If you’re planning to buy property or relocate, understanding how the banks in Cyprus work is essential. From setting up your first account to navigating local bank fees, we’ll walk you through everything you need to know.

Whether you’re transferring money for a home purchase or managing your finances as an expat, Cyprus offers a well-regulated, user-friendly banking environment with a balance of modern digital services and traditional in-branch support.

Read on to learn how to open a bank account in Cyprus, what documents you’ll need, and the different account types available – including premium options for high-net-worth individuals. You’ll also find practical details on branch locations, typical charges, and how digital and personal banking coexist across the island. Plus, don’t miss our expert-backed FAQs to help you bank with confidence from day one.

Contents

• Overview of Cyprus’s banking system
• Major banks in Cyprus
• Branch locations and accessibility
• How to open a bank account in Cyprus
• Documents you’ll need
• Types of bank accounts available
• Premium and wealth accounts
• Typical bank charges and fees
• Digital vs personal banking in Cyprus
• Cyprus banking FAQs

Setting up a bank account is essential – and straightforward

Overview of Cyprus’s banking system

Cyprus has a well-regulated, modern banking system that offers many of the same services you’d expect in the UK, the US and Europe, including mobile banking, current and savings accounts, loans, and wealth management. All financial transactions must be conducted through licensed banks – you can’t use alternative institutions or credit unions as you might in some other EU countries.

The country’s banking sector underwent a major overhaul following the 2013 financial crisis. Since then, strict EU regulations have strengthened financial governance and restored consumer confidence. Today, banks in Cyprus operate with greater transparency, tighter oversight, and improved digital infrastructure. All major banks offer secure online platforms and mobile apps, making it easy for overseas buyers to manage their finances remotely.

British buyers and expats will find that banking in Cyprus feels familiar, although the personal service is often more pronounced. Face-to-face relationships with bank staff still matter, especially when it comes to accessing services like mortgages or insurance. While English is widely spoken, banking documentation is often in Greek – so choosing a bank with multilingual staff or English-language support can be helpful.

Before you begin your property search, it’s important to understand how banking works in Cyprus so you can confidently manage your finances from day one.

Major banks in Cyprus

Cyprus is home to a range of reliable and internationally connected banks, offering services tailored to both local residents and overseas buyers. Whether you’re relocating permanently or purchasing a holiday home, setting up a Cypriot bank account will be one of your first financial steps. While British banks such as Barclays previously maintained branches on the island, most have now withdrawn due to Brexit. However, a strong selection of local and regional banks continues to serve the needs of expats and property buyers.

Below is an overview of the most popular banks in Cyprus – each offering current accounts, online banking, loans, and investment services.

Bank of Cyprus

Bank of Cyprus is the largest and most established bank on the island. It offers a wide range of services, including current and savings accounts, loans, insurance, and environmental financing schemes (such as support for electric vehicles and home energy upgrades). The bank also has an easy-to-use digital platform and an extensive branch network across Cyprus.

Hellenic Bank

Hellenic Bank is a well-known Greek-owned bank with a long-standing presence in Cyprus. It’s especially popular with international clients due to its user-friendly mobile banking, multilingual service, and digital account access. Services include standard current and savings accounts, mortgages, and investment support.

Alpha Bank Cyprus

Alpha Bank offers strong community-focused banking, with tailored account options for families, students, young couples, and retirees. It provides everyday banking, loans, and personal financial planning tools, and is often praised for its customer service and practical account packages.

Eurobank Cyprus

Eurobank is popular with foreign nationals thanks to its streamlined Wealth Management services and responsive customer care. Account holders benefit from bespoke financial solutions and a fully digital interface that allows easy management of multiple services under one platform.

Ancoria Bank

Ancoria Bank is a newcomer to the Cypriot banking scene, established in 2016 from a former insurance group. It prides itself on a more personal, community-driven approach. Though smaller than the main players, Ancoria has quickly built a reputation for approachable service and innovative account options for individuals and small businesses.

Each of these banks offers slightly different benefits, so it’s worth comparing account features, charges and services before deciding which to open an account with.

Branch locations and accessibility

Bank branches in Cyprus remain an important part of everyday financial life, even as mobile and online banking grow in popularity. Most major banks still operate physical branches across key cities, which is especially useful if you’re managing property purchases or seeking in-person support as a new resident or overseas buyer.

Bank of Cyprus previously had the most extensive network, with branches across nearly every neighbourhood in major towns. Following the 2013 financial restructuring, the number of branches was reduced under EU directives – but you can still expect to find at least four branches in each of Limassol, Nicosia, Paphos and Larnaca.

Hellenic Bank maintains a slightly smaller branch network but with larger, more centralised “banking centres” in each major town. It also expanded its footprint by acquiring several branches from the now-defunct Co-operative Bank.

Alpha Bank and Eurobank operate similar-sized networks, with multiple branches in Limassol and the other major cities. Their locations tend to be concentrated in commercial zones, offering full in-person services alongside digital options.

Ancoria Bank, being newer and more boutique in scale, has branches in Nicosia and Limassol. However, it does not currently maintain a branch in Paphos.

When choosing a bank in Cyprus, it’s worth checking local branch coverage in your area – especially if you prefer face-to-face banking or need assistance with property-related financial services.

A well-regulated bank will help you keep your money safe in Cyprus

How to open a bank account in Cyprus

Opening a bank account in Cyprus is a straightforward process, and many international buyers choose to do this well before relocating or completing a property purchase. Whether you’re planning a permanent move or need a local account to manage bills and transfers, most banks allow you to begin the process online from your home country.

