks ok to me Yesilada Bank but I can't get an hold of anyone there, thats why I hope some one else can point me in the right direction.
 

tax-haven

Corporate Services
Business Angel
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.
 

Safa

Corporate Services
It is a No Go for me, I would never do any business with the Turkish part of Cyprus.
 
S

SysOp

Well the problems you will face with banks in the TNC is that they often don't have any swift code and also no iban account numbers which makes it more complicated and expansive to transfer money to the bank account.


Those banks use the banks in the nothern Cyprus for receiving money!
 

Spinat

Corporate Services
Mentor Group Gold
Elite Member
After a lot of investigation I found Yesilada Bank to be a no go, the option to keep everything anonymous in regards to a bank account is cool, but I don't trust this bank, you will find it very difficult to get in touch with any of those, I tried for a week just to get a stupid answer!
 

simon.pres

Offshore Agent
Hello,


Does anyone knows how long can it take for the wire transfer to be booked on the account? I've made a test transfer to my account in Yesilada and have no money since:)


(the transfer was made on 9th of September - almost 2 weeks from now)


Any insight would be appreciated
 
S

SysOp

It should not in anyway take 2 weeks, which country have you transfered the money to? If it is to a country which don't have a good banking infrastructure or where the bank not has a own SWIFT code it might take more than 2 weeks, but this is not a very common case.
 

simon.pres

Offshore Agent
The transfer was made form Swiss Post Finance to a bank in Germany - Yesilada has no own SWIFT nor IBAN so the transfers has to be made to that German bank with Yesilada's account info in the transfer description :)


p.s. sorry for any mistakes as English is not my mother tongue
 

pimonte

Corporate Services
Business Angel
IT is a pain to work with Yesilda, I moved my money from them because of the many problems I faced....
 

simon.pres

Offshore Agent
pimonte said:
IT is a pain to work with Yesilda, I moved my money from them because of the many problems I faced....
As I'm beginning to realize in deed it is - especially when you need something from them. But their indisputable advantage is the easiness of opening an account.


Where did you move and was it much more difficult if I may ask?


And what was those problems - maybe I could get prepared for them just a bit:)
 

comm

Offshore Agent
Yesilada will create you a lot of problems


I opened company acc. there and all I mean all incoming and outgoing transfers were taking up to 25 days! Calling the Bank is just a waste of money, so from my personal experience FORGET THIS BANK!
 

cippalippa

Offshore Agent
Hello, yesterday I posted a mail about Yesilada but today it doesn't appear..Is it possible that someone cancelled it?
 

Spinat

Corporate Services
Mentor Group Gold
Elite Member
cippalippa said:
Hello, yesterday I posted a mail about Yesilada but today it doesn't appear..Is it possible that someone cancelled it?
Sorry don't get you, what do you did?
 

cippalippa

Offshore Agent
yesilada

<<snippet>> said:
Sorry don't get you, what do you did?
Hello, I just said that the day before I posted a comment on Yesilada that suddenly disappeared from the forum.


It was about my big problem with Yesilada which since 6th October has in it's hand my money directed to another society. I called Y. several times and the same man every time told me different things- I made many e-mail and my bank did on requested by that man (Mr. Celiker), but nothing happened. Now Y. is frozen by AKBank, but at that time it wasn't frozen. Yesilada just didn't want to give my money back.:mad:
 

MESAS

Offshore Agent
Yesilada


I have same problems with yesilada


can not get my money in any atm and they still not credit big amount i wired 2 monthes ago


what is the matter nowwith this bank ?
 

cippalippa

Offshore Agent
MESAS said:
I have same problems with yesilada
can not get my money in any atm and they still not credit big amount i wired 2 monthes ago


what is the matter nowwith this bank ?
Dear Mesas, the problem is that all Yesilada accounts has been frozen by the German Authority round one month ago as they are investigating on some accounts. I have contected everybody but noone seems to have ideas on how long it will take to unfreeze the accounts so that we can hopefully get our money.


