# Banking



## Alfiethepest (May 25, 2015)

Hi. Just getting an appartment in paphos and will need account to pay the bills by direct debit in euros. Is it best to open one on line before I come over end of June or wait and open one when I get there. Don't need any frills account just need it for currency transfers and dd'swith the least charges/fees. Any suggestions on best banks and what I will need to bring over from Uk to open one would be useful. 

Thanks


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## Baywatch (Mar 30, 2014)

Alfiethepest said:


> Hi. Just getting an appartment in paphos and will need account to pay the bills by direct debit in euros. Is it best to open one on line before I come over end of June or wait and open one when I get there. Don't need any frills account just need it for currency transfers and dd'swith the least charges/fees. Any suggestions on best banks and what I will need to bring over from Uk to open one would be useful.
> 
> Thanks


We use Socitee General Cyprus. It is OK. But banks are very old fashioned here.

I dont think you can open a bank account online here, you must visit the office

Anders


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## Alfiethepest (May 25, 2015)

Ok thanks.

Lyn.


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## bwfcwood (Jul 23, 2012)

Alfiethepest said:


> Ok thanks.
> 
> Lyn.


When we bought our apartment last year we opened an account, in the branch, with Hellenic bank. It was very easy and quick. We haven't had any problems......so far.


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## Alfiethepest (May 25, 2015)

Thanks will have a look at them. Is there any monthly/quartly charges for having the account? Other then Id what documents will I need to open account. Do I need to bring out some utility bills and confirmation of purchase of my appartment.

Lyn.


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## David_&_Letitia (Jul 8, 2012)

Alfiethepest said:


> Thanks will have a look at them. Is there any monthly/quartly charges for having the account? Other then Id what documents will I need to open account. Do I need to bring out some utility bills and confirmation of purchase of my appartment.
> 
> Lyn.


We are with Hellenic and opened our joint account there in September last year. The only documents we needed were our passports and either proof of purchase in Cyprus or (as in our case) a tenancy agreement. Some Cypriot banks ask for local utility bills in addition but that was not the case with Hellenic.


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## bwfcwood (Jul 23, 2012)

David_&_Letitia said:


> We are with Hellenic and opened our joint account there in September last year. The only documents we needed were our passports and either proof of purchase in Cyprus or (as in our case) a tenancy agreement. Some Cypriot banks ask for local utility bills in addition but that was not the case with Hellenic.


Ditto David & Letitia, we took utility bills but they didn't need them, we haven't had any charged yet, our statements are emailed to us and we have found the majority of staff quite helpful.


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## David_&_Letitia (Jul 8, 2012)

Alfiethepest said:


> ...Any suggestions on best banks...
> 
> Thanks


The main banks in Cyprus are listed below along with their websites (there are a small number of other smaller banks which do not have any/many branches available in Paphos). You will need to balance what you want from a bank to make up your mind regarding which one to choose ie local branch availability, interest rates, customer service, bank charges and availability of net banking. We are with Hellenic and they tick all boxes for us.

Alpha Bank

Welcome - Bank of Cyprus Group

Cooperative Central Bank Ltd - Home

https://www.hellenicbank.com/easyconsole.cfm/id/1/lang/en/

Piraeus Bank (Cyprus) Ltd

Home | SGBCY

Welcome to USB BANK PLC - Home


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## David_&_Letitia (Jul 8, 2012)

David_&_Letitia said:


> ...You will need to balance what you want from a bank to make up your mind regarding which one to choose ie local branch availability, interest rates, customer service, bank charges and availability of net banking...


I forgot to mention "ethical banking" but that's a contradiction in terms nowadays. :flypig:


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## Baywatch (Mar 30, 2014)

David_&_Letitia said:


> The main banks in Cyprus are listed below along with their websites (there are a small number of other smaller banks which do not have any/many branches available in Paphos). You will need to balance what you want from a bank to make up your mind regarding which one to choose ie local branch availability, interest rates, customer service, bank charges and availability of net banking. We are with Hellenic and they tick all boxes for us.
> 
> Alpha Bank
> 
> ...


I would stay away from the Alpha bank for the moment, with all turbulence in Greece. It is fully Greek owned and you never know what will happen


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## Alfiethepest (May 25, 2015)

Thanks that's great.


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## David_&_Letitia (Jul 8, 2012)

Baywatch said:


> I would stay away from the Alpha bank for the moment, with all turbulence in Greece. It is fully Greek owned and you never know what will happen


I don't think that's correct, Anders. 

The website I gave was for Alpha Bank Cyprus, not Alpha Bank Greece. 

