How to open a bank account in Cyprus as a US citizen?

Adam Rozsa

Dreaming of moving to sunny Cyprus? Perhaps you’re moving there for work, or getting married in Cyprus.

But just how easy is it to open a bank account in Cyprus as a US citizen? We’ll cover everything you need to know here in this guide. This includes the documents you’ll need, the best Cypriot banks for expats and how to get started.

We’ll even throw in a handy tip to make it easier and cheaper to manage your money overseas. Open a Wise account for free, and to send money between Cyprus and the US in just a few taps, for low fees⁸ and the mid-market exchange rate.

But more on this later. For now, let’s focus on getting you a Cypriot bank account.

Can a US citizen open a bank account in Cyprus?

Foreign citizens can open a Cyprus bank account¹, and you don’t need to have residency in the country, either.

As for how to open a bank account in Cyprus as a non-resident, you should find the process pretty easy. All you need is a completed application form and the right documents - we’ll look at what you need in a moment. Many banks ask for proof of your residential address, but this doesn’t necessarily have to be an address in Cyprus².

Skip the hassle: get a Wise account for easy money transfers to Cyprus and more

For an easier way to manage your money between the US and Cyprus, check out Wise.

You can open a Wise account online in a matter of minutes for free. From this one powerful account, you can manage 50+ currency balances at once and even receive money in Euros (EUR) for free using local bank details.

Wise is not a bank however, It’s acheap, fast and easy alternative to send money internationally. With Wise you'll only pay a small, transparent fee⁸, and you’ll get the fairest exchange rate around.

Plus, you can spend like a local while in Cyprus if you order Wise debit card for a fee⁸. This contactless international card works in 174 countries, automatically converting currency at the mid-market exchange rate whenever you spend. You can even use it back home in the US, or when traveling worldwide.

Be set for your adventures in Cyprus.

Get started with Wise now

See how much you may save with a Wise Account:

Can I open a Cyprus bank account from the US?

It is possible to open some Cyprus bank accounts remotely, but it depends on the bank.

For example, Bank of Cyprus lets you open an account online if you’re signed up to its 1bank digital service³. If not, you’ll need to call up to start the process.

But over at Hellenic Bank, you can only start the process of applying for an account online. You’ll need to visit a branch in person to complete it⁴.

So, you’ll need to check with your chosen bank what its procedures are, especially for foreign citizens and non-residents. It might be that extra steps or documents are needed, or that processes like ID verification can’t be done online.

What do I need to open a bank account in Cyprus?

The exact documents you’ll need to open up a bank account depend on the bank in question, but they’ll generally all need⁵:

  • Proof of identity, such as a passport or identity card
  • Proof of residency, such as a recent utility bill
  • A reference letter from your prior bank saying your credit is in good standing

You might also need to provide information on why you need the account, and your anticipated income and outgoings.

How much do I need to open a bank account in Cyprus?

Many banks in Cyprus have checking accounts which require no minimum deposit to open¹. You may need to pay a monthly account maintenance fee, but this could be as low as €2.90 ($3 USD) for a standard current account⁵.

Cyprus is also home to a number of banks focusing on wealth and asset management. Be aware that if you choose one of those banks, you’re likely to need a large opening deposit to open an account.

Which bank should I choose in Cyprus?

There are around 30⁶ banks and financial institutions in Cyprus. This includes local and international banks, retail and commercial banks.

Here are just a few of the best Cypriot banks for US expats to check out:

  • Bank of Cyprus
  • Alpha Bank
  • Hellenic Bank

All have English versions of their websites, good networks of branches and ATMs across the country, and a choice of checking and savings accounts suitable for expats.

If you’re going with a traditional bank, just make sure you’re aware of their opening times. Typical Cyprus bank hours involve early closing, at around 1-2pm in the afternoon⁷.

If you miss your chance to go to a branch, you might want to look into Cyprus home banking options at your chosen bank.


After reading this guide, you should be all set to open your bank account in Cyprus. It should prove to be pretty hassle-free, as long as you have the right documents. You may even be able to start the process online, while still in the US.

But remember that a traditional bank account isn’t the only way to manage your money in Europe. Open a Wise account online, and you can manage 50+ currencies at once in just a few clicks.

Sources used for this article:

  1. Lawyers Cyprus - Opening a bank account
  2. Bank of Cyprus - New customer
  3. Bank of Cyprus - Instant access
  4. Hellenic Bank - Personal banking
  5. Hellenic Bank - Account characteristics
  6. EBF
  7. Bank of Cyprus - Contact
  8. Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up to date pricing and fee information.

Sources checked on 11-Aug-2022.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

Money without borders

Find out more

Tips, news and updates for your location