Cyprus (CY)
Cyprus is a Mediterranean island nation and EU member state situated at the crossroads of Europe, Asia and Africa.
Banking in Cyprus
Recommended banks, payment culture and credit score basics.
Cyprus has a stable, EU-regulated banking sector following the severe banking crisis of 2012–2013 (which included the controversial deposit haircut on uninsured deposits over €100,000). The sector has since been substantially reformed. The two dominant banks are Bank of Cyprus and Hellenic Bank. International neobanks such as Revolut are widely used. English is the standard language for banking in Cyprus. SEPA transfers apply across the Eurozone.
Recommended banks
Bank of Cyprus
EnglishMonthly fee: €3–8/month depending on account type
Requirements: Passport, TIC, proof of Cyprus address, proof of income source, completed KYC form. In-person visit required.
- + Largest bank in Cyprus — extensive ATM network
- + Full English-language service in all branches
- + Online banking (1bank) and mobile app with English interface
- + Accepts salary payments, direct debits, SEPA transfers
- + Mortgage products available for non-residents
- - Monthly fees apply unless minimum balance maintained
- - Opening process can be slow — allow 2–4 weeks
- - Extensive KYC/source of funds documentation required for business accounts
Hellenic Bank
EnglishMonthly fee: €3–6/month; waived on some account types with qualifying balance
Requirements: Passport, TIC (Tax Identification Code), proof of Cyprus address (utility bill or rental agreement), income documentation or proof of source of funds. In-person branch visit required. Account opening 1–3 weeks including KYC review.
- + Second-largest bank in Cyprus — good island-wide branch and ATM coverage
- + Full English-language service at all branches
- + Competitive current and savings account products
- + e-Banking online platform and mobile app with English interface
- + Good for payroll receipt and SEPA salary transfers
- + More agile account opening process than Bank of Cyprus for some applicants
- + USD and EUR accounts available alongside local banking
- - Monthly fee applies unless minimum balance or qualifying conditions met
- - KYC documentation requirements are thorough — allow 2–3 weeks for full approval
- - Fewer ATMs than Bank of Cyprus — particularly in rural or mountain areas
- - Some complex international transactions require main branch visit in Nicosia or Limassol
Eurobank Cyprus
EnglishMonthly fee: €3–6/month
Requirements: Passport, TIC, proof of Cyprus address, source-of-funds documentation. In-person visit required. Eurobank Cyprus is the Cypriot subsidiary of Eurobank Group (Greece) — one of the four systemic Greek banks.
- + Greek parent bank — good for Greece–Cyprus financial flows and for Greek nationals
- + Full English-language service
- + Business banking and company accounts well-developed — good for Cyprus-incorporated companies
- + USD, EUR, and GBP accounts available
- + SEPA and SWIFT international transfers
- + Investment and private banking services for qualifying clients
- - Smaller branch and ATM network than Bank of Cyprus or Hellenic — limited outside Nicosia and Limassol
- - KYC documentation requirements are strict, particularly for non-EU nationals
- - Online banking platform less modern than neobank alternatives
- - Monthly fee applies regardless of balance on most standard accounts
Revolut
EnglishMonthly fee: €0 (Standard) / €3.99 (Plus) / €7.99 (Premium)
Requirements: Passport or EU ID, selfie verification, Cyprus address. Fully online — 10 minutes.
- + Instant account opening — no branch visit
- + Multi-currency accounts (EUR, USD, GBP, and 30+ currencies)
- + Free international transfers at interbank rate (daily limit on free plan)
- + Widely accepted in shops, restaurants and online
- + Excellent app with spending analytics
- + Used by a very large proportion of Cyprus expats
- - Not a local Cypriot bank — some landlords and utilities prefer local IBAN
- - No physical branch support
- - Lithuanian IBAN (LT...) not always accepted for salary payments by Cypriot employers — some require a local Cypriot IBAN
Wise
EnglishMonthly fee: €0 (account free, transfer fees apply)
Requirements: Passport, selfie, fully online.
- + Best rates for international money transfers
- + Euro IBAN account provided
- + Debit card for everyday spending
- + Excellent for receiving international salary or freelance payments
- - Not a full bank — limited services (no direct debits, no overdraft)
- - Not always accepted for Cypriot direct debits
Payment culture
Card payment (Visa, Mastercard) is widely accepted in Cyprus in all major shops, supermarkets, restaurants and hotels. Contactless is standard. American Express acceptance is limited. Cash is still used in smaller local businesses, markets and village shops. ATMs are plentiful in cities. Most transactions €10+ are done by card. Cheques are still used by some businesses but declining.
Cash access
ATMs (ΑΤΜ) are widely available in all cities and tourist areas. Bank of Cyprus and Hellenic Bank have the most ATMs. Most foreign Visa/Mastercard debit cards work in Cyprus ATMs. Fee: typically €2–4 per foreign card withdrawal. Avoid standalone ATMs in tourist areas (higher fees). Banks open 8:30–13:00 Mon–Fri for counter services.
Credit Information Bureau (CIB)
Request your credit report from the Credit Information Bureau (https://cib.org.cy). Free once per year.
Free annual check: Yes — one free report per year
Cyprus has a smaller credit scoring ecosystem than UK or USA. Credit history is checked by banks for mortgages and some accounts. A good track record with Cypriot banks helps significantly for property mortgages.
International transfers
SEPA transfers to Eurozone countries: free or up to €2 at most banks. International transfers outside SEPA: €15–30 fee at traditional banks. Use Wise or Revolut for most competitive international rates. Cyprus is FATF-compliant; large transfers may require source of funds documentation.