A practical currency and money guide to travel, living and doing business in Cyprus and the Euro (EUR).
What's in this Cyprus currency guide:
The official currency of Cyprus (country code: CY) is the euro, with symbol € and currency code EUR.
The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.
The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.
Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.
Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.
There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.
The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.
The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.
Cyprus is an island country located in the Eastern Mediterranean, south of Turkey. The island is known for its beautiful beaches, clear waters, historic sites, and rich culture. The official languages are Greek and Turkish, and the country has a diverse population with influences from both Europe and the Middle East. The island is divided into two main areas, the Greek-speaking south and the Turkish-speaking north, with a UN-controlled buffer zone in between.
Cyprus is an EU member state, and since 2008 the Euro has been the official currency. All banks plus many hotels in Cyprus offer currency exchange services. Major credit cards are widely accepted but always carry some cash for smaller restaurants, cafes, and shops.
One of the main draws of Cyprus for travelers is its beautiful beaches and clear waters, which offer excellent opportunities for swimming, snorkeling, and diving. Visitors can also explore the island's rich history and culture, with many ancient ruins, churches, and museums to visit, such as the ancient city of Paphos and the mosaics, and the medieval castles of Kyrenia.
Cyprus is also known for its vibrant nightlife and entertainment scene, particularly in the larger towns and cities, such as Nicosia, Limassol, and Paphos, which offer a wide variety of bars, clubs, and restaurants to choose from. Visitors can also experience the local cuisine, which has a mix of Greek, Turkish and Mediterranean flavors.
Cyprus is unique in the sense that it is divided in two; The Republic of Cyprus and The Turkish Republic of Northern Cyprus.
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Cyprus.
Cyprus has a stable political situation and a relatively low crime rate. The public healthcare system is considered to be good, and access to healthcare is relatively easy for expats. The education system is also considered to be good. The island has a well-developed tourism infrastructure and a variety of accommodation options, from resorts to vacation rentals.
The island has a small but growing economy and it is an attractive destination for expats, particularly for those looking for a warm and welcoming place to live with a good quality of life, relatively low cost of living, and easy access to healthcare.
There is an overseas transfer limit of 1 million Euros when transfering money out of Cyprus.
There are no restrictions on the import and export of cash or gold if travelling from within the EU. However, transporting of 10,000Euro or more (or the equivalent in another currency) must be declared at customs.
Cyprus has a small but open economy that has undergone significant economic growth in recent years. The country's economy is based on services, particularly tourism, financial services, and shipping, and it is considered to be one of the most prosperous and developed economies in the Eastern Mediterranean region.
Tourism is a major industry in Cyprus, with the country welcoming around 3 million visitors annually. The country has a diverse range of tourism offerings, including beaches, historic sites, and natural attractions, such as the Troodos Mountains and the Akamas Peninsula.
Cyprus also has a well-developed financial services sector, with a large number of international banks and investment firms operating on the island. The sector represents a significant portion of the country's GDP and employment.
Additionally, the island has developed a shipping sector and an emerging shipping registration scheme (Cyprus Flag) that has attracted many ship owners to register their ships under the Cypriot flag.
The island's economy also benefits from its location as a crossroads between Europe, Asia, and Africa, making it a hub for trade and transportation.
Despite its prosperity, the island still faces some challenges. The government has been implementing a number of structural reforms to improve the business climate and attract more foreign investment, but progress has been slow. The ongoing division of the island also remains a significant challenge for the country's economy.
Overall, Cyprus has a small but developed economy that is based largely on services, particularly tourism, financial services, and shipping. Despite some challenges, the country's economy is generally considered to be stable and growing, and it's an attractive destination for foreign investment and business opportunities.
Here we list some key points for expats and businesses to consider when managing financial dealings in Cyprus:
Understand Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in Cyprus. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Cyprus. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Cyprus. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Cyprus, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
The exchange rate of euro (EUR), or the amount of EUR that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest EUR/USD rate plus recent trend, chart, forecasts and historic rates.
10 Mar 2023
|1% ▲||2 Week|
24 Dec 2022
|0.9% ▲||3 Month|
24 Mar 2022
|2.2% ▼||1 Year|
25 Mar 2018
|12.9% ▼||5 Year|
26 Mar 2013
|16.3% ▼||10 Year|
29 Mar 2003
|0.1% ▲||20 Year|
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Cyprus or planning a trip or maybe living there, so will need to exchange and spend Euro.
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It is important to note that the exchange rate of the euro can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect EUR exchange rates before making any financial decisions.