Get used to pay less and receive more with the help of our Cypus Money Transfer Guide.
We will show you how to get better currency exchange rates, quicker delivery times and skip the fees you where used to pay at your local banks. You can now send money to or from Cyprus for free. So stay tuned and read on.
The Guide’s Topics:
- Best Way to Send Money to Cyprus
- Best Company to Transfer Money from Cyprus
- Today’s Euro Rates
- Reasons to Move Funds into Cyprus
- Regulation and Limitations
Best Company To Transfer Money To Cyprus
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
CurrencySolutions has been providing a high quality service since 2004, with a focus on businesses and large transfers rather than small amounts like other companies. In this 10+ years of them being on the market, the clients feedback is still unbelievable positive – it is the only company that we know with a 9.9/10 positive reviews on TrustPilot.com.
They have been working closely with many real estate agents that have abroad clients so you can rest assure that they will be able to make transfers even to exotic countries like Australia, New Zealand, Thailand, Brazil, Spain and so many more.
Worldfirst provides similar services but they cater also to smaller amounts – their minimum acceptable amount is only €1,000. Their focus is to be able to serve anyone and everyone. That’s why you can make money transfers on their online platform, by speaking on the phone with a real person or even using their Mobile App.
Best Company to Transfer Money from Cyprus
|Min. Transfer: £ / € 3,000.|
Transfer: Online or by Phone.
Why Them? No Currency Limitations. Best Ranked in TrustPilot with 9.9/10.
Supported Regions & Currencies
Since April 6 2015, Cyprus has lifted all the restrictions related to international money transfers. This means that our above listed companies can provide their services both to the Cyprus locals, as well as serving the abroad customers that want to send money to Cyprus.
Currencies: Because the Foreign Exchange companies are specialized in trading currencies every day, they can transfer money across the world with ease. The big number of currencies that are available (more details on their websites or on our reviews) means that you can send money from Cyprus to countries like Kenya, Brazil, New Zealand, Morocco, Israel, Ireland or Hong Kong, as easily as you would be sending it to Greece.
Tip: Because the companies recommended by us are working usually with higher amounts, we suggest using TransferWise if your need to frequently wire small amounts of money.
Today’s Foreign Exchange Rates for EUR
Sending Money To Cyprus Bank Account
Cyprus adopted the Euro in 2008 to replace the Cypriot pound and, as a member of the Eurozone, has no exchange restrictions. In addition, the fact that Cyprus only has a 10% corporate tax rate (the lowest in the EU) makes for a very good investment climate.
Tourism: For the economy of Cyprus, tourism is one of the main income sources, making more than 10% of the country’s GDP.
Half of the 2 million annual visitors are from Britain, mainly because of the traditional links from British colonialism and the British military bases at Akrotiri and Dhekelia. Russia, Greece, Germany and Sweden follow to complete the top 5 countries with the most tourist arrivals.
Real Estate: As a result of the progress made in restructuring its economy, Cyprus has recovered beyond all expectation and the real estate market is growing year upon year. Property transaction grew by 20% in 2014 compared the previous year and specialists claim that sales volume may grow even further this year, or at the very least will maintain the same level as in 2014.
This means that the Cypriot real estate market is set to provide favourable returns to any investor that is ready to snatch the chance.
Thinking Of Relocating To Cyprus?
If you consider moving into Cyprus and live there as an expat, you may find the following information helpful.
Advantages Of Moving To Cyprus:
- High English Proficiency: 90% of the population speaks English.
- Financial Procedures Similar to the UK: In Cyprus, the financial practices and institutions are similar to the UK, which is quite helpful.
- Low Taxation: 5% of foreign pension income.
Disadvantages Of Moving To Cyprus:
- Water Shortages: Not sufficient water infrastructure to support population. In the summer, there are water shortages.
- Restrictions of Letting Your Property: Foreign property homeowners may not let their property to tourists; however, they can to long-term residents in Cyprus.
- Complicated Property Purchasing: Must apply to the Council of Ministers for permission to buy property if you are not a Cypriot or EU resident.
How To Remit Money To Cyprus For Cheap?
When you deal with a Foreign Exchange company, you may have the opportunity to send your money to Cyprus for free. Policies differ by company but, generally, those who send larger amounts of money can benefit from free transfers.
The reason this is possible is because FX companies make their money on the Pound to Euro exchange rate. It’s because of this smart strategy that they are able to pass on such incredible savings to you.
Even if you are charged a fee, it will be a mere fraction of what you might spend with a remittance company or your bank.
In addition to their low costs, FX companies beat all competitors in terms of convenience because you can send money 24 hours a day and complete the entire process over the Internet. You don’t have to worry about sending your money days before your trip because the cash will be where you need it in just a day.
What you need to send money to Spain
- Account Holder’s Full Name
- Swift/BIC Code
- Your identity card
After you provide all the details listed above, the process is simple:
- You create a free account with the company.
- Receive a quote from one of the dealers – be it online or by the phone.
- Send the money to your account so you can fund the transfer.
- Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed.
Our Company Recommendation:
- Send Money to Cyprus: Companies that provide international money transfers to Cyprus.
- Send Money from Cyprus: Companies that take on Cypriot Customers.
Cyprus Bank Crisis and Current Limitations on Money Transfers
With a small population and economy, much of Cyprus’ banking was done offshore – Greece in particular. Cyprus’ economy entered recession in 2012, and in 2013 was on the verge of exiting the Eurozone.
The Troika (the European Commission, the European Central Bank and the International Monetary Fund) stepped in with a last minute €10 billion bailout, under the conditions that the 2nd largest bank (Laiki Bank) would be closed, while the largest (Bank of Cyprus) would remain open, with depositors taking substantial losses.
It was the lack of banking regulations that slowly led to the crisis, and to counter the tremendous losses, harsh new restrictions were put into place. Crucially, Cyprus became the only EU state to have extreme limits on what could be taken out of the country.
Initially, outgoing transfers were limited to €5 000 per month for individuals and institutions, and €1 to €2 million for traders. That sum was subject to bank fees, currency dealership fees, and an inferior exchange rate. For some British families, who had hundreds of thousands of Euros in Cyprus banks, that meant months or years of small transfers, involving laborious paperwork.
Easing of restrictions
Through 2014, the limit was gradually increased, reaching €20 000 by the end of the year. In February of this year (2015), it was further increased to €50 000. Finally, on April 6, restrictions were scrapped entirely, allowing non-residents to retrieve the rest of their money.
Signalling a return to financial normalcy, it also led to new investors bringing capital into Cyprus.
Business as usual
Today Cyprus no longer has outgoing transfer regulations, and can be treated like any other EU state. It has once again become a popular state to do business in and bring in capital.
If you’re interested in more regulatory information on sending money to Cyprus, you can find further official information at the following links:
- Central Bank of Cyprus
- Bank of Cyprus UK
- Bank for International Settlements: Basel Committee on Banking Supervision
Biggest banks in Cyprus
- Alpha Bank Cyprus
- Bank of Cyprus
- Cyprus Development Bank
- Eurobank Cyprus
- Hellenic Bank