Bank in Cyprus

Banks
bank_cyprus

Central Bank of Cyprus

cypruspound

One Cypriot Pound

laiki

Laiki Bank

Banks in Cyprus

Cyprus is considered a financial haven, considered its place in the region, and the low taxes that the island enjoys. The financial system is robust, and banks are spread all over the country.

Greek as well as foreign banks also exist.

Bank of Cyprus is considered the number one on the island. Howevr, Laiki bank also offers good packages. Choosing your bank will depend on the services you need. In other words, some banks give more interest on saving or fixed deposits, while others charge less interest on loans and so on. Before you decide on which bank you want to dela with, pop in different banks, ask about their products and services, and then choose the most convenient bank that fits your needs. A good piece of advice is: Open accounts in more than one bank! By this way you can benefit from the services that different banks offer.

Loans are quit hard to get if you are not a Cypriot or a permanent residence on the island for some time. However, if you can get all the required documents that the bank asks for, you should have no problem of getting a loan. For more details on the products and services that the banks on the island offer, click on the below links:

a- Bank of Cyprus

b- Laiki Group (recently bought by Marfin)

c- Hellenic Bank

d- National Bank of Cyprus

e- Emporiki Bank

f- Alpha Bank

g- Societe General

h- Barclays Bank

ATMs

ATM’s are found almost everywhere around the island. You can use your visa card to withdraw money, but be aware that you will be charged interest (but you can never run out of cash!). Banks can also change foreign currencies (nearly all foreign currencies). To change money, you have to go to a bank with your passport or an identity card. The bank will take photos of the money and your passport (for security reasons), and will ask for an address and a phone number in Cyprus. You can give your hotel address and room number (they are not very strict about that). An interest is also charged on money exchange.

Opening a Bank Account

To open banks accounts in Cyprus, Foreigners must have a permanent residence or a proof of employment. If you want to open a bank account, the bank requires the following:

1- A valid passport

2- Permanent residence in Cyprus (from the Immigration Department) – please refer to Residency Permit Section to get more details.

3- Employment Contract

4- A proof of address (Rent contract, Utility Bill, etc..)

Accounts can be opened in different currencies other than Cypriot Pound (US$, GBP, EURO, etc.)

Bank of Cyprus is considered the number one on the island. Howevr, Laiki bank also offers good packages. Choosing your bank will depend on the services you need. In other words, some banks give more interest on saving or fixed deposits, while others charge less interest on loans and so on. Before you decide on which bank you want to dela with, pop in different banks, ask about their products and services, and then choose the most convenient bank that fits your needs. A good piece of advice is: Open accounts in more than one bank! By this way you can benefit from the services that different banks offer.

Loans are quit hard to get if you are not a Cypriot or a permanent residence on the island for some time. However, if you can get all the required documents that the bank asks for, you should have no problem of getting a loan.

Banking hours June, July and August, Mon-Fri 8:30-12:30
Rest Of Year, Mon-Fri 08:15-12:30, and Monday Afternoon 15:15-16:45
In Airports, Banks are open all day.
Currency exchange Prior arrangement is needed to obtain foreign currency in Cyprus Credit & debit cards All major credit cards are accepted at most places. Check with your credit or debit card company for details of merchant acceptability and other services which may be available. Travelers cheques May be cashed in all banks. To avoid additional exchange rate charges, travelers are advised to take travelers cheques in Pounds Sterling or Cyprus Pounds. Currency restrictions You can import local currency, but you need to declare it. You can export local currency equivalant or less than the amount imported. Import of foreign currency over 1000 USD must be declared too. Exchange rate indicators The following figures are included as a guide to the movements of the Cyprus Pound against Sterling and the US Dollar:

Source:www.exchange-rates.org

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