The short answer: Open Bank of Cyprus first — the island’s largest bank, with around 122 branches, a fully English app and a real Cyprus (CY) IBAN, and a standard current account costing about €24 a year without an overdraft. Eurobank is the cheapest fallback at €2 a month for a basic account. Keep Revolut as a multi-currency sidekick for cheap transfers home — its IBAN is Lithuanian, so pair it with a Cyprus account for salary and rent.
Cyprus draws expats for the sun, the English language and the euro — students in Nicosia, fintech and forex staff in Limassol, hospitality workers in Paphos and Ayia Napa, and retirees settling along the coast. Whatever brings you here, the first money task is the same: a Cyprus bank account, because your employer pays your wages into a bank account, your landlord expects rent from a local account, and the immigration office wants to see salary landing in Cyprus when you renew a permit.
Below we compare the five accounts every expat in Cyprus considers — Bank of Cyprus, Eurobank, Alpha Bank Cyprus, Ancoria Bank and Revolut — on the criteria that actually matter to newcomers: fees, a Cyprus IBAN, English support, branch access and cheap transfers home. The banking map changed in 2025, so this guide is written against the current names: Hellenic Bank merged into Eurobank, and AstroBank moved to Alpha Bank. Fees and features change regularly, so always verify on the provider’s official site before applying.
ExpatMoneyEU answer: Cyprus’s national gross minimum wage is €1,088 a month from 1 January 2026 (€979 for the first six months with the same employer), and average gross monthly earnings reached €2,601 in the first quarter of 2026 (Cyprus Statistical Service, CYSTAT). At that average salary our Cyprus salary calculator estimates about €2,100 a month take-home — and the 2026 tax reform lifted the tax-free band to €22,000 a year, so salaries up to about €2,000 a month now pay no income tax at all. Deposits at licensed Cyprus banks are protected up to €100,000 per depositor under the EU deposit guarantee scheme (European Commission).
Affiliate disclosure: Some links on this page may earn us a commission at no extra cost to you — see our affiliate disclosure. Always verify current fees with the provider before applying.
Quick comparison: bank accounts in Cyprus for expats
| Account | Monthly fee | IBAN | Free ATM withdrawals | Branches | Best for |
|---|---|---|---|---|---|
| Bank of Cyprus | About €2 / month | Cyprus (CY) | Free at BoC ATMs | Yes, ~122 | New arrivals, English speakers |
| Eurobank | €2 / month (basic) | Cyprus (CY) | Free at Eurobank ATMs | Yes | Cheapest basic account |
| Alpha Bank Cyprus | About €2–€3 / month | Cyprus (CY) | Free at Alpha ATMs | Yes | Everyday banking + app |
| Ancoria Bank | Higher for non-residents | Cyprus (CY) | Free at Ancoria ATMs | Few | App-led banking |
| Revolut (Standard) | €0 | Lithuanian (LT) | €200 / month free, then 2% | No | Multi-currency complement |
→ Free Cyprus Net Salary Calculator — check your take-home pay before you sign a contract
Expert Score: how the five accounts rate
We scored each account from 0 to 10 on the six criteria below, using only the facts stated on this page. A “—” means the attribute is not stated for that bank on this page, so it is excluded from that bank’s average. Scores are the editorial judgment of the ExpatMoneyEU Research Team — never ranked by commission.
| Account | Monthly fee | Local IBAN | Free ATM access | Branches & cash | Deposit protection | English support | Expert Score |
|---|---|---|---|---|---|---|---|
| Bank of Cyprus | 8 | 10 | 9 | 10 | 10 | 9 | 9.3 |
| Eurobank | 9 | 10 | 8 | 9 | 10 | 8 | 9.0 |
| Alpha Bank Cyprus | 8 | 10 | 7 | 7 | 10 | 8 | 8.3 |
| Ancoria Bank | 6 | 10 | 6 | 5 | 10 | 7 | 7.3 |
| Revolut (Standard) | 10 | 4 | 5 | 2 | 8 | 10 | 6.5 |
Scores by ExpatMoneyEU Research Team from the criteria above — not influenced by commissions.
Bank of Cyprus
Bank of Cyprus is the island’s biggest bank, with around 122 branches, and it is the expat favourite for one simple reason: it is the easiest Cyprus bank to run entirely in English. The website and the app are fully in English, the staff at larger branches are used to foreign customers, and the account works exactly the way a modern bank should — instant notifications, Apple Pay and Google Pay, and multi-currency options you can add from the app.
