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.
Any individual, resident, non-resident, or business may easily open a bank account in Cyprus. Cyprus is a member of the EU, and thus it is an appealing place to do banking as the country is very stable and the Eurozone financial services are readily available. This is how you can do it:
Select a bank
The local and international banks are found in Cyprus. Among the more popular ones, there are:
- Bank of Cyprus.
- The Hellenic Bank.
- Eurobank Cyprus.
- RCB Bank.
- Alpha Bank Cyprus.
- Revolut (online banking variant).
Account types
- Personal Account- To individuals (resident or non-resident).
- Business Account- Companies (this may need extra documentation).
- Savings/Deposit Accounts: These are opened in order to gain interest.
- Digital/Online Banking. Fully remote account opening is available in some banks.
- Personal Account Required Documents (Personal Account)
Requirements of a business account
- Certificate of incorporation.
- Memorandum Articles of Association.
- TIN: Company Tax Identification Number.
- Directors/Shareholders (proof of Directors/Shareholders, passport, proof of address.
- Business Plan (at times required).
- Bank Reference Letter (in the case of corporate accounts).
Application process
In-Person: Visit a branch in Cyprus (suggested to non-residents).
Online/Remote: There are banks where it is possible to apply the digital application (e.g. Revolut, Eurobank).
KYC (Know Your Customer) and AML (Anti-Money Laundering) checks are done by banks.
Costs & deposits
In some banks, there is a minimum deposit ( 200-500.
Monthly servicing costs (5euro-20euro, depending on the bank).
International transfer transaction fees.
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 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:
Living in Cyprus
Moving to Cyprus: Full relocation guide
Things to know before immigrating to Cyprus
