Best banks in Cyprus

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    Banking in the Republic of Cyprus has been one of the priority orientations of economic development for many years. The financial policy of the government has always been aimed at creating the most simplified conditions of working with money resulting in the establishment of a large number of financial institutions.

    We did a study and created a list of the top-rated banks based on:

    • Interest rate (on loans, for services, money transfer, etc.).
    • Branches network coverage.
    • Service (personnel competence, service languages).
    • Money transfers speed.
    • Support service (providing necessary information about the service, response speed).

    Opening an account with a bank in Cyprus may be a subject of interest to both an individual and a legal entity.

    The main advantages are as follows:

    • For individuals: no minimum deposit and no minimum required balance on the account.
    • For corporations: corporate tax rate of 12.5% which is one of the lowest in Europe (lower only in Bulgaria).

    Best banks in Cyprus are known for their ease of use and the presence of highly-qualified specialists. Accounts can be opened both in US dollars and Euro and managed online. English speaking managers of Cypriot banks are always ready to help you. In recent years, the banking system of Cyprus has been undergone significant changes, making it even more advanced. Below you can find more details about top banks in Cyprus.

    Bank of Cyprus

    Best banks in Cyprus
    Whether you are a private person or a legal entity you can benefit from all services and features that the Cypriot banking system can offer.

    The bank was founded in 1899. The CEO is Panicos Nicolaou. As a result of the banking collapse in Cyprus in 2013, the largest Greek Laiki bank became a part of the bank. In August 2014, EUR 1 billion was invested in the authorized capital of the Bank of Cyprus. To date, bank rehabilitation has been completed.

    Bank of Cyprus is again the leading European bank. The main offered services:

    • Account types: current, debit, personal, corporate.
    • Card providers: American Express, VISA, MasterCard.
    • Account management: internet banking, digipass.
    • Account opening term: 7-10 days, account details on the day of application, digipass after 2 days.
    • Account Currency: USD, EUR, CNY, GPB, CHF.

    Eurobank Cyprus Ltd

    Founded in 2007 as a branch, and in 2008 received a license from the Central Bank of Cyprus to conduct operations as a subsidiary of EFG Eurobank Ergasias S.A., whose shares are listed on the stock exchange in Greece. The main shareholder is the European Financial Group (EFG GROUP) located in Geneva, whose share is 41.3%. Most stocks are widely dispersed among more than 280,000 private and corporate investors.

    Eurobank Cyprus Ltd was recognized as the best bank in Cyprus in 2020. The main offered services:

    • Account types: corporate and personal in all major currencies.
    • Card providers: MasterCard, VISA with the opportunity to get Gold VISA credit card with 2,000 Euro minimum credit limit.
    • Account management: Internet banking, written instructions using code tables (by fax or e-mail).
    • Account opening term: within a week after the bank receives documents and signed banking forms.
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    Also, being one of the top Cyprus banks Eurobank Cyprus Ltd offers a wide range of other banking services at competitive rates to meet customer needs:

    • international banking services;
    • current and deposit accounts in major currencies;
    • international money transfers;
    • bank guarantees;
    • checks;
    • electronic banking;
    • investment programs.

    Hellenic Bank Public Company Ltd

    The bank was established in 1974 with the support of Bank of America. This financial institution has a wide network of banks in Cyprus and Greece. The largest shareholder of Hellenic Bank, according to Reuters, is the Greek Orthodox Church, as well as other banks in Cyprus, major insurance companies, and individuals.

    In 1996, the bank acquired from Barclays Bank PLC the entire branch network in the local market. Its activities cover 16% of banking services in Cyprus.

    It has 120 branches in Cyprus, 7 branches in Greece, representative offices in South Africa, and Great Britain. The main offered services:

    • Account types: personal and corporate.
    • Card providers: MasterCard, VISA.
    • Account management: multilingual Internet banking.
    • Account opening term: paperwork within 1 hour, activation of an account for incoming payments after 1 day, full activation of the account, and connection to the Internet banking after 2 weeks.
    • Credit rating: Fitch RD, Moody’s Caa1.

    AstroBank Limited (former Piraeus Bank)

    Previously, the bank was called Piraeus Bank. In December 2016, Piraeus Bank was bought by a group of international investors led by banker Maurice Senawi and the bank was rebranded as AstroBank. One of Cyprus banks that provides banking products and financial services to both local and foreign customers. It is included in the Bank Piraeus financial group, which is one of the largest banking groups in Greece with a presence in 11 countries, including Cyprus, the Balkans, the United States, and Great Britain. Piraeus Bank Financial Group is by far the most dynamically developing financial institution in Greece. Established in 1916, Piraeus Bank was actively developing and expanding its sphere of influence, which led to the formation of the third largest private bank in Greece. The bank has almost a thousand branches, more than half of which are located outside Greece, employing over 10,000 workers.

    The main offered services:

    • Account types: personal, corporate.
    • Card providers: VISA and MasterCard.
    • Account management: Internet banking, written instructions using code tables.
    • Account opening term: the day after submitting documents and signing bank forms.
    • Credit rating: Fitch CCC, Moody’s Caa2.