The maintenance fee for a current account without an overdraft is €6 a quarter (€24 a year) under the bank’s May 2026 table of commissions and charges — with an overdraft the quarterly fee rises with the balance, from €12 to €75 a quarter. You get a real Cyprus (CY) IBAN, which is what employers, landlords and the immigration office expect. The bank’s e-Instant account can be opened online from €1, though as a non-EU national you should still expect a branch visit for identity and compliance checks. Non-EU companies face a separate international tariff, but for personal accounts the resident price list above is what matters.
Eurobank
Eurobank is Cyprus’s second-largest bank — and the name matters, because Hellenic Bank merged into Eurobank in 2025, so any older guide that tells you to compare Hellenic and Eurobank is describing the same bank twice. Its Basic Account costs €2 a month and covers the essentials: the account, a debit card and everyday payments, with total basic charges capped at €36 a year by ministerial decree.
For an expat arriving in Cyprus, Eurobank’s strength is price: €2 a month is the cheapest basic account on the island, and the bank has branches in Nicosia, Limassol, Larnaca and Paphos for the days you need a person. English support is good in the app and at larger branches. Expect the same compliance checks as everywhere in Cyprus — passport, residence permit, proof of address and proof of income — and book the appointment before you walk in. Eurobank also runs International Business Centres for non-resident clients, on a higher tariff, so ask for the resident price list once your permit arrives.
Alpha Bank Cyprus
Alpha Bank Cyprus is the new name on the island’s banking map: AstroBank moved to Alpha Bank at the end of October 2025, so older guides that list AstroBank are describing this bank. Standard current accounts at the big Cyprus banks run at about €24–€36 a year, and Alpha sits in that range — a full-service Cyprus account with a CY IBAN, debit cards and an English-language app.
Alpha is a solid middle choice rather than a standout: fewer branches than Bank of Cyprus, a smaller ATM network, but a straightforward account that does the job. If your employer or university already banks with Alpha, or there is an Alpha branch on your street in Limassol or Nicosia, there is no reason not to take it — just check the current price list at the branch, because fees are revised at least once a year.
Ancoria Bank
Ancoria Bank is the smaller, app-led name on the island — the bank most often mentioned by non-residents, because it takes resident and non-resident personal clients where the big banks route non-residents to a higher international tariff. That flexibility has a price: Ancoria lists €100 a year for non-resident accounts, well above the €24–€36 a year the big banks charge residents for a standard current account.
For an expat who already holds a Cyprus residence permit, Ancoria is rarely the cheapest choice — but it is a useful fallback if a big bank turns your file down, or if you need an account before your permit is issued and are willing to pay the non-resident tariff for a few months. Ask for the resident price list the moment your permit arrives, and compare the annual total, not the monthly headline.
Revolut
Revolut is the account most expats in Cyprus open alongside a Cyprus bank, not instead of one. It issues a Lithuanian (LT) IBAN, not a Cyprus one — and while SEPA rules say that IBAN must be accepted everywhere in the eurozone, some Cyprus employers and landlords still ask for a CY IBAN for salary and rent. Treat Revolut as your multi-currency sidekick: free currency exchange up to €1,000 a month on the Standard plan, instant transfers between Revolut users, and balances in EUR, GBP, USD and other currencies you can hold and spend.
For sending money home it is genuinely useful — exchange at the interbank rate inside the free allowance, then send onward. Just remember the limits: free ATM withdrawals stop at €200 a month (then 2%), and weekend FX carries roughly a 1% markup. Revolut Bank UAB (Lithuania) holds the deposits under the EU deposit guarantee scheme.
Send money home from Cyprus without the bank markup:
How to choose: a 3-question shortcut
- Do you need a Cyprus IBAN for your salary this month? → Open Bank of Cyprus first — the fastest route to a Cyprus IBAN with a branch in every town.
- Do you send money home every month? → Keep Revolut alongside and send with Wise — both beat Cyprus bank transfer fees for most corridors.
- Do you want the cheapest possible account, or branches everywhere? → Choose Eurobank’s €2-a-month basic account for price; choose Bank of Cyprus for the biggest branch and ATM network. If a big bank will not take your file yet, Ancoria is the fallback.
