Moving from the UK to Cyprus — Banking Guide

Before You Move: What to Set Up

In the weeks before your move, do these three things:

1. Open a Revolut account — free, takes 15 minutes, gives you an EU IBAN you can use in Cyprus immediately. Do this now, even if you haven't set a move date.
2. Open a Wise account — this is how you'll transfer money from your UK bank to Cyprus at the real exchange rate, saving money on every transfer.
3. Do NOT close your UK bank account — keep it open for at least 6–12 months after moving. You'll need it for UK Direct Debits, HMRC communications, pension payments, and anything UK-specific.

The Post-Brexit Reality for UK Citizens in Cyprus

Since Brexit (1 January 2021), British citizens are no longer EU citizens. This affects banking in a few ways:

• You cannot rely on freedom of movement — you need the correct visa or residency permit for Cyprus
• Your UK bank may close your account if you move permanently abroad — check their policy before you go. Most major UK banks (Barclays, HSBC, NatWest, Lloyds) have specific policies on non-UK residents. Some are more flexible than others.
• As a non-EU citizen, opening a traditional Cypriot bank account may require more documentation

Should You Keep Your UK Bank Account?

Yes, at least initially. UK bank accounts are useful for:

• Receiving UK state pension and private pensions
• UK Direct Debits (subscriptions, insurance policies, car finance if still active)
• HMRC tax refunds and communications
• Purchases from UK websites that don't accept non-UK cards
• Maintaining a UK financial footprint if you return

Some UK banks will close your account if they find out you've moved abroad. To avoid this, do not proactively inform them of your move unless required. If they ask, check the policy carefully — some banks have international accounts designed for expats.

The Best Way to Transfer Money from UK to Cyprus

Never use your UK high street bank's international transfer service. The exchange rate markup alone costs you 2–4% on every transfer. On £10,000, that's £200–£400 lost.

Use Wise instead. Wise uses the mid-market (real) exchange rate with a transparent fee of approximately 0.3–0.6%. On a £10,000 transfer, you save £150–£350 versus a high street bank.

For ongoing pension income, set up a recurring Wise transfer from your UK bank to your Cyprus Revolut or local bank account. This runs automatically and saves money every month.

UK Pension in Cyprus

Your UK state pension and private pensions can be paid directly into a Cyprus bank account. Contact your pension provider and DWP to update your payment details once you have your Cyprus IBAN. You can use your Revolut IBAN for this — it is accepted by DWP for state pension payments.

Be aware of the Cyprus-UK Double Taxation Treaty (signed 1974) which prevents you from being taxed twice on the same income. Consult a Cyprus tax adviser before making decisions about pension tax treatment.

Opening a Local Cyprus Bank Account as a British Citizen

British citizens are non-EU following Brexit, which means you face the same documentation requirements as other non-EU nationals. This is manageable — just bring all your documents. Our recommendation for British expats:

• Best overall: Hellenic Bank — best expat reputation, English-speaking staff, solid digital banking
• Most branches: Bank of Cyprus — useful if you're in a smaller town
• Most digital-friendly: AstroBank

See our full guide for British retirees →

Banking in Cyprus vs the UK — Key Differences

• Branch hours — Cypriot banks close by 13:30 or 14:00, much earlier than UK banks. Plan accordingly.
• Account opening speed — Much slower in Cyprus than the UK. Expect 1–3 weeks for a local account.
• Fees — Local Cypriot banks charge monthly maintenance fees (€3–€8). UK current accounts are typically free.
• Cheques — Rarely used in Cyprus. Direct bank transfers are the norm.
• Cash — More cash-based culture than the UK, especially in rural areas and with older businesses. Always have some euros.

Your Cyprus Banking Checklist

• ☐ Open Revolut (do this now)
• ☐ Open Wise (for GBP→EUR transfers)
• ☐ Keep UK bank account open
• ☐ Update pension payment details to Revolut IBAN
• ☐ Set up regular Wise transfer for living expenses
• ☐ On arrival: visit Hellenic Bank or AstroBank with documents
• ☐ Register with Cyprus tax authority (TAXISnet)
• ☐ Inform HMRC of your move (form P85)