The banking system in Cyprus is regulated by the Central Bank of Cyprus. The Central Bank keeps a register of all regulated banks operating in Cyprus including branch and representative offices of foreign banks. For further information see the Central Bank of Cyprus website.

.The opening of a bank account involves the presentation of required identification documents such as an individual’s passport or identity card, recently issued proof of address (such as a utility bill or property title deeds) and confirmation of employment or copy of a valid work or residence permit.

It is also possible to open an account before arrival in Cyprus through an overseas branch of a Cypriot bank or one of the many foreign banks operating in Cyprus. In this case, the applicant’s signature and personal identification will be verified for the account to be opened.

Banks usually provide 24 hour access through ATM’s to an account for withdrawals, deposits or balance checking. All machines have instructions in English. Automated teller machines (ATMs) are available throughout the Island with instructions in English.

The hours of most banks are 8.30am to 1.30pm, Monday to Friday and Monday afternoon from 3.15pm to 4.45pm from 1 October to 30 April and 08.15am to 1.30pm from 1 May to 30 September. Some branches in tourist areas offer an afternoon service on Tuesdays to Fridays from 3.30pm to 6.30pm.