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.
So let us go through some of the key banks in Cyprus that you can select as a new entrant in the country.
Bank of Cyprus
Bank of Cyprus is the largest bank in the country, with about 122 branches in the country. Most of them will be found in the cities, such as Paphos, Larnaca and Nicosia. Its branches close early, as usual, like many banks in Cyprus, at around 2-2.30 pm.
The Bank of Cyprus has its website in English and several personal accounts available. These are instant access, fixed deposits and savings accounts.
It has an e-Instant account, which is one of the handiest should you want to do your banking online. This account can be opened online using only 1, and you have to register with its 1bank service. The account provides a debit card, standing orders/direct debits and the automatic credit of your salary into the account.
Alpha Bank
Alpha Bank is a bank owned by the Greeks, and it has about 22 branches in Cyprus, the highest number being in Nicosia and the Limassol region. It has a site version of the English language. At Alpha Bank, you will have a choice of either a term deposit or a foreign currency account.
Alpha 100 account may be the account you need in case you are seeking an instant access current account. It can provide a debit card, without any ATM withdrawal fees (at Alpha Bank ATMs in Cyprus). Standing orders, online banking and the possibility to add an overdraft in case it is necessary.
The only thing worth mentioning about Alpha Bank is that one cannot apparently find a possibility to apply for its accounts online. Therefore, you might have to go to a local branch in order to check the possibility of opening an account.
Hellenic Bank
Hellenic Bank is a Cypriot bank founded in 1976 and currently has 82 retail branches in the country spread out across it.
It offers personal banking products and has a fantastic expat-friendly version of its site. This contains basic and current accounts, savings and deposit accounts and borrowing facilities, such as credit cards and loans. The Hellenic Bank Current Account is the perfect account to have as an expat, as it provides all that you require to do daily transactions. These consist of the ability to access your money instantly, a debit card, a cheque book and 24-hour online banking. You can also get an overdraft when you require it. It is possible to apply online for this account, and it seems to be very simple.
Digital-only banks
You can also open an account in a digital-only bank in Cyprus. Such are also referred to as mobile banks or neobanks. They do not have any brick-and-mortar stores, but they provide everyday bank accounts that can be controlled through the Internet or using a mobile phone application.
In Cyprus, you will find a variety of choices (among others):
- Revolut.
- Bunq.
- Monese.
- Curve.
- Nuri.
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
Things to know before immigrating to Cyprus
Moving to Cyprus: Full relocation guide
