The Complete Guide to Banking in Cyprus (2026)
Everything you need to understand the Cyprus banking system and navigate it as an English-speaking newcomer.
Overview of the Cyprus Banking System
Cyprus is a member of the European Union and the Eurozone (€ since 2008). All banks operating in Cyprus are regulated by the Central Bank of Cyprus (CBC) and subject to EU banking regulations. The banking sector is dominated by two local banks — Bank of Cyprus and Hellenic Bank — along with several smaller local banks and international fintechs like Revolut and Wise.
The Major Banks in Cyprus
Cyprus has a relatively concentrated banking sector. The main players are:
- Bank of Cyprus — largest local bank, ~70 branches, founded 1899
- Hellenic Bank — second largest, ~45 branches, founded 1976
- Eurobank Cyprus — subsidiary of Greek Eurobank group
- Alpha Bank Cyprus — subsidiary of Greek Alpha Bank
- AstroBank — smaller, digital-focused local bank
- Ancoria Bank — newest local bank, founded 2016
- Revolut — EU-licensed fintech, most popular with newcomers
- Wise — international money transfer specialist
See our full comparison of all 8 banks →
The 2013 Cyprus Banking Crisis — Plain English
In March 2013, Cyprus became the first Eurozone country to impose a "bail-in" on bank depositors. Here is what actually happened and why it still matters:
- Bank of Cyprus and Laiki Bank (Popular Bank) had over-exposed themselves to Greek government debt and faced insolvency
- As a condition of a €10 billion EU/IMF bailout, Cyprus agreed to impose losses on large depositors (over €100,000) at these two banks
- Deposits under €100,000 were fully protected — not a single cent was taken from small depositors
- Laiki Bank was wound down; its insured deposits were transferred to Bank of Cyprus
- Bank of Cyprus imposed a ~47.5% haircut on deposits over €100,000, converting the excess to bank shares
- Hellenic Bank and other banks were not involved in the bail-in
Since 2013, EU-wide deposit guarantee rules (Directive 2014/49/EU) apply in Cyprus. All deposits up to €100,000 per person per institution are legally guaranteed and cannot be subject to a bail-in.
Deposit Protection in Cyprus
The Cyprus Deposit Protection Scheme (DPS) guarantees deposits up to €100,000 per depositor per credit institution. This applies to all regulated banks in Cyprus. Key points:
- The limit is per person per bank — if you have accounts at two banks, both are protected up to €100,000 each
- Joint accounts count separately — a joint account is protected up to €100,000 per owner
- Revolut deposits are protected under the Lithuanian DGS (same EU standard, €100,000 limit)
- Wise does not take deposits in the traditional sense — client funds are safeguarded in segregated accounts
Currency in Cyprus
Cyprus uses the Euro (€). It joined the Eurozone on 1 January 2008, replacing the Cyprus pound. All bank accounts are in EUR by default, though some banks offer foreign currency accounts in USD and GBP. Revolut and Wise support multi-currency accounts.
The IBAN System in Cyprus
Cyprus IBANs are 28 characters long and begin with CY. Example format: CY17 0020 0195 0000 0001 2003 7600. When sending money to Cyprus, you'll need the recipient's IBAN and their bank's SWIFT/BIC code. Revolut provides a Cyprus-compatible EU IBAN (typically in Lithuania format, beginning LT) which is accepted across the EU.
Online Banking in Cyprus
All major Cypriot banks offer online banking and mobile apps in English. Quality varies significantly:
- Revolut and Wise offer world-class digital banking experiences
- AstroBank has the best app among traditional local banks (4.4/5 iOS)
- Hellenic Bank and Bank of Cyprus apps are functional but behind fintech standards
- Eurobank and Alpha Bank Cyprus apps are rated lower
Banking Hours in Cyprus
Most Cypriot bank branches are open Monday to Friday, approximately 08:30–13:30. Some branches in major cities open in the afternoon as well. Banks are generally closed on Saturdays and Sundays, and on Cypriot public holidays. ATMs are available 24/7.
Sending Money to and from Cyprus
Within the EU (SEPA zone): transfers are fast (1 business day) and low-cost at most banks. Revolut and Wise offer instant SEPA transfers. Outside the EU: standard international wire transfer, which is significantly more expensive at traditional banks. Wise is the best option for non-SEPA international transfers.