Banks in Cyprus for Expats: How to Open an Account (2026 Guide)

Expats in Cyprus usually bank with one of the big three, Bank of Cyprus, Eurobank (the former Hellenic Bank) or Alpha Bank Cyprus. Bring your passport, residence document, proof of address, tax number and evidence of your income. If a bank stalls, remember that anyone legally resident in the EU has a legal right to a basic payment account.

Below we cover which banks operate in Cyprus, what they ask for, what they charge, where digital banks fit in and what to do if you are refused.

Do you need a Cypriot bank account?

Not always, but most residents end up with one. A local account makes it simpler to receive a Cypriot salary, pay rent and utility direct debits, and pay taxes and government fees. You can also register your IBAN in the Tax For All portal so that tax refunds reach you. Some tax deductions also depend on paying by bank transfer or card, for example rent under the 2026 reforms. Our expat finances guide covers budgeting and tax basics.

Which banks operate in Cyprus?

The Cypriot banking market has consolidated. In September 2025 Hellenic Bank and Eurobank Cyprus merged and the bank was renamed Eurobank Ltd; customers kept their account numbers and IBANs. In October 2025 Alpha Bank Cyprus took over AstroBank's banking business, becoming the country's third-largest bank.

Several foreign banks also hold licences, mostly for business and international clients. The Central Bank of Cyprus publishes the official register of authorised credit institutions, so check it if you are unsure whether a bank or app is licensed.

What documents do you need to open an account?

Requirements vary between banks and with your profile, but expect to provide most of the following:

Cypriot banks apply strict anti-money-laundering rules. They build an "economic profile" of each customer, asking what the account is for, where your money comes from and roughly what will pass through it. Answer clearly and bring documents to back it up; a missing paper is the most common reason for delay. Non-residents are more often treated as higher risk and face more questions.

How do you open an account, step by step?

1. Choose the bank and check its website for the current list of documents and whether you can start online.
2. Start the application. Bank of Cyprus lets new customers apply through 1bank and the BOC Mobile app, but you still have to visit a branch in person to activate the account and debit card. At Eurobank, foreign residents generally apply at a branch, and you can book a branch appointment online.
3. Attend the appointment with originals of all your documents.
4. Answer the due diligence questions and sign the account documents.
5. Activate online banking and your card once the account is approved.

Timing depends on your file and the bank's checks. Some people are set up within days; others wait several weeks while the bank reviews documents, especially non-residents or people with complex income.

How much do Cypriot bank accounts cost?

Banks publish their charges in a table of commissions and charges. These are Bank of Cyprus's charges for individuals from its June 2026 tariff:

Eurobank, Alpha Bank Cyprus and Ancoria publish their own tables on their websites; compare the maintenance fee, card fee and transfer charges, since those are what most expats pay regularly. Doing transfers online rather than at the counter is almost always cheaper.

What is a basic payment account?

Under EU rules, put into Cypriot law by Law 64(I)/2017, any consumer legally resident in the EU has the right to open a payment account with basic features at a bank that offers them. That includes people without a permanent address and asylum seekers. The bank cannot make it depend on your income, employment, credit history or nationality, and you cannot be made to buy other products such as insurance.

A basic account lets you:

• pay in cash, cheques and your salary;
• withdraw cash at the counter or at ATMs;
• pay by debit card, including online;
• set up direct debits and make credit transfers, including standing orders;
• use online banking.

Fees for basic accounts are set by Minister of Finance decree, and deposits are protected up to €100,000 like any other account.

What if the bank refuses?

The bank must accept or refuse your complete application within 10 working days. It can refuse only in limited cases, mainly if you already hold a basic account with another bank in Cyprus or if opening the account would breach anti-money-laundering law. A refusal must be in writing, free of charge, with reasons (unless giving them would breach security or money-laundering rules), and must tell you how to complain.

If you disagree, complain to the bank first, then take the matter further: approved alternative dispute resolution bodies are listed by the Consumer Protection Service, and you can also go to the Financial Ombudsman or the Central Bank of Cyprus. Our guide on making a consumer complaint in Cyprus explains the process.

Can you use Revolut, Wise or other digital banks?

Yes, and many residents use one alongside a local bank. Know what you are getting:

• Revolut operates in Cyprus through Revolut Bank UAB, licensed in Lithuania. Your IBAN is Lithuanian, and deposits are protected by Lithuania's guarantee scheme rather than Cyprus's.
• Wise is an electronic money institution, not a bank. Money is safeguarded rather than covered by a deposit guarantee, and your IBAN is not Cypriot.

Under the EU SEPA Regulation, an employer, landlord or utility in Cyprus may not insist that your account is in a particular EU country, so a Lithuanian or other EU IBAN should be accepted for euro transfers. In practice some organisations still ask for a Cypriot IBAN; if that happens, point to the rule, and keep a local account for anything that proves stubborn.

Common problems

• Proof of address in your name. If bills are in your landlord's name, use your stamped tenancy agreement or ask what the bank will accept.
• No TIN yet. Apply for one early, as most banks ask for it.
• Delays over source of funds. Bring evidence for large transfers, such as the sale of a house abroad, before you move the money.
• Fees on a forgotten account. Inactive accounts can attract dormancy charges, so close accounts you no longer use.

What to do next

1. Get your residence document and tax number sorted.
2. Compare two or three banks' charges and book an appointment.
3. Once your account is open, set up direct debits for utilities and add your IBAN to Tax For All.
4. For your wider admin, see our first 90 days checklist.