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Hi. Just getting an appartment in paphos and will need account to pay the bills by direct debit in euros. Is it best to open one on line before I come over end of June or wait and open one when I get there. Don't need any frills account just need it for currency transfers and dd'swith the least charges/fees. Any suggestions on best banks and what I will need to bring over from Uk to open one would be useful.

Thanks
 

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Hi. Just getting an appartment in paphos and will need account to pay the bills by direct debit in euros. Is it best to open one on line before I come over end of June or wait and open one when I get there. Don't need any frills account just need it for currency transfers and dd'swith the least charges/fees. Any suggestions on best banks and what I will need to bring over from Uk to open one would be useful.

Thanks
We use Socitee General Cyprus. It is OK. But banks are very old fashioned here.

I dont think you can open a bank account online here, you must visit the office

Anders
 

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Discussion Starter · #5 ·
Thanks will have a look at them. Is there any monthly/quartly charges for having the account? Other then Id what documents will I need to open account. Do I need to bring out some utility bills and confirmation of purchase of my appartment.

Lyn.
 

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Thanks will have a look at them. Is there any monthly/quartly charges for having the account? Other then Id what documents will I need to open account. Do I need to bring out some utility bills and confirmation of purchase of my appartment.

Lyn.
We are with Hellenic and opened our joint account there in September last year. The only documents we needed were our passports and either proof of purchase in Cyprus or (as in our case) a tenancy agreement. Some Cypriot banks ask for local utility bills in addition but that was not the case with Hellenic.
 

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We are with Hellenic and opened our joint account there in September last year. The only documents we needed were our passports and either proof of purchase in Cyprus or (as in our case) a tenancy agreement. Some Cypriot banks ask for local utility bills in addition but that was not the case with Hellenic.
Ditto David & Letitia, we took utility bills but they didn't need them, we haven't had any charged yet, our statements are emailed to us and we have found the majority of staff quite helpful.
 

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...Any suggestions on best banks...

Thanks
The main banks in Cyprus are listed below along with their websites (there are a small number of other smaller banks which do not have any/many branches available in Paphos). You will need to balance what you want from a bank to make up your mind regarding which one to choose ie local branch availability, interest rates, customer service, bank charges and availability of net banking. We are with Hellenic and they tick all boxes for us.

Alpha Bank

Welcome - Bank of Cyprus Group

Cooperative Central Bank Ltd - Home

https://www.hellenicbank.com/easyconsole.cfm/id/1/lang/en/

Piraeus Bank (Cyprus) Ltd

Home | SGBCY

Welcome to USB BANK PLC - Home
 

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...You will need to balance what you want from a bank to make up your mind regarding which one to choose ie local branch availability, interest rates, customer service, bank charges and availability of net banking...
I forgot to mention "ethical banking" but that's a contradiction in terms nowadays. :flypig:
 

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The main banks in Cyprus are listed below along with their websites (there are a small number of other smaller banks which do not have any/many branches available in Paphos). You will need to balance what you want from a bank to make up your mind regarding which one to choose ie local branch availability, interest rates, customer service, bank charges and availability of net banking. We are with Hellenic and they tick all boxes for us.

Alpha Bank

Welcome - Bank of Cyprus Group

Cooperative Central Bank Ltd - Home

https://www.hellenicbank.com/easyconsole.cfm/id/1/lang/en/

Piraeus Bank (Cyprus) Ltd

Home | SGBCY

Welcome to USB BANK PLC - Home
I would stay away from the Alpha bank for the moment, with all turbulence in Greece. It is fully Greek owned and you never know what will happen
 

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I would stay away from the Alpha bank for the moment, with all turbulence in Greece. It is fully Greek owned and you never know what will happen
I don't think that's correct, Anders.

The website I gave was for Alpha Bank Cyprus, not Alpha Bank Greece.

Banks in any country will fall into one of 2 groups - those which have branches in a country but are fully owned by its 'parent bank' in a different country, and those which are "incorporated" into the country in which they operate. In the case of the latter, as with Apha Bank Cyprus the assets are held here in Cyprus, not in Greece and if Alpha Bank Greece folded, it should not affect those who have Alpha Bank Cyprus accounts.
 

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I don't think that's correct, Anders.

The website I gave was for Alpha Bank Cyprus, not Alpha Bank Greece.

Banks in any country will fall into one of 2 groups - those which have branches in a country but are fully owned by its 'parent bank' in a different country, and those which are "incorporated" into the country in which they operate. In the case of the latter, as with Apha Bank Cyprus the assets are held here in Cyprus, not in Greece and if Alpha Bank Greece folded, it should not affect those who have Alpha Bank Cyprus accounts.
But still it is 100% fully owned by the Greek Alpha Bank Group. Who knows what can happen? I am just saying that perhaps caution is a good idea.

The history have shown that
 

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Thanks will have a look at them. Is there any monthly/quartly charges for having the account? Other then Id what documents will I need to open account. Do I need to bring out some utility bills and confirmation of purchase of my appartment.

Lyn.
We are with the Hellenic - I think it is classed as a savings account. We have ATM cards and used to pay our rent by standing order - but choose not to now.

We were charged about 5 euros bank charges in January last year and I think it was 6 euros this year.

I also have set up on line banking so I can transfer money in and/or out through currency fair and keep an eye on the balance.

All works really well for us.
 

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Discussion Starter · #15 ·
That sounds ok. Not interested in the interest rates As will not be keeping too much money in. It is to pay the bills and transfer money in from smart currency and be able to manage online and access via cash machine.

Thanks
 

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We are coming over in October this year. We opened an account with the Bank of Cyprus, just took in Passport & proof of address and income, it took about an hour and easy to do. I know you cant open an account online.
 

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Hi,
We opened a bank account last week with USB (Ayia Napa). Took about 30 mins, needed passports and proof of UK address and 20 euros each. And they do online banking (a must for me).

One, previous post is correct, they are old fashioned.
 

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I don't think that's correct, Anders.

The website I gave was for Alpha Bank Cyprus, not Alpha Bank Greece.

Banks in any country will fall into one of 2 groups - those which have branches in a country but are fully owned by its 'parent bank' in a different country, and those which are "incorporated" into the country in which they operate. In the case of the latter, as with Apha Bank Cyprus the assets are held here in Cyprus, not in Greece and if Alpha Bank Greece folded, it should not affect those who have Alpha Bank Cyprus accounts.
Just an article about possible bank problems in Cyprus if Greece default

Moody's sees negative Grexit consequences for Cyprus - InCyprus
 

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Just an article about possible bank problems in Cyprus if Greece default

Moody's sees negative Grexit consequences for Cyprus - InCyprus
What an extraordinary article!

If I analyse the facts of exposure to Greece, legal standing of Cyprus Banks and Cyprus financial trade level with Greece I find myself reassured that any Greek default, removal from the Euro or even the EU will not affect Cyprus with any significance other than leave a trading relationship which could be expanded and advantageous should Greece become more isolated.

Yet despite the facts given, some clown from Moody's issues a statement tinged with negative speculation. This headlines the article rather than Bloomberg's more upbeat assessment.

Gutter journalism.

Pete
 

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Does anyone bank with a non Cyprus registered bank such as Barclays? They have a branch or branches ther and offer international banking - just wonederd if there are restrictions or anyone had that experience?
We are with USB and they are charging us to deposit our money :-(
 
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