As a student in Cyprus and interested in opening a student bank account, the following information is what you should know:
Eligibility
You should have admission to a well-known institution of higher learning in Cyprus (local or international student). It is possible that some banks need a residency or student visa.
Required documents
- Valid passport (or national ID in the case of EU students).
- Confirmation of enrolment (letter from your university).
- Rental agreement or utility bill (proof of address).
- Non-EU student visa.
- Tax Identification Number (TIN) (where appropriate).
Student accounts characteristics
- The fee is low or none per month.
- No cost or reduced-cost transactions.
- Debit card (and even contactless).
- Potential to go into the overdraft (at the discretion of the bank).
Application
- Go to a bank branch and carry your documents.
- Some banks have pre-registration online.
- Processing time: Typical of a couple of days.
Expats: Best banks in Cyprus
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.
What banking charges may be incurred
So, what type of fees should one expect to pay when banking in Cyprus?
Maintenance fees of the account
It is a monthly or quarterly charge taken to have the account maintained, and this depends on the bank. As an instance, Hellenic Bank levies a maintenance fee of EUR 2.90 per month on its current accounts, and Bank of Cyprus levies EUR 5 per quarter 14.
Payment charges
Some of the Cypriot banks also levy payment fees on domestic and international transfers, unlike in the UK where payments within the country are usually free.
This once more can be different according to the bank. Bank of Cyprus charges 4-8 euros on payment done online to the bank account (depending on the amount) on transfers within Cyprus and the EU. In case you wish to send a cross-border payment, you will be charged 0.15 percent of the payment and processing costs.
Additional charges to watch out for
Before you open an account, ask your bank of choice whether they charge any of the following:
- Withdrawing money at a non-networked bank ATM
- Currency exchange
- Receiving local and foreign settlements.
Take away
Opening an international student account in Cyprus may be time-consuming, but once you have followed the procedures that have been pointed out in this post. You will have your account approved and activated within a very short period.
But you must research Cypriot banks and their services so that you can get to choose correctly the bank that meets your needs as an international student in terms of finance.
You can also view these posts:
Living in Cyprus
Moving to Cyprus: Full relocation guide
Immigration to Cyprus from India