Many Cypriot banks – including Bank of Cyprus, Hellenic Bank and Alpha Bank – offer fully functional websites and mobile apps with English-language options. You can often apply for an account remotely, uploading your documents digitally. Once approved, you’ll receive login details for online banking and can begin using your account before arriving in Cyprus.

If you prefer, you can also open your account in person after arriving on the island. In the past, banks like Hellenic required an in-person appointment after the initial online application. However, this has since changed, and most now offer a flexible, customer-friendly approach: visit if you want to, but it’s not compulsory.

Regardless of whether you open your account online or face-to-face, you’ll need to provide supporting documents to verify your identity and address. Having these prepared in advance will help avoid delays and make the process much smoother.

Documents you’ll need

To open a bank account in Cyprus, you’ll need to provide several personal documents – similar to what’s required in the UK. These help the bank verify your identity, address, and financial background. Requirements may vary slightly depending on the institution, but you should be prepared with the following:

• Proof of address – such as a recent utility bill, telephone bill, or payslip (dated within the last three months)
• Valid passport – a full colour copy, including your signature page
• Bank reference – a short letter from your UK bank confirming your account status and conduct

Most banks will accept a UK address if you haven’t yet moved to Cyprus. However, in some cases – especially when applying for premium services – you may be asked for proof of a Cypriot address or a contract confirming your property purchase.

One point to be aware of: many banks and government departments in Cyprus don’t always list all required documents upfront. Having these essentials ready will help you avoid delays and navigate the process more smoothly.

Types of bank accounts available

Cypriot banks offer a variety of account types to meet different personal and financial needs. These are broadly similar to those in the UK, with the main options being:

• Deposit accounts – equivalent to UK current accounts, used for daily transactions, bills and card payments
• Term deposit accounts – fixed-term savings accounts that earn interest, often with flexible access features
• Savings accounts – similar to UK savings accounts, offering interest on balances with varying access conditions

For those looking to bank at a higher level, some institutions provide premium account packages. Hellenic Bank offers a Wealth and Investment service designed for clients with larger balances or investment goals, while Alpha Bank provides a Gold Personal Banking package aimed at those holding over €70,000.

These premium accounts often include dedicated relationship managers, enhanced digital tools, investment planning support, and reduced fees – making them an attractive option for high-net-worth individuals or international property buyers managing larger transactions.

Premium and wealth accounts

For international buyers managing large transfers, investments or multiple properties, a premium or wealth management account can offer enhanced support and flexibility. Several banks in Cyprus offer dedicated services for high-balance clients, providing access to tailored financial advice and exclusive account features.

Hellenic Bank offers a comprehensive Wealth and Investment Services package. This includes access to a dedicated advisor, investment portfolio management, and a suite of savings, insurance and structured product options. It’s designed for individuals with significant balances or long-term financial planning needs.

Alpha Bank provides a Gold Personal Banking account, tailored to customers with balances above €70,000. Benefits include priority service, reduced fees on international transactions, and personalised financial guidance.

Other banks such as Eurobank also offer bespoke wealth solutions, particularly for those interested in multi-currency services, investment planning, or retirement strategies.

If you’re relocating to Cyprus or buying property with a substantial budget, it may be worth exploring these premium banking options. They can simplify cross-border money management and offer peace of mind through dedicated support and financial expertise.

Typical bank charges and fees

Banking in Cyprus is generally affordable, but it’s important to understand the standard fees associated with maintaining an account and making transactions. These charges vary depending on the institution and account type, so comparing fee structures can help you choose the most cost-effective option.

Most banks charge a small monthly or quarterly fee for account maintenance. For example, Hellenic Bank currently charges €2.90 per month for a standard current account, while Bank of Cyprus charges €5 per quarter. These fees usually cover basic services such as account management, card use and online access.

In addition to maintenance costs, expect fees for domestic and international money transfers. These typically range from €4 to €8 depending on the transaction amount and destination. Some premium accounts may offer reduced fees or fee waivers on larger transfers.

Always review a bank’s full tariff list when opening your account. If you’re moving funds from the UK to Cyprus, using a currency exchange specialist can also help minimise charges and secure better rates on large international transfers.

Digital vs personal banking in Cyprus

While Cyprus has embraced digital banking, personal service remains a valued part of the banking experience – especially for new residents and property buyers. Most banks now offer full-featured mobile apps and online platforms, but many customers still prefer to visit their local branch for major transactions or financial advice.

The country’s banking culture blends modern technology with traditional customer care. It’s not uncommon for long-standing clients to have close relationships with their bank managers – something that can be helpful when applying for a mortgage, arranging insurance, or negotiating account terms.

This personal approach means that banks often take a more favourable view of customers who engage with them regularly. If you’re planning to apply for additional services later, such as a home loan or investment support, building a rapport with your bank early can work in your favour.

At the same time, online banking is efficient, secure and increasingly popular – particularly among international buyers managing finances remotely. Whichever style of banking you prefer, Cyprus offers a well-balanced combination of convenience and personalised care.

For a full breakdown of the legal steps, timescales and financial planning involved, explore our detailed guide on how to buy property in Cyprus. If you’re still deciding where to focus your search, our expert insights on where to buy in Cyprus will help you compare the island’s most popular locations. To receive tailored advice and start planning your next steps, book a free consultation with a Cyprus property expert.

Cyprus banking FAQs