The banking system in Cyprus is very well controlled and modern, and provides most of the services that you will find in the UK, the United States and Europe. Such as mobile banking, current and savings accounts, loans and wealth management.
It is better to know how banking is organised in Cyprus before you start to search for property in this country, in order to know how to control your money starting on the first day.
Opening a bank account in Cyprus
Setting up a bank account in Cyprus is an easy process, and a large number of overseas purchasers prefer to do it long before they move or buy a property. Most banks will enable you to start the process online in your home country, whether you want to move permanently or require a local account to handle bills and transfers.
Most Cypriot banks, such as Bank of Cyprus, Hellenic Bank and Alpha Bank, have fully functional websites and even mobile apps where the English language is available. You may frequently open an account remotely and send scanned copies of your documents online.
Plans you will require
To open a bank account in Cyprus, you will be required to submit various personal documents, as is the case in the UK. These assist the bank in confirming the identity, address and financial background of the person. The requirements can be a bit different according to the institution, yet you are expected to have the following:
- Proof of address, e.g. recent utility bill, telephone bill or payslip (within the last three months).
- Valid passport, a full colour copy including your signature page.
- Bank reference: A brief letter from your bank in the UK stating your account position and behaviour
The majority of the banks would accept a UK address in case you are not moving to Cyprus yet. But, at least when it comes to premium services, you might be requested to provide evidence of a Cypriot address or a contract stating that you have bought the property.
Categories of bank accounts
Cypriot banks have lots of various types of accounts which could satisfy various personal and financial needs. These are similar to those in the UK, whose main options are:
- Deposit accounts: Deposit accounts are the same as UK current accounts and are used to make day-to-day payments, bills and card payments.
- Term deposit accounts: Term deposit, also known as a fixed-term savings account, is an account that earns interest and may have flexibility in access in some cases.
- Savings accounts: Like the UK savings accounts, with interest on balances subject to different access terms.
To the customers who want to bank on a higher scale, certain institutions offer high-level account packages. Hellenic Bank has a Wealth and Investment service tailored to customers with higher balances or investment interests, and Alpha Bank has a Gold Personal Banking service intended for customers with more than 70,000 Euros.
These high-value accounts commonly have relationship managers, specialised digital tools, investment planning assistance and lower fees, and may be an appealing alternative to high-net-worth individuals or international home purchasers who have bigger transactions to handle.
Wealth accounts and premium accounts
A premium or wealth management account may provide greater support and flexibility to international buyers making large transfers, making investments or multiple purchases. A number of banks in Cyprus have special services for high-balance customers, which allow them access to personal financial advice and special account features.
Hellenic Bank has an elaborate Wealth and Investment Services package. This involves the provision of a dedicated advisor, management of investment portfolio and a range of savings, insurance and structured products. It is aimed at people who have big balances or have long-term financial planning requirements.
Alpha Bank offers a Gold Personal Banking account, which is customised to customers who have a balance exceeding 70,000 Euros. Its advantages are that it will have a priority service, low cost of international transactions and personal financial advice.
There are other banks like Eurobank, which also provide tailor-made wealth solutions, especially those that would like to use multi-currency services, investment planning, or retirement plans.
Standard bank charges and rates
Banking services in Cyprus are relatively cheap, yet it is necessary to get to know about the standard fees of maintaining an account and carrying out transactions. The charges also differ by institution and type of account, and therefore, it is possible to compare fee structures to pick the most economical one.
A minor fee is normally paid monthly or quarterly to maintain the account in most banks. For instance, Hellenic Bank has a monthly standard current account fee is currently of 2.90 euros, whereas A bank of Cyprus has a quarterly fee of 5 euros. These charges normally cover simple facilities like account management, card use and internet access.
Cyprus digital vs personal banking
Cyprus has been open to digital banking, but personal service is also an important aspect of the banking experience, particularly among new residents and property owners. The majority of banks provide the complete version of their mobile apps and online services, though a lot of clients continue to use local branches to conduct important operations or seek their financial guidance.
This personal treatment implies that when the customer connects with the bank regularly, the bank usually looks at them more favourably. Considering that you would like to take up other. Services in the future, like a home loan and investment assistance, being friendly to your bank now may turn out to be advantageous.
Meanwhile, online banking is efficient, safe and gaining popularity especially with international shoppers who are handling their accounts from distant lands. Regardless of the form of banking you would like to adopt, Cyprus will provide you with a perfectly balanced mix of convenience and individual attention.
You can also view these posts:
Traveling to Cyprus: Visa requirements
Things to know before immigrating to Cyprus
Cyprus immigration quotas and caps – what you need to know
