The Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of 0.585274 CYP per 1 euro. Euro coins come in 1, 2, 5, 10, 50 €1 and €2. Notes come in €5, €10, €20, €50, €100, €200, and €500.
The Central Bank of Cyprus is the central bank of the Republic of Cyprus, located in Nicosia. It was established in 1963. The bank issued Cypriot pound banknotes and coins prior to 2008, when Cyprus adopted the euro.
Some banks incorporated in Cyprus
- Bank of Cyprus
- Co-operative Central Bank Ltd
- Cyprus Development Bank
- Emporiki Bank (Cyprus)
- Eurobank Cyprus
- Hellenic Bank
- Housing Finance Corporation
- National Bank of Greece (Cyprus)
- RCB Bank
- Societe Generale Bank (Cyprus)
- USB Bank
Branches of foreign banks in Limassol
- Alpha Bank
- Arab Jordan Investment Bank SA
- Banque SBA
- Byblos Bank
- Central Cooperative Bank
- FBME Bank
- First Investment Bank
- National Bank of Greece
- Saxo Bank
It is advisable to change money at the banks for the best rates and lowest commission charges. Limassol doesn’t have exchange booths like any popular European destination but some hotels may offer a service of exchange. Some souvenir shops offer the exchange service too but check for rates before making any hasty moves.
The fastest, easiest and cheapest way to get local currency is via an ATM . Drawing money directly from your home account means no ID checks, no queues and you get a better rate than inside the bank. A fee is charged for withdrawals.
Visa and Mastercard are the most popular credit cards accepted by most venues but make sure to check for the sticker at the entrance or ask a waiter before ordering.
If your credit card is lost or stolen, call the police (see security and health) and your credit card company. Most credit cards have a number to call, collect from abroad , which is provided at the time of issue.
The quickest and cheapest way to keep track of your bank account and credit card bills is by checking them online. Most hotels and public areas nowadays offer free wi-fi where you can access and control your account at the time of need. Its safe to set up your online account before travelling.
It is advisable to carry some emergency cash hidden inside your luggage separate from your wallet. People in Cyprus are kind and helpful and would give an extra effort helping you at times of need but you could find yourself in uncomfortable position when payment of accommodation is required.
All prices in venues include v.a.t and service. No extra tipping is required here although people tend to do it when they appreciate the service. Locals do it a lot as well as tourists mostly in restaurants, pubs, cafes and taxis.