Categories: Finance

A Quick Guide To Expatriate Banking Services In Cyprus

Advantages of Expatriating Banking Services in Cyprus

It is important for expatriates, travellers and anyone who plans to move in Cyprus to consider opening an offshore bank account. For some people it is possible to still work with their home banks but there are a lot who would rather prefer opening bank accounts or offshore accounts in Cyprus because of certain advantages. Some of the advantages of expatriating banking services in Cyprus include paying household bills, getting paid in the local currency and being able to operate better in the new residence.

For expatriates and anyone who is moving to Cyprus whether it is for a short period of time or extended period of time, opening a bank account in Cyprus will be a great choice. But before one opens an offshore account or a bank account, one needs to know some of the helpful information about expatriate banking services in Cyprus.

Cyprus Banking Services

There are a lot of banks in Cyprus that you can choose for your banking services. These banks have different bank rates and services so you needed to review them before you can choose the bank to settle with. When choosing your Cyprus bank, you need to consider the fees, the availability of online banking, the language of operation, the number of branches around your area and the other services that they offer.

The bank that you should choose should enable you to easily access your funds through phone banking, international transfers and international debit cards. It should also enable you to make international payments in major currencies. In Cyprus, the usual banking hours would be 8:15 am – 1:00 pm from Mondays up until Fridays. International banks though offer an extended service up until 5:30 pm. Overall, the banking services in Cyprus are very much developed and they follow the model of British banking. Most of the banks also offer services available in internet and phone banking. The usual types of bank accounts offered by Cypriot banks are Current Accounts, Saving Accounts and Deposit Accounts.

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Opening a Cyprus Bank Account

When you arrive and you decided to open a bank account in Cyprus, remember to carry proof of identifications such as copy of your residence permit, a verified copy of your passport, a letter of reference, a recent utility bill, and a recent bank statement. You can also open a bank account in Cyprus even before your arrival. There are some overseas branches of Cypriot banks wherein you can open a bank account such as foreign currency account and current account but you must first have your signature and some personal identification verified. You can also open an international account before you move to Cyprus. An international account can offer you a wide variety of international banking services.

There are a lot of currency exchange in Cyprus. Most of them offer good exchange rates and you can also negotiate for better transaction values. If you intend to reside in Cyprus for a long period of time it is advisable that you seek the help of a currency specialist that can help you in protecting your funds in currency instabilities.

About the Author: Irene Theocharous currently works at Oxford Tax Solutions as the manager of the Cyprus Offshore Banking Department. During the years she gained professional experience on the banking sector and financial organizations. Irene is responsible for opening offshore bank accounts, dealing of transfer payments and other related banking services.

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