How to Open a Bank Account in Cyprus (2026 Guide)

The Quick Answer: Start with Revolut

If you need a bank account in Cyprus fast — or before you even arrive — open a Revolut account first. It takes under 15 minutes, requires only your passport, and gives you a working EU IBAN that Cyprus employers and authorities accept. You can do this from anywhere in the world, right now.

For a full local Cypriot bank account, the process takes longer. But you don't need to wait — Revolut bridges the gap perfectly.

Option 1: Revolut (Online, Takes 15 Minutes)

Revolut is a fully licensed European bank with EU IBAN. For English-speaking newcomers to Cyprus, it is the simplest first account.

Steps:

1. Download the Revolut app (iOS or Android)
2. Enter your email and phone number
3. Scan your passport or national ID
4. Take a quick selfie for identity verification
5. Your account is active — usually within minutes

No Cyprus address required. No branch visit. No waiting period. You immediately receive a Cyprus-compatible EU IBAN you can share with your employer or anyone sending you money.

Read our full Revolut Cyprus review →

Option 2: Local Cypriot Bank (Requires Branch Visit)

If you need a traditional Cypriot bank account — for a mortgage, land registry, or specific official requirements — here is the standard process.

Step 1: Choose Your Bank

Our recommendation for most newcomers is Hellenic Bank — it has the best reputation among expats, solid digital banking, and no 2013 crisis history. Bank of Cyprus has the largest branch network if physical access is your priority. For a more modern experience, AstroBank is worth considering.

See our full comparison table →

Step 2: Gather Your Documents

For all local Cypriot banks, you will need:

• Valid passport (or national ID for EU citizens)
• Proof of address — a utility bill, bank statement, or official letter dated within 3 months. A foreign address is usually acceptable for non-residents, though some banks prefer a Cyprus address.
• Proof of income or funds — payslips, employment contract, pension statement, company accounts, or a letter from your employer
• Proof of tax residency — your tax number from your home country (e.g. NI number for UK citizens, tax ID for others)
• Sometimes: a reference letter from your existing bank or employer

Step 3: Book a Branch Appointment

Most Cypriot banks recommend booking an appointment rather than walking in. Call the branch or use the bank's website to schedule an account opening meeting. Bring original documents — not just photocopies.

Step 4: Complete the Application

At the appointment, a bank officer will review your documents, have you sign the application forms, and conduct a brief Know Your Customer (KYC) interview — standard questions about where your money comes from and why you're opening an account in Cyprus.

Step 5: Wait for Approval

Local Cypriot banks typically take 1–3 weeks to approve and activate a new account. Some banks are faster; it depends on the branch and the completeness of your documentation. You'll receive a letter or email confirming account activation and your IBAN.

How Long Does It Take?

• Revolut: 5–15 minutes
• Wise: Under 1 hour
• Hellenic Bank: 1–2 weeks
• Bank of Cyprus: 1–3 weeks
• AstroBank / Ancoria: 1–2 weeks

Can I Open a Cyprus Bank Account from Abroad?

For Revolut and Wise: yes, completely. For local Cypriot banks: no — you need to visit a branch in person. Some banks may allow a power of attorney arrangement, but this is rare and complex. The practical answer is: open Revolut online now, open a local bank account when you arrive.

Do I Need a Cyprus Address?

Not for Revolut or Wise. For local Cypriot banks, you will need some form of address — either a Cyprus address or a foreign address with supporting documents. Some banks are stricter about requiring a Cyprus address than others. AstroBank and Ancoria Bank are generally more flexible. Read our full guide on opening without a Cyprus address →

Our Recommendation

Open Revolut today (it's free). When you arrive in Cyprus, open a Hellenic Bank or AstroBank account for official purposes. The combination covers everything most newcomers need.