Evolution of banking services in Cyprus

Stick to what you know! As the saying goes Better the Devil you know than whst you don't know..

I'd rather use an online app than a local bank account. The modern banks offer interest on monies in the bank, introductory offers, and you can quickly pay bills and receive money through transfers. All of which are without a cost! Roll on more banks without bank fees.

It seems to us that the Cypriot banking system is the worst in any country we have ever lived in. 0.1% bank interest in normal savings account, 1% in long term savings account, charges for current accounts, charges for all kinds of basic services.

The only reason we can see to have a local account is because you are expected to have one for residency. Otherwise revolut, Wise etc are a greatly superior and cheaper way to move your money around and pay bills.

I agree and as such as soon as we got our permanent residency we got rid of all local bank accounts and simply use our Revolut and UK banks...with a back up in Malta for savings...

Revolut been with them for 3-4 years with a few very minor issues and use it for everything ...rarely use cash.... 

Hi anyone that banks with Hellenic and wants to deposit money do so by machine as if you go to counter they charge you to count money and deposit it in your account...beggars belief that the teller does same job as machine but charges you for privilege..am baffled by their way of working

That Cyprus banks for you ... money makers ...

been here 7 yrs used local banks for 6 months ever since then have not seen the inside of a local bank and dont intend to do so. I use Wise for daily banking and NatWest Guernsey for all others. Dont have a problem.

Digital transformation? Not at Hellenic lol

Electronic funds transfer only happen in banking hours and seem to be actioned by a member of staff. I withdrew cash at my branch from the outside atm and they charged me 1.50 :-/ cash back at supermarket is best

JFI .. cant get cashback on a revolut card...Well not at Phillipos Coral Bay and Peyia... which is a pain considering Hellenic bank the only bank in Peyia is closing the Peyia branch sometime in October so I am told ... leaving only BoC in Coral Bay which is invariably queued up to get cash from the ATM ...

Leaving the only options to use those rip off robbing blue and yellow private ATMs to draw cash in the village or to go to Chlorakas or ToTK branches of the two main banks..

Which also kinda leads to be businesses bars cafes tavernas etc having to take card payments each time ... I do use a card for lots of things but use cash for small businesses bars taverns and cafes

If a person is willing to hand over complete control of their financial future to the banking industry they should be aware that any or all services could / can be refuse them for no reason ... My advice is to use cash on at least seventy five percent of every day purchases .. Once this abomination of digital transactions is installed into our society , there will be no return to the printed cash system , on another note , think about all those elderly people that are not internet savvy , that have only had to deal with cash ... it will be a nightmare for them .

@MyCandyGirl

To be honest digital transactions are here to stay...  we may not like it but the big money men are in control not you or I..

Most people are apathetic so can't see a massive movement to stop it

@Toon

I don't believe that we are without some measure of direction .. It will only take the majority to refuse to embrace the digital system and start using cash on a daily basis .. I encourage people across different platforms to use cash, there are times one would find it convenient to use credit / debit cards, but these times should be restricted to major purchases ....Our freedom to choose is at stake ....

The majority won't refuse though especially as banks are closing branches including their ATMs and cash back from stores is not widely available.....

Is it still correct that you must have a local bank for residency, even renewing residency?

Yes.

Fraid so.

I use Atlantic Bank - part of the Bank of Beligum based in Brussels to  transfer from UK Bank to Cyprus Bank - £3 transfer fee for any amount and rate normally better than wise or revoult 

@telf

Interesting

How long does it take to hit your eu bank

From UK bank instantly - About  working 2/3days  - I have yet find anything cheaper - you can pay £2.18 extra for an instant transfer

how do i upload screenshots (examples)

@Toon  From UK bank instantly - About  working 2/3days  - I have yet find anything cheaper - you can pay £2.18 extra for an instant transfer 

how do i upload screenshots (examples)

Tbh there is URL link mechanism in the quick post tools frame it's suggested to use that .... But ive yet to be able to do so successfully.. I did suggest to the admin to give users an easier method ...seems to have fallen on deaf ears

👍  if transfer now -

Standard: Thursday - free

Your recipient should receive exactly €2,500.84 on Thursday, 19  October.

Express: Instant - £2.18

Your recipient should receive exactly €2,498.33 instantly once we have your payment.

£2.18 >

@Toon

👍  if transfer now - £3 fee

Standard: Thursday - free

Your recipient should receive exactly €2,500.84 on Thursday, 19  October.

Express: Instant - £2.18

Your recipient should receive exactly €2,498.33 instantly once we have your payment.

@Toon

wise

Add

€2,500

..

EUR  You'll pay  British Pound £2180.59

You'll pay

£9.34 GBP  Our Fee

Rate

1.15141

@Toon

Atlantic

Add

£2,175

- £3.00 fixed fee ®

× 1.151397 live rate =

€2,500.84

Standard delivery arrives Thursday