Cyprus uses the Cypriot pound. The currency is based on the decimal system with one pound divided into 100 cents.

Coins range from one to fifty cents. Bank notes are available in denominations of £1, £5, £10 and £20.

The exchange rate is issued daily by the central bank. The banking system in Cyprus functions in almost exactly the same way as the UK. Many of the British banks on the high street have branches on Cyprus.

All the banks have lots of branches all equipped with the latest technology.

Banking hours are usually 8.30am to 12.30pm from Monday to Friday.

The usual major credit cards, Visa, American Express, Diners' Club and MasterCard are also widely accepted.

To open an account you could either contact your UK bank to see if they have branches on the island or open a foreign currency and local deposit acccount with a local bank on the island.

Banking hours for the public

September

Monday-Friday 08:15 - 13:00
Monday 15:15 - 16:45

October to April

Monday-Friday 08:30 - 13:00
Monday 15:15 - 16:45

May to August

Monday-Friday 08:15 - 13:00

Banks are closed at weekends and on public holidays and Easter Tuesday. Christmas Eve is a working day for banks.

Banks at Larnaka and Pafos International Airports provide exchange bureaux services on a 24-hour basis. Similar facilities are also available at Lemesos harbour.

There are many Automated Teller Machines (ATMs) outside most branches of banks in all towns and in the main tourist resorts of Agia Napa and Paralimni.

Hotels, large shops and restaurants normally accept credit cards and traveller's cheques. Banknotes of major foreign currencies are also acceptable. Rates of exchange are published daily in the local press and are broadcast through the media.

Credit Cards

Visitors in possession of any of the following international credit cards may contact the appropriate bank for the withdrawal of cash.

VISA CARD: Bank of Cyprus Ltd., Cyprus Popular Bank Ltd., Hellenic Bank, Alpha Bank Limited, National Bank of Greece, Arab Bank, Commercial Bank and Co-Op branches. DINERS CLUB, CARTE BLANCHE: Bank of Cyprus Ltd.

MASTERCARD: Bank of Cyprus Ltd., Cyprus Popular Bank Ltd., National Bank of Greece, Hellenic Bank, Alpha Bank and Co-Op branches. AMERICAN EXPRESS: Cyprus Popular Bank Ltd.

Over 15,000 shops, restaurants and hotels accept at least one of the above Credit Cards. Establishments with P.O.S. accept also VISA ELECTRON and MAESTRO. The card symbol is displayed in the shop window or at the reception.

Eurocheques and travellers cheques are also accepted by all banks, shops, restaurants etc.

If you lose a credit card, call JCC Payment Systems Ltd., on +357 22 86 81 00 and at the same time contact the bank either in Cyprus or in your home country.

For further information please apply directly to:

JCC Payment Systems Ltd.,
Stasikratous 16, P.O.Box 21043, CY 1500 Lefkosia
Tel : +357 22 86 81 00 (24 hours service)
Fax: +357 22 86 85 91, 22 86 81 11