Cyprus – Banking

What are the main banks in Cyprus?

As a eurozone member, Cyprus operates under a dual supervisory framework in which the Central Bank of Cyprus (CBC) and the European Central Bank (ECB) share oversight responsibility through the Single Supervisory Mechanism for significant institutions. Roughly 19 banks hold CBC licences, spanning retail, business, corporate, and international banking — yet a small group of institutions accounts for the lion’s share of the market.

Bank of Cyprus holds the top position by assets and market share, maintaining an extensive island-wide presence of 84 branches and 154 ATMs. Its product offering spans basic current accounts through to mortgages, SME financing, and wealth management, all supported by well-developed digital banking infrastructure. Its official website is www.bankofcyprus.com. Always verify current branch and contact details directly with the bank.

Eurobank Limited, which came into existence in September 2025 following the merger of Hellenic Bank and Eurobank Cyprus Ltd, now holds second place in Cyprus by total assets, with a combined balance sheet of approximately €18.2 billion as of 2024. The institution serves both personal and business clients, and its offerings extend to factoring, brokerage, insurance, portfolio management, investment banking, mutual funds, private banking, and custodian services. Visit www.eurobank.cy for current details.

Alpha Bank Cyprus Ltd entered the Cypriot market in 1998 through the acquisition of Lombard NatWest Bank and currently ranks fourth by total assets. The bank concentrates its branch network primarily in Nicosia and the Limassol area and provides deposit, term deposit, and foreign currency account options. Its website is www.alphabank.com.cy.

Astrobank Limited ranks fifth by total assets, with a balance sheet of approximately €2.6 billion in 2024. In operation since 2008, the bank serves customers through 14 branches, offering personal and business accounts, loans, mortgages, and insurance products. See www.astrobank.com.cy.

Ancoria Bank is Cyprus’s newest bank, having commenced operations in 2016. It serves both individuals and legal entities from branches in Nicosia, Limassol, and Larnaca. Visit www.ancoriabank.com for current details. The Central Bank of Cyprus maintains an up-to-date register of all licensed credit institutions on its official website, which is the authoritative source for verifying a bank’s licence status.

Do any major international banks operate in Cyprus?

Cyprus hosts a well-developed banking sector that blends domestic institutions with foreign subsidiaries and branches. Beyond the island’s own banks, the sector includes seven subsidiaries of foreign banks, nine EU banks operating through branches, and around seventeen non-EU banks with branch operations. The island’s longstanding reputation as a regional financial centre has ensured an enduring international banking presence.

Three Greek banking groups classified as significant institutions maintain operations in Cyprus: Alpha Bank, Eurobank Ergasias, and National Bank of Greece. Rather than operating as fully autonomous Cypriot entities, they function through subsidiaries and branches. National Bank of Greece (Cyprus) Ltd, for example, operates as a subsidiary of its Greek parent.

A number of other foreign banks maintain branches or subsidiaries in Cyprus, primarily targeting international business, private banking, or large corporate clients. Globally recognised retail brands such as HSBC, Barclays, and Citibank do not currently operate consumer-facing retail branches on the island in the manner they do in larger markets; their Cyprus presence, where it exists, is oriented towards corporate, institutional, and wealth management clients rather than everyday personal banking. International footprints shift over time, so always confirm current availability directly through any institution’s official website or customer service channels.

For an authoritative and current list of all foreign bank branches and subsidiaries licenced to operate in Cyprus, consult the Central Bank of Cyprus directly, as its register is kept up to date and is the most reliable source of this information.

Do banks in Cyprus offer accounts or services specifically for expats?

Cyprus’s largest banks — including Bank of Cyprus and Hellenic Bank (now operating as part of Eurobank) — serve both resident individuals and foreign companies. Institutions such as Astrobank Limited and Alpha Bank Cyprus Limited similarly provide dedicated products and support for foreign clients. Non-resident accounts are available at most major banks, so there is no need to delay the process until after you arrive on the island.

There are three principal account categories in Cyprus: basic, current, and savings. Banks may offer variants of these — youth accounts, for instance — depending on the institution. Crucially, neither employment status, a work permit, nor Cypriot permanent residence is a prerequisite for opening a basic account; even asylum seekers or individuals without a residence permit are entitled to apply. A bank may decline a basic account application only if the applicant already holds a basic account with another institution, or on serious grounds such as national security considerations. This consumer protection is a distinctive feature of the Cypriot regulatory framework.

Eurobank Cyprus (now operating as Eurobank Limited) generally offers current accounts to clients who qualify as Affluent Banking or Private Banking customers, implying that minimum income or savings thresholds apply. Non-resident accounts are available, and the bank also provides corporate banking, international banking, and wealth management services.

