opening a cyprus bank account

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cliffyamo
Posts: 23
Joined: 11 Nov 2007 01:01
Location: northwest england

opening a cyprus bank account

Post by cliffyamo »

In anticipation of buying a property in Cyprus would you feel it is wise to open a bank account in Cyprus to eventually use to transfer the monies for the purchase of the property.
Which bank would you recomended, is the process as straight forward as opening one in say the UK and what items are needed to process your application?
Nigel Howarth
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Post by Nigel Howarth »

It would be a good idea to open a bank account - it may be better to wait until after the 1st January when all acounts will be converted to the €uro.

I opened mine many years ago - in 1992, when we bought our land. As I recall, I deposited one pound and all I needed was my passport and proof of my UK address.

But you can open an account in Cyprus from a UK branch of a Cyprus bank - Liaiki & the Bank of Cyprus have branches in the UK. Probably worthwhile getting details of their services and charges before deciding which bank to use.

Our account is with the Liaiki - because there was a branch opposite the hotel we were staying in when we bought our land.

Regards,
Nigel Howarth
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cliffyamo
Posts: 23
Joined: 11 Nov 2007 01:01
Location: northwest england

Re: opening a cyprus bank account

Post by cliffyamo »

Thanks for the reply.
I was previously told by an english women living and working in Paphos who was renting her uk residence to a family member, her daughter.
I seem to recall her saying that each cheque she wrote there was a charge by the bank and also direct debits for paying uk bills associated with here uk address, utilities charges, these also involved a fee by the bank.
She mentioned she had experienced delays in monies crediting her account so these direct debits could be paid on time?
As I believe the bank probably wont be forthcoming with the facts of all the "hidden charges" does anyone know whether this is normally procedure in Cyprus and the "free banking " we seem to have in the uk, is it not like owning and running an account in Cyprus?
Nigel Howarth
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Re: opening a cyprus bank account

Post by Nigel Howarth »

My bank (Laiki) has published a list of their services and charges that you can find by clicking here.

If you deposit a UK cheque into a Cyprus bank account, it takes about 3 weeks to clear - and there's a charge of CYP 5.00/transaction (so it's cheaper if you deposit several cheques at the same time). If the cheque is more than 3,000 (I think) it takes a bit longer.

And you will incur additional charges if you use you Cyprus bank account to pay UK standing orders & direct debits.

To overcome some of the costs and delays, we have bank accounts in Cyprus and the UK (Nationwide & NatWest). We have regular payments coming into Cyprus from the NatWest account (which costs £10/payment) and all our UK standing orders, direct debits and credit cards are on our Nationwide account. Also, if we run a bit short of cash, I can withdraw cash using the Nationwide card from the hole in the wall machines in Cyprus - Nationwide don't charge for this.

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
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cliffyamo
Posts: 23
Joined: 11 Nov 2007 01:01
Location: northwest england

Re: opening a cyprus bank account

Post by cliffyamo »

I have now opened a sterling Bank Accout and Euro Account with the Bank Of Cyprus.
You need at least your passport to open a Bank Account.
There is now a Direct Banking option with the Bank Of Cyprus and this is recomended as each statement your receive will cost you.
regards
Nigel Howarth
Site Admin
Posts: 2911
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: opening a cyprus bank account

Post by Nigel Howarth »

Thanks for the update,

Cheers,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
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