Banks in any country will fall into one of 2 groups - those which have branches in a country but are fully owned by its 'parent bank' in a different country, and those which are "incorporated" into the country in which they operate. In the case of the latter, as with Apha Bank *Cyprus* the assets are held here in Cyprus, not in Greece and if Alpha Bank Greece folded, it should not affect those who have Alpha Bank Cyprus accounts.


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## Baywatch (Mar 30, 2014)

David_&_Letitia said:


> I don't think that's correct, Anders.
> 
> The website I gave was for Alpha Bank Cyprus, not Alpha Bank Greece.
> 
> Banks in any country will fall into one of 2 groups - those which have branches in a country but are fully owned by its 'parent bank' in a different country, and those which are "incorporated" into the country in which they operate. In the case of the latter, as with Apha Bank *Cyprus* the assets are held here in Cyprus, not in Greece and if Alpha Bank Greece folded, it should not affect those who have Alpha Bank Cyprus accounts.


But still it is 100% fully owned by the Greek Alpha Bank Group. Who knows what can happen? I am just saying that perhaps caution is a good idea.

The history have shown that


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## southcoastlady (Apr 18, 2015)

Alfiethepest said:


> Thanks will have a look at them. Is there any monthly/quartly charges for having the account? Other then Id what documents will I need to open account. Do I need to bring out some utility bills and confirmation of purchase of my appartment.
> 
> Lyn.


We are with the Hellenic - I think it is classed as a savings account. We have ATM cards and used to pay our rent by standing order - but choose not to now.

We were charged about 5 euros bank charges in January last year and I think it was 6 euros this year.

I also have set up on line banking so I can transfer money in and/or out through currency fair and keep an eye on the balance.

All works really well for us.


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## Alfiethepest (May 25, 2015)

That sounds ok. Not interested in the interest rates As will not be keeping too much money in. It is to pay the bills and transfer money in from smart currency and be able to manage online and access via cash machine.

Thanks


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## Janetp (Jan 24, 2013)

We are coming over in October this year. We opened an account with the Bank of Cyprus, just took in Passport & proof of address and income, it took about an hour and easy to do. I know you cant open an account online.


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## Shazzywoo&Steve (Jun 23, 2015)

Hi,
We opened a bank account last week with USB (Ayia Napa). Took about 30 mins, needed passports and proof of UK address and 20 euros each. And they do online banking (a must for me).

One, previous post is correct, they are old fashioned.


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## Baywatch (Mar 30, 2014)

David_&_Letitia said:


> I don't think that's correct, Anders.
> 
> The website I gave was for Alpha Bank Cyprus, not Alpha Bank Greece.
> 
> Banks in any country will fall into one of 2 groups - those which have branches in a country but are fully owned by its 'parent bank' in a different country, and those which are "incorporated" into the country in which they operate. In the case of the latter, as with Apha Bank *Cyprus* the assets are held here in Cyprus, not in Greece and if Alpha Bank Greece folded, it should not affect those who have Alpha Bank Cyprus accounts.


Just an article about possible bank problems in Cyprus if Greece default

Moody's sees negative Grexit consequences for Cyprus - InCyprus


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## PeteandSylv (Sep 24, 2008)

Baywatch said:


> Just an article about possible bank problems in Cyprus if Greece default
> 
> Moody's sees negative Grexit consequences for Cyprus - InCyprus


What an extraordinary article!

If I analyse the facts of exposure to Greece, legal standing of Cyprus Banks and Cyprus financial trade level with Greece I find myself reassured that any Greek default, removal from the Euro or even the EU will not affect Cyprus with any significance other than leave a trading relationship which could be expanded and advantageous should Greece become more isolated.

Yet despite the facts given, some clown from Moody's issues a statement tinged with negative speculation. This headlines the article rather than Bloomberg's more upbeat assessment.

Gutter journalism.

Pete


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## Shazzywoo&Steve (Jun 23, 2015)

Does anyone bank with a non Cyprus registered bank such as Barclays? They have a branch or branches ther and offer international banking - just wonederd if there are restrictions or anyone had that experience?
We are with USB and they are charging us to deposit our money :-(


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## David_&_Letitia (Jul 8, 2012)

Shazzywoo&Steve said:


> Does anyone bank with a non Cyprus registered bank such as Barclays? They have a branch or branches ther and offer international banking - just wonederd if there are restrictions or anyone had that experience?
> We are with USB and they are charging us to deposit our money :-(


We have an account with Barclays, but as far as I am aware, there are no Barclays branches in Cyprus for normal over the counter transactions (there is a Barclays in Limassol but I believe that it's an international investment operation.


