Cyprus - euro - Currency Guide

General Currency Info - 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.

EUR News, Forecasts and Trends

For more EUR currency market forecasts you can read the full article euro Forecasts.

Travel, Currency and Money saving tips for Cyprus

In ancient mythology, Cyprus is the legendary birthplace of the Greek goddess of love, Aphrodite. In contrast, this third largest island in the mediterranean, has in modern times been dominated by antagonism between the Greek and Turkish Cypriots. Since 1974, when Turkey invaded the north of the island, Cyprus has been divided into Greek Cypriot occupation (southern two-thirds) and Turkish Cypriot occupation (northern third). UN troops patrol the "Green Line" dividing that divides the country. Any entry into the territory of the Republic of Cyprus via any other port or airport in the Turkish-occupied areas of Cyprus is illegal, and travellers doing so may face legal consequences. Therefore you are urged to travel via the recognised ports of entry (Larnaca and Paphos International Airports / seaports of Lemesos (Limassol), Larnaca (Larnaca), Paphos (Paphos) and Latsi.

Politics aside, as a travel destination, Cyprus has a multitude of wondrous sights and sounds to experience. From ancient ruins, beautiful beaches, nature watching for green turtles, scuba diving, and picturesque ports housing food and cafe culture.

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.

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.

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.

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 :

1. Open an account with a BER reviewed FX provider (id docs may be required)
2. You specify the local or euro amount you want to transfer
3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
4. 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 Send to euro 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!

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.