Are you, like several people living in different parts of the world, looking for a quick, simple, and cost effective way to send money to Cyprus? If so, your search has reached its end because this post gives you all the information you need to make an informed decision. No matter why you want to transfer money to Cyprus, you will find out how to go about the process shortly.
Transfer Money to Cyprus
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
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|
Popular Currency Corridors
Instances of people sending money to and from Cyprus are not uncommon. In 2016, around U.S. $321 million was sent as remittances to Cyprus from other countries. Around U.S. $409 million made its way out of Cyprus as remittances in the same year.
The corresponding tables show how much money moved in and out of Cyprus across its popular currency corridors in 2016.
How Do I Compare Companies When Sending Money to Cyprus?
When comparing companies that let you send money to Cyprus, it is important that you pay attention to the following aspects.
- Cost. While the fee you pay affects the cost of your transfer, so does the exchange rate. Incidentally, both tend to vary from one service provider to the next. To avoid carrying out complicated calculations on your own, simply look at how much money will get to the recipient through different companies.
- Processing time. When you transfer funds to a Cypriot bank account, the process may take up to five working days. This depends on where you reside, the company processing the transfer, and the recipient’s bank. If you wish to send money to Cyprus quickly, you may benefit by turning to a company that has cash pickup centers in the country. Most transfers to cash pickup locations in Cyprus tend to process almost straight away.
- Paying for your transfer. You may pay using a bank account transfer no matter which company you select. Finding companies that let you pay using credit and debit cards is easy. Some even accept payments via methods such as ACH, POLi, SOFORT, iDEAL, Interac, Apple Pay, and Google Pay.
- Customer support. How you may contact a customer service representative, should the need arise, depends on the company you select. Online support via chat and email is much easier to find than over the phone support. To find out what previous customers have to say about companies you shortlist, turn to review-based platforms such as Trustpilot and Feefo.
How to Transfer Money to Cyprus?
You may initiate the process of sending money to Cyprus in different ways.
- Online. While several banks let their customers transfer money to Cyprus online, comparing their services with leading overseas money transfer companies is ideal.
- Over the phone. Some companies give their customers the option of initiating transfers by speaking with currency dealers. You may even get access to a dedicated dealer depending on the company you choose.
- In-person. While walking into your local bank might be an option, compare its services with companies that let you send money to Cyprus by visiting an office or an agent location.
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.
Cash Pickup Locations in Cyprus
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|
Safety Tips for Picking Up Cash in Cyprus
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.
What Information Do I Need to Transfer Money to Cyprus?
How the recipient wants to receive the transferred money has a bearing on the information you need to provide.
- In a bank account. You will need the recipient’s complete name, an IBAN, the receiving bank’s name, and the receiving bank’s SWIFT code.
- At a cash pickup center. Along with the recipient’s complete name, you will to provide the location of a desired cash pickup center. To collect the money the recipient will need to present a transaction number and an acceptable form of photo ID.
Regulations When Transferring Money To and From Cyprus
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.
Now that you know what you need to look for in selecting a suitable service provider to send money to Cyprus, make sure you compare your options well. You may save even more money by using ongoing promotional offers.
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