# money conversion



## CyprusDream2014 (Dec 29, 2013)

Hi,

I was just wondering, initially we will have to have a contingency pot of euros for ease of access when we first arrive in Cyprus for villa deposit etc that will need to be done before we can get a cypriot bank account so I was wondering whether its better to exchange our British money before we arrive or when we are in Cyprus for the best exchange rate... Sorry if this question has already been asked I had a look and couldn't find the answer


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## Veronica (Apr 5, 2008)

CyprusDream2014 said:


> Hi,
> 
> I was just wondering, initially we will have to have a contingency pot of euros for ease of access when we first arrive in Cyprus for villa deposit etc that will need to be done before we can get a cypriot bank account so I was wondering whether its better to exchange our British money before we arrive or when we are in Cyprus for the best exchange rate... Sorry if this question has already been asked I had a look and couldn't find the answer


It depends how much you will need. You tend to get a better exchange rate down at the harbour in Paphos than in the UK but if it is large amounts you need it is usually best to use an exchange company.


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## CyprusDream2014 (Dec 29, 2013)

I guess we would need enough to live on for about a month when we are looking for somewhere to live and for deposit on a 3 bed villa/town house and car rental before ours arrives. So may be the exchange company would be better. X


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## thejohn32 (Feb 6, 2010)

When you get over here, the first thing to do is get a bank account set up. No easy feat. 

You will need your rental agreement as proof of address then the bank will send of to get permission for you to open an account. Then, you will be able to transfer money from your uk account to here using an exchange company like currency fair - there is others companies but we get a good rate through them and it is pretty easy to work. 

But in Cyprus slowly slowly is the pace of life and banks so bring enough with you to last. 

Good luck


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## Pam n Dave (Jun 11, 2007)

I think that many of us use Currency Fair and if you can plan ahead then you can to a certain extent choose your own exchange rate. Online Peer-to-Peer Foreign Currency Exchange - CurrencyFair


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## CyprusDream2014 (Dec 29, 2013)

Thanks for the help, so on that note I'm guessing a few thousand pounds is needed to be carried on Ur person. Eeek. Silly question maybe but does anyone know whether there's a maximum amount you are allowed to travel with?


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## thejohn32 (Feb 6, 2010)

There is a limit, I think 10,000 euro. However we spoke to customs when we came out as we were bringing a large amount and they said we did not have to declare or fill in the relevant paperwork in the customs website, however if we got randomly stopped then we had to be prepared to prove where the money came from

Not suggesting you bring that kind of money , but anything over a few grand just have proof where it came from.


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## wracgirl (Feb 6, 2009)

thejohn32 said:


> When you get over here, the first thing to do is get a bank account set up. No easy feat.
> 
> You will need your rental agreement as proof of address then the bank will send of to get permission for you to open an account. Then, you will be able to transfer money from your uk account to here using an exchange company like currency fair - there is others companies but we get a good rate through them and it is pretty easy to work.
> 
> ...


 Thanks from as well house now sold, just had 3 weeks over there looking at rental property,not long now :fingerscrossed:


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## dtb (Jan 1, 2014)

If I was you I would set up a euro account with Internet access in the uk, this will allow to move funds to a Cyprus account when you require extra funds. Always a bit dangerous to carry loads of cash and honestly not necessary. Once you are in Cyprus, you will find all the internet banking services available that you enjoy in the UK. Stay away from sending sterling as Cypriot banks will take a large cut for the pleasure of converting your money to euros. So my advice, take control yourself and manage your own transfers.

Good luck


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## PeteandSylv (Sep 24, 2008)

dtb said:


> If I was you I would set up a euro account with Internet access in the uk, this will allow to move funds to a Cyprus account when you require extra funds. Always a bit dangerous to carry loads of cash and honestly not necessary. Once you are in Cyprus, you will find all the internet banking services available that you enjoy in the UK. Stay away from sending sterling as Cypriot banks will take a large cut for the pleasure of converting your money to euros. So my advice, take control yourself and manage your own transfers.
> 
> Good luck


I think rather than having to trouble to open a UK Euro account which will no doubt have exchange costs, it will be much easier to employ the earlier suggestion of using Currency Fair. That way you use a existing bank account in the UK and one in Cyprus and avoid any bank commissions and inferior exchange rates. The only charge from Currency Fair is €3 each time you withdraw money from your account with them and you can do a complete exchange and transfer into your Cyprus bank in 24 hours, the entire process being carried out on-line.

Pete


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