Whether you are traveling to Cyprus, want to live there or want to start a business: money matters and currency are often one of the first practical questions.
What is the official currency of Cyprus? What about payments, ATMs, banks, cards, and fintech solutions? And what role did the 2013 banking crisis play in the trust in traditional banks?
In this guide, you'll find all the practical information about the currency, the banking system, innovative payment methods like Revolut, and helpful tips for managing your finances wisely in Cyprus.
The currency of Cyprus is the euro, making money matters easy for Belgians and Dutch citizens. You can pay, use your debit card, and make online transactions without exchange fees.
Only in the northern part of Cyprus do you pay with Turkish lira.
| Element | Answer |
|---|---|
| Official currency | Euro (€) |
| Old coin | Cypriot pound (not valid since 2008) |
| Pay by card | Possible everywhere (contactless) |
| ATMs | Widespread, often available 24/7 |
| Banks | European standards, supervision by the Central Bank of Cyprus |
| Northern Cyprus | Turkish lira (TRY) |
| Exchange costs | None within the eurozone |
| Travel advice | Take small banknotes and withdraw euros |
Since January 1, 2008, the euro (€) has been the official currency of the Republic of Cyprus. With this, the old Cypriot pound (CYP) was completely replaced by the euro, and since then Cyprus has been part of the eurozone.
All prices, salaries, bank transactions, and rents are expressed in euros. The old Cypriot pound is no longer valid or exchangeable at banks.
1 € = 0.585274 CYP
Although that is a thing of the past, it is still often mentioned in older documents or real estate transactions from before 2008.
Cyprus uses the same euro banknotes and coins as Belgium and the Netherlands. So you won't incur any additional exchange rate fees when paying or withdrawing money with your European bank card.
Note: Some foreign banks charge €3–5 transaction fees for debit card payments outside the Benelux. Check with your bank beforehand.
A smarter option than traditional bank cards is to choose a digital bank/wallet such as Revolut.
Revolut is widely used by residents and expats in Cyprus thanks to its low fees, multi-currency capabilities, and fast app-based payments.
Using Revolut is recommended for anyone who travels frequently, makes instant international payments, and values easy and transparent payment methods.
By the way, not only for Cyprus, but wherever you travel, Revolut is an absolute game changer.
The financial sector in Cyprus is well-developed, with European regulations. However, the sector has an important history that you should be aware of as a (future) resident or entrepreneur.
Cyprus was hit by a severe banking and sovereign debt crisis in 2012-13. The two largest banks, including the Bank of Cyprus and Cyprus Popular Bank (also known as Laiki), suffered heavy losses due to exposure to Greek debt and an overheated credit market.
On March 16, 2013, the Eurogroup, the ECB, and the IMF came up with a rescue package of around €10 billion, in exchange for sweeping reforms and even a “bail-in” of savings above €100,000.
As a result, confidence in traditional banks declined among many residents — making fintech solutions (such as online banks, wallets) significantly more popular.
Cyprus has been politically divided into two parts since 1974:
In the north, the currency is the Turkish lira (TRY). You can also sometimes pay with euros in tourist areas, but prices and fares are usually based on the lira.
Travel tip: When crossing the border, exchange a small amount into lira – for example, for taxis or local snacks – but keep the majority of your money in euros.
Each eurozone member state has its own coin designs. Cypriot euro coins depict symbols from the island's rich history:
Cypriot coins are popular with collectors because of their low mintage.
Relevant information
No. Since 2008, only the euro has been legal tender. Old coins and banknotes are no longer exchangeable at banks.
Yes. Bancontact, Maestro, and Visa Debit all work in Cyprus. Please be aware of any transaction fees charged by your bank.
In almost all shops, supermarkets, and restaurants, yes. Cash may only be accepted at markets or smaller cafes.
No, officially it's the Turkish Lira (TRY), although some tourist places accept Euros.
No, the same rules apply within the EU. Large cash transactions (over €10,000) must be reported.
The 2013 banking crisis eroded trust in traditional banks. Since then, many people have turned to fintech banks and apps like Revolut for their simplicity, transparency, and international potential.
The currency of Cyprus is the euro (€), since 2008 when Cyprus joined the eurozone. Paying is easy everywhere with a debit or credit card. The Turkish lira is used only in Northern Cyprus, the unrecognized Turkish part. You do not need foreign currency to visit the Republic of Cyprus.
As an EU member state, Cyprus is a permitted destination for Belgians and Dutch nationals to travel with a valid identity card or passport. Your passport does not necessarily need to be valid for 6 months, as is the case for many non-EU countries. However, your document must be valid for the entire duration of your stay. Always check the current entry rules via the official government website.
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