Currency in Cyprus EUR - Things to know
Foreign exchange guide to Cyprus and the Euro
What's in this Cyprus currency guide?
What currency is used in Cyprus?
The official currency of Cyprus (country code: CY) is the Euro, with symbol € and currency code EUR.
Things to know about the Euro
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 banknotes and coins
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.
Travel money for Cyprus
Save money and time by Ordering your Euro online from Travelex, you get better rates and can pick up the EUR cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Euro otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Cyprus
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.
EUR/USD Market Data
The below interactive chart displays the EUR/USD trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Cyprus?
The domestic currency in Cyprus is the Euro.
What is the Euro currency code and symbol?
The three letter currency code for the Euro is EUR — symbol is €.
Which countries use the Euro?
It is the domestic currency in Eurozone, Aaland Islands, Andorra, Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, French Guinea, French Southern Territories, Germany, Greece, Guadeloupe, Vatican City, Ireland, Italy, Luxembourg, Malta, Martinique, Mayotte, Monaco, Montenegro, Netherlands, Portugal, Reunion, Saint Barthelemy, Saint Martin, Saint Pierre and Miquelon, San Marino, Slovakia, Slovenia and Spain.
Is the Euro a closed currency?
No, the Euro is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and EUR?
Converted at USD/EUR interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Cyprus - Best Rates
To get a good (and fair) exchange rate when sending money to Cyprus you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Cyprus
When sending money to Cyprus it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Euro amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Cyprus.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Euro deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to 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.
Cyrpus for Expats
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.
What are the limits on Sending Money to and from Cyprus?
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.
How is the Cyprus economy
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.
Managing your finances in Cyprus
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.
