How to Open a Bank Account in Cyprus

If you are planning to move abroad to live in Cyprus then you may be interested in opening up a bank account in the country depending on how long you plan on staying there. A lot of expatriates find it beneficial to have a local bank account in Cyprus as it prevents the costly fees associated with foreign currency exchange. If you are interested in having a bank account in Cyprus when you arrive there are a few different ways that you can open a Cypriot banking account.

Unlike most countries Cyprus does not have limitations on who can and cannot open up a bank account in Cyprus. Both residents and nonresidents are allowed to open up bank accounts in Cyprus. If you are interested in opening an account you should know that you can either open up an account by mail from abroad or you can open up an account in person either physically in Cyprus at the bank of your choice or by visiting an international branch of a Cypriot bank.

There are a number of Cypriot banks that you can choose from to open up your bank account. Each bank in Cyprus seems to offer some different services. You may also notice a difference between their fee schedules in regards to the fees charged for accounts, overdrafts, money transfer and other services. You may want to ask around of your friends, neighbors or colleagues to see what type of reputation the various banks have among the public and see if you can get a recommendation for one.

When you have decided what bank you want to use to open you Cypriot bank account you will need to meet two requirements. You will need to be over the age of 18 and you will need proof of identity. You can use your passport as proof of identity along with a rental contract or sales contract showing your local address in Cyprus. You will be able to open any type of account you want from a checking account to a foreign currency account. If you decide to open your account from abroad remember that your signature and identity will have to be verified in person once you reach Cyprus. You can also look for a branch of the Cyprus bank you choose in your home country. For instance, the Bank of Cyprus has branches in the United Kingdom in London, Manchester and Birmingham.

When you open your new bank account in Cyprus you may want to keep your foreign bank account in your home country open as it may be cheaper to keep some of you money in that account that to have to pay for currency exchange from your Cypriot account.