Advices

ADVICE #208

How to choose a Bank in Cyprus?

In Cyprus there are only two local commercial universal Banks, in addition there are several offices and branches of foreign banks and rural cooperative Bank, focused on serving local clients. The largest in assets and other indicators is the Bank of Cyprus Bank of Cyprus (Bank of Cyprus), it controls about a quarter of deposits and about 40% of the loans.

The second  one is Hellenic Bank, its share is 13% in the Deposit market and 7% of the credit market. From the point of view of service quality of these banks are almost identical, i.e. when overall smooth and sufficiently high level can sometimes cause unexpected problems. From the other banks we can noted Emporiki Bank and Alpha Bank.

All Cypriot banks without problems open accounts for foreigners from the third countries, but in some cases there may be restrictions associated with the “solidity” of the client. For example, when opening an account will need to Deposit at least 20 Euro.

Taking into account that much there is no difference between the Cypriot banks when choosing “your” Bank  first of all it is necessary to predict future relationship with it. If the client intends in the future to take out a loan (e.g. a mortgage), the account it is better to open in the Bank where the loan is more likely (this question can be discussed with the banks in advance).

If there is the intention to work mostly remotely, a key factor will be the Internet Bank. If the client is going to live in Cyprus, and in the not big city, the most important thing is the availability of branches and ATMs.

Кипр

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