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Banking In Cyprus
Although Cyprus is divided in to two distinct areas, both offer modern international banking. Both sides are intent on creating an up-to-date banking system, which offers the best possible service to their clients.
In the southern part of the island, banks are run according to British standards and transactions can be carried out in Euros and most other foreign currencies.
There are two types of commercial banks in the Turkish Republic of Northern Cyprus (TRNC): branches of large Turkish banks, and local banks. Transactions can be carried out in all hard currencies. The Central Bank of is in charge of monetary, credit and exchange policy and essentially acts as banker to the government.
In both areas of Cyprus major credit and debit cards are widely accepted. Credit cards can be used to exchange money at most banks.
Banking services go beyond the traditional and often include insurance, leasing, hire purchase finance, factoring, mutual fund management, investment and consulting as well as custody and asset management services. Banks in Cyprus have developed new products and services through electronic means and your bank account can be easily reached via electronic access and through internet banking, which is now increasingly used enabling you to make a number of worldwide transactions.
English is widely spoken in southern Cyprus and banks in the TRNC usually have at least one member of staff who speaks English that will be able to help you with your requirements.
Cash point machines are widely available all over the island and they accept most major credit and charge cards.
For non-residents of the TRNC there are investment opportunities provided by offshore banks, which are positioned outside the country. They include business transactions in foreign currencies, lending and other financial services. The advantage of offshore banks is that they provide access to politically and economically stable jurisdictions and extend banking and trade services to non-residents of the TRNC, while supporting an international financial centre.
The two areas have different currencies - in the south Euros are used and in the north, Turkish lira.
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