    Societe Generale Bank Cyprus Ltd

    The bank offers its services to both business entities and individual persons since 1993. The main offered services:

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    • Account types: personal, corporate.
    • Account currencies: Euro and US dollar.
    • Card providers: VISA.
    • Account management: online banking, a personal visit to the bank.
    • Account opening term: about 5-7 business days under normal conditions.
    • Credit rating: Fitch BBB, Moody’s Baa3.

    Cyprus Development Bank

    Founded in 1963, Cyprus Development Bank (CDBank) today is one of the island’s main financial institutions providing a wide range of banking services for corporate clients. CDB provides a full range of financial services and products at a high level (loans for legal entities, overdrafts, investment funds, deposits, trade finance services, private banking). Since 2008, the bank has been owned by a group of private investors.

    The main offered services:

    • Account types: personal and corporate.
    • Card providers: MasterCard.
    • Account management: Internet banking, fax with city code or e-mail instructions using a test code, or personally signed payment orders.
    • Account opening term: about two days under normal conditions.
    • Credit rating: Fitch BBB-, Moody’s Ba2.

    Alpha Bank Cyprus Ltd

    Alpha Credit Bank AE was established in 1879 and today is the largest private sector bank in Greece. The Bank has founded many subsidiaries financial, insurance, and investment companies. It has more than 400 branches in Greece, as well as an international presence in the UK, Romania, Serbia, Bulgaria, Albania, Macedonia, Cyprus and Ukraine. In October 1998, Alpha Credit Bank AE acquired Lombard NatWest Bank, later renamed Alpha Bank Cyprus Ltd. The Bank is an Open Joint-Stock Company with almost 30,000 shareholders.

    The main offered services:

    • Account types: personal and corporate.
    • Card providers: MasterCard, VISA, including VISA Silver, and VISA Gold (a debit card, tied to the current account). The interest for cash withdrawals at an ATM is 3.3%.
    • Account management: Fax with code, Internet banking.
    • Account opening term: 7-10 business days, account details can be obtained immediately.
    • Credit rating: Fitch CCC+, Moody’s Caa1.
    • Other banking products:  International payments (by SWIFT, telex, check or postal order), documentary letters of credit, financing of trade operations, forfaiting, dealing operations, bonds and guarantees, loans in all types of currency, sale, and purchase of currencies, trust, investment and shipping services, lending for property purchase in Cyprus.

    RCB Bank Ltd

    The year of the foundation of the Russian Commercial Bank (Cyprus) is 1995. Since the Republic of Cyprus joined the European Union in 2004, the Russian Commercial Bank (Cyprus) has been functioning as a full-fledged European bank. In October 2010, new branches in Limassol and Nicosia were opened. In November 2013, it changed its name to RCB Bank Ltd. At present time has representative offices in London and Moscow.

    The main offered services:

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    • Account types: personal and corporate.
    • Card providers: VISA, including VISA Gold (credit and debit)
    • Account management: online banking.
    • Account opening term: case by case.
    • Credit rating: Fitch Not rated, Moody’s B1.
    • Other banking products:  Full range of banking services. Brokerage services. Depository services. Individual trust management. Anonymized metal bills. Checkbooks and bank checks.

    As a rule, to open a private account, each bank requires the following documents:

    • Source and size of Wealth of the ultimate beneficial owner(s); how it is accumulated, and how it is spread/distributed providing supporting documentation e.g. statements of accounts, payment slips, declarations, etc.
    • Clear valid passport copy (international).
    • Utility bill not older than 3 months.
    • Bank reference letter not older than 3 months.
    • Occupation and place of employment of beneficial owner (detailed CV).
    • Business card (if available).
    • Country of tax residency & TIN number.
    • Questionnaire for personal account fully completed.

    Upon completion of account opening review and prior account opening, Skype conference/Personal meeting with the customer need to be arranged and the documentation to be provided either in original or apostilled and notarized or certified by an approved introducer (lawyer etc.) of the bank.

    Required list of documents for legal entities

    Corporate documents

    • Memorandum and Articles with the Apostille.
    • Certificate of the Incorporation.
    • Certificate of Incumbency for foreign companies (not older than 3 months).
    • Certificate of directors/shareholders/secretary/registered office – or certificate from country’s registrar’s body outlining all officials.
    • Share Certificate.
    • Trust deed(s) between the beneficial owner(s) and the registered shareholder(s) acting as nominee (if applicable).
    • The latest Audit Financial Statements / Management accounts.

    Business Activity

    • Detailed description of the business activity.
    • How the account will be used (very detailed explanation is necessary).
    • Contact details of the company (phone, email, social media contact if any, website).
    • Physical address of the company (utility bill).
    • Number of employees.

    Financial information

    • Company’s tax ID.
    • Source of Income.
    • Expected annual income (EUR).
    • Anticipated expected annual turnover on the account for the next year.
    • Names of business partners/website.
    • With regards to incoming transfers: name of the bank, whether the companies belong to one group (the same UBO).
    • With regards to outgoing transfers: name of the bank, whether the companies belong to one group (the same UBO).
    • Diagram “flow of funds”.
    • Is the Company affiliated/related to other companies or organizations? Yes/No
    • Who will be Signatory of the bank account? If more than one person, please indicate “signatory rules”.
    • Specify currency of the account.

    Whether you are a private person or a legal entity you can benefit from all services and features that the Cypriot banking system can offer.

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