Bank of Cyprus
Cyprus's largest bank · 70+ branches · English-speaking staff · Est. 1899
Score Breakdown
Last updated: March 2026
Quick Facts
Bank of Cyprus is the island's largest and oldest bank, with over 70 branches and a network of ATMs across Cyprus. It offers the most comprehensive in-person banking experience — essential for retirees who prefer face-to-face service, or for anyone needing complex banking services like mortgages.
Overview
Bank of Cyprus is the establishment choice. It is the biggest, oldest, and most recognised bank on the island — the one your landlord, your accountant, and your local municipality will recognise without question.
Account Opening Experience
Opening an account at Bank of Cyprus requires a branch visit. You will need your passport, proof of address (Cyprus or foreign), proof of income or employment, and possibly a reference letter. The process typically takes 1–3 weeks from application to account activation.
Fees & Costs
Monthly fees range from €4 for a basic account to €8+ for a premium account. SEPA transfers within the EU are generally included, but international transfers outside SEPA carry fees. ATM withdrawals at Bank of Cyprus ATMs are free; other ATMs charge.
Digital Banking
The 1bank app has improved significantly in recent years. It handles everyday tasks — transfers, bill payments, account management — competently. iOS rating 4.2, Android 4.0. Online banking is fully in English.
Non-Resident & Foreigner Experience
Bank of Cyprus does accept non-residents, but the process is more involved than for Cyprus residents. English-speaking staff are available at most branches, particularly in Limassol, Paphos, and Nicosia.
Our Verdict
Bank of Cyprus is the right choice if you need in-person branch access, are applying for a Cyprus mortgage, or need an account that every institution on the island will recognise without question. Use it alongside Revolut for the best of both worlds.
✅ Pros
- ✓ Largest branch network in Cyprus — 70+ branches
- ✓ English-speaking staff at most branches
- ✓ Full mortgage and property buying support
- ✓ Longest history and deepest roots in Cyprus
- ✓ All government and utility payment systems accept it
- ✓ Good for retirees who prefer in-person banking
- ✓ 1bank mobile app with solid functionality
❌ Cons
- ✗ 2013 bail-in crisis — large depositors lost money (resolved, but worth knowing)
- ✗ Monthly fees of €4–€8 depending on account type
- ✗ Account opening can take 1–3 weeks with extensive documentation
- ✗ Non-residents face more scrutiny during account opening
- ✗ App ratings below fintech standards
- ✗ SEPA transfers not always free
🎯 Best for: Branch access, retirees & long-term residents
Learn More About Bank of Cyprus
Visit the official website for current fees and to book an appointment.