→ Best Bank Account for Pakistanis in Cyprus — the Pakistanis’ guide
Sending money home from Cyprus
Most expats in Cyprus send money home every month, and the corridor is where a bad choice costs real money: Cyprus banks charge high international transfer fees plus a poor exchange rate, so the standard advice is to receive your salary in your Cyprus account and send it onward with a specialist. Wise shows the fee and the real exchange rate before you send, and pays out to bank accounts in Pakistan, the Philippines, India, Nigeria and most other home countries — check the live fee in the app before every transfer, because exchange rates move daily and all figures here are illustrative.
Send on payday, not at month-end: convert what you need and send it the same day, and keep the receipts — they double as proof of income if you renew a residence permit or sponsor a family visit. Never use informal cash couriers: they are unregulated and uninsured, and a failed delivery leaves you with no receipt and no recourse. If your family banks with a bank at home, a direct bank payout is usually cheaper than a cash-pickup option.
→ Free Money Transfer Cost Calculator — compare the true cost of a transfer before you send
Documents you will need
Expats arrive in Cyprus mainly as students, IT and fintech workers, hospitality staff and retirees, and non-EU nationals go through the full document checklist at the branch. Cyprus banks tightened their checks under the Central Bank’s new anti-money-laundering directive of 2 June 2025, so bring originals of everything below and expect questions about where your money comes from — that is normal, not a refusal:
- Passport or EU national ID — the bank verifies your identity in person at the branch.
- Cyprus residence permit (pink slip) or yellow slip — for non-EU citizens; EU citizens use the MEU1 registration certificate instead. If your permit is still being processed, bring the application receipt and ask what the bank can open in the meantime.
- Proof of address in Cyprus — usually a rental contract or a utility bill in your name.
- Proof of income or employment — your work contract, university enrolment letter or a salary slip; banks ask for it to satisfy source-of-funds checks.
- Tax identification number — your Cyprus TIN from the Tax Department, if you already have one; otherwise your home-country tax number may be requested for CRS reporting.
→ Free Lithuania Net Salary Calculator — compare the Baltic offer
Practical tips for expats opening a Cyprus account
- Expect a branch visit. Online opening in Cyprus is built for residents with local ID documents; as a foreigner, plan one in-person appointment for ID verification, even if you start the application online.
- Ask for the basic payment account if money is tight. Anyone legally resident in the EU has a right to a basic payment account at a Cyprus bank; total basic charges are capped at €36 a year by ministerial decree, and the bank must answer within 10 working days.
- Non-resident accounts cost more. If you do not yet hold a Cyprus residence permit, some banks apply an international tariff — Ancoria, for example, lists €100 a year for non-resident accounts — so ask for the resident price list once your permit arrives.
- Check the 13th salary in your contract. A 13th salary is common in Cyprus and usually paid in December — it changes your annual take-home, so run our Cyprus salary calculator with 13 payments before you compare offers.
- Fees change. Monthly and quarterly fees at the big banks run about €24–€36 a year and are revised at least once a year — always ask for the bank’s current Fee Information Document before you apply. The Ministry of Finance also runs a free fee-comparison website for payment accounts, which the Central Bank links to.
What changes in 2027
Re-check every figure on this page each January: Cyprus banks revise their price lists at least once a year, and the government reviews the minimum wage on a two-year cycle — the €1,088 floor from January 2026 stays in force through 2027, with the next change taking effect on 1 January 2028. The 2026 tax reform’s €22,000 tax-free band will also be watched each budget: if it moves, your take-home pay moves with it, so re-run our Cyprus salary calculator every January. The 2027 watch item for expats is the residence-permit renewal cycle: keep your salary slips and transfer receipts, because they are the cleanest proof of legal employment at renewal time.
How we compared: the methodology
How we compared
Fees and features checked: the providers’ official websites and published price lists, as referenced throughout this guide — including Bank of Cyprus’s May 2026 table of commissions and charges and Eurobank’s published basic-account terms — plus Cyprus’s 2026 account-opening rules, the Central Bank of Cyprus’s register of licensed credit institutions and the 2025 bank mergers (Hellenic into Eurobank; AstroBank into Alpha Bank). Criteria: monthly fees, ATM access, IBAN type and expat-friendliness — including opening requirements such as the residence permit, proof of address, English support and deposit protection. Verdicts are the editorial judgment of the ExpatMoneyEU Research Team — not financial advice. Figures are illustrative; always verify the current terms with the provider before opening an account.