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## Baywatch (Mar 30, 2014)

David_&_Letitia said:


> I don't think that's correct, Anders.
> 
> The website I gave was for Alpha Bank Cyprus, not Alpha Bank Greece.
> 
> Banks in any country will fall into one of 2 groups - those which have branches in a country but are fully owned by its 'parent bank' in a different country, and those which are "incorporated" into the country in which they operate. In the case of the latter, as with Apha Bank *Cyprus* the assets are held here in Cyprus, not in Greece and if Alpha Bank Greece folded, it should not affect those who have Alpha Bank Cyprus accounts.


So, they are not so 100% safe

CBC to support Greek subsidiaries - Cyprus


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## Veronica (Apr 5, 2008)

Baywatch said:


> So, they are not so 100% safe
> 
> CBC to support Greek subsidiaries - Cyprus


If you read the whole article Anders, it does say that they hold €6 billion in deposits and if they were to need assistance from the CBC they will get it. However none of them have asked for assistance as they do not need it.

Also a quote from the article "In fact, according to one bank insider, “they have benefited from deposit outflows from Greece since the beginning of the year”.

So while there are scaremongers out there who paint everything black it really isn't as bad as some would have us believe.


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## David_&_Letitia (Jul 8, 2012)

Baywatch said:


> So, they are not so 100% safe
> 
> CBC to support Greek subsidiaries - Cyprus


Yes - they are safe (or as safe as any bank is - which is never 100%).

From today's Cyprus Mail:

*On the banking system, the minister said it has been ring-fenced against possible contagion from Greece.

The huge exposure of Greek banks, operating here, to Greek government debt ended in 2013, he noted.

Greek bank subsidiaries are now effectively Cypriot entities, licensed and supervised by the Central Bank of Cyprus (CBC), adequately capitalised and with enough liquidity.

To date, Georgiades said, there have been no particularly alarming developments concerning the Greek-owned banks.

And EU authorities are on standby to react to the “slightest risk” of contagion from Greece, whose banks are fast running out of liquidity.

CBC director George Sirihas, meanwhile, said the four Greek bank subsidiaries operating in Cyprus – Alpha, National Bank of Greece, Eurobank, and Piraeus – have a combined market share of around 14 per cent, with just over €6bn in deposits.

The Greek branches here are operating without any restrictions, and though some deposit outflows have been observed, the situation is manageable, Sirihas told parliamentarians.

“We are prepared for any contingency, but at the same time we are not complacent either, since it is money markets that we are dealing with,” he said.

Asked what might occur in the worst-case scenario for Greece and its banks, Sirihas said the CBC has the capability to provide emergency liquidity to the Greek banks here.

He added that the question of ELA (Emergency Liquidity Assistance) is being discussed at the CBC, and scenarios have been drawn up to deal with any eventuality.

Emergency liquidity to banks has to be backstopped with collateral.

Local banks took a €4.5bn loss after the 2012 decision to write down Greece’s government bonds.

Cyprus itself is struggling to bounce back from a March 2013 bailout agreement, which involved seizing billions in people’s savings to recapitalise one bank and wind down another.

But the controversial decision had the additional effect of releasing Cypriot banks from toxic Greek assets.*

Cyprus ready to write off â‚¬330m in Greek loans - Cyprus Mail Cyprus Mail


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## Baywatch (Mar 30, 2014)

David_&_Letitia said:


> Yes - they are safe (or as safe as any bank is - which is never 100%).
> 
> From today's Cyprus Mail:
> 
> ...


More on the subject

Greek owned Cyprus banks likely to be taken over


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## PeteandSylv (Sep 24, 2008)

In addition to the facts in the articles it is good to see that so many of the comments want to distance Cyprus from Greece and eliminate the ridiculous concept of Greece being some sort of motherland to Cyprus.

I sincerely hope the hungry and unemployed of Cyprus don't ever have to read about €330 million being donated to Greece.

Anyway we will all know soon as this dark episode in the troubled history of the EU comes to a conclusion.

Pete


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## David_&_Letitia (Jul 8, 2012)

It's quite possible that, if a deal is struck to avoid Grexit, 2 of Greece's 4 banks will go the way of Laiki.

Which banks these are, is a matter of conjecture. However, if Alpha Bank Greece folds, then it is likely that Alpha Bank Cyprus will be sold. However, unlike Alphabank Greece, it is a secure and stable bank which may be snapped up by cash rich Hellenic and deposits here are safe.


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## Baywatch (Mar 30, 2014)

PeteandSylv said:


> In addition to the facts in the articles it is good to see that so many of the comments want to distance Cyprus from Greece and eliminate the ridiculous concept of Greece being some sort of motherland to Cyprus.
> 
> I sincerely hope the hungry and unemployed of Cyprus don't ever have to read about €330 million being donated to Greece.
> 
> ...


Also positive

Cyprus can bear Grexit - Cyprus


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