[URGENT] Cyprus --> If you are Cypriot do the following! [URGENT]

jumperabv3

My friend is abroad and he has a bank account in Cyprus.
If you are Cypriot or resident of Cyprus with a bank account there:

1) Use your card to purchase a flight to Greece, for TODAY. (You can still use your card for purchases)
2) Fly to Greece and take out money from the ATMs there, do not rely on the ATMs in Cyprus because they are full of people withdrawing cash. Also, go to any bank in Greece (not linked to Cyprus) and try to make a cash advance if that's possible (It worked for some people I know).
3) Also ask your friends to invoice you through PayPal and pay the invoices using your Cypriot bank card - this way the "Purchase" will take action immediately, and this way you save more money out of your account.
4) If you have future plans for your money (future flights, university) pay it now using your Cypriot card.

Europe has given a lifeline to Cyprus, so use this lifeline for the moment:

http://www.bbc.co.uk/news/world-europe-21890015

Nobody knows what's going to happen so DON'T take the risk of leaving your money in your Cypriot account !!!!!

jumperabv3

Likewise, if you speak Hebrew or have some friends in Israel or can walk your way with English (it works mostly in Tel Aviv) note this:

Flight to Israel from Cyprus is only 30 minutes !!

Israel has a NORMAL BUSINESS DAY on Sunday.
Yes, in Israel banks are open on Sunday regularly, they are even going to announce the Interest Rate decision on Sunday due to holiday that is falling on the next day (Monday).

So you can also book a flight to Israel using your Cypriot card, and go to any branch (Leumi / Hapoalim) and do a CASH ADVANCE ... you will get money in Israeli Shekels and not in Euros but you can this way take more money out of your account should things escalate in Cyprus and no solution will be given during this weekend - so please bear in mind YOU CAN use Israel as a place to take out money from your account using "Cash Advance" from your Cypriot card !!!!

Please share this info on facebook and on social media to as many Cypriots as possible !!!!

plunt

alternatively buy something like gold (or other asset which typically holds value) and then sell as soon as possible for cash

System

Since Cyprus now seems to have descended into a cash only market that would be difficult.

plunt

but buy gold on ebay/online sites like amazon

Biggles

All a waste of your own time and money, the banks will hold 10% (or more) of your original balance in case of the tax, no point wasting more of it on flights.

plunt

if there is nothing left in the account they will find it hard plus would love to see them try and reclaim cash of a british citizen based in the uk...

this does not effect me as i have no assets or any attachment to cyprus and simply just trying to generate ideas for others who may actually be hit by this

mjm3346

plunt wrote: »

if there is nothing left in the account they will find it hard

I think the point was they will not allow you to use/withdraw more than 90% of the balance

grumbler

plunt wrote: »

...plus would love to see them try and reclaim cash of a british citizen based in the uk...

What do you mean? They want to take money from bank accounts in Cyprus banks in Cyprus, not from Cyprus citizens.

jumperabv3

Biggles wrote: »

All a waste of your own time and money, the banks will hold 10% (or more) of your original balance in case of the tax, no point wasting more of it on flights.

The 10% is off the table for now.
The idea of getting money out of the account is not because of avoiding the 10% tax!! (Only British thinking can come up with what you think ... that people want to cheat the bank and 'steal' the money so they won't tax them ... seriously man wake up)

These suggestions are because the banks are in danger of collapsing!! the option to do cash advance, ATM withdrawals, card purchases - are all available thanks to the lifeline supplied by the EU for the moment, but how things will end ???

Better not take the risk and take the money out of the account, so in case the bank crashes your money would be elswhere (Euros from Greece, Shekels from Israel, Gold from eBay, purchases online, PayPal etc etc etc)

jamesd

As jumperabv3 wrote, there is a significant chance that the banks will become insolvent with major losses for depositors or that Cyprus may exit the Euro with similar or larger losses.

The rational thing for individual savers to do is to move money from Cypriot accounts to non-Cypriot accounts as rapidly as they are able.

Sadly, this rational individual behavior means that as this situation continues it'll make things even tougher for the Cypriot banks and economy to recover.