A list of the top banks in Cyprus

If you’re moving to sunny Cyprus to work, study, start a business or visit family, you might need a local bank account.

But which bank should you choose? One of the first steps to opening a bank account in Cyprus is comparing banks, including what accounts, cards and other products they offer.

We’re here to help, with a handy guide to the top banks in Cyprus. Read on for the lowdown on the country’s biggest and most popular banks.

We’ll start with a quick overview of what banking is like in Cyprus.

Banking in Cyprus (an overview)

The Cypriot banking sector is small but relatively stable, despite a major financial crisis back in 2013. The market is made up of a mix of universal, retail and corporate banks, including a number of major banks. All are overseen by the Central Bank of Cyprus.

Opening a bank account in Cyprus is pretty much the same as in other countries, although not all banks accept online applications (especially if you’re not a Cypriot citizen or resident).

You’ll usually need to provide the following documents:¹

• Your passport or valid ID card

• Proof of address in Cyprus or your home country, such as a recent utility bill.

Some banks may also ask for a reference from your bank in your home country, along with information on why you need the account and your expected income.

As for how much it costs to have a Cypriot bank account, there are a few fees to watch out for. Some banks may charge a small monthly maintenance fee, and there may also be charges for using another bank’s ATM.

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Top 9 banks in Cyprus

Now, let’s take a look at the biggest and most popular banks in Cyprus, so that you can start to compare options:

Bank name	Operational HQ
Bank of Cyprus	Strovolos
Hellenic Bank	Nicosia
Eurobank Cyprus	Nicosia
Alpha Bank Cyprus	Nicosia
AstroBank	Nicosia
Societe Generale Bank Cyprus	Nicosia
Ancoria Bank	Nicosia
Cyprus Development Bank	Nicosia
National Bank of Greece (Cyprus)	Nicosia

Bank of Cyprus

The biggest bank in the country, Bank of Cyprus has branches in major cities nationwide.

The bank has a number of personal accounts to choose from. This includes instant access, fixed deposits and savings accounts.

One of the handiest if you prefer to bank digitally is its Quick Account. You can open and manage the account online, as long as you register with its 1bank service. The account offers a debit card, standing orders/direct debits and no maintenance fees.²

Bank of Cyprus also offers privilege banking, wholesale banking (including accounts, liquidity management and commercial facilities for businesses) and international banking.

Hellenic Bank

Hellenic Bank is a Cypriot bank established in 1976, and which now has a wide network of branches spread across the country.

It has a number of personal banking products available. This includes the Hellenic Bank Current Account, offering everything you need for everyday transactions. This includes instant access to your money, a debit card, cheque book and 24/7 online and mobile banking. There’s also the option for an overdraft if you need it.³

For business customers, there are accounts, cards, financing and cash management services available.

Eurobank Cyprus

Eurobank Cyprus is a universal commercial bank, relatively new to the country after being established in 2007. It’s owned by Eurobank, one of the biggest banking groups in Greece. offers

The bank offers current accounts, but only to eligible Affluent Banking or Private Banking customers.⁴ This means you’re likely to need a minimum annual income or savings to apply, and you’ll also need to be a Cypriot citizen and resident (although non-resident accounts are available).

Eurobank Cyprus also provides corporate banking, international banking and wealth management services.

Alpha Bank Cyprus

Alpha Bank is a Greek-owned bank with a number of branches in Cyprus (mostly in Nicosia and the Limassol area).

You’ll have a choice of deposit, term deposit and foreign currency accounts at Alpha Bank.

If you’re looking for an instant access current account, theAlpha 100 account could be the right choice. It has a debit card, free ATM withdrawals (at Alpha Bank ATMs in Cyprus), online banking and the option to add an overdraft if needed.⁵

For businesses, Alpha Bank offers a range of accounts, cards, payroll solutions, loans, insurance, investments and more.

AstroBank

Formerly known as Piraeus Bank when it was part of the Greek-owned Piraeus Bank Group, it was renamed AstroBank in 2016. The bank serves both personal and corporate customers.

For everyday banking, the AstroBank Current Account could be worth a look. It comes with a debit card, cheque book and everything else you need for day-to-day money management.

Financial services for businesses available at AstroBank include current accounts, finance and borrowing solutions, investments, insurance and international banking.

Societe Generale Bank Cyprus

A full service local bank based in Nicosia, Societe Generale Bank Cyprus (SGBCy) has been around since 1985. It offers banking services to individuals, small enterprises, large businesses and international organisations.

The SGBCy Current Account is a popular choice for everyday money management. It offers convenient deposits and withdrawals, a debit card and free withdrawals at the bank’s ATMs. You can also open the account in other currencies.⁶

For businesses, the bank has a current account, overdraft account, loans, credit and debit cards available.

Ancoria Bank

A newly established challenger bank based in Cyprus, Ancoria Bank launched in 2016. It serves both personal and business customers, with a focus on innovative app-based banking technology.

Ancoria’s main Current Account for personal customers offers easy everyday banking. Features include mobile banking, limited free ATM withdrawals (unlimited at Ancoria Bank Self-Service Kiosks), a debit card and optional overdraft.⁷

For businesses, the bank has a range of current and fixed term deposit accounts, along with business loans and trade services.

Cyprus Development Bank

Founded in 1963, the Cyprus Development Bank was established in order to support economic advancement in the country. Today, it offers personal, corporate and international banking.

The bank has many deposit and savings accounts to choose from, but possibly the best option for everyday banking is its Current Account. This has a long list of features, including multi-currency transactions, online banking, debit cards and your own Personal Client Relationship Officer.⁸

For corporate customers, the Cyprus Development Bank has a selection of accounts, loans and financing solutions, overdraft accounts and dedicated products for startups.

National Bank of Greece (Cyprus)

Last but not least, we have the National Bank of Greece in Cyprus. The Cypriot arm of the National Bank of Greece is based in Nicosia, and only offers corporate banking.

Services include cards, financing, insurance, payments solutions. It doesn’t appear to offer any products for personal customers.

Best online bank accounts and money management alternatives in Cyprus

Alongside high-street banks, there are also a number of alternative ways available to manage your money in Cyprus. Some of the most popular are:

• Revolut - an all-in-one finance app with a debit card and banking services.

• Bunq - a mobile-first bank licensed in the Netherlands offering personal and business accounts.

• Vivid Money - a German mobile banking platform available across the EU. It offers accounts and cards for personal and business customers.

Wise – Money for here, there and everywhere

If you want to send money internationally, or use your debit card when you travel, you’re probably looking for the most cost-effective way.

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You can even get an international debit card for spending in over 150+ countries, including Cyprus. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

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And that’s it - your handy list of the top banks in Cyprus, plus info on their most popular current accounts. This should act as a useful starting point as you compare banks and accounts, and find the right one for you. Good luck!

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Sources used for this article:

1. B2BPay - How to open a bank account in Cyprus

2. Bank of Cyprus - Quick Account

3. Hellenic Bank - Current Account

4. Eurobank Cyprus - Open an account

5. Alpha Bank - Alpha 100

6. Societe Generale Bank Cyprus - Current Account

7. Ancoria Bank - Current Account

8. Cyprus Development Bank - Apply for a personal bank account

Sources last checked on 28-Mar-2024.