# Bank accounts



## de.zero51 (Jul 10, 2012)

Hi there all
Just afew questions for anyone who can help. My wife and I are coming to Paphos for a month very soon. It is our trial before making the final move. We have been planning for a few years now, and are getting close to the time we can finally make the move. We are narurally a little nervious after the Brexit. My first question is can we open a bank account while we are there as we will not be residents yet. Does anyone know if we will still get the bennefits of being in the EU until we are not. Will we be able to become Cypriot residents? One last question for now, what is the best way for retirees to transfer money. We still think a currency broker looks the easiest and cheapest. 
Thats all for now

Many Thanks

Clive and Dawn


----------



## David_&_Letitia (Jul 8, 2012)

de.zero51 said:


> My first question is can we open a bank account while we are there as we will not be residents yet.


Banks don't need proof of residency (ie the "Yellow Slip"), but they do ask for either a tenancy agreement or a Bill of Sale to prove address. Some also require a utility bill for the same reason.



de.zero51 said:


> Does anyone know if we will still get the bennefits of being in the EU until we are not.


Yes - until the end of 2 years after Article 5 is invoked, we get all the benefits of being a member of the EU (and all of the problems too!). Anything after that will depend on how the exit negotiations go and any bi-lateral agreements that are maintained or created.



de.zero51 said:


> One last question for now, what is the best way for retirees to transfer money. We still think a currency broker looks the easiest and cheapest.


Most expats here use an online money exchange service which gives better rates than all the banks etc. We use CurrencyFair, but there are other providers too.


----------



## de.zero51 (Jul 10, 2012)

Hi David and Letitia, thanks for your reply. So are we to assume as we are only renting a villa for 4 weeks and then returning to the uk we would not be able to open an account. we will not have a tenancy agreement or utility bill. The reason we ask is because we have conflicting information. Some say you do not have to even live in Cyprus to open an account. But if a bill or tenancy agreement is required then it seems you do. Sorry if we sound a bit daft , but we don't seem to get the same answer. If we give the address of the villa, we will not be there after the 4 weeks, so perhaps it just isn't possible until we have moved there. thanks again
Clive and Dawn


----------



## David_&_Letitia (Jul 8, 2012)

de.zero51 said:


> Hi David and Letitia, thanks for your reply. So are we to assume as we are only renting a villa for 4 weeks and then returning to the uk we would not be able to open an account. we will not have a tenancy agreement or utility bill. The reason we ask is because we have conflicting information. Some say you do not have to even live in Cyprus to open an account. But if a bill or tenancy agreement is required then it seems you do. Sorry if we sound a bit daft , but we don't seem to get the same answer. If we give the address of the villa, we will not be there after the 4 weeks, so perhaps it just isn't possible until we have moved there. thanks again
> Clive and Dawn


We are with Hellenic Bank, and I've just checked their website to get information on opening an account. It appears that non residents may open an account but need to prove their home address. It states:

_NON-RESIDENT INDIVIDUALS
Non-resident individuals are required to provide all necessary information regarding Know Your Customer (KYC) and Anti Money Laundering (AML) including:

Valid passport
Bank reference
Proof of residential address
Anticipated account turnovers
Why the account is needed

https://www.hellenicbank.com/easyconsole.cfm/id/1384
_
If you come on holiday with the necessary documentation, you should therefore be able to open an account here prior to having a Cyprus address.


----------



## PeteandSylv (Sep 24, 2008)

We are with Bank of Cyprus and they state:

How can I open a current account?

Call in at any of our branches. Make sure you have your ID card or driving license with you and some proof of your permanent place of residence (e.g. an electricity bill).
If you want to apply for a debit card, remember to fill out the necessary form.
If you want an overdraft facility along with your account, remember to bring your pay slip for the previous month. You can only apply for an overdraft if you are a permanent resident of Cyprus and are in full-time work.​
You can find more details at:
PERSONAL: Current Accounts - Bank of Cyprus

Pete


----------



## de.zero51 (Jul 10, 2012)

Thanks everyone for your replies. Hope we don't seem too daft. We should have known you meant proof of our current home address and utility bill. We just kept thinking how can we have theses things if we don't yet live in Cyprus. Not that daft usually, honestly. We were looking at the bank of Cyprus as an option. We read that it might be advantageous to open a Bank of Cyprus in the UK as well. Does anyone know if this is the case.
Many Thanks

Clive and Dawn


----------



## David_&_Letitia (Jul 8, 2012)

de.zero51 said:


> We were looking at the bank of Cyprus as an option. We read that it might be advantageous to open a Bank of Cyprus in the UK as well. Does anyone know if this is the case.


