# Banking UK or Cyprus



## de.zero51 (Jul 10, 2012)

Hi there, it has been a while since we came on the forum. My wife and I have been planning to retire to Cyprus for a few years now. Our last visit was in June, to the Pissouri area. We have travelled everywhere in the Paphos area to decide where we would like to be. We favour Tala or Pissouri, but there are a few smaller villages that also appeal. I retire in November this year. We are busy de-cluttering our house in preperation. We do intend to come out and rent for a while, so that we can do some serious property research before deciding to put ours on the market. 
There are lots of questions , but one that has been bothering us is where to bank. We will be in reciept of uk pension and private pension. Do we need an international account in the uk to have these paid into. Is it still the best way to have a current account in Cyprus and then transfer money regularly, or larger amounts occasionally.
Also if we come out to rent for a month or two , but are not residents yet will we be able to open an account in Cyprus. Look forward to any advice

many thanks Clive and Dawn


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## expatme (Dec 4, 2013)

Yes in our opinion. Do have a UK account and transfer as and when required. DO NOT USE BARCLAYS BANK as they are slowly closing overseas customers in 70 different countries. 

Yes you will be able to open an account here as a visitor. You will have to have proof of abode such as a rental agreement and details of UK accounts plus passport. Different banks have different needs here. So also go and shop around.

Good luck.


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## Veronica (Apr 5, 2008)

expatme said:


> Yes in our opinion. Do have a UK account and transfer as and when required. DO NOT USE BARCLAYS BANK as they are slowly closing overseas customers in 70 different countries.
> 
> 
> Good luck.


I think you got that wrong. This is an extract from 'thismoney.co.uk'

'For the first part, Barclays won't go into much detail, other than the fact it is focusing on 70 countries.

It won't provide a full list of the countries it is no longer focusing on: all we know is those in Cyprus and Malta have been written to – while expats in Greece can expect a similar letter in the future'.

Read more: These expats have 325 years of loyalty to Barclays - now their accounts are being closed with NO apology | This is Money


In other words it is focusing on 70 countries not closing accounts in 70 countries.
Of course that dosn't help us in Cyprus whose accounts are going to be closed.


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## PeteandSylv (Sep 24, 2008)

Always retain a UK account or 2 even if they only have £1 in. You never know if and when you will need them. Same advice for credit cards.

Your pension choice is: 1. Pay into a UK bank and transfer via a money transfer company such as Currency Fair directly into your Cyprus account or: 2. Have HM Government pay directly into your Cyprus bank account. They do this with no charges and an excellent exchange rate.

Whatever you do, do not exchange using a bank who will fleece you on exchange rates and possibly charges too.

Pete


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## GSmith (Nov 9, 2015)

I use an Isle of Man bank that allows all the services you'd get from a UK bank together with Euro and US Dollar accounts with Debit Cards, The cards are free to use (even for cash withdrawals from ATMs). Banked with the bank since 2008, fantastic service, minimum balnce of £50k but this can be made up of cash and or investments. Moderator, am I allowed to post the name?


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## Veronica (Apr 5, 2008)

Yes its ok to recommend a service or company as long as you are not involved with it.


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