Revolut vs Bank of Cyprus — Do You Need Both? (2026)
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This is the question most newcomers to Cyprus ask: can I just use Revolut, or do I actually need a Bank of Cyprus account?
The honest answer is: it depends on your situation, but for most people in the first year, Revolut alone is sufficient.
What Revolut Does That Bank of Cyprus Can’t
Opens before you arrive. You can set up a working Revolut account with an EU IBAN in 15 minutes from anywhere in the world — before you book your flights. Bank of Cyprus requires a branch visit in Cyprus, takes 1–3 weeks, and needs extensive documentation.
Free to open and maintain. Revolut’s Standard plan is €0/month. Bank of Cyprus charges €4–€8/month in maintenance fees.
Better app. Revolut scores 4.8 on iOS and 4.6 on Android. Bank of Cyprus’s 1bank app scores 4.2 / 4.0. The difference in user experience is significant.
Multi-currency. Hold EUR, GBP, USD and more. Bank of Cyprus is EUR-primary.
Lower transfer costs. Sending money internationally via Bank of Cyprus is significantly more expensive than via Revolut or Wise.
What Bank of Cyprus Does That Revolut Can’t
Physical branches. Bank of Cyprus has ~70 branches across Cyprus. If you need to deposit cash, get documents certified, or speak to someone in person, Revolut cannot help you.
Mortgage and lending. If you’re buying property in Cyprus, you will need a traditional Cypriot bank for mortgage applications. Revolut does not offer mortgages in Cyprus.
Institutional recognition. Some older institutions, government departments, and landlords specifically request a local Cypriot bank IBAN. Revolut’s LT-prefix IBAN is technically valid everywhere in the EU, but in practice, some places will only accept a CY-prefix IBAN.
Cash deposits. You cannot deposit cash into Revolut. If your employer pays in cash (uncommon but it happens), you need a local account.
Revolut’s IBAN — Will It Work for Everything?
Revolut provides a Lithuanian IBAN (beginning LT) rather than a Cypriot IBAN (beginning CY). In the EU, all IBANs must be treated equally — IBAN discrimination is illegal. In practice:
- ✅ Salary payments: accepted by almost all Cyprus employers
- ✅ TAXISnet (Cyprus tax registration): accepted
- ✅ EAC (electricity authority): accepted
- ✅ Most utility companies: accepted
- ✅ Most landlords: accepted
- ⚠️ Some older landlords or institutions: may insist on a CY IBAN
- ⚠️ Land Registry and mortgage-related transactions: require a local bank
Our Recommendation
Year one in Cyprus: Revolut alone is enough for most people. Open it before you move, use it for everything.
As you settle: Open a Hellenic Bank or AstroBank account for situations where a local IBAN is specifically requested. This is worth doing eventually, even if it’s not urgent.
For property purchase: You will need a local bank account. Start that process when your property purchase is underway — it will take 2–3 weeks.
The combination of Revolut (daily banking) + Hellenic Bank (local account for official purposes) is the setup most experienced expats in Cyprus recommend. It covers everything and you’re not paying unnecessary fees day-to-day.
Ready to open your Cyprus bank account?
Revolut is our #1 pick — open in minutes, no branch needed.
