The Cypriot and international banks operating on the island provide a wide range of services to individuals. The procedure for an individual to open a local bank account is relatively straightforward and is usually completed within 5-10 working days, depending on the Bank.
All major banks offer a full set of banking services: current and savings accounts, debit and credit cards, foreign currency exchange, long-term savings and investment accounts, loans and mortgages etc. Almost all banks offer full internet banking services allowing online transactions. Helplines are available to support until late.
One needs to considercompliance with domestic laws applicable to foreign bank accounts.
Electronic Money Institutions (“EMIs”)
A number of EMIs (either CY-licensed or EU-licensed, which passport their services to Cyprus) are fully operational and may accommodate account openings and account operations for individuals. Such EMIs have numerous correspondent banks which aid the provision of their services and offer other advantages to traditional banking, such as speed of payment execution, lower costs, technological advancement, etc.
All major credit cards, such as Visa, MasterCard, Diners Club and American Express, are generally accepted in restaurants, shops and hotels.