Sending Money to and from Cyprus: Bank Transfers, Wise, Revolut and Fees Compared (2026)

Sending euros between Cyprus and another SEPA country is cheap, often free online, and since 2025 instant euro transfers may not cost more than standard ones. Moving pounds, dollars or other currencies is where the money goes: banks add a transfer fee, a conversion commission and their own exchange rate, so always compare the final amount in euros rather than the headline fee.

Below we compare what the main Cypriot banks charge (as of October 2026), how Wise, Revolut and cash services fit in, what to expect on large transfers, and the cash rules at the border. For opening an account in the first place, see our guide to banks in Cyprus for expats.

How do euro (SEPA) transfers work in Cyprus?

Cyprus is in the euro area and the Single Euro Payments Area (SEPA), so a euro transfer to Greece, Germany or Ireland is handled much like a payment within Cyprus. EU rules say your bank must charge the same for a cross-border euro payment as for the equivalent national one, and an employer, landlord or utility may not refuse your account just because its IBAN is from another EU country.

Instant SEPA: what changed in 2025

The EU Instant Payments Regulation introduced two deadlines for banks in the euro area:

1. From 9 January 2025, banks had to be able to receive instant euro payments, and an instant transfer may not cost more than a standard transfer.
2. From 9 October 2025, banks had to be able to send instant payments and offer verification of payee, which checks that the name you enter matches the account before you send.

The Central Bank of Cyprus reminded Cypriot providers of these deadlines; payment and e-money institutions (as opposed to banks) have until 9 April 2027. Verification of payee is worth paying attention to: if the app warns that the name does not match, stop and check with the person directly, as this is a common sign of invoice and rental scams.

What do Cypriot banks charge for transfers?

Each bank publishes a table of commissions and charges. These are the figures for individuals using online banking, taken from each bank's current tariff as of October 2026. Branch transfers cost more.

A few details that catch people out:

• Eurobank (the former Hellenic Bank) charges incoming non-SEPA payments in tiers, for example €20 for anything between about €2,000 and €50,000, plus the 0.30% when the money lands in an account in a different currency.
• Alpha Bank Cyprus offers instant transfers 24/7 through Alpha 360, up to €25,000 per transfer and €50,000 a day.
• Choosing "OUR" charges, where you pay the receiving bank's fees too, costs extra at every bank (at Eurobank €15 for transfers up to €10,000).
• Some top-tier credit cards cut the foreign-currency card fee to 1%.

How much does the exchange rate really cost?

The commission in the table is only part of the cost. When a bank converts pounds or dollars into euros, it also applies its own buying rate, which is usually less favourable than the mid-market rate you see on financial websites. On £10,000, a difference of a cent or two in the rate can easily cost more than the commission itself.

To compare properly:

1. Note the mid-market rate on the day.
2. Ask each option how many euros will arrive for the amount you send, after all fees.
3. Ask the sending bank too: a UK or US bank may convert before sending, adding its own margin.

If you are paid regularly in a foreign currency, a bank account held in that currency lets you choose when to convert rather than converting every payment automatically.

How do Wise and Revolut compare?

Both are app-based and popular with expats, but they are regulated differently from Cypriot banks.

Wise serves EU customers through Wise Europe SA, a payment institution authorised by the National Bank of Belgium. Wise says it converts at the mid-market rate and shows the full fee before you pay, and that most transfers arrive within a day. Customer money is safeguarded in separate accounts and assets, but Wise is not a bank, so its payment services are not covered by a deposit guarantee scheme.

Revolut serves Cyprus residents through Revolut Bank UAB, licensed by the European Central Bank and regulated by the Bank of Lithuania. Your IBAN is Lithuanian, and deposits are protected up to €100,000 under the Lithuanian scheme. Its crypto services in the EU are run by a Cyprus-registered company licensed by the Cyprus Securities and Exchange Commission. Revolut's published fees for Cyprus on the Standard plan include:

• euro SEPA transfers free;
• a €1,000 a month currency exchange allowance with a 1% fee above it, and a 1% fee at weekends (in the fee version applying from 19 December 2026; earlier terms apply until then);
• free ATM withdrawals up to 5 withdrawals or €200 a rolling month, then 2% (minimum €1), from 15 October 2026;
• a fee for international transfers outside SEPA, shown in the app before you confirm.