It's certainly a good idea to keep a UK bank account as well as a Cypriot one, and BoC (UK) would seem to be as good a choice as any. There was a problem last year with Barclays closing down Cyprus expat accounts unless they kept £100k deposited, and Lloyds seemed to also be refusing to open new accounts for expats unless the same amount was deposited (see the link below for more details). This was a perverse commercial decision - especially knowing that only £80k is ever truly "safe" under the Deposit Protection Scheme. Bank of Cyprus UK gained many expat customers as a result of the decision.

We are with Barclays but used our daughter's UK address for correspondence purposes when we moved out here and we have had no problems yet. Nearly all of our dealings are online anyway.

http://www.expatforum.com/expats/cyprus-expat-forum-expats-living-cyprus/802594-barclays-bank-8.html


----------



## hopefulx2 (May 6, 2015)

Hi.
My wife and I moved to Paphos in March this year. before we moved I phoned the Bank of Cyprus in London and asked, as we are still in the UK can we open an account with you and then use the account when we get to Cyprus. the answer was NO. we are a separate bank. Phone them yourself and see if there are any changes.

We opened an account here in Paphos at the main branch of the BOC. Asked for a current account, were given a deposit account, asked for Visa debit cards, were given debit cards that can only be used in their cash machines, we can't buy anything in stores, we can't buy anything on line. If we wish to withdraw our money from the bank ATM, fine, if we want to withdraw from inside the bank we have to have our passports because they don't have any machines on the counter to enter pin numbers in.

Joint account, either to sign. Went on to Internet banking to set up a direct debit, this service not available, went to bank and my wife had to sign a form that allows me to set up a direct debit on our account. After waiting three days for form process, I can now do this simple task, though if the debit is to a non BOC account there is a charge of 1euro 70 cents each time.

Asked about safety deposit boxes. We wanted somewhere to keep our documents, certificates etc safe. We were told you will need your passports to access your box.

We just tolerate this bank because it's very handy for where we live and there are lots of branches around, so we just use our Halifax credit card to take money from the UK at any ATM free of charge with the Halifax Clarity Credit Card, then we go on line and pay the card back from our UK bank account, also at the Halifax. BOC is handy for keeping our euros safe ( we hope ), and paying our electricity bill ( charge 1 euro ) they are also very good at signing our Life Forms from the pension Center in the UK ( no charge )

Best wishes

Phillip


----------



## Veronica (Apr 5, 2008)

hopefulx2 said:


> Hi.
> 
> We opened an account here in Paphos at the main branch of the BOC. Asked for a current account, were given a deposit account, asked for Visa debit cards, were given debit cards that can only be used in their cash machines, we can't buy anything in stores, we can't buy anything on line. If we wish to withdraw our money from the bank ATM, fine, if we want to withdraw from inside the bank we have to have our passports because they don't have any machines on the counter to enter pin numbers in.
> 
> ...


We are with the BOC and we can use our cards to purchase online, can use them in other ATMs and never have to produce passports when drawing money out in the bank. It seems odd that you have these problems


----------



## David_&_Letitia (Jul 8, 2012)

hopefulx2 said:


> We opened an account here in Paphos at the main branch of the BOC. Asked for a current account, were given a deposit account, asked for Visa debit cards, were given debit cards that can only be used in their cash machines, we can't buy anything in stores, we can't buy anything on line. If we wish to withdraw our money from the bank ATM, fine, if we want to withdraw from inside the bank we have to have our passports because they don't have any machines on the counter to enter pin numbers in.
> 
> Joint account, either to sign. Went on to Internet banking to set up a direct debit, this service not available, went to bank and my wife had to sign a form that allows me to set up a direct debit on our account. After waiting three days for form process, I can now do this simple task, though if the debit is to a non BOC account there is a charge of 1euro 70 cents each time.
> 
> We just tolerate this bank because it's very handy for where we live and there are lots of branches around...


