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.
Key Facts 2026
| Bank of Cyprus / Hellenic Bank | 4-8 weeks processing for personal accounts |
| Revolut (EU IBAN) | 24-48 hours online - CY IBAN not guaranteed, LT IBAN typical |
| Key documents | Yellow Slip / ARC, passport, proof of address, proof of income / source of funds |
| Monthly account fee | EUR 4-8 (traditional banks) / Free (Revolut standard plan) |
| SEPA transfers | Yes (CY IBAN, full EU compliance) |
| Non-EU citizens | Can open account with valid residence permit + income documentation |
| Corporate accounts | Require company registration docs + KYC on all directors |
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
- ā¬0
- Revolut standard plan cost
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
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Does this apply to your situation?
Tell us your situation and we'll connect you with our specialist expat advisory firm in Cyprus. They have years of experience managing relocations like yours.
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?
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?
Revolut works for most purposes in Cyprus. It provides a full EU IBAN (Lithuanian, starting with LT) accepted for SEPA transfers, utility bills, and daily payments. Some government offices and older local businesses prefer Cyprus-registered IBANs (starting with CY). Many expats use Revolut as their primary account and open a traditional bank account later for official needs.
Do Cyprus banks require a minimum deposit?
Cyprus banks typically require proof of income or financial means - usually a bank statement showing EUR 2,000-5,000 - rather than a mandatory minimum deposit for personal accounts. Revolut has no minimum deposit requirement.
Can I open a Cyprus bank account before moving?
You can open a Revolut account from anywhere before moving, but traditional Cyprus banks require you to be physically present with a Yellow Slip. Revolut is useful for receiving funds immediately after arrival while your traditional bank account processes.
What if I am not an EU citizen?
Non-EU citizens need a valid residency permit (Category F permit or work permit) to open bank accounts in Cyprus, rather than the Yellow Slip required for EU citizens. Revolut is available to residents of most countries and does not require Cyprus residency documentation.Cyprus residency options for non-EU citizens for details on permits.
Does Revolut count as proof of address in Cyprus?
Revolut statements are not accepted as proof of address for official Cyprus government processes like tax registration or Yellow Slip applications. A rental contract or utility bill in your name is required instead. Revolut may work in some private sector contexts, but always verify with the specific authority first.
Free, no commitment
Does this apply to your situation?
Tell us your situation and we'll connect you with our specialist expat advisory firm in Cyprus. They have years of experience managing relocations like yours.