Banking

Banking in Cyprus

Cyprus has a well-developed banking sector that welcomes foreign customers. Opening an account is relatively simple, and English is spoken at most branches, especially in expat-heavy areas.

Opening a Bank Account

Requirements:

• Valid passport (6+ months validity)
• Proof of address (utility bill, lease - can be foreign initially)
• Secondary ID (driver's license recommended)
• Initial deposit (€25-100 minimum at most banks)

You do NOT need:

• Cyprus residency (though some products may be restricted)
• Tax number (can be obtained later)
• Employment in Cyprus

Account Opening Process

1. Visit a branch or apply online (many banks offer digital opening)
2. Provide documentation
3. Complete KYC (Know Your Customer) verification
4. Account typically active within 2 weeks for non-residents

Major Banks

Account Types

Domestic Accounts: For residents - paying bills, receiving salary, daily use

International Banking Unit (IBU): For non-residents - cross-border transfers, holding foreign currency, international transactions

Many expats maintain both: IBU for international transfers, domestic for daily expenses.

Banking Features

• Online/Mobile banking: All major banks offer comprehensive apps
• Multi-currency accounts: Available at most banks
• SEPA transfers: Free or low-cost within EU
• International transfers: Use Wise or bank (Wise often cheaper)

Fees

• Monthly account maintenance: €2.90-10
• Debit card: Often free
• ATM withdrawals (own bank): Free
• ATM withdrawals (other banks): €1-3
• SEPA transfer: Free-€5
• International transfer: €15-40

Bank Hours

Typical hours: 8:00 AM - 1:30 PM (early closing is standard)

Some branches: Extended hours or appointment-based afternoon service

Tips for Expats

• Wise account is excellent for receiving payments in multiple currencies
• Revolut works well in Cyprus and accepted widely
• Bank of Cyprus "1bank" allows online account opening for many nationalities
• English widely spoken at urban branches (Limassol, Paphos, Nicosia)