Best Personal Banks in Cyprus: Your Guide3 min read

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Introduction

Money is part of daily life, something we need to live and exchange for goods and services. Banking apps and debit and credit cards make this easy. However, for some things, we need to go to a branch, or we might need specific financial products, and we don’t like fees. That’s why choosing a bank is very important, as choosing the wrong one can make things complicated, timely, and costly.

The best personal banks available in Cyprus

Revolut

Recently, Revolut started taking over Cyprus in a good way. Coming from the UK and being online only means it has low overheads yet great products and customer service! Gaining over 160,000 customers in Cyprus, other local banks are sweating (Financial Mirror, 2021).

Pros

• Global Bank: Digital and global means you can travel and expect global customer service!
• Innovative: Revolut has continuously updated and added additional features to its app. You can buy stocks, crypto, gold, silver, and more!
• Low fees: Amazing, low or no-fee service!

Cons

• No branches
• Potential regulatory issues: Being a challenger bank, they may face problems with offering products beyond, such as mortgages
• Lack of additional products: No mortgages or personal loans yet

Hellenic Bank

One of the leading banks in Cyprus, it has many branches, ATMs, and a dedicated customer service call centre in Nicosia. Although it is more outdated than Revolut, it has a comprehensive selection of products.

Pros

• Strong local presence: Very well established in Cyprus
• Comprehensive Services

Cons

• KYC and Checks: There can be issues if you are receiving a lot of cash or have large transactions
• Fees: Hellenic have higher fees than Revolut
• Complex Procedures: Some things with Hellenic are a pain to do; many documents, checks, and a lot of bureaucracy

Bank of Cyprus

It’s the country’s oldest and largest financial institution, which plays a vital role in society. Bank of Cyprus offers a variety of products and is trying to innovate.

Pros

• Established: Largest bank in Cyprus

Cons

• Fees: The Bank of Cyprus has high fees, and for some reason, those fees can sometimes be strange
• Service: Trying to do something in the branch or over the phone is not easy; there are also lines inside branches
• Traditional Approach: Although Revolut and Bank of Cyprus are the biggest and oldest financial institutions in Cyprus, they have forgotten that competitors arise, and if they don’t innovate, they will be left behind. This is precisely what is happening with Revolut and Bank of Cyprus, which has failed to prioritise online and mobile banking.

Conclusion

Choosing the right bank is all about your specific needs and preferences. However, why not have two banks? It can be useful as it allows flexibility but also a backup option. In addition, it’s important to think about what you will be doing and what you might need the bank for, as some services favour local banks such as the Bank of Cyprus and Hellenic Bank.