Banking in Cyprus
Opening a bank account might not be the most exciting part of relocating—but it’s definitely one of the most important. Whether you're setting up life long-term or just getting your basics in order, Cyprus has a mix of traditional banks and modern options that cater well to expats.
Here's what you need to know about banking in Cyprus—how it works, what to expect, and which accounts make everyday life easier.
🏛 Traditional Banks in Cyprus
There are several well-established banks operating across the island, with branches in most towns and cities, including Limassol.
Most common banks include:
Bank of Cyprus (the largest and oldest)
Hellenic Bank
Alpha Bank
Eurobank
RCB Bank
These banks offer everything from current and savings accounts to mortgages, cards, and digital banking apps. Most have English-speaking staff—especially in Limassol—and decent online banking options (though the interfaces can feel a little old-school).
To open a bank account, you’ll typically need:
A valid passport or EU ID card
Proof of Cyprus address (rental agreement or utility bill)
Tax Identification Number (TIN), which you can apply for locally
Possibly proof of income or employment
It’s a good idea to book an appointment in advance, especially if you're new to the system or have children in tow.
📱 Neobanks & Digital Banking Options
While traditional banks are useful for official matters (like paying local taxes or utilities), many expats prefer to use neobanks for everyday spending and travel.
Popular options include:
Revolut
Wise (formerly TransferWise)
Monese
N26 (EU-based)
These apps offer:
Multi-currency accounts
Free or low-fee international transfers
Budgeting tools and instant notifications
No need to visit a branch (everything is done online)
Many expats keep a local Cyprus account for admin, and use Revolut or Wise for daily spending and international payments.
💳 Debit Cards, Contactless & ATMs
Debit cards are widely accepted and contactless payments are standard in shops, cafés, and even kiosks. Cash is still used, but not as much as it used to be.
ATMs are everywhere and you can often withdraw cash from any bank, although your home bank may charge a small fee.
If you're using a foreign card (like a UK Revolut card), remember to decline the conversion when prompted - you’ll get a better exchange rate that way.
🧾 Paying Bills & Transferring Money
In Cyprus, a lot of bills - rent, school fees, utilities - are paid by bank transfer. You'll hear the term “IBAN transfer” often.
Most local banks support online payments, and once you’ve set up beneficiaries, it’s simple to manage. That said, first-time transfers can be slower and clunkier than what you might be used to with apps like Monzo or Starling.
Revolut and Wise are often faster and cheaper for international transfers - especially when sending money to or from your home country.
✅ In Summary
Traditional banks are reliable for official paperwork, direct debits, and mortgages
Neobanks like Revolut and Wise are popular with expats for everyday spending
Opening a bank account requires ID, proof of address, and sometimes a local tax number
Most people use a mix of both to make life easier
Need Help?
If you’re not sure where to start, or just want a personal recommendation for a bank that’s easy to deal with, send us a message. We’re happy to point you in the right direction—and help you avoid the queues.
And don’t forget to check out our other relocation essentials like Driving & Buying a Car and Cost of Living to round out your move.
