Is it better to use cash or card in Cyprus

Is a getaway to Cyprus on your travel agenda? You’ve probably started to outline your travel schedule and work out some trip details. Aside from this, another important thing is planning your travel budget and doing some research. Specifically, taking the time to understand the differences in financial habits between the UK and Cyprus.

Cyprus is gradually transitioning to a cashless society. Cards and e-money payments are increasing each year, so it’s clear that Cypriots have trust in these payment methods. However, although statistics show that you can go fully cashless, different payment methods are better in certain situations. We’ll go into more detail to help answer the question - Is it better to use cash or card in Cyprus?

We’ll also show you a cost-effective way to manage your spending in Cyprus. For any international purchases, whether online or in person, you can rely on the Wise card. You can even withdraw cash and spend like a local for low fees* at the mid-market exchange rate.

How cash-centric is Cyprus?¹

According to the Central Bank of Cyprus, Cyprus is becoming more cashless each year. In 2023, non-cash transactions increased by 15% compared to the previous year. This is more than just regular growth, since it actually outpaced the overall rate seen in the Eurozone by nearly 20%.

Besides cards, digital wallets and different e-money payments are also on the rise, but not nearly as much. Still, the presence of these payment methods indicates that Cyprus is not a cash-centric society.

Cash etiquette in Cyprus²

Tipping is not required in Cyprus and it’s entirely up to the customer. Based on a law dating all the way back to 1968, service charges are always included in the prices. However, tipping is appreciated as a nice gesture for good service.

If you're uncertain about how much to tip, just stick to the standard practice. A common tip in restaurants is generally around 10% of the bill, but feel free to leave more if you’re really happy with the service.

Cash or card in Cyprus - the comparison

We’ve listed some situations where you’ll be paying for things in Cyprus. Here’s whether you’ll be able to pay by card, in cash or both:

Paying for…	Card 💳	Cash 💶
🚕 Taxis3	Usually, always ask ahead of time	Yes
🏪 Convenience stores	Usually, yes	Yes
☕ Coffee shops	Usually, yes	Yes
🚌 Public transport4	No	Yes
🍽️ Restaurants	Usually, yes	Yes

Using your card at an ATM in Cyprus

At the moment, there are around 500 ATMs in Cyprus.⁵ Besides banks, You can find ATMs in shopping malls, supermarkets, big squares and, of course, banks. Make sure you use a well-known bank ATM, such as one at Bank of Cyprus, Hellenic Bank or Alpha Bank.

The daily withdrawal limit is usually 2,000 euros. However, this can differ from one bank to another.⁶

Check out the latest GBP to EUR conversion rates below:

Will my UK debit card work in Cyprus?

Yes, you can use UK-issued debit cards on your trip to Cyprus. However, keep in mind that additional fees will apply for using your card abroad.

Can I use my UK credit card in Cyprus?

Yes, you can use your UK-issued credit card in Cyprus, as long as you go to a place that accepts cards.

Reasons to use cash in Cyprus

Even though cards and digital wallets are among the most popular payment methods in Cyprus, cash is still crucial for some things. For example, you won’t be able to pay for public transport without some paper money or coins. Also, you most likely won’t find a place that doesn’t accept cash and it’s the best option for small purchases.

Cash is also necessary for buying from local street vendors or markets. You could truly miss out on some authentic experiences like this if you don’t have at least some cash in your wallet.

Finally, in case you like leaving tips, it’s good to keep some euros on you.

Reasons to use credit or debit cards in Cyprus

Cards are the number one payment option in Cyprus and they can be used for nearly everything. Not only are they widely accepted, they still continue to rapidly grow in popularity.

If you plan on visiting big cities or popular tourist destinations, you’ll probably only use cashless payment methods. likely won’t have to use cash at all. It’s also much more convenient to tap your card instead of dealing with leftover change you won’t be able to use back home.

Also, primarily using cards is much more convenient and safe. Carrying large amounts of cash around makes you a target for pickpockets. Relying on cards can help make your trip safer.

