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Foreign Exchange Guide to Cyprus

This currency guide to Cyprus helps you choose the best way to save money on USD transfers and travel money.    [EUR/USD=1.1152]

 
Cyprus
Country Code:
CY
Domestic Currency:
Euro
Symbol - Code:
€ EUR
Telephone Prefix:
+357

This is a foreign exchange guide to Cyprus, the Euro currency plus sending EUR transfers and travel tips.


In this Cyprus currency guide we take a look at :

  1. Euro info - general info about the Euro
  2. Euro in the markets - recent EUR moves and predictions from the FX markets
  3. Travelling in Cyprus - currency & money saving tips
  4. Buying Euro cash online - travel money for Cyprus
  5. Sending money to Cyprus - save on Euro bank transfers to Cyprus
  6. Euro exchange rates - latest & historic exchange rates.
  7. EUR News - the latest Euro related articles from our blog.

Euro (EUR) general currency information


What is the Euro currency code and symbol?

The three letter currency code for the Euro is EUR and the symbol is .


Which countries use the Euro?

It is the domestic currency in Eurozone, Aaland Islands, Andorra, Austria, Belgium, 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 Barthélemy, Saint Martin, Saint Pierre And Miquelon, San Marino, Slovakia, Slovenia and Spain.

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.


Euro (EUR) in the markets

Euro sentiment dipped in mid-June after the ECB, like other major central banks of the world, ramped up its dovish rhetoric. It said that there was “considerable room” for further quantitative easing and that it would consider negative interest rates. Ordinarily, this would spark an extended euro decline but since other major currencies are also wrestling with easier central bank policies, euro depreciation may be contained.

In spite of Brexit, a slowdown in economic growth, Italian risks and persistently weak inflation — an important measure of inflation expectations fell in June to a record low — the euro did fantastically well against the Australian dollar, New Zealand dollar and British pound between mid-April and mid-June. Due to a stronger US dollar, EUR/USD was down 2 percent on the year at $1.12, close to long-term lows.

For more details read the full article Euro Forecasts.

The interactive chart below shows the EUR to USD exchange rate and trend for the previous 3 months:

At 1.1153 EUR/USD is trading above its 90 day average 1.1072 with period range 1.0899 to 1.128. There are currently no alerts. Updated: 09:14-AEDT 23:14-BST 18:14-EDT

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.

   

Cyprus Trip Checklist    

 
  1. Compare EUR travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Cyprus
  3. Lonely Planet - world's best travel guide (coupon and deals)

Sending money to Cyprus

When searching around for information on how to get a good exchange rate when sending money to Cyprus you need to start with finding out the latest Euro foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).

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.


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 our Send to EUR 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!

   

Bank Transfers to Cyprus

Compare Transfer Rates

 

EUR/USD - Euro to United States Dollar - Historical Rates

PeriodChange*EUR/USDDate
1 Day+0.4%1.112517 Oct 2019
7 Day+1.2%1.103911 Oct 2019
30 Day+1.3%1.102918 Sep 2019
3 Month-0.5%1.122820 Jul 2019
1 Year-2.5%1.145418 Oct 2018
5 Year-12.4%1.274719 Oct 2014
10 Year-25.2%1.492820 Oct 2009

*For period to 18-Oct 21UTC when EUR/USD was 1.1170

EUR/GBP - Euro to British Pound Sterling - 10 Year History

PeriodChange*EUR/GBPDate
1 Day-0.5%0.864817 Oct 2019
7 Day-1.4%0.873011 Oct 2019
30 Day-2.7%0.884518 Sep 2019
3 Month-4.2%0.898120 Jul 2019
1 Year-2.2%0.879818 Oct 2018
5 Year+8.6%0.792319 Oct 2014
10 Year-5.5%0.910820 Oct 2009

*For period to 18-Oct 21UTC when EUR/GBP was 0.8605

EUR/AUD - Euro to Australian Dollar - Historical Rates

PeriodChange*EUR/AUDDate
7 Day+0.3%1.625111 Oct 2019
30 Day+0.8%1.616518 Sep 2019
3 Month+2.2%1.594620 Jul 2019
1 Year+1%1.614218 Oct 2018
5 Year+12%1.455519 Oct 2014
10 Year+0.9%1.615820 Oct 2009

*For period to 18-Oct 21UTC when EUR/AUD was 1.6296

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