Bank accounts in Cyprus (Personal & Ltd): quick guide

Bank accounts in Cyprus: what to know first

• Instant euro transfers can’t cost more than normal euro transfers. That’s EU law. If an app shows a higher fee for “instant”, query support or choose standard.
• Real fees today (so you’re not surprised): one major bank lists €2.90/month for individuals, €9/month for small businesses, and €15/month for corporates.
• Avoid this hidden charge: banks do periodic customer reviews (KYC refresh). If you miss the deadline some charge an “overdue review” fee (e.g., €50 for companies). Put the review date in your calendar.
• ATM foreign-currency cash is pricey: after a small free allowance, foreign-currency withdrawals often add a percentage fee (≈2–3%+) plus a minimum. Paying by card in the local currency is usually cheaper.
• Fewer, bigger banks: Eurobank completed the Hellenic Bank takeover; Alpha Bank Cyprus agreed to acquire AstroBank (completion targeted Q4-2025). Expect a market centered on Bank of Cyprus, Eurobank, and Alpha.
• Deposit protection: up to €100,000 per person, per bank with a target payout of 7 working days if a bank fails.

Which setup makes sense?

• Fintech/online account: low everyday fees, cheap euro transfers, fast remote onboarding, multi-currency.
• Local bank: access to loans/overdrafts, POS settlement, and a track record with a lender (salary inflows, taxes, local invoices).
• Most residents and Ltds run both: fintech for day-to-day; local bank for lending and in-branch needs.

Compare now:
Current accounts (Personal)
Business accounts (Ltd)

Personal bank accounts in Cyprus

Opening

• ID/passport and proof of address are standard. Several banks let you start online/in-app, but a brief branch visit may still be needed to finalise.

Transfers

• Euro “instant” (≈10 seconds) must be priced no higher than standard euro transfers of the same type.

Cards

• Bank credit-card interest is often double-digit (e.g., nominal 10.5–12%). Avoid revolving balances if you can.

Business bank accounts in Cyprus (e.g. Ltd)

Documents you’ll need

• Company certificates: Incorporation, Directors/Secretary, Shareholders/UBOs, Registered Office; Memorandum & Articles.
• IDs & proof of address for directors/UBOs.
• Short business profile (what you do, clients/suppliers, countries) and basic source-of-funds evidence.

Process

• Submit scans online → bank review → short branch meeting with originals to activate (timing varies by bank).

Fees

• Expect a monthly account fee, per-transfer charges, and cash-handling/statement fees. Check the bank’s Commissions & Charges PDF before choosing.

Payroll & suppliers

• Use instant euro transfers where supported; pricing is capped (same or less than standard).

Fees — quick ways to avoid pain

Maintenance

• Confirm whether the monthly fee is per account or per customer; some banks show both.

Transfers

• If “instant” appears pricier than “standard”, that breaches the rule — query support or pick standard.

ATM & foreign cash

• Prefer card payments in the local currency; foreign-currency cash often adds a percentage plus a minimum.

Small print people ask about bank accounts in Cyprus

• IBAN refusal: if a payroll office or utility rejects a non-Cyprus EU account number, that’s illegal under EU “IBAN discrimination” rules.

One-minute checklist

• Pick your day-to-day account (often a fintech).
• Add a local bank if you’ll want loans, overdrafts or POS services.
• Read the bank’s Commissions & Charges PDF before you apply.
• For a Ltd: prepare company certificates, IDs/UBOs, a short business profile and source-of-funds evidence before you click “apply”.

Keep up-to-date about banking in Cyprus

Here are some links to stay informed about current banking developments like housing loan rates, interest rate or banks mergers

• Cyprus-Mail
• Stockwatch