Looking for a Cyprus bank? Find the best Cyprus bank online banking with zero fees and interest paid on current account balances.
I've lived in Cyprus for almost 20 years and, while I still have a Bank of Cyprus account through necessity (there are some things you can't do unless you have a Cyprus-based bank account), I now just use a Wise multi currency account for everyday spending, money transfers, paying bills, online shopping and much more.
Why? Because Wise is SO easy to use, it's FREE to open a Wise account AND I get interest paid on my account balance.
Here are some reasons to consider a Cyprus online bank account using Wise:
For simple money transfers, it's up to 8x cheaper than a traditional bank. Transfers happen within seconds and your money is SAFE as Wise is regulated by the financial authority in your country.
With a Wise debit card, you can use it like your normal bank card for every day spending, link it to Google or Apple pay, use it for online shopping, cash withdrawals and holiday money spending. No need to carry foreign cash as any spending in a foreign currency is automatically converted at the best exchange rate from your account balance.
The Wise App is EASY to use (see the image) and you receive updates via the App every time you withdraw or receive money.
It's also easy to set up a Wise account. Simply go to this Open a Wise account page, click on the Open Account link and follow the instructions. You will need to give some personal ID details so they can make relevant checks and send items like your passport and/or a utility bill as proof of address, then your account is opened for you to use immediately. If you want to use a debit card, order one and it usually arrives within a week or less.
Unlike the banks in Cyprus, where you get charged for EVERYTHING, from holding the actual account, the cost of the debit card and now even for money you transfer INTO your account from outside Cyprus, Wise just asks for a small payment for your initial debit card. If you simply want to do foreign currency transfers at a much cheaper cost than using a traditional bank or currency broker, then you don't even need the debit card.
As an example, Bank of Cyprus charge 24 per year just to hold your account and a whopping 0.3% fee to receive money into your account from abroad! Why pay such crazy charges when you can use an easy option like Wise?
Tip: You can even save the small charge for the debit card by using my invite to open a Wise account here.
In the past few years, many local banks have closed both here in Cyprus and other parts of the world. So having a Cyprus bank near me was another reason for choosing to order a Wise debit card after using my Wise account just for low-cost money transfers previously.
I don't need to worry about visiting a bricks and mortar bank when I can do everything I need through my Wise debit card or through the Wise app. Right here on my own doorstep!
Now my husband is retired and receiving a Cyprus pension, we do still need our bank of Cyprus account as the government will only pay the pension into a Cyprus-based bank account. Crazy I know, but we both use Wise for our everyday spending. Quick, simple and no need to jump in the car to actually visit a bank or wait in a long queue either!
NB - If you are worried about whether your money is SAFE using Wise for your everyday banking needs, don't be. Wise is regulated like any other bank and, your funds are held separately from the central money within Wise as a business. That means that should there be some kind of financial crisis and the company fails, your money is safe.
Tip: See how you can access the best Cyprus bank for online banking by opening a Wise account.
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