Most of the leading international money transfer companies give individuals and businesses the ability to send money to Cyprus.
Selecting one that suits your needs the best requires that you compare the leading alternatives carefully.
Sign up with the company you select by providing all the necessary information.
Verifying your identity at this stage is usually a legal requirement.
Determine if it is a good time to send money to Cyprus by checking the recent history of EUR exchange rates.
Begin the transfer process by informing your service provider of the desired transfer amount and getting a rate quote. If you find the rate to be acceptable, lock it in place by accepting the quote.
Your service provider will ask for the recipient's local bank account details around this time.
The company you select to transfer money to Cyprus essentially functions as an intermediary.
You first need to pay for your transfer. Only after your service provider receives the money will it transfer it to the recipient's bank account.
You get to know how long the process might take in advance.
Tracking these transfers is usually rather easy - either through updates on your service provider's website or through text/email notifications.
What currency do they use in Cyprus? The Cypriot pound (CYP) – also referred to as the lira – was the official currency of Cyprus until December 2007. What is the currency of Cyprus now? In January 2008, the Republic of Cyprus switched over from the lira to the euro (EUR). However, the Turkish Republic of Northern Cyprus continues using the lira as its official currency.
Carrying out a money transfer to a Cypriot bank account requires that you have the bank’s SWIFT code. Here are SWIFT codes of a few popular banks in Cyprus.
|Bank of Cyprus||Nicosia||BCYPCY2N010|
|Cyprus Development Bank||Nicosia||CYDBCY2NXXX|
|Cyprus Cooperative Bank||Nicosia||CCBKCY2NXXX|
Steve and his wife were travelling from the UK to Cyprus for a holiday. They looked for hotels online and found one that suited their needs. Steve decided to make a large part of the payment directly to the hotel, while he was still in the UK. Turning to his bank was an option, but he decided to compare it with a popular overseas money transfer company. The corresponding table shows you what he found.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||GBP 1 = EUR 1.0152||GBP 1 = EUR 1.1329|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 3,000||EUR 3,025.30||EUR 3,398.70|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 373.40|
The company Steve selected resulted in the hotel receiving more than 10% extra money than it would have if he had used the bank, and he was glad to add it to their holiday budget.
You can send money to Cyprus quickly by using the services of a company that has an agent network in the country. Some of your options include Western Union, MoneyGram, and Ria.
|WESTERN UNION IN CYPRUS|
|Nicosia, Bank of Cyprus, Kantaras Avenue, Nicosia||Michael Iosif, 7b Kantaras Street, Nicosia|
|Limassol Bank of Cyprus, 33 Elia Kannaourou Street, Limassol||I and Beyond, A16 Vasileos Georgiou Street, Limassol|
|MONEYGRAM IN CYPRUS|
|Nicosia Rita Kumah, 10, Near Ohi Square, Nicosia||ACS Courier, 40h Makariou Avenue, Nicosia|
|Limasson Cyprus Post, 137 Agias Fylaxeos, Limassol||Fix Kiosk 2 Ariadnis Street, Next to Sigma Bakarey Limassol|
Crime levels in Cyprus are low and instances of foreigners being targeted are not common. However, petty crimes such as bag snatching and pickpocketing are regularly reported from urban areas. There have been instances of hotel safe deposit boxes and room safes being robbed, so keep your money and valuables particularly carefully.
Make sure you exchange money in Cyprus only at official currency exchange offices or banks to avoid getting counterfeit notes. If you are found to be in possession of fake euro banknotes, expect the police to be called, and you might face prosecution.
Do not leave your drinks unattended and do not accept drinks from strangers as they might be spiked. Try not to split up with your friends, and avoid going out with strangers or new acquaintances.
How the recipient wants to receive the transferred money has a bearing on the information you need to provide.
A lack of banking regulations in Cyprus led the country to recession in 2012 and 2013, when it was almost on the verge of leaving the euro area. Significant restrictions were then put in place, and Cyprus became the region’s only country to have limits on how much money could leave the country. For instance, individuals could transfer no more than €5,000 per month, and the limit for businesses stood at €1 to €2 million.
The restrictions have been lifted since, and there are no limits on how much you may transfer out of the country now. However, all transfers of over €10,000 are reported to relevant European Union authorities.