We had none of these problems with Hellenic Bank! We have a savings account with a Hellenic Visa debit card which can be used at ATMs, in shops and for online shopping. When either of us go to the bank, although we take passports (just in case) we are recognised by the bank staff and our card is sufficient with their PIN machines. If we had the problems you have illustrated, we would vote with our feet and change banks. It's the only way to make such institutions understand that the customer pays their wages.


----------



## hopefulx2 (May 6, 2015)

*Change of banks*

Hi.

Yes we are looking for another bank. I think the problem with the cards we were given is that there is no gold square on the face, so no other ATM's, and there is no three digit security on the reverse, so no Internet or store purchase. The only advantage of these cards is that we don't have to carry that silly pass book around all the time with us and we can use them at the BOC machines out of hours, and get the pass book updated when we go to deposit.

Thanks for your comment.

Phillip


----------



## hopefulx2 (May 6, 2015)

*banking*

Hi.

Yes we are looking for another bank. I think the problem with the cards we were given is that there is no gold square on the face, so no other ATM's, and there is no three digit security on the reverse, so no Internet or store purchase. The only advantage of these cards is that we don't have to carry that silly pass book around all the time with us and we can use them at the BOC machines out of hours, and get the pass book updated when we go to deposit.

Thanks for your comment.

Phillip


----------



## JonandGaynor (Jun 8, 2009)

hopefulx2 said:


> Hi.
> 
> Yes we are looking for another bank. I think the problem with the cards we were given is that there is no gold square on the face, so no other ATM's, and there is no three digit security on the reverse, so no Internet or store purchase. The only advantage of these cards is that we don't have to carry that silly pass book around all the time with us and we can use them at the BOC machines out of hours, and get the pass book updated when we go to deposit.
> 
> ...


Very strange, we opened a joint account with the BOC 2 years prior to moving here and were both issued with contactless visa debit cards which we use everywhere, restaurants, ATM's, supermarkets etc with no problem, nor do we have any sort of pass book? Can only think there has been some miscommunication along the line and you've opened a different type of account.


----------



## Veronica (Apr 5, 2008)

It all seems very odd to me. Yes they require some form of ID when you go into the bank but this passbook thing has me puzzled.
We can use our cards in any shop including abroad and in any ATM.
I think you need to go to the bank and ask why you have these problems. Somewhere along the line they have given you the wrong type of account or wrong type of card.

To be honest the BOC is the best of the banks here so it would not be wise to change. Whatever you do though if do change DO NOT go to the Alpha bank.


----------



## expatme (Dec 4, 2013)

I would not agree with the comment the the B.O.C. is the best here in Cyprus. By the way why are BOC closing branches so fast here?

If the OP has a pass book it is possibly a savings account?


----------



## PeteandSylv (Sep 24, 2008)

expatme said:


> I would not agree with the comment the the B.O.C. is the best here in Cyprus. By the way why are BOC closing branches so fast here?
> 
> If the OP has a pass book it is possibly a savings account?


BOC had to take over the Laiki branches and they are now reducing their costs by eliminating branches that are too close to others. It is not all closure however. In Polemi having absorbed the Laiki customer base the branch has now been doubled in size.

As far as I can see it the main difference between a current account and a savings account is the cheque book. When we originally opened accounts I felt no need to pay the extra charges related to obtaining and using cheque books (I rarely used mine in the UK) and so opted for a savings account. This seems to have identical facilities. A pass book was never mentioned and I would have thought these were a throwback to the past. Of course the name Savings Account is incorrect - you need a microscope to detect the interest they pay!

I do find that BOC works OK, they also seem to have made some efforts to provide better, friendly customer service so I'm happy enough using them.

Pete


----------

