Banking in Cyprus
Cyprus related forum posts
hi can anyone tell me who are the best people to approach for information on starting a business up in cyprus. e.g. solicitor, estate agent. ect. i run a business here but want to start one from scratch in cyprus, in the leisure side of things. thanks charlie
Total Posts: 6 Last post by aladjihassan
Wholesale/Distribution to Private retailers, a question on "culture" of how business is conducted between them
I am looking to distribute my own brand of Womenswear from Spain where I reside to carefully selected Boutiques & Clothing Shops in Cyprus. How is business conducted at a distributor/wholesale level to privately owned retail shops as far as finance & agreements are concerned? I will be visiting Cyprus early next year after making key appointments before my visit and would like information on t
Total Posts: 1 Last post by mistry
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.
80 Kennedy Avenue, Lefkosia
Tel: +357 22 71 41 00
Fax: +357 22 37 81 53
Co-Operative Central BankTreasury Department8 Gregoris Afxentiou Street, NicosiaTel: +357 22 743 050Fax: +357 22 672 431
Organisations that can assist with Banking
Business Banking advice Advice on which type of bank account would best suit your business. Help making payments – and getting paid.
Sovereign offers a range of advisory and support services to assist companies of all sizes to establish successful business operations in foreign markets