Money & Payments in Limassol

Avoid

Avoid the bright blue and yellow 'Euronet' machines found in tourist hotspots; these are notorious for high fees and poor exchange rates.

Bank ATM Fees

Majority of the bank ATMs in Cyprus do not charge any ATM Access Fees to foreign card holders. So there are many fee-free ATMs you can use in Cyprus as a foreign cardholder.

Recommended Banks

Major banks such as Bank of Cyprus, Hellenic Bank, and Alpha Bank operate ATMs across the country.

Withdrawal Limits

The daily withdrawal limit is usually 2,000 euros. However, this can differ from one bank to another.

Standard Fees If Charged

€3.50

Dynamic Currency Conversion Warning

When you use your foreign debit card at an ATM in Cyprus, you might notice that you have the option to view the transaction in your home currency rather than in euros. Dynamic currency conversion seems like a helpful service, but it actually allows the ATM to set its own exchange rate, which may be worse than the mid-market rate. That means you end up paying for what is essentially a hidden fee.

Fee Note

In 2026, most local bank ATMs charge a standard access fee of roughly €2.50 to €5.00 for international cards.

Currency Code

EUR

Official Currency

Euro (EUR, €)

Notes

There are seven denominations in Euro banknotes: 5, 10, 20, 50, 100, 200 and 500. One Euro is divided into 100 cent. There are eight Euro coins: 1, 2, 5, 10, 20 and 50 cent, and 1 and 2 Euro.

Taxis

A tip isn't expected, but is appreciated. A good rule of thumb is to round up to the nearest euro or give up to 5 percent of the final fare for exceptional service.

Hotels

Most hotels include a 10 to 15 percent service charge in the final bill, but this typically goes directly to the owner. It is considerate to tip €1 per bag.

Bars And Cafes

It's not necessary to tip a bartender, as most do not expect it and some may even refuse it.

General Note

While tipping is not officially mandatory, it is customary in many parts of Cyprus to show gratitude through a tip, particularly in restaurants, hotels, and during a tour. Tipping is entirely optional, but expressing appreciation — either through money or kindness — is valued.

Overview

While Cyprus is highly cashless, with cards widely accepted in hotels, restaurants, and shops, cash is still useful in local markets and small businesses.

Important Notes

• Foreign income from non-EU countries flagged for extra scrutiny; provide invoices/contracts to explain business relationship
• Cryptocurrency-related businesses face significant difficulty; most Cyprus banks cautious about crypto accounts
• Getting tax number (TIC) before banking application speeds up process
• Using local accountant introduction can facilitate compliance team relations
• Some branches in Limassol and Larnaca more experienced with expat accounts; ask accountant for branch recommendation
• Provide all documents before visiting branch; incomplete paperwork causes delays
• Respond to bank requests for additional documents within 24 hours when possible

Required Documents

• Valid passport or national ID
• Proof of address (utility bill or rental agreement)
• Tax Identification Number (TIN) / Tax certificate from Cyprus Tax Department (some banks accept pending application)
• Reference letter from previous bank
• Proof of source of funds (especially for larger deposits)
• Employment contract or business documentation (for business accounts)

Opening Fee

Free of charge

Dormant Account Fee

€5–€6 annually if unused

Monthly Maintenance Minimum

€2.00

Bottleneck

Anti-money laundering (AML) and know-your-customer (KYC) compliance review

Accessibility

Both EU and non-EU citizens can open accounts; process slightly different for non-EU residents

Remote Opening

Possible for some banks; many require in-person visit or video verification

Timeline Business Account

4–8 weeks typical; complex structures 8–12 weeks

Timeline Personal Account

2–4 weeks from document submission (EU citizens faster: 1–2 weeks); some branches faster if straightforward