Are contactless card payments common in Cyprus?⁷

In Cyprus, the limit for contactless payments is €50, which is consistent with the limit in most Eurozone countries. Once you hit this limit, you’ll need to type in your PIN. Contactless payments are rather common, so you’ll probably be using this method frequently in Cyprus.

Other payment methods in Cyprus

Besides traditional credit and debit cards, other payment methods are also available in Cyprus.

Mobile payment⁸

Digital wallets are commonly used in Cyprus. Popular wallet apps like Google Wallet, Apple Pay, and PayPal are widely used here, as well as Stripe, Skrill and WebMoney. Some Cypriot banks have their own digital wallets, such as the Bank of Cyprus.⁹

For an additional layer of security, you could add your Wise virtual card to your wallet. It has all the benefits of a regular Wise card, but it exists in your phone only. You can freeze your Wise virtual card after every transaction, too.

Buy now pay later options (BNPL)¹⁰

Buy now pay later options are growing in popularity in Cyprus, but they’re not yet mainstream. These services allow you to pay for your purchases in monthly instalments. This way, you can manage your expenses more easily.

Companies such as Atokes and FedEx Cyprus are among the most popular in the country. There are even BNPL options for travelling available in Cyprus, thanks to the partnership between Century Travel Group and Ellinas Finance.

What is the best way to pay in Cyprus: cash or card?

If you’re still wondering - cash or card in Cyprus? - the answer is probably cards. On average, Cyprus had a higher percentage of card payments last year than other Eurozone countries. That number will likely continue to grow in the years to come, so cashless methods are certainly the future.

However, to be prepared for any situation, it's best to carry both cash and cards. Each option has its benefits, and you can take full advantage of both. Cards are convenient and safe, while cash is sometimes necessary, particularly for small purchases, bus fares and cash tips.

Spend like a local in Cyprus with the Wise card

Want to spend like a local in Cyprus without worrying about exchange rates and hidden fees? The Wise card might be just the option you were looking for.

You can use your Wise card for international payments, from your accommodation costs to daily expenses. It automatically converts your pounds at the mid-market exchange rate with only a small, transparent currency conversion fee*.

You can also use it to easily withdraw cash from the ATMs in Cyprus. Each month, you can make 2 withdrawals of up to 200 GBP for free. After that, there is a charge of 0.5 GBP per withdrawal. There’s also a 1.75% fee on any amount you withdraw above 200 GBP. Keep in mind, however, that additional charges may occur from independent ATM networks.

Spend like a local with Wise 💳

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Cash or card in Cyprus - FAQs

Here are some of the most frequent questions about using cash or cards in Cyprus:

Can I use my UK debit card in Cyprus?

Yes, you can use your UK-issued debit card while visiting Cyprus.

Can I use a contactless card in Cyprus?

You can, contactless payments are rather common in Cyprus.

Do taxis in Cyprus take debit or credit cards?

In the bigger cities of Cyprus, you can use your card to pay for taxi rides.

How much do ATMs charge in Cyprus?

Cypriot ATMs have different charges, from flat fees to currency conversion costs.

How much money should I take on holiday to Cyprus?

That largely depends on your spending habits and travel style. However, you can always withdraw more money if you end up needing it.

Can you use British pounds in Cyprus?

The currency in Cyprus is the euro, so you probably won’t be able to use British pounds there.

Sources used:

1. Cyprus Business News - card use in Cyprus
2. Cyprus Mail - tipping in Cyprus
3. Larnaka Taxi - taxis in Cyprus
4. A to B Transfer - public transport in Cyprus
5. Cyprus Mail - ATMs in Cyprus
6. Bank of Cyprus - ATM withdrawal limit
7. Worldline - Cyprus contactless limit
8. SPM - payment methods in Cyprus
9. Bank of Cyprus - BoC wallet
10. Cyprus Business News - BNPL in Cyprus for travelling

Sources last checked on date: 30-Oct-2024