Cyprus-Forum.com

[claireizz]

I am buying an apartment in Paphos. What is the best way to pay for things as debit cards charge large fees? Is it best to open a greek bank account for bills etc and how do I go about doing this?

[Sotos]

You can always use cash ... but if you prefer using a debit card then it is not hard to open a Bank account in Cyprus. Probably all you need is your passport and maybe a proof of your address (like a utilities bill) ... just call and ask them before you go there.

Bank of Cyprus
Toll Free (from Cyprus): 800 00 800
From abroad: (+357) 2212 8000

[Paphitis]

Do not bank with any Cypriot Bank.

Find a foreign bank that has branches in Cyprus. Or bank offshore and have a VISA Card and pay your bills that way. All you need is Internet Banking to transfer funds into the VISA and many foreign banks allow you to use Bank of Cyprus ATMs.

The Cypriot Banks are still not out of the woods and have too many non conforming loans on their books and only recently plunder savings from customers.

Stay away from Russian Owned Bank of Cyprus.

[Sotos]

Do not bank with any Cypriot Bank.

Find a foreign bank that has branches in Cyprus. Or bank offshore and have a VISA Card and pay your bills that way.

The Cypriot Banks are still not out of the woods and have too many non conforming loans on their books and only recently plunder savings from customers.

Stay away from Russian Owned Bank of Cyprus.

That could only be a concern if she is planning to deposit over €100.000. Otherwise Bank of Cyprus or another major bank in Cyprus is the way to go as they have branches and ATMs everywhere.

[Maximus]

To pay for things like bills,

yes, open a bank account in Cyprus and use a specialist forex money transfer broker that will give you a better rate to transfer money to it from abroad (if you hold a currency other than euro).

Just keep a nominal balance in your Cypriot account to cover the said bills but your money is guaranteed up to 100,000 euro per depositor per bank.

[Paphitis]

Do not bank with any Cypriot Bank.

Find a foreign bank that has branches in Cyprus. Or bank offshore and have a VISA Card and pay your bills that way.

The Cypriot Banks are still not out of the woods and have too many non conforming loans on their books and only recently plunder savings from customers.

Stay away from Russian Owned Bank of Cyprus.

That could only be a concern if she is planning to deposit over €100.000. Otherwise Bank of Cyprus or another major bank in Cyprus is the way to go as they have branches and ATMs everywhere.

I would be concerned for any deposits if they go bankrupt. Probably unlikely at this point but I think you are better safe than sorry.

Cyprus became an unfortunate test case which allowed banks to plunder or levy savings to cover bank debts. Never in international history has such a thing occured. Until I am convinced that Cypriot Banks have reduced their non conforming lending exposures to under 5%, they will never see a dime from me.

In Cyprus there are about a hundred foreign bankers including Barclays and HSBC. You can also bank with anyone and all you need is a VISA and Internet connection. Transfers are also free from one account to another and you can even open EURO cash accounts.

[Maximus]

Do not bank with any Cypriot Bank.

Find a foreign bank that has branches in Cyprus. Or bank offshore and have a VISA Card and pay your bills that way.

The Cypriot Banks are still not out of the woods and have too many non conforming loans on their books and only recently plunder savings from customers.

Stay away from Russian Owned Bank of Cyprus.

That could only be a concern if she is planning to deposit over €100.000. Otherwise Bank of Cyprus or another major bank in Cyprus is the way to go as they have branches and ATMs everywhere.

I would be concerned for any deposits if they go bankrupt. Probably unlikely at this point but I think you are better safe than sorry.

Cyprus became an unfortunate test case which allowed banks to plunder or levy savings to cover bank debts. Never in international history has such a thing occured. Until I am convinced that Cypriot Banks have reduced their non conforming lending exposures to under 5%, they will never see a dime from me.

In Cyprus there are about a hundred foreign bankers including Barclays and HSBC. You can also bank with anyone and all you need is a VISA and Internet connection. Transfers are also free from one account to another and you can even open EURO cash accounts.

Deposits have always been covered up to 100k per depositor per bank.

If a bank goes bankrupt, your money that exceeds 100k, goes with it.

In the case of Cyprus, not all of the money over 100k went 'poof', which can been seen by some risk takers who had more than 100k in the account as a bonus.

It depends how you look at it.

Cyprus is not the first country to have a bank or banks go bankrupt.

[claireizz]

Thank you all very much. I think I will utilise a UK bank with branches in cyprus.

[CBBB]

Thank you all very much. I think I will utilise a UK bank with branches in cyprus.

The are no UK banks with branches in Cyprus. Barclays has an operation here, but does not do retail banking, which is what you need for paying bills and things.

Ignore Paphitis scare-mongering, open an account at Bank of Cyprus or Hellenic Bank, and just keep enough in there for a couple of months worth of bills.

[Paphitis]

Do not bank with any Cypriot Bank.

Find a foreign bank that has branches in Cyprus. Or bank offshore and have a VISA Card and pay your bills that way.

The Cypriot Banks are still not out of the woods and have too many non conforming loans on their books and only recently plunder savings from customers.

Stay away from Russian Owned Bank of Cyprus.

That could only be a concern if she is planning to deposit over €100.000. Otherwise Bank of Cyprus or another major bank in Cyprus is the way to go as they have branches and ATMs everywhere.

I would be concerned for any deposits if they go bankrupt. Probably unlikely at this point but I think you are better safe than sorry.

Cyprus became an unfortunate test case which allowed banks to plunder or levy savings to cover bank debts. Never in international history has such a thing occured. Until I am convinced that Cypriot Banks have reduced their non conforming lending exposures to under 5%, they will never see a dime from me.

In Cyprus there are about a hundred foreign bankers including Barclays and HSBC. You can also bank with anyone and all you need is a VISA and Internet connection. Transfers are also free from one account to another and you can even open EURO cash accounts.

Deposits have always been covered up to 100k per depositor per bank.

If a bank goes bankrupt, your money that exceeds 100k, goes with it.

In the case of Cyprus, not all of the money over 100k went 'poof', which can been seen by some risk takers who had more than 100k in the account as a bonus.

It depends how you look at it.

Cyprus is not the first country to have a bank or banks go bankrupt.

Yes but if a Bank goes down in Australia or the U.S. the Federal Reserve guarantees deposits.

Are you sure the Central Bank is able to do the same in Cyprus? Ultimately, it is the RoC that guarantees the deposits. Are they capable of this? I am not so sure, not today anyway. They will need a bail out and if they don't get one then the shit hits the fan again. This means more blackmail from the EU and who knows what they will do next to depositors.

I would bank ofshore or only have very small amounts in Banks like BoC. That's just me.

I only say this because for the 100,000 guarantee, the RoC needed massive bailouts, which means even the 100,000 is not guaranteed without one. This is a very bad situation.

Additionally, in Cyprus it was not a mere case of a random bank closure like Lehman Brothers in the US for instance. It was a case of a massive Banking Failure which means the Banks were too loose with their lending and the Banks were powerless to repossess securities such as houses and cars etc. this indicates a regulatory issue in Cyprus which needs to be looked at.