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Banking in Cyprus

Opening a bank account

The Central Bank of Cyprus provides information on all regulated banks operating in the country. The website lists all the banks and financial institutions in the country: http://www.centralbank.gov.cy/nqcontent.cfm?a_id=29

If you wish to, you can open a bank account before going to Cyprus, through one of the branches of The Bank of Cyprus. Its branches in the UK can be found in London, Birmingham and Manchester.

If you move to Cyprus, it is still advisable to keep a bank account open in your home country if you frequently go back there. It is cheaper to do this than to continue converting foreign money which you will be charged commission on.

There are many banks across Cyprus; these include foreign, Greek and Cypriot banks and in the larger towns, there are English - speaking staff available.

To open a bank account in Cyprus, you will need:

• Passport or proof of identity
• Proof of address (e.g. utility bill)

The major banks in Cyprus offer the following services, for both individuals and companies:

• Current accounts
• Savings accounts
• Debit and credit cards
• Direct debits and standing orders
• Foreign currency exchange
• Long terms savings and investment accounts

Many major banks offer insurance, loans and mortgages. The majority of banks offer Internet Banking services and you will be issued with a password in order to access your account.

Opening hours are 08:30am - 12:30pm on Monday to Friday and on Monday afternoons from 15:15pm - 16:45pm in summer (throughout July and August). Longer opening hours exist in banks in tourist resorts in summer. ATM's are widely available in all larger towns and many machines provide English instructions.

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