Get used to pay less and receive more with the help of our Cyprus 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.
Best For Transfers From Cyprus:
Office in Cyprus Minimum transfer = £/€/$1,000 Recommended for property purchase Established in 2002 138 different currencies available No fees + broker assistance
Visit Global Reach For Quote
Best For Transfers To Cyprus:
No office in Cyprus Minimum transfer = £/€/$50 Best for pension transfers Longest track record (1979) 120 different currencies available No fees + dedicated dealer
Visit MoneyCorp For Quote
Global Reach has a local office in Cyprus and can easily assist their customers and guide them through the entire process. This is especially important for first time customers or clients who want to send large amounts of money and need some counseling in doing so.
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
Payment Facility | Summary | Recommendation |
|---|---|---|
 | Min. Transfer: £ / € 100. Transfer: Online or by Phone. Wire Fees: None.  Best Rates for £50,000+- GBP: 1.1784 EUR to 1.1825 EUR - CAD: 0.6807 EUR to 0.6831 EUR - USD: 0.8971 EUR to 0.9003 EUR |   |
 | Min. Transfer: £ / € 1. Transfer: Online or using the App. Wire Fees: Based on amount. Best Rates for £100-5,000- GBP: 1.1784 EUR - CAD: 0.6125 EUR - USD: 0.8971 EUR | |
 | Min. Transfer: £ / € 100. Transfer: Online or by Phone. Wire Fees: None. Expected Rates*: - GBP: 1.1671 EUR to 1.1772 EUR - USD: 0.8885 EUR to 0.8962 EUR - CAD: 0.6742 EUR to 0.6801 EUR | |
 | Big International Transfer Fee + Currency Exchange Fee. Double The Cost Of Commercial FX. Exchange rate would be approximately *: - GBP: 1.1606 EUR to 1.1725 EUR - CAD: 0.6705 EUR to 0.6773 EUR - USD: 0.8836 EUR to 0.8926 EUR |  |
 | 2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick but expensive. Exchange rate would be approximately *: - GBP: 1.1547 EUR or worse - CAD: 0.6705 EUR or worse - USD: 0.8836 EUR or worse | |
* 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 client’s 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 assured 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
Service Provider | Summary | Recommendation |
|---|---|---|
 | Min. Transfer: £ / € 1,000. 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 you need to frequently wire small amounts of money.
Today’s Foreign Exchange Rates for EUR
GBP to EUR – Pounds to Euro; 10,000 GBP is 11,843.2000 EUR
EUR to GBP – Euro to Pounds; 10,000 EUR is 8,443.6639 GBP
EUR to CAD – Euro to Canadian Dollars; 10,000 EUR is 14,616.4888 CAD
CAD to EUR – Canadian Dollars to Euro; 10,000 CAD is 6,841.5884 EUR
AUD to EUR – Australian Dollar to Euro; 10,000 AUD is 6,155.9253 EUR
EUR to AUD – Euro to Australian Dollar; 10,000 EUR is 16,244.5116 AUD
EUR to USD – Euro to US Dollars; 10,000 EUR is 11,091.3436 USD
USD to EUR – US Dollars to Euro; 10,000 USD is 9,016.0403 EUR
EUR to CHF – Euro to Swiss Franc; 10,000 EUR is 10,961.5644 CHF
CHF to EUR – Swiss Francs to Euro; 10,000 CHF is 9,122.7854 EUR
NZD to EUR – New Zealand Dollar to Euro; 10,000 NZD is 5,884.8199 EUR
EUR to NZD – Euro to New Zealand Dollar; 10,000 EUR is 16,992.8735 NZD
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, 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 the 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 a property if you are not a Cypriot or EU resident.
Popular Destinations in Cyprus:
Popular cities for business and real estate transactions in Cyprus are: Nicosia, Limassol, Larnaca, Famagusta, Paphos, Kyrenia, Protaras, Pérgamos, Mórfou and Aradíppou.
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 the company but, generally, those who send larger amounts of money can benefit from free transfers.
The reason this is possible is that 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
- IBAN
- Swift 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.
Emergency Bailout
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.
Regulations
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 the 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