Because Cyprus uses the euro as its sole currency, all transactions default to euros. A number of banks also accommodate US dollars, Canadian dollars, Swiss francs, and other currencies — check with individual providers for current terms and associated fees. Non-resident or offshore-style accounts may be subject to service fees, asset management charges, transaction costs, and currency conversion charges. Always request a complete, current fee schedule before committing to an account, and confirm terms directly with the bank at the time of application.

What are typical bank opening hours in Cyprus?

Bank branches across Cyprus operate on weekdays only. Standard hours fall roughly between 08:30 and 13:30 or 14:00, although select branches — particularly those in major cities or areas with high tourist footfall — may extend their service into the afternoon on some days. Branches are generally closed on Saturdays, Sundays, and Cypriot public holidays. Hours differ by branch and institution, so it is always worth confirming directly before making a special trip.

Cyprus observes a range of public holidays throughout the year, including Greek Orthodox religious observances. Because the Orthodox calendar does not always align with its Western counterpart, expats may find that there are more bank closure days than they are accustomed to. Greek Orthodox Easter — which can fall on a different date from Western Easter — Assumption Day, and several other observances all result in branch closures. An authoritative list of annual public holidays is published by the Cyprus government portal each year.

Bank of Cyprus has invested significantly in digital channels, providing sophisticated online and mobile platforms through which most day-to-day tasks can be completed at any hour. Hellenic Bank’s successor, Eurobank, similarly provides 24/7 online and mobile banking as a standard feature. Across all major banks, internet and mobile banking is firmly established, meaning transfers, account monitoring, and routine transactions need not be tied to branch opening times.

What do expats need to know about the banking system in Cyprus?

The Cypriot banking sector underwent far-reaching restructuring in the wake of the 2013 financial crisis, resulting in notably stronger capital buffers, improved liquidity, and tighter governance. The Common Equity Tier 1 (CET1) capital ratio across Cypriot banks stood at 23.5% as of September 2024 — comfortably exceeding the ECB’s minimum threshold of 8.75% and representing the highest ratio among all EU member states. This is a meaningful indicator of current system resilience, though banking conditions everywhere can evolve over time.

Cyprus participates in the EU Deposit Guarantee Scheme (DGS) framework, under which eligible deposits held with authorised credit institutions are protected up to €100,000 per depositor, per bank, should an institution fail. This ceiling covers the combined total of all eligible accounts — current, savings, and term deposits — held at that bank. For joint accounts, the €100,000 ceiling applies independently to each account holder. This is broadly comparable to the FSCS in the UK (covering up to £85,000 per person, per authorised institution) and the US FDIC scheme (covering up to $250,000). All figures are as of 2025 — always verify current thresholds with the Central Bank of Cyprus.

Should a bank fail, the scheme targets reimbursement of depositors within seven working days. In Cyprus, the scheme is administered by the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme, which operates under the Central Bank of Cyprus.

The account-opening process follows a broadly consistent pattern across banks, as all institutions must adhere to EU and Cyprus anti-money-laundering (AML) regulations and Central Bank of Cyprus directives. For non-residents in particular, banks may request supplementary documentation — such as a reference letter from an existing bank, declarations of tax residency, and detailed information about the source of funds — as part of enhanced due-diligence procedures. This Know Your Customer (KYC) process can feel more thorough than what newcomers from certain countries are accustomed to, but it reflects EU-wide compliance standards applied uniformly across the bloc.

Fintech apps and e-money institutions, while popular and convenient, are not Cypriot banks. Certain local bodies — utility providers and government agencies, for instance — may decline non-Cypriot IBANs when it comes to setting up SEPA direct debits. For this reason, expats planning to settle in Cyprus on a longer-term basis are generally advised to maintain a local bank account rather than relying exclusively on a fintech solution.

Cyprus uses the euro and has no independent currency controls, with monetary policy set at the EU level by the European Central Bank. Under ordinary circumstances, euros move freely within the EU without restriction. Large-scale international transfers may trigger reporting obligations under EU anti-money-laundering rules — consult the Central Bank of Cyprus or a qualified legal adviser for current guidance on any applicable thresholds.

How do I open a bank account in Cyprus as an expat?

Foreign nationals are eligible to open a bank account remotely in Cyprus. This is particularly relevant for those planning to invest in real estate, start a business, obtain a residence permit, or carry out international transactions via the European banking system. Opening an account without physical presence is possible, provided that a complete, properly prepared, and duly certified set of documents is submitted.

