Banking in Cyprus

Most relocators end up with one Cyprus bank for local rent/utilities plus a digital bank (Revolut or Wise) for international transfers. The Cyprus bank takes longer to open but is essential for some official paperwork.

KYC is heavier than EU norms after the 2013 banking reforms. Bring everything to the meeting and don't expect same-day account opening.

Bank of Cyprus

Largest domestic bank

Pros

· Largest branch + ATM network
· 1bank online + mobile excellent
· Multi-currency standard
· Strong English-language support

Cons

· KYC heavy for non-residents
· Monthly fees on some account types
· Slower on innovative services vs neobanks

Non-resident open?: Possible — apply via 'Boost' / private banking with full KYC pack
Min balance: €0 for most personal accounts

1bank.com ↗

Hellenic Bank

Second-largest, recently merged with Eurobank

Pros

· Strong commercial banking
· Hellenic Direct mobile/online
· Good for SMEs and self-employed
· English support

Cons

· Smaller branch network than BoC
· Some international transfer fees
· Documentation thorough

Non-resident open?: Yes — non-resident accounts available, KYC pack required
Min balance: €0–€10,000 depending on account

hellenicbank.com ↗

Alpha Bank Cyprus

Greek group, third-largest in Cyprus

Pros

· Cross-border banking with Greece
· Established commercial brand
· Multi-currency

Cons

· Smaller retail presence in Cyprus
· Online banking less polished

Non-resident open?: Yes — Greek-Cyprus dual residents prioritised
Min balance: Varies

alphabank.com.cy ↗

Astrobank

Smaller, customer-focused, ex Piraeus Bank Cyprus

Pros

· Personal service / private banking
· Faster onboarding for HNW
· Multi-currency

Cons

· Smaller network
· Less retail-friendly fees

Non-resident open?: Yes — strong on non-resident HNW accounts
Min balance: Varies

astrobank.com ↗

Revolut / Wise (digital)

Not Cyprus banks, but used by most expats alongside

Pros

· Multi-currency, low FX
· Apple/Google Pay
· Open in minutes from abroad
· Good for sending money home

Cons

· Cannot pay rent into them in some cases
· Limited cash deposit
· Not a Cyprus IBAN (some employers/landlords prefer Cyprus IBAN)

Non-resident open?: Yes — open from any country
Min balance: €0

revolut.com / wise.com ↗

Documents you'll need (typical)

· Apostilled passport copy
· Proof of address (utility bill, rental contract or property deed)
· Proof of residence (Yellow / Pink Slip if available)
· Tax Identification Code (TIC) — once you have one
· Source-of-funds statement (employment letter, dividend statements, bank statements last 6 months)
· Sometimes: professional reference letter from your home bank
· CV / professional background (sounds odd but standard for HNW accounts)

Banking in Cyprus

KYC is heavier than EU norms after the 2013 banking reforms. Bring everything to the meeting and don't expect same-day account opening.

Bank of Cyprus

Largest domestic bank

Pros

· Largest branch + ATM network
· 1bank online + mobile excellent
· Multi-currency standard
· Strong English-language support

Cons

· KYC heavy for non-residents
· Monthly fees on some account types
· Slower on innovative services vs neobanks

Non-resident open?: Possible — apply via 'Boost' / private banking with full KYC pack
Min balance: €0 for most personal accounts

1bank.com ↗

Hellenic Bank

Second-largest, recently merged with Eurobank

Pros

· Strong commercial banking
· Hellenic Direct mobile/online
· Good for SMEs and self-employed
· English support

Cons

· Smaller branch network than BoC
· Some international transfer fees
· Documentation thorough

Non-resident open?: Yes — non-resident accounts available, KYC pack required
Min balance: €0–€10,000 depending on account

hellenicbank.com ↗

Alpha Bank Cyprus

Greek group, third-largest in Cyprus

Pros

· Cross-border banking with Greece
· Established commercial brand
· Multi-currency

Cons

· Smaller retail presence in Cyprus
· Online banking less polished

Non-resident open?: Yes — Greek-Cyprus dual residents prioritised
Min balance: Varies

alphabank.com.cy ↗

Astrobank

Smaller, customer-focused, ex Piraeus Bank Cyprus

Pros

· Personal service / private banking
· Faster onboarding for HNW
· Multi-currency

Cons

· Smaller network
· Less retail-friendly fees

Non-resident open?: Yes — strong on non-resident HNW accounts
Min balance: Varies

astrobank.com ↗

Revolut / Wise (digital)

Not Cyprus banks, but used by most expats alongside

Pros

· Multi-currency, low FX
· Apple/Google Pay
· Open in minutes from abroad
· Good for sending money home

Cons

· Cannot pay rent into them in some cases
· Limited cash deposit
· Not a Cyprus IBAN (some employers/landlords prefer Cyprus IBAN)

Non-resident open?: Yes — open from any country
Min balance: €0

revolut.com / wise.com ↗