ciao:(
 
S

SysOp

And here is the latest news about Yeşilada Bank, in a few weeks or a month they will close the doors finally the central bank has confiscaded Yesilada Bank and another one, Denizbank

The Central Bank of Northern Cyprus removes the last problematic banks from the country’s banking system. The Central Bank has announced that management and control of Continental Bank and Yeşilada Bank were seized. The bank has also halted the banking and deposit-collecting permit of Denizbank
Turkey’s strong banking system has provided the country with the strength to endure the global economic crisis. Northern Cyprus, which is undergoing a little banking crisis of its own, has not been so lucky.


The government seized two banks in northern Cyprus. Five others were seized earlier when the country received a heavy blow from Turkey’s 2001 “banking crisis.”


The Central Bank of Northern Cyprus said the management and control of Continental Bank and Yeşilada Bank were seized. The Central Bank has been monitoring the banks for a while now. The move increased the number of banks under the Cyprus Savings Deposit Insurance and Financial Stability Fund to nine.


The Central Bank also halted the banking and deposit-collecting permit of Denizbank for three months. Denizbank, which was founded by businesswoman Sıdıka Atalay 16 years ago, was sold to a consortium formed by 11 businessmen in 2007. As of Dec. 31, 2008, the bank’s equity capital dropped below $2 million and failed to meet the necessary equity capital in cash until the end of April. The size of Denizbank assets total 4 million liras.


The banks are small-scale and the move is not expected to shake the system. However, following the move, shares of the Turkish banks operating in northern Cyprus are expected to rise. The Central Bank of Northern Cyprus said this final move removed the last remaining problematic banks from the system.


Northern Cyprus’ banking sector, whose assets totaled 7.6 billion Turkish Liras as of the end of September, has a total deposit volume of 6.28 billion liras and a loan volume of 3.65 billon liras.


Warnings of no use


The size of the assets of the two confiscated banks total 87.1 million liras. The necessary warnings were made to the shareholders of Continental Bank and Yeşilada Bank, which have been experiencing problems in capital and equity capital for the last few years, the Central Bank said. Still, the measures taken by bank owners proved inadequate, it added.


The shareholders of Continental Bank and Yeşilada Bank, which have been experiencing problems, were warned ahead of time and urged to eliminate these troubles, said the Central Bank. However, measures taken to overcome problems fell short, it said.


“First the banks’ transactions were limited. However, then as the inspectors’ report determined there was no possibility for the improvement of the banks’ current situations, the decision was made to transfer these banks to Cyprus Savings Deposit Insurance and Financial Stability Fund,” said the country’s central bank.


The deterioration of both banks’ financial structure stemmed from the fact that their structures were not supported via capital increases, rather than global crisis conditions, the Central Bank said. This, in turn, has resulted in equity capital inadequacy, it said.


Continental Bank and Yeşilada Bank will continue regular operations under the roof and assurance of the Savings Deposit Insurance and Financial Stability Fund through the boards appointed by the fund, the bank said. “Within this context, all banking transactions will continue to be implemented by the banks’ employees. The transfer of the two banks has secured the healthy structure of the banking sector, and as of today, there is no bank displaying financial structure weakness.”
It is time for people to withdraw their funds and get them place in another bank which is way more secure like Bank of Cyprus, USB Bank or similar...
 

Spinat

Corporate Services
Mentor Group Gold
Elite Member
Thank you fila1 for sharing this information, I hope that people already moved the money they had with Yesilada Bank, if they don't did it already it may be to late...


I checked DenizBank they looked like they were a legit bank with a huge resource of money, they might really have done some bad things in the past like Yesilada bank.... where does the money launderes are going now :confused: :cool:
 

MiltonStone

Corporate Services
Mentor Group Gold
Are there any alternatives to Yesilada bank?
 

sonato

Offshore Agent
Mentor Group Gold
According to the latest information I have about this bank, then they get re financed pretty soon, do you think it will be safe to go with them maybe in a year or so ?
 
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