# Bank account



## steve ross (Jul 13, 2010)

How easy is it to open a bank account in Cyprus ?

What do i need ?

How long does it take ?

thanks


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## Veronica (Apr 5, 2008)

steve ross said:


> How easy is it to open a bank account in Cyprus ?
> 
> What do i need ?
> 
> ...


All you need to open a bank account is your passport and some money.
It can be done on the spot.


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## steve ross (Jul 13, 2010)

Veronica said:


> All you need to open a bank account is your passport and some money.
> It can be done on the spot.




Thanks, for your quick reply veronica, 

Can this be done online before i arrive do you know?


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## Veronica (Apr 5, 2008)

steve ross said:


> Thanks, for your quick reply veronica,
> 
> Can this be done online before i arrive do you know?


I think you need to bet here in person so they can check you are who you say you are. Hence the need for your passport.


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## steve ross (Jul 13, 2010)

Veronica said:


> I think you need to bet here in person so they can check you are who you say you are. Hence the need for your passport.


thanks again


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## MrB (Jun 2, 2010)

I had heard that you also need proof of residency/address, eg UK bills and bank accounts statements if not yet resident in Cyprus. i suspect Cyprus also has these money laundering requirements.

cheers

MrB


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## Veronica (Apr 5, 2008)

MrB said:


> I had heard that you also need proof of residency/address, eg UK bills and bank accounts statements if not yet resident in Cyprus. i suspect Cyprus also has these money laundering requirements.
> 
> cheers
> 
> MrB


Yes the banks are very cautious about possible money laundering so the more proof of identiy and residence etc the better.


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## totorama (Jun 12, 2010)

As a Brit currently living in California and hoping to move to the island soon, I wonder what problems I'll have trying to get an account as I don't have a UK address. I tried to setup an account on-line with Laiki but apparently it can't be done from over here (usa). I hope I don't have to carry suitcases of cash on the plane.. lane:


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## philly (Feb 5, 2010)

I needed a utility bill either from my home country or for Cyprus and also a rental agreement or title deeds for a property in my name

They wouldnt open an account anywhere for me without them

As soon as I had the docs it took 10 mins


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## theresoon (Apr 11, 2008)

totorama said:


> As a Brit currently living in California and hoping to move to the island soon, I wonder what problems I'll have trying to get an account as I don't have a UK address. I tried to setup an account on-line with Laiki but apparently it can't be done from over here (usa). I hope I don't have to carry suitcases of cash on the plane.. lane:


You wont have a problem. The problem you have is on the US side not the Cyprus side. Once here you can open an account and have a wire transfer done from your US account to your Cyprus account. Just remember to also open a US$ account and a Euro account. Do the transfer to the $ account and then you can do the $ Euro exchange. It will definetely cost you more if the exchange is done in the US rather than in Cyprus.


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## Veronica (Apr 5, 2008)

totorama said:


> As a Brit currently living in California and hoping to move to the island soon, I wonder what problems I'll have trying to get an account as I don't have a UK address. I tried to setup an account on-line with Laiki but apparently it can't be done from over here (usa). I hope I don't have to carry suitcases of cash on the plane.. lane:


Hi Terry,
I don't think you can open accounts online as they need proof of your identity.
You can open one as soon as you get here and then either use a currency exchange company to transfer money from your US account or do a transfer from your bank in the US to your bank here.
The currency exchange companies seem to give better rates than banks.
I can give you a contact who you can talk to to see what sort of rate you can get from them and then compare it with the banks.

Veronica


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## totorama (Jun 12, 2010)

theresoon said:


> You wont have a problem. The problem you have is on the US side not the Cyprus side. Once here you can open an account and have a wire transfer done from your US account to your Cyprus account. Just remember to also open a US$ account and a Euro account. Do the transfer to the $ account and then you can do the $ Euro exchange. It will definetely cost you more if the exchange is done in the US rather than in Cyprus.


Thanks 'Theresoon' for the quick response, 

I hadn't thought of doing it that way.. I will be getting a US pension also, which I presume I can do the same by getting it paid directly to my Cyprus US$ bank account. Plus a UK pension which is in GBP.. All very complected and at the mercy of exchange rates.:juggle:


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## AradippouTales (Jan 27, 2010)

totorama said:


> Plus a UK pension which is in GBP.. All very complected and at the mercy of exchange rates.:juggle:


Well, yes, but maybe no 

If you don't need the access the UK pension each month then you could have it paid into a UK account and then transfer several month's worth when the rate is favourable.

Yes, you are exposed to exchange rate variations _but_ you can minimise the impact and be in a position to move when the rates are particularly good.

Mands


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## Veronica (Apr 5, 2008)

If you use currency exchange companies don't go with the first one who gives you a quote. Go to several and let them know you are getting quotes from others.
They will fight for your custom and you can save a lot of money by doing that.
Once you have used one don''t make the mistake of sticking with them because they gave you the best rate last time. Use them agaisnt each other for the best deal.


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## theresoon (Apr 11, 2008)

totorama said:


> Thanks 'Theresoon' for the quick response,
> 
> I hadn't thought of doing it that way.. I will be getting a US pension also, which I presume I can do the same by getting it paid directly to my Cyprus US$ bank account. Plus a UK pension which is in GBP.. All very complected and at the mercy of exchange rates.:juggle:


Just make sure that ss deposits directly to the bank you open an account. I know they do at the Bank of Cyprus. I presume Marfin Laiki Bank as well but I would ask to make sure. The thing I cannot for the life of me remember is whether ss can deposit your pension in Euro instead of $. If they do it might be worth doing it that way.


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## totorama (Jun 12, 2010)

Thank's Veronica and everyone else for the advice, some excellent ideas. I guess this is one of those things you just can't sort out until you get there. But for sure I will keep a bank account open in the US and in the UK. Don't want to keep all my eggs in one basket....

Terry (totorama)


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## Guest (Jul 16, 2010)

Veronica said:


> If you use currency exchange companies don't go with the first one who gives you a quote. Go to several and let them know you are getting quotes from others.
> They will fight for your custom and you can save a lot of money by doing that.
> Once you have used one don''t make the mistake of sticking with them because they gave you the best rate last time. Use them agaisnt each other for the best deal.


Hello Veronica, 

Can you please give me the names of the currency exchange companies you use, we were going to just use Smart Currency... I didn' realise they would fight for your custom.

Great Advice Rgs Lynda


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