Cyprus bank account

I am moving to Cyprus and need to open a bank account when I arrive, I am purchasing a resale property.

I was thinking of opening a euro HSBC international account but wondered for visa purposes does it have to be a Cyprus bank

You will need a Cypriot bank account and deposit money for the visa. If you are not intending or already have the visa I do not think it matters.

I posted details in another thread of the docs required to open a Cypriot bank account. If you post more details on your visa status I might be able to give more details.

As Phil says. Yes you will need to deposit into a Cyprus bank account initially for the visa residency permit and at each renewal there is a stipulated sum that must remain in it...

For everyday usage outside of that I would suggest a Starling online mobile banking account or Revolut.. they are similar well here and you will get a better rate of exchange.

The HSBC euro account is ok but it can only be managed and used via web and not their mobile banking app

Thank you for your replies very informative


Does anyone have any knowledge on how safe the Cypriot banks are? Are they guaranteed?

The bank's are fine and just as safe as many others. They hitv a wall in 2013 but have gone through many changes to date .. they have got their act together and have more work to do.

Yes they are guaranteed under the DPS .. upto EU standards at €100k

Thank you. 😄

The banking system in Cyprus is resilient and will continue to support the real economy, the Central Bank assured President Nicos Christodoulides on Monday.

Christodoulides and Central Bank chief Constantinos Herodotou were holding their first official meeting since the new government took office.

According to a statement, the two discussed ongoing developments, in particular the situation with Credit Suisse. Both men said they were “satisfied” with how Swiss authorities have handled the matter.

During the meeting, Herodotou conveyed to the president that “Cypriot banks have a robust capital adequacy and liquidity.”

Meanwhile also on Monday parliament decided to summon the finance minister as well as banking and financial regulators for a briefing on the possible risk of contagion to Cyprus from the collapse of major banks in the United States.

The session will take place next week.

The matter was tabled for discussion by Akel MPs. According to a statement, they want to discuss with officials the “potential fallout on the Cypriot economy from developments in the global banking system, and the need to take preventative steps.”

Akel MP Andreas Kafkalias told journalists on Monday that it's imperative parliament gets a direct briefing on the true extent of the exposure of banks and businesses in Cyprus to a possible chain reaction following the demise of SVB and Signature Bank in the United States.

He said officials must answer whether the unfolding situation poses systemic risks for the Cypriot economy.

Among those summoned to parliament are Finance Minister Makis Keravnos, the Central Bank governor, the head of the Securities & Exchange Commission, the bank association and the institute of certified public accountants.

Meanwhile the Central Bank governor is meeting with the CEOs of Cyprus two major banks on Tuesday.

Source … is-robust/