If you’re looking to open a bank account in Cyprus, you need to do proper research. You can’t just pick one at random. Some banks make it easy for expats, others don’t. If you plan to live, work, or retire here, you need a bank that suits your needs.
In this article, we will be looking at the top picks of Cyprus banking for expats.
Key Takeaways
- Some banks in Cyprus work well for expats. Others don’t. Choose wisely.
- Paperwork is a must. Get your documents ready before applying.
- Fees vary. Check the costs before picking a bank.
Cyprus Banking for Expats: What You Need to Know
Banking in Cyprus is simple, but not always smooth. The system is modern, most banks offer online banking, but some still require you to visit in person.
Expats face some common issues:
- Too much paperwork: You’ll need a passport, proof of address, and sometimes a reference letter from your home bank.
- High fees: Some banks charge for basic services. ATM fees can add up quickly, and certain banks even charge fees for receiving money from abroad, including transfers from Europe. Always check these charges before choosing a bank.
- Opening account fees: Some banks may ask you to pay a fee to open an account. You can (and should) refuse. If you have enough funds, they often make an exception.
- Limited English support: Not all bank staff speak English fluently.
- Slow process: It can take weeks for some banks to approve your account.
If you plan ahead and do your research, Cyprus banking for expats can work well, especially when you choose the right bank from the start.
Best Banks for Expats in Cyprus
Not all banks in Cyprus cater to expats. Some make things easy, others don’t. Below are the best banks in Cyprus for foreigners and what they offer.
1. Eurobank Cyprus (Best for High Earners)
Eurobank Cyprus is not for everyone. It targets Affluent Banking and Private Banking clients. If you earn well or have savings, it might suit you.
What makes Eurobank different?
Multi-currency accounts: Ideal for those who move money across borders.
Wealth management services: Good for those who need investment help.
Strict eligibility rules: You must meet income or savings requirements.
If you qualify, Eurobank is a great choice for international banking.
2. Hellenic Bank (Best for Digital Banking)
Hellenic Bank is another good option. It offers flexible banking. The app works well, and support is decent.
Why choose Hellenic Bank?
Personal and business accounts: You can open both easily.
Overdraft available: Useful when you need extra cash.
Strong mobile banking: Easy to check balances and make payments.
If you do most of your banking online, this is a smart pick.
3. Alpha Bank Cyprus (Best for Low Fees)
Alpha Bank Cyprus offers a simple current account. If you want a no-fuss bank, this is a good pick.
What do you get?
No ATM fees: Free withdrawals at Alpha Bank ATMs.
Debit card and online banking: Easy access to your money.
Overdraft available: Helps in emergencies.
This bank is great for those who want to avoid high charges.
4. AstroBank (Best for Business Owners)
AstroBank, once called Piraeus Bank, serves both individuals and businesses. It’s a top choice for expats who run companies.
Why choose AstroBank?
Personal and business accounts: Both options available.
Good for international transfers: Move money with ease.
Loan and investment options: Helps business owners grow.
If you need business banking along with personal banking, this is a solid choice.
Comparison of Banks for Expats in Cyprus
| Bank | Best For | Online Banking | Foreign Currency Accounts | Overdraft Available |
| Hellenic Bank | Digital banking | Yes | No | Yes |
| Eurobank Cyprus | High earners | Yes | Yes | No |
| Alpha Bank Cyprus | Low fees | Yes | No | Yes |
| AstroBank | Business and personal | Yes | Yes | Yes |
Each bank offers something different. Choose the one that fits your needs.
How to Open a Bank Account in Cyprus
Opening an account in Cyprus is not hard. But you need the right documents.
What do you need?
- Passport or ID
- Proof of address: Utility bill, rental agreement
- Bank reference (sometimes required)
- Income proof: Pay slip or tax return
How to apply?
- Pick a bank.
- Gather your documents.
- Visit a branch or apply online (if possible).
- Submit everything.
- Deposit the required amount.
- Activate your account.
The total labor force in Cyprus will reach 706,610 in 2025. This means more people are coming here for work. Banks may change their rules, so always check first.
Tips for Managing Money in Cyprus
- Pick a bank with low fees. ATM charges add up fast.
- Use online banking. It saves time.
- Withdraw cash from your bank’s ATMs. Avoid extra charges.
- Watch currency rates. Some banks charge high conversion fees.
Good planning makes Cyprus banking for expats much easier.
Choose the Right Bank for You
Finding the right bank in Cyprus makes life smoother. Some banks suit digital banking. Compare banks, check fees, and find the best banks in Cyprus for foreigners.
For expert guidance, visit the Expatify Guide and make smart banking choices. If this guide helped, share it with your friends and family! Cyprus banking for expats doesn’t have to be complicated.
FAQs
1. Can I open a Cyprus bank account as a tourist?
Most banks require proof of residence, but some may allow tourists to open accounts with extra documentation.
2. What is the best bank for digital banking in Cyprus?
Bank of Cyprus and Hellenic Bank offer easy online and mobile banking services.
3. Do I need a Cypriot tax number to open an account?
Some banks require a Tax Identification Number (TIN), while others do not. Check with your chosen bank.
4. Which Cyprus banks support multi-currency accounts?
Eurobank Cyprus and AstroBank allow you to hold money in different currencies.
5. How long does it take to open a Cyprus bank account?
If you have all documents ready, the process usually takes a few days. Some banks allow same-day activation.
