Banking and money transfers in Cyprus: accounts, cards, SEPA, SWIFT, limits and crypto
A bank account is needed for rent, salary, utilities and your residence file. Compliance is strict: the bank checks the source of funds and your tax residency. Transfers to Russia are restricted — check with each bank.
What a bank will ask
- Passport and proof of address (residence permit or registration).
- Proof of income and source of funds (statements, contracts).
- Your home-country and/or Cyprus tax number.
- A reason for opening an account in Cyprus.
Main banks on the island
| Bank | Profile | Source · date |
|---|---|---|
| Bank of Cyprus | largest bank, wide branch network | bank website · 10.10.2026 |
| Eurobank (merged with Hellenic Bank) | second largest, retail and business | bank website · 10.10.2026 |
| AstroBank | private bank, accounts and loans | bank website · 10.10.2026 |
| Alpha Bank Cyprus | retail and business | bank website · 10.10.2026 |
FAQ
- Can a non-resident open an account?
- Yes, with stricter checks: the bank asks for proof of source of funds and a connection to Cyprus (residence, property, business).
- Do transfers to Russia work?
- Partially: some banks no longer send transfers to Russia. It changes — ask your branch.
- Do I need a Cyprus tax number?
- For full service and non-dom status, yes — you need a TIN and a tax return.
- Can I bring cash into Cyprus?
- Yes, up to €10,000 without a declaration. From €10,000 a written border declaration is mandatory; undeclared cash may be seized and fined.
- Why is my transfer not credited?
- A source-of-funds check is running. Until you provide documents the money is held uncredited; without documents it is returned to the sender.
- Does the Mir card work in Cyprus?
- Practically no. Rely on third-country UnionPay cards, Wise/Revolut, or a Cypriot bank card once your account is open.
- Can I deposit crypto into a Cypriot account?
- Sometimes technically possible, but the bank usually refuses and may close the account. Crypto is easier to spend via licensed exchange cards than to deposit.
- Do I owe tax in Russia while living in Cyprus?
- It depends on tax residency. Under 183 days in Russia you usually lose that residency, but CFC and reporting rules may still apply.
The employee's GESY contribution is 2.65% and the minimum wage is €1,000 gross a month (checked 10.10.2026).
The real headache when moving money to Cyprus is not 'how to send it' but 'how to prove where it came from'. Cypriot banks scrutinise the source of funds more tightly than most EU countries, and since 2025 there is also a ban on large cash payments. Below: transfer rails (SEPA and SWIFT), cash limits, Russian cards, crypto and foreign-account reporting — with figures and primary sources.
Transfer rails: SEPA and SWIFT
| Rail | What it is | Cost and time | Source · date |
|---|---|---|---|
| SEPA | euro transfer within the EU, by IBAN | usually cheap; credited the same or next day | Bank of Cyprus (SEPA) · 11.10.2026 |
| SWIFT | international transfer in any currency, outside the SEPA area | €15–45 per transfer; 2–5 business days | Market data (Cyprus bank pages) · 11.10.2026 |
| Wise / Revolut | intermediaries, often cheaper than a bank on the FX margin | about 0.4–0.6% fee; 1–2 days; needs a tax number and address | Market data, 2026 · 11.10.2026 |
Direct SWIFT from Russia is hard today and runs under enhanced checks. A common practical route is a third-country bank: first to Kazakhstan, Georgia or Armenia, then on to Cyprus. That is not a way round the law — it is a route banks understand when the file is transparent.
Source-of-funds checks: the main rule
The basis is the Prevention and Suppression of Money Laundering Law 188(I)/2007 (transposing AMLD5/AMLD6) and the Central Bank of Cyprus AML Directive: every bank must identify the customer and verify where the money and the wealth come from. A weak or opaque file is the single most common reason even a clean applicant gets stuck.
- ask your banker in advance whether the transfer can be accepted and what justification and documents are needed — before you send the money;
- large sums (roughly from €10,000, and automatically around €24,000) are held uncredited until the customer supplies compliance documents;
- without documents the payment is returned to the sender and the account may be blocked;
- the typical evidence: a contract or sale deed, income certificate, tax return, statement of the source account, proof of the origin of capital;
- a 'crypto trace' in the transfer is a red flag: money arriving from an exchange or a P2P wallet is often refused.
A bank need not explain a refusal. The rule is simple: the more complete and honest the file is in advance, the less likely the money gets stuck and becomes invisible even in the pending list.
Cash limits and declaration
| Rule | Threshold | Source · date |
|---|---|---|
| Cash payments for goods and services | banned from €10,000 (since 1 January 2025) | Ministry of Finance / Cyprus banks · 11.10.2026 |
| Splitting a payment | circumvention is banned; the same penalty applies | Ministry of Finance / Cyprus banks · 11.10.2026 |
| Penalty for breach | 10% of the excess; in serious cases a fine and up to 5 years | Ministry of Finance / Cyprus banks · 11.10.2026 |
| Cash in or out at the border | declaration mandatory from €10,000 | Cyprus Customs Department (pdf) · 11.10.2026 |
| Undeclared cash | fine up to 20% and possible seizure | EU — border cash controls · 11.10.2026 |
In practice: use a bank transfer or card for anything large — a flat, a car, expensive electronics. The border declaration is written and forwards the data to the AML unit (MOKAS).
Russian cards: what actually works
- Visa and Mastercard issued in Russia do not work abroad — you cannot pay with them in Cyprus;
- the Mir card is practically not accepted outside Russia; in the EU, no;
- workable options: UnionPay cards issued by third-country banks; Wise/Revolut cards; a Cypriot bank card once your account is open;
- bring some euro cash for the first days within the amount you must declare at the border;
- Wise and Revolut require a tax number of your country of residence and an address, and periodically request documents or block the account.
To verify at the time of your move: the list of working cards and intermediary limits change fast. The 2026 data comes from banks' public rules and news, not from our own sending experience.
Crypto: status and licences (CySEC / MiCA)
| What | Rule | Source · date |
|---|---|---|
| Regulator | CySEC — the Cyprus Securities and Exchange Commission | CySEC · 11.10.2026 |
| Licensing of crypto services | since 2024 under the EU's MiCA regulation (CASP) | ESMA register (MiCA) · 11.10.2026 |
| How many licences in Cyprus | 25 CASPs directly licensed by CySEC plus about 147 passported from other EU states | ESMA register (MiCA), 2026 · 11.10.2026 |
| Banks' stance | crypto-sourced funds are often refused and the account may be closed | Cyprus banks' practice / Central Bank · 11.10.2026 |
Crypto in Cyprus is legal through licensed MiCA providers, but wiring it into a bank account is risky: exchange cards are convenient for spending, yet you should not pay crypto proceeds straight into a Cypriot account. Check the live ESMA/CySEC register — it changes monthly.
Foreign accounts and reporting
- Cyprus takes part in the automatic exchange of financial information (CRS, EU DAC2): banks report non-resident account data to the account holder's tax authority;
- once you become a Cyprus tax resident (the 183-day rule or the 60-day rule), you declare worldwide income in Cyprus;
- if you remain a tax resident of Russia, CFC rules and reporting to the Russian tax service still apply — see the Taxes page of this edition;
- opening a Cypriot account is not tax avoidance: what decides is your tax residency — the days you spend and your centre of interests, not the account.
Not tax or legal advice. Thresholds, residency rules and data-exchange rules are revised: check the Tax Department (gov.cy) and the Central Bank of Cyprus.
This page is a reference, not financial advice. Limits, fees and bank rules change: talk to your bank in advance before a large transfer and check the Central Bank of Cyprus and CySEC.