Paid plans change these allowances, so check the fee page for your plan.

Comparison: ways to move money to and from Cyprus

Western Union lets you send cash from agent locations in Cyprus or receive money either into a bank account or in cash; to collect cash you show valid ID and the 10-digit tracking number (MTCN). Western Union also earns money from the exchange rate, so compare the amount received.

Should you choose euros or your home currency at ATMs?

When a cash machine or card terminal offers to charge you in pounds, dollars or another home currency, that is dynamic currency conversion. The rate is set by the ATM operator or the shop's provider, not your bank. The European consumer organisation BEUC has warned that it can add several per cent to the cost and advises always paying in the local currency. Under EU rules the charge has to be shown as a percentage mark-up over the European Central Bank's reference rate, which helps you compare, but declining the conversion is usually the simpler choice.

Withdrawing euros in Cyprus with a Cypriot card at your own bank's ATMs is generally free, while other banks' machines and foreign cards often charge. Check your card's foreign-currency fee before you travel: it ranges from 2.70% to 3% on standard cards at the three banks above.

What happens with large transfers?

Cypriot banks apply strict anti-money-laundering checks, and a large incoming payment, for example from a house sale, an inheritance or a pension lump sum, will often trigger questions about the source of funds. Have the paperwork ready before you send:

• a sale contract and proof of the proceeds for a property sale;
• a grant of probate or will and the estate's bank statement for an inheritance;
• pension statements or a government letter for pension income;
• payslips, a contract and tax returns for savings from salary.

Tell your bank in advance about a large payment and its purpose; it is much faster than answering questions once the money is held. If you are buying property, our mortgage guide explains what lenders ask for.

Cash is also tightening across the EU: from 10 July 2027 an EU-wide limit stops traders accepting cash payments above €10,000, and Cyprus's parliament voted for a similar national cap in December 2024.

Do you have to declare cash at the Cyprus border?

Yes, if it is €10,000 or more. Under the EU cash control rules and Cypriot law, anyone entering or leaving Cyprus with that amount must declare it in writing to a Customs officer, and this applies on journeys to and from other EU countries too, not only outside the EU. "Cash" includes:

• banknotes and coins in any currency;
• cheques, traveller's cheques, money orders and other bearer instruments;
• gold coins with at least 90% gold and gold bars with at least 99.5%.

The limit applies per person, and cash sent by post or courier can also require a declaration within 30 days. Not declaring, or declaring incorrectly, is an offence: the cash can be seized and the penalty is up to three years in prison, a fine of up to €100,000, or both. The forms and contact details are on the Cyprus Customs cash control page.

Can you receive a UK pension in Cyprus?

Yes. The UK State Pension can be paid into a bank in the country where you live or into a UK bank or building society (see GOV.UK). Payments to an overseas account are usually converted into local currency, with a 0.39% conversion charge, and you can choose to be paid every 4 or 13 weeks. Because Cyprus is in the EEA, your State Pension still rises each year. To be paid abroad you need the account's IBAN and BIC.

Workplace and private pensions are paid according to each scheme's rules; ask the provider whether it pays into a euro account and at what rate, and take regulated advice before transferring a whole pension abroad. How pensions are taxed once you live here, including the 5% option, is covered in our retiring in Cyprus guide.

Tips to pay less and stay safe

• Do euro transfers in online banking, not at the counter.
• For currency transfers, compare the euros received from at least two options on the same day.
• Avoid converting at weekends if your provider adds a weekend fee.
• Keep a Cypriot account for anything that insists on a local IBAN, and use apps alongside it.
• Never change payment details because of an email or message alone; confirm by phone with someone you know.

What to do next

Set up your local account with our banks in Cyprus guide, then check how your income will be taxed with the 183-day and 60-day tax residency rules. Moving from Britain? Our step-by-step guide for UK retirees covers the rest of the move.