Expat Finance Guide
Banking in Cyprus: What You Need to Know Before You Move (2025)
Setting up a local bank account is a key step in your relocation, essential for renting property, paying bills, and receiving a salary. While the Cyprus banking system is modern and expat-friendly, preparing your documents and understanding your options in advance can save considerable time. This guide covers traditional banks, digital alternatives, and the required paperwork.
Can You Open an Account Before Moving?
While it's theoretically possible, most Cypriot banks require a face-to-face visit to finalize an account due to strict EU anti-money laundering (AML) regulations. Some banks allow you to start the process online, but you will still need to visit a branch upon arrival to present original documents. A notable exception is opening an account through a licensed introducer or relocation agent, who can sometimes verify your documents remotely on your behalf, especially for property investment or employment relocation.
Document Checklist: What to Prepare
Cypriot banks adhere to strict Know Your Customer (KYC) regulations. You don't need a Cypriot ID to open an account, but you must provide thorough documentation. Having these originals and copies ready will significantly speed up the process.
| Document | Details & Purpose |
|---|---|
Valid Passport |
The primary form of photo identification for all applicants. |
Proof of Address |
A recent utility bill (under 6 months old) or official correspondence from your current country of residence. A stamped Cypriot rental agreement is required once you are resident. |
Proof of Income / Source of Funds |
To comply with AML laws. Examples include a recent payslip, employment contract, pension statements, tax declaration, or dividend statements. |
Tax Identification Number (TIN) |
Your TIN from your country of tax residence is required for the Common Reporting Standard (CRS). |
Bank Reference Letter (Optional) |
Some banks may request this. It should be a recent letter (less than 3 months old) from your previous bank, confirming a satisfactory relationship. |
Cyprus Residency Permit (Optional but Recommended) |
While not always needed to open the account, providing your MEU1 (Yellow Slip) or other residence permit is crucial for full account functionality and credit services. |
🧮 Once you've sorted your documents, you'll want to understand your income. Use our Income Tax & GESY Calculator for employment income, or the Self-Employment Income & Tax Calculator for freelance work.
Alternatives: Do EU Citizens Need a Cypriot Bank?
For many EU nationals, a traditional Cypriot bank account may not be immediately necessary. You can often use your existing home bank account for transactions. Furthermore, Electronic Money Institutions (EMIs) are a popular and practical choice.
Using Fintech Accounts (Revolut, Wise, N26, etc.)
Services like Revolut, Wise, Monese, and Paysera provide EU IBANs and are widely used by expats in Cyprus. They are excellent for receiving salary payments, easy currency conversion, and everyday card spending.
Important Caveat: While these are convenient, they are not Cypriot banks. Some local entities, such as utility companies or government bodies, may not accept non-Cypriot IBANs for setting up direct debits (SEPA).
Choosing a Traditional Bank in Cyprus
Cyprus has several reliable banks accustomed to international clients. Your choice may depend on branch proximity, digital services, and specific needs. Account opening typically takes 1-5 business days.
Bank of Cyprus
The largest bank with the most extensive branch/ATM network. Known for its advanced digital app (1bank) but can be strict on documentation.
Hellenic Bank
The second-largest bank, known for being expat-friendly with a slightly easier onboarding process and strong digital services.
Alpha Bank Cyprus
Part of a major Greek group, it offers a full range of services with a reputation for reliable, personal banking service.
Eurobank Cyprus
Often focuses on corporate and private banking, making it a strong choice for business owners and high-net-worth individuals.
AstroBank
A flexible and modern bank known for personalized service, with strong offerings in international and corporate banking.
Ancoria Bank
A newer, innovative bank focused on a straightforward customer experience, good for personal and small business banking.
💡 Opening a bank account is a foundational step for managing your finances. To get a broader picture of your potential monthly spending, try our comprehensive Cost of Living Calculator to budget effectively.
Fees, Safety, and Final Tips
🛡️ Are Your Funds Safe?
Yes. Banks in Cyprus are regulated by the Central Bank of Cyprus and follow EU directives. They participate in the **Deposit Guarantee Scheme**, which protects your deposits up to €100,000 per depositor, per bank, in the event of a bank failure.
🧾 Common Fees to Expect
- Account Maintenance: €2–€5 per month.
- International Transfers (SWIFT): €10–€40.
- Debit Card: May have a small issuance or annual fee.
- ATM Withdrawals: Usually free at your own bank's ATMs.
Tips for a Smooth Process
- Book an Appointment: Call your chosen branch to book an appointment for opening a new non-resident account. This ensures you meet with experienced staff.
- Be Over-Prepared: Bring originals and photocopies of all documents on the checklist.
- Ask Questions: Enquire about online banking features, multi-currency options (EUR, GBP, USD), and any minimum deposit requirements.
- Be Patient: The process can feel slow, but it's thorough for a reason. A polite and patient attitude goes a long way with bank staff.