1. Choose your bank. Cyprus has several reliable banks accustomed to international clients. Your choice may depend on branch proximity, digital services, and your specific needs. Research the main banks — Bank of Cyprus, Eurobank, Alpha Bank Cyprus, and Astrobank — via their official websites before deciding.
2. Gather your identity documents. You will need to produce a valid passport, national ID card, or asylum confirmation. Depending on your country of origin, some banks may require notarised or apostilled copies. Make sure your passport carries at least six months of remaining validity before you begin the process.
3. Prepare proof of address. A recent utility bill, tenancy agreement, or comparable document is typically required to confirm your residential address. If you have yet to relocate to Cyprus, documentation from your current country of residence is usually acceptable at the application stage.
4. Provide proof of income or source of funds. Non-residents in particular should expect to supply financial evidence — such as bank statements or an employment letter — and possibly a reference from their existing bank, along with an explanation of why the account is needed and what income flows are anticipated.
5. Supply your Tax Identification Number (TIN). Banks require a TIN for tax compliance purposes. If you are arriving from another EU country, your existing national TIN is generally accepted at the outset; you will be expected to obtain a Cypriot TIN once you establish residency.
6. Submit your application — in branch or remotely. Whereas some institutions allow an online application to be started, the majority will ask you to attend a branch in person to complete and sign the necessary paperwork. Remote identity verification via video interview — in which a bank representative checks your visual identity against submitted documents — is also offered by most major Cypriot banks.
7. Make any required initial deposit. Certain account types require a minimum opening deposit to become active. The amount varies considerably between banks and products, so confirm the current figure with your chosen institution before proceeding.
8. Await account approval. For residents with all paperwork in order, the process typically takes 1–5 business days. Non-residents should plan for one to three weeks on average, assuming documentation is complete and correctly submitted; in some cases, additional due-diligence checks may extend this timeline further.

Always consult the individual bank’s official guidance and, where needed, the Central Bank of Cyprus for the most up-to-date requirements. If you are opening a business account or have a complex financial structure, engaging a local legal or financial adviser is strongly recommended.

What banking and payment apps are widely used in Cyprus?

Each of Cyprus’s principal banks provides its own dedicated mobile banking application. Bank of Cyprus, for instance, offers a Quick Account that can be set up and operated entirely through its 1bank digital platform, coming complete with a debit card, standing order and direct debit functionality, and no monthly maintenance fee. Alpha Bank’s digital suite is regarded as competitive within the local market, facilitating smooth and secure day-to-day transactions. Contactless card payments are broadly accepted at retailers, restaurants, and service providers across the island.

Platforms such as Revolut, Wise, Monese, and Paysera each provide EU IBANs and enjoy strong take-up among expats in Cyprus. They perform well for receiving salary payments, currency conversion, and everyday card spending, and operate fully within the Cypriot market with broad acceptance for standard consumer purchases.

Other popular digital alternatives include Revolut — an all-in-one finance application offering a debit card and a range of banking-style features — Bunq, a mobile-first bank licenced in the Netherlands that provides personal and business account options, and Vivid Money, a German mobile banking platform available across the EU with products designed for both personal and business customers.

It is important to remember that these fintech services are not Cypriot banks. Some local entities — including utility companies and government bodies — may not recognise non-Cypriot IBANs for SEPA direct debit purposes. For this reason, most expats who intend to settle in Cyprus for the long term find it pragmatic to maintain both a local bank account and a fintech account to cover all eventualities. Electronic money institutions and fintech platforms operate under separate regulatory licences, and the standard deposit protection framework applies exclusively to credit institutions covered by the national guarantee scheme. Funds parked with fintech providers are therefore not protected by the Cypriot deposit guarantee.

PayPal is available in Cyprus and is frequently used for online purchases and peer-to-peer payments. Regulatory oversight of electronic money institutions in Cyprus falls under the Central Bank of Cyprus, which maintains a register of all licenced payment and e-money institutions.

How can expats manage money between Cyprus and their home country?

Cyprus’s EU membership means that cross-border transactions within the region are highly streamlined — a significant practical advantage for expats and business owners who depend on reliable access to EU financial infrastructure. SEPA transfers between Cyprus and other EU/EEA countries are generally fast, low-cost or free, and typically settle within a single business day. For transfers beyond the SEPA zone — to destinations such as North America, Australia, or Asia — standard international wire transfer fees and exchange rate margins will apply.

Bank of Cyprus processes transactions through its digital channels at zero charge or at reduced rates (as of 2025 — consult their current commissions and charges schedule at www.bankofcyprus.com for up-to-date figures). Conventional international wire transfers (SWIFT) at most Cypriot banks typically attract fees in the region of €10–€30 per transaction, plus a currency conversion margin — confirm the exact fee structure with your bank before initiating any substantial transfer.

Wise enables international money transfers across 40-plus currencies at competitive fees and mid-market exchange rates. While not a bank account in the traditional sense, it offers many equivalent features, including an international debit card accepted in over 150 countries. Currency conversion is applied at the mid-market rate, with a transparent, low-cost conversion fee added separately. Both Wise and Revolut are widely favoured by expats in Cyprus as cost-effective tools for international transfers and as practical complements to a local bank account.

