Cyprus banking: background & updates

Cyprus banking: what changed this year

• Eurobank completed the takeover of Hellenic Bank in 2025 (100% ownership via squeeze-out).
• Alpha Bank Cyprus agreed to acquire AstroBank; completion is targeted for late-2025 (subject to approvals).
• What it means for you: fewer, larger banks (Bank of Cyprus, Eurobank, Alpha) competing alongside fintechs. Expect brand changes and product lineup harmonisation; your deposit protection and existing balances remain unaffected by branding.

Instant euro payments: what actually changes

• Banks in the EU must be able to receive instant euro transfers (live from Jan 2025) and to send them by Oct 2025.
• Same price rule: instant transfers cannot be priced higher than standard euro transfers of the same type.
• Name-check (verification of payee): payers get a warning if the name and IBAN don’t match; this helps cut misdirected payments and invoice fraud.
• Use it: enable instant for payroll cut-offs and supplier due dates; if you see a surcharge, pick standard or challenge it.

Deposit protection: the practical bit

• Coverage is up to €100,000 per person, per bank. Joint accounts double that limit (per holder).
• Temporary higher cover exists for certain life events (e.g., property sale proceeds) for a limited period; check your bank’s notice if you expect a large short-term balance.
• Target payout window is seven working days if a bank fails.

Sector health in one sentence

The share of loans that borrowers have stopped repaying long-term sits around ~5.9% in 2025—much lower than a few years ago—while capital and liquidity remain strong. In short: the system is sturdier than it used to be.

Pricing & service trends to watch

• Monthly maintenance fees persist for many personal, SME and corporate accounts; always check the latest charges document before applying.
• Overdue KYC review fees appear in several price lists: set calendar reminders for refresh dates to avoid them.
• ATM foreign-currency cash typically attracts a percentage fee plus a minimum; paying by card in the local currency is often cheaper.
• Fintech + local bank remains the most practical setup for banking in Cyprus: use fintechs for day-to-day payments and cross-border euro transfers; keep a local bank for loans, overdrafts and in-branch needs. Check out our comparison tool to find the best current account for you.

Actionable takeaways

• Prefer instant euro payments for time-critical transfers; if priced higher than standard, query support.
• Keep both an online account (for fees/speed) and a local bank (for credit access and POS settlement).
• Before opening, read the latest Commissions & Charges and note any KYC review dates.