It is important to have a business bank account in Cyprus. This will help you manage your finances and make transactions easier. There are many banks that operate in the country, but we can help you choose the best one for your needs.
Opening a business bank account in cyprus is important and there are many options
Opening a business bank account in Cyprus is important and there are many options, but you should know that you can open an account online or through the bank.
Opening a banking account for your company can be a daunting task. That's why we've created this guide to help you with everything from choosing the right type of account to setting up your online banking and making payments.
Here's how to open one:
- Decide what type of business bank account you need
- Choose which provider offers the best deals on that type of account
- Complete their application form online or download it and send it by post
Which banks can be used to open a business bank account in Cyprus?
You can open a business bank account in Cyprus with any of the following banks:
- Bank of Cyprus
- Hellenic Bank
- Laiki Bank (formerly Marfin Popular Bank Public Company Limited)
- Alpha Bank and its subsidiaries AGBANK and Thriasio Holdings Ltd