Banking

Banking Please note there may be changes to this information now Cyprus has joined the European Union.

A prerequisite to living and working in Cyprus is to open a Local Disbursement Account (LDC) with a bank in Cyprus. There are a number of banks to choose from which are well regulated by the authorities. The currency in Cyprus is the Cyprus pound (CYP) which is made of of 100 cents to the pound. The local banks are;

>Alpha Bank Ltd
>Bank of Cyprus Ltd
>Co-operative Central Bank Ltd
>The Cyprus Popular Bank (LAIKI) Ltd
>Hellenic Bank Ltd
>Universal Savings Bank Ltd

These banks are only open between the hours of 08.15 - 12.30 Monday to Friday, throughout the year. A number of international banks are also represented in Cyprus, but an LDC must be opened upon moving to Cyprus as it is intended to provide for the expatriates living expenditure on the island. LDC accounts may be debited for cash withdrawals and living expenses but should not be debited for the purchase of duty free vehicles or the acquisition of property. There are convertible accounts known in Cyprus as External Accounts which can be traded in any currency and it is these that should be used for payment of vehicles and property.

Local currency is not accepted for deposit in an LDC. These accounts may only be credited with amounts transferred from convertible accounts held in Cyprus or abroad. Upon departure from Cyprus any residual balance in an LDC account can be transferred to any convertible account either in Cyprus or abroad.

The Cyprus currency is the Cyprus Pound often seen as CY£. There is a well developed banking system in Cyprus that caters for the needs of everyone from Businessmen to individuals. There are about five major banks on the Island, which includes, Bank of Cyprus and Hellenic Bank. All of the banks in Cyprus adhere to the British method of banking.

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