Quick Answer
To open a personal bank account in Cyprus you need: EU passport or national ID, Yellow Slip (MEU1), proof of Cyprus address, and proof of income. Traditional banks (Bank of Cyprus, Hellenic Bank) take 4-8 weeks and require an in-person visit. Revolut opens in 48 hours entirely online and works as a full replacement for day-to-day banking.
Open a Bank Account in Cyprus: 4-8 Weeks with a Local Bank, 48h with Revolut
Whether you are moving to Cyprus or already living here, this guide covers what documents you need, how traditional banks compare to Revolut, and how to open your account as fast as possible.
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Banking in Cyprus at a glance
- 4-8 weeks
- traditional bank account opening
- 48h
- Revolut account opening (online)
- 3 docs
- minimum documents required
- €0
- Revolut standard plan cost
Documents Required to Open a Bank Account in Cyprus
Whether you choose a traditional bank or Revolut, the core documents are the same. The most important is the Yellow Slip (MEU1) - the EU residence certificate. Without it, no Cyprus bank will open a personal account for you.
Required for all options
- Valid EU passport or national ID card
Yellow Slip (MEU1 certificate) - how to get it
- Proof of Cyprus address (rental contract or utility bill)
- Proof of income or financial means (payslips, pension statement, bank statement from home country)
For traditional banks only
- Some banks ask for a reference letter from your employer or a professional reference
- Corporate accounts require additional company documents (certificate of incorporation, etc.)
Non-EU citizens
- Non-EU citizens need a residency permit (Pink Slip or Category F permit) instead of the Yellow Slip
- Additional proof of legal residency status may be required
Traditional Cyprus Banks
Cyprus has three main retail banks used by expats: Bank of Cyprus, Hellenic Bank, and Eurobank. All three offer personal and business current accounts, debit cards, and online banking in English.
Bank of Cyprus
- Largest bank in Cyprus with the most branches
- Processing time: 4-8 weeks for personal accounts
- Requires in-person visit at a branch
- English-speaking staff available at most branches
Hellenic Bank
- Second largest bank, generally faster than Bank of Cyprus
- Processing time: 2-6 weeks
- Requires in-person visit
- Competitive fees for international transfers
Eurobank
- Smaller branch network but competitive rates
- Popular with Greek and EU citizens
- Processing time: 3-6 weeks
When to use a traditional bank
A local bank account is useful for paying Cypriot utility bills, receiving GESY healthcare card, and as a long-term base account. Some government processes prefer a local IBAN.
Revolut: The Fastest Option for Expats
Revolut is a UK and EU-regulated digital bank that opens entirely online. For expats arriving in Cyprus, it is often the most practical solution while waiting for a traditional bank account to process.
- Opens in 48 hours with no branch visit required
- Full EU IBAN - accepted for most bank transfers within Cyprus and Europe
- Multi-currency account: hold EUR, GBP, USD and 30+ other currencies
- Free standard plan with a physical debit card
- International transfers at interbank exchange rates
- Works for GESY registration and most utility bill payments
Revolut vs a local bank
- Revolut cannot receive certain government payments that require a Cyprus-registered IBAN
- For long-term residents, many expats keep both: Revolut for day-to-day and a local bank for official purposes
- Revolut Business is a separate product for companies - see the business banking guide if you have a Cyprus Ltd
Need help opening Revolut?
We can connect you with Revolut's Cyprus team who will guide you through the setup process.
Traditional Bank vs Revolut: Side by Side
Open Your Revolut Account in 48 Hours
We connect you with Revolut's Cyprus team who will guide you through the setup at no cost.
Bank Account Cyprus: Frequently Asked Questions
Do I need a Cyprus bank account to get my Yellow Slip?
No. The Yellow Slip (MEU1) does not require a bank account. You need: a valid EU passport, a rental contract in your name, and proof of financial resources (a bank statement from your home country is sufficient). You open the bank account after getting the Yellow Slip, not before.
Can I use Revolut as my main account in Cyprus?
Yes, for most purposes. Revolut provides a full EU IBAN (Lithuanian, starting with LT) which is accepted for SEPA transfers, utility bills, and most day-to-day payments. Some government offices and older local businesses may prefer a Cyprus-registered IBAN (starting with CY). Many expats use Revolut as their primary account and open a traditional bank account later for official purposes.
Do Cyprus banks require a minimum deposit?
Traditional Cyprus banks do not typically require a large minimum deposit to open a personal account. However, they do require proof of income or financial means - a bank statement showing EUR 2,000-5,000 or more is standard. Revolut has no minimum deposit requirement.
Can I open a Cyprus bank account before moving?
Traditional Cyprus banks generally require you to be physically present in Cyprus with a Yellow Slip before they will open an account. Revolut can be opened from anywhere in the world - you do not need to be in Cyprus first. This makes Revolut useful for receiving funds immediately after arriving, while your traditional bank account is being processed.
What if I am not an EU citizen?
Non-EU citizens can open bank accounts in Cyprus but need different residency documentation. A valid residency permit (such as a Category F permit or work permit) is required instead of the Yellow Slip. Revolut is available to residents of most countries and does not require a Cyprus residency document. See Cyprus residency options for non-EU citizens for details on permits.
Does Revolut count as proof of address in Cyprus?
A Revolut bank statement can be used as proof of address in some situations. However, for official Cyprus government processes (tax registration, Yellow Slip application), a rental contract or utility bill in your name is the standard and most accepted proof of address. A Revolut statement alone is usually not sufficient for these purposes.
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