Banking System

The banking system in Cyprus closely follows the British pattern and is well developed and organized whilst being equipped with the latest technology in modern surroundings.

Non-Cypriot citizens have the privilege to open foreign currency and local deposit accounts very easily.

Many Cypriot Banks have branches throughout the world. International Banks also have branches throughout the island for the convenience of their customers, with major credit cards like Visa, Diners, American Express being widely used.

Cyprus Banks offer flexible housing loans in foreign currency to suit a client’s needs.

Currency:
The currency of the Republic is the Cyprus pound - C£, which is divided into 100 cents.
Notes and coins currently in circulation are as follows:
- Bank Notes: C£20, C£10. C£5, C£1.
- Coins: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents.

Import of bank notes:
Visitors may import any amount of Cypriot or foreign bank notes. They should declare to customs, on form D. (N.R.), their Cypriot and foreign bank notes for purposes of: deposit with banks in Cyprus, purchase of goods or immovable property, or re-export.

Export of Bank notes
Visitors may export any amount of Cypriot or foreign bank notes they declared on arrival, on form D. (N.R.). They may also export up to equivalent of USD1.000 in Cypriot or foreign bank notes which they imported, even if they did not declare them on arrival. In addition, visitors may take out with them up to C£100 in Cypriot bank notes.

Banks

- The Central Bank of Cyprus http://www.centralbanks.gov.cy

- The Bank of Cyprus http://www.bankofcyprus.com

- Hellenic Bank http://www.hellenicbank.com

- Cyprus Popular Bank http://www.laiki.com

- Alpha Bank http://www.alphabank.com.cy

- Universal Bank http://www.usb.com.cy

- Arab Bank http://www.arabbank.com.cy

- Societe Generale http://www.societegenerale.fr