How to open a bank account in Cyprus
Once you have decided to buy a property it’s a good idea to open a Euro bank account to help you with transferring money to Cyprus. There are a number of banks in Cyprus you can choose from so make sure you shop around to get the account that’s right for you and one that has competitive bank charges (which can be quite high in Cyprus).
Opening a bank account in Cyprus is actually relatively easy and you can do this yourself rather than employ a solicitor to open on your behalf. Once you’ve researched the best bank and account for you, visit the branch (ideally the one nearest to where you are purchasing a property) with your passport, utility bills and some Euros to deposit into the account. Check with the bank you choose the exact documentation that you will need before you travel to Cyprus but as a rule it is generally quite a stress free process. You will need to fill out some forms but then the account will be open and you can save money on future currency exchanges.
Some of the banks in Cyprus that offer bank accounts include Co-Op, Bank of Cyprus, Hellenic, Piraeus, Laiki and Alpha.
Important Considerations
- If you open a joint account make sure you opt for “either to sign” otherwise it has been known that the bank will freeze the account on the death of a partner, which might mean the account can’t be accessed by the surviving account holder.
- Some banks may have UK branches where you can open your Euro account. For example, the Bank of Cyprus may charge higher fees, however they do have branches in London, Birmingham and Manchester so you can always visit the branch to open a Cypriot bank account before you even leave the UK. You can also apply online and send the required documentation to the London branch.
- We believe that internet banking is the best option to manage your account when either overseas or living in Cyprus, as Cypriot banks have limited opening hours. With internet banking you can access your account online 24/7. Check that the bank you choose offers this option.
- Cashpoint cards from a Cypriot account should be free from Cyprus cash machines but double check this with your chosen bank.
- We would recommend you open a Euro account rather than a Sterling account in Cyprus as the banks exchange rate will generally be a lot higher than a currency exchange company.
Once you’ve opened your account find a good currency exchange company who you can make regular transactions with. We use Smart Currency as they are regulated by the Financial Conduct Authority (FCA), offer same day transfers and assign you with a dedicated account manager to offer you superb customer service.
We wish you the best of luck with purchasing your home and if you need any help and advice on opening an account or any other aspect of buying property in Cyprus please feel free to contact us info@cypruspropertyblog.com.
Have you opened a bank account in Cyprus? We would love to hear your experience so please comment below to help other potential home owners in Cyprus.
