opening a local bank account

There are a few different ways that you can open a Cypriot banking account.
Cyprus does not have limitations on who can and cannot open up a bank account in Cyprus. Both residents and nonresidents are allowed to open up bank accounts in Cyprus. If you are interested in opening an account you should know that you can either open up an account by mail from abroad or you can open up an account in person either physically in Cyprus at the bank of your choice or by visiting an international branch of a Cypriot bank.
There are a number of Cypriot banks that you can choose from to open up your bank account. Each bank in Cyprus seems to offer some different services. Choose the best for your requirements.
You will need to meet two requirements. Be over the age of 18 and you will need proof of identity. You can use your passport as proof of identity along with a rental contract or sales contract showing your local address in Cyprus or abroad. You will be able to open any type of account you want from a checking account to a foreign currency account. If you decide to open your account from abroad remember that your signature and identity will have to be verified in person once you reach Cyprus. You can also look for a branch of the Cyprus bank you choose in your home country. For instance, the Bank of Cyprus has branches all over the world.

@shooter I suggest using an online bank account, Cyprus brick and mortar Banks tend to take their sweet time with performing services and opening accounts. I use Blueberry Ultra, I managed to register online without the need to go to any bank. They are also on the fast-track payment network so transfers tend to only take a day or so

@blueberryblogs356 I think it may be a tad too.late considering the original.post is from over 13 years ago....

But it may be an idea for others in the future

If you are opening a bank account for the first time in Cyprus when applying for one year temporary residency  does it have to be a physical bank or can it be an online bank account.  I know you have to provide bank statements from date of opening at your residency appointment. If they accept online bank accounts can anyone recommend one.

@Jackie53 I did my temporary residency in October and I needed a Cypriot bank account which showed at least €30,000. I kept my UK account and opened a Revolt account to use for the currency transfer. For the immigration appointment I needed 3 months of statements from my UK bank and the most recent statement from my Cypriot account. My Cypriot account is with Hellenic bank. Opening the Cypriot account can be a bit of a pain as they require a lot of documentation.

I think the new rules dictate Cyprus bank account deposit

As for online banking for a good exchange rate starling is a little better than revolut but be mainly due to the daily ATM withdrawals .. but you need a UK address to get starling..... Revolut can be applied for no matter where you reside

@MacGeorge8035 , Thank you for your help

@Toon Thank you for your help

We were refused point bland a revolut bank transfer at the Hellenic bank. The money had to come from a UK high street bank!

When asked why not?

The manager said "no broker online bank" due to money laundering from mainly Russia!

Starling...... Is a better option. Its based in UK...

I've transferred large amounts to and from.hellenic to and from revolut but it was pre full blown brexit

Or do they mean a UK clearing bank......

@Toon The big high street banks ie, Halifax,  Lloyd's, Barcleys etc.

The Halifax for moving €15k to Hellenic wanted to charge me nearly £500 for the transaction which I said do one.

We managed to move the money through Horizon Currency who set me up with a bank account to do the transaction. I've used Horizon 3 times now and seem pretty good. The more you transfer the better the rate they give. Brexit is making life difficult for us all.

Yes I agree and think we all know this all too well.. and the latest regulations and requirements for residency are catching a few out too ...  I can se many plans and dreams  being scuppered