Currency in Cyprus: EUR Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Cyprus with 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.
What is a good Euro exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good things to know about the Euro
As of June 16, 2025, the Euro (EUR) has experienced notable developments affecting travelers, expats, and business owners:
- Interest Rate Adjustments: The European Central Bank (ECB) has reduced its key interest rates multiple times since April 2025, with the deposit rate now at 2%. This easing cycle aims to stimulate economic growth amid global uncertainties. (ft.com)
- Inflation Trends: Eurozone inflation has moderated, with the latest data showing a decrease to 2.4% in November 2024, bringing it closer to the ECB's 2% target. (nbcdfw.com)
- Eurozone Expansion: Bulgaria is on track to adopt the euro on January 1, 2026, following successful convergence assessments. This expansion may influence currency dynamics and economic interactions within the euro area. (en.wikipedia.org)
These developments are crucial for individuals and businesses engaged in international transactions, as they can impact exchange rates, purchasing power, and overall economic conditions.
For more EUR information check out our selection of Euro news and guides.
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 €.
What does the Euro look like?
Here is an example Euro banknote:
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, Latvia, Lithuania, 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?
Here are some popular conversion amounts for USD to EUR (US dollar to Euro)*.
*Converted at the current USDEUR interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Cyprus
Using Wise for Euro travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Euro otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Euro cash before departure, you can save money by ordering online. You generally get better rates and can pick up the EUR cash locally or even on travel day at the airport.
Cyprus: Travel Guide
Traveling to Cyprus requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
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.
Everyday Costs in in Cyprus
How much does it really cost to live, work, or travel in Cyprus? Here's what to expect for daily expenses and expat living.
Traveler's Currency Guide to Cyprus (ISO Code: CY)
For a 1-week mid-range stay in Cyprus, travelers should budget around €600-€800 (approximately $660-$880 USD) for a comfortable experience that allows for local enjoyment without breaking the bank. Typically, daily expenses can vary, but here’s a quick glance at what you might encounter in terms of costs:
- 🍽️ Meal at a local restaurant: €15-€25
- ☕ Coffee: €2-€4
- 🚍 Public transport fare: €1.50-€2.80
- 📱 Prepaid SIM card: €20-€30 (including data)
- 🏨 Budget hotel or Airbnb: €50-€100 per night
Overall, Cyprus can be classified as an average-cost destination compared to travelers’ standards. When comparing it to the United States, expenses such as meals and public transport are generally lower, while accommodation prices may be on par. Conversely, when stacked against the UK, prices in Cyprus can be significantly cheaper, especially for dining and transport.
Expat Living Costs and Banking Tips in Cyprus
For those considering an expat life in Cyprus, typical monthly living costs might range from €1,200-€1,800 (approximately $1,320-$1,980 USD), which includes rent, utilities, groceries, and leisure activities. Here’s a brief breakdown of essential expenses:
- Rent (1-bedroom apartment in city center): €600-€900
- Utilities (electricity, heating, cooling, water, garbage): €150-€250
- Groceries: €200-€300
- Transport: €30-€50
When it comes to banking and money transfers, using local banks and credit cards is quite common, but it's advisable to inform your provider of your travel plans to avoid any issues. For exchanging currency, expatriates might find that local banks tend to have better rates compared to street vendors. However, for sending or receiving money, online transfer services like Wise or OFX often provide more favorable rates and lower fees than traditional banks. In conclusion, whether you are visiting or settling in, understanding the currency and banking landscape of Cyprus can help you maximize your budget effectively.
USD/EUR Market Data
The below interactive chart displays the USD/EUR change and UP📈 DOWN📉 trends over the past 1 Year.
Recent Euro Market News
Recent Developments Affecting the EUR Price
1. Eurozone Inflation Rates: Recent data shows inflation in the Eurozone remains elevated, affecting ECB monetary policy decisions. (Source: Reuters, ECB)
2. ECB Interest Rate Outlook: Comments from ECB officials indicate a potential pause in interest rate hikes, causing speculation about the EUR's stability.
3. Economic Growth Concerns: GDP growth figures for the Eurozone show signs of slowing, impacting confidence in the Euro.
4. Geopolitical Tensions: Ongoing geopolitical tensions, particularly regarding trade relations with the US and UK, influencing market sentiment around the Euro.
5. Energy Prices: Fluctuations in energy prices due to global supply concerns are affecting Eurozone economies and, consequently, the EUR. (Source:
6.Eurozone Expansion: As of June 2025, Bulgaria is set to become the 21st member state of the eurozone, with the euro adoption scheduled for January 1, 2026.
For more EUR information read our News and guides to the Euro.
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!
Managing money while living and working in 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.
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 money transfer specialist 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.
We have put together some key points to help 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.