Akamas Cyprus Estates

Banking, Currency & Credit Cards

From the 1st of January 2008 the Euro became the legal tender on Cyprus at the fixed exchange rate of €1=CY£0.585274.

According to the Sunday Times travel expert you should be able to exchange your old money (up to £1,000 Cyprus Pounds per customer per transaction in notes, and up to £50 in coins) free of charge at any of the Island's banks. From July 1 an exchange will continue to be possible, but only at the Central Bank of Cyprus in Nicosia, until the end of 2017.

Commercial banks in Cyprus offer a wide range of banking services in foreign currencies and Euros. They have correspondents in most major cities around the world and are full members of the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Commercial banking in Cyprus is based on UK banking law. Commercial banks and practice are supervised by the Central Bank of Cyprus.

The Central Bank of Cyprus is responsible for supervising commercial banks and has the duty of:

• Formulating and implementing monetary policy
• Implementing exchange rate policy in consultations with the Council Of Ministers
• Managing and administering the international reserves of the Republic of Cyprus
• Promoting the smooth operation of payments and settlement Systems
• Acting as a financial agent and banker of the Government

Public banking hours

• May to August
  Monday – Friday 08:15 – 13:00
• September
  Monday – Friday 08:15 – 13:00
  Monday 15:15 – 16:45
• October to April
  Monday – Friday 08:15 – 13:00
  Monday 15:15 – 16:45

Banks are closed at weekends, public holidays and Easter Tuesday. Christmas Eve is a normal working day for banks. Banks at Pafos and Larnaka International airports provide a 24 hour exchange bureaux service. Similar facilities are also available at Limasol harbour.

There are Automated Teller Machines (ATM’s) outside most bank branches in all towns and tourist areas.

Hotels, restaurants and large shops normally accept credit cards and travellers cheques. Banknotes of major foreign currencies are also widely accepted. Exchange rates are published daily in the local press and are broadcast through the media.

Further information about the banking system in Cyprus is available at the Central Banks website www.centralbank.gov.cy or the commercial banks website of commercial banks.

Currency

The currency of the Republic of Cyprus is the Euro, which is divided into 100 cents. Current notes and coins in circulation are:

• Banknotes
  €500,
  €200,
  €100,
  €50,
  €20,
  €10,
  €5
• Coins
  1 cent,
  2 cents,
  5 cents,
  10 cents,
  20 cents,
  50 cents,
  €1 and
  €2

Commercial banks quote the exchange rate of the euro against all major foreign currencies daily.

Import / Export of currency, bank notes and / or gold

There are no foreign exchange control restrictions regarding the Euros. However, the import / export of currency, banknotes and or gold is subject to the Capital Movement Law. Travellers must declare currency / banknotes and / or gold whose value is equal to, or in excess of €12500, or the equivalent in any other currency upon entering or leaving Cyprus.

Only the following authorised dealers reporting to the Central Bank of Cyprus are permitted to deal with foreign currency:

• Bank of Cyprus,
• Arab Bank Plc,
• Co operative Central Bank Ltd,
• The Cyprus Popular Bank Ltd,
• Hellenic Bank Ltd,
• Societe General Cyprus Ltd,
• Alpha Bank Ltd,
• Universal Savings Bank Ltd,
• Commercial Bank of Greece (Cyprus) Ltd
• The Nation Bank of Greece (Cyprus) Ltd

Credit Cards

Cash may be withdrawn from the appropriate bank from any of the following international credit cards:

VISA CARD:

• Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank,
• National Bank of Greece, Alpha Bank, Arab Bank
• Commercial Band and Co – op branches

DINERS CLUB:
CARTE BLANCHE:

• Bank of Cyprus

MASTERCARD:

• Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank,
• Alpha Banks, Co – op branches, National Bank of Greece

AMERICAN EXPRESS:

• Cyprus Popular Bank

At least 15,000 shops, restaurants and hotels accept at least one of the above credit cards, the card symbol is usually displayed in the shop window or at the reception area of a hotel.

Lost Credit Cards

Lost credit cards should be reported immediately to your credit card provider and JCC Payment Systems Ltd on

+357 22 86 81 00

For further information contact

JCC Payment Systems Ltd
Stasikratous 16
P o Box 21043
CY 1500
Lefkosia

Tel: +357 22 86 81 00 (24 hour service)
Fax: +357 22 86 85 91, or 22 86 81 11