An Introduction to the Banking System in Cyprus

If you will be moving abroad to live and work in Cyprus chances are pretty good that you may need to open up an account at a Cypriot bank during your stay overseas. Before attempting to do that you should familiarize your self with the banking system in Cyprus as it may be different that what you are used to in your home country.

The Cypriot banking system has been modeled on the banking system in the United Kingdom as a result of the British rule that lasted until 1960. You will find Cypriot banking practices, methods of management and services to closely resemble that of banks in the United Kingdom if you are familiar with them. There is a main bank, the Central Bank of Cyprus, which supervises, regulates and monitors the banking system of the country. The banking system is made up of 14 domestic banks that operate in Cyprus. Of the 14 banks, 11 are commercial banks and three are more specialized financial institutions. You will find over 30 international banking centers on the island.

If you are wondering if your local bank has an international branch in Cyprus that may be the case if it is a Greek bank as most of the banks in Cyprus appear to be Greek. The main banks are Alpha Bank, Bank of Cyprus, Co-operative Central Bank, Cyprus Popular Bank, Emporiki Bank, Hellenic Bank, National Bank of Greece - Cyprus, Societe Generale, Universal Bank, Arab Bank plc and National Bank of Greece SA.

The three specialized financial institutions are the Cyprus Development Bank, the Housing Finance Corporation and the Mortgage Bank of Cyprus. These specialized financial institutions offer medium and long term financing. The Cyprus Development Bank specializes in investment banking. It also offers consulting services to companies. The Housing Finance Corporation specializes in long term mortgages targeted at low income and middle income families. The Mortgage Bank of Cyprus offers medium to long term loans to companies that are developing the tourism and manufacturing industries in Cyprus.

As English is widely spoken in Cyprus you can expect for all banking staff to speak English as well as Greek. Banks in Cyprus are modern and well equipped. You can carry out transactions in any currency and have access to a comprehensive list of financial services. The Central Bank website offers more information on the banking system.

Banks in Cyprus are typically open from 8:15 am to 1:00 pm from Monday through Friday. And on Monday afternoons they are open from 3:15 pm to 4:45 pm. If you are in a tourist area then branches of the bank may have afternoon hours Tuesday through Friday as well. International banks tend to be open from 8:30 am to 5:30 pm during the week and banking facilities at the airports operate 24 hours a day. Banks do close on holidays and on the weekends.