Under EU anti-money-laundering regulations, banks are required to apply enhanced scrutiny to large or unusual transfer requests. Cyprus has transposed all relevant EU directives into domestic law. If you plan to move significant sums — for example, proceeds from a property disposal or a substantial inheritance — your bank will ask for evidence of the source of those funds. For personalised guidance on any tax reporting obligations linked to foreign income or assets, consult both a local legal or tax adviser and the Cyprus Tax Department.

Cyprus has concluded an extensive network of 68 double taxation treaties (as of 2024 — verify current treaty status with the Cyprus Tax Department), which can reduce withholding tax on income received from abroad. For expats drawing pensions, investment returns, or business revenues from overseas, this treaty network represents a meaningful financial benefit worth exploring with a qualified adviser.

Frequently Asked Questions

Can I open a Cyprus bank account before I move there?

Foreign nationals are eligible to open a bank account remotely in Cyprus, which is particularly useful for those intending to purchase property, establish a business, or secure a residence permit prior to arrival. Remote account opening is possible where a complete and properly certified document set is provided. A number of banks also facilitate the process through video-based identity verification as part of their remote onboarding procedures.

Do I need a Cyprus residence permit to open a bank account?

A residence permit, work permit, or proof of employment is not required to open a basic bank account in Cyprus. Even asylum seekers and individuals without a residence permit are entitled to apply. For full current accounts or non-resident accounts with additional features, however, stricter KYC requirements apply and banks will typically request more detailed documentation regarding source of funds and the intended purpose of the account.

What is the deposit guarantee limit in Cyprus?

Eligible deposits held with authorised credit institutions are protected up to €100,000 per depositor, per bank, in the event of a bank failure. This ceiling covers all eligible accounts — current, savings, and term deposits — held at that institution in aggregate. The figure applies as of 2025. Always confirm the current limit with the Central Bank of Cyprus, which administers the scheme.

Are fintech apps like Revolut and Wise covered by Cyprus deposit protection?

Fintech platforms and electronic money institutions operate under separate regulatory licences and are not covered by the national deposit guarantee scheme. Funds held with Revolut, Wise, or comparable services are typically protected through e-money safeguarding arrangements rather than the €100,000 DGS coverage applicable to licenced banks. Review the individual platform’s terms and conditions to understand exactly how your money is safeguarded.

What currency does Cyprus use, and can I hold foreign currency accounts?

Cyprus uses the euro as its sole official currency, meaning all standard transactions are conducted in euros. Several banks additionally offer accounts denominated in US dollars, Canadian dollars, Swiss francs, and other currencies. Multi-currency accounts and foreign currency term deposits are available from a number of institutions, particularly those with an international banking focus. Contact individual banks directly for current product availability and fee structures.

How long does it take to open a bank account in Cyprus?

Residents who present complete documentation in good order can typically expect the process to be completed within 1–5 business days. Non-residents should generally budget for one to three weeks on average, assuming all paperwork has been correctly submitted; cases requiring additional due-diligence checks may extend beyond this. Incomplete or inadequate source-of-funds documentation is the most common cause of delays.

Is English widely used in Cyprus banks?

Cypriot banking professionals have accumulated extensive experience in serving international clientele, particularly in relation to asset management for high-net-worth individuals and corporate clients from across Europe and beyond. Skilled relationship managers and customer-facing staff in the financial sector are typically able to assist in English without difficulty. The major banks also publish their websites, mobile apps, and a substantial portion of their official documentation in English, making everyday banking accessible to those without Greek language skills.

What should I know about the 2013 banking crisis — is Cyprus banking safe today?

Since the crisis of 2013, the Cypriot banking sector has undergone substantial reform, producing stronger capital positions, improved liquidity ratios, and tighter governance frameworks. The system’s Common Equity Tier 1 (CET1) capital ratio reached 23.5% as of September 2024 — well above the ECB’s minimum requirement of 8.75% and the highest of any EU member state. Regulatory oversight has been strengthened through the EU Single Supervisory Mechanism. That said, no banking system is entirely without risk, and depositors should familiarise themselves with the €100,000 deposit guarantee limit and monitor developments through the Central Bank of Cyprus.

Are there reporting requirements for large international transfers to or from Cyprus?

Cyprus has fully implemented EU anti-money-laundering directives, obliging banks to apply enhanced scrutiny to large or unusual transactions. When transferring substantial sums — such as proceeds from a property sale or significant investment capital — your bank will require documentation establishing the source of the funds. Tax reporting obligations may also arise depending on your residency status and the nature of the funds involved. Seek specific guidance from the Cyprus Tax Department and a qualified local adviser to ensure full compliance with your individual circumstances.