Все о Кипре :: Currency and Banking system

The banking system in Cyprus closely follows the British pattern and is well developed and organized. The banks have branches conveniently located throughout the towns and offer efficient service whilst equipped with the latest technology in modern surroundings.

Non-Cypriot citizens have a benefit to open foreign currency and local deposit accounts very easily.

Many Cypriot Banks have branches throughout the world. International Banks also have branches throughout the island for the convenience of their customers.

Most credit cards are accepted and used in Cyprus such as Visa, American Express, Diners club and Master Card. Once you have become a permanent resident then you can open an Internal Bank Account. It is also advisable after purchasing your property and opening a Bank Account to make arrangements to have all your bills paid by Standing Order, as this method of payment is especially convenient, when not permanently residing in the country.

The Cyprus currency system is based on the decimal system, with the Cyprus Pound made up of 100 cents. Coins range in value from the half cent to 50 cents and there are 4 bank notes: CYP1, CYP5, CYP10 and CYP20. The exchange rate in relation to other currencies is issued daily by the central bank. There are both domestic and foreign banks operational within Cyprus, to international standard offering a range of services, from investment, H.P. to mortgage facilities. Banks are normally open between 8.30-12.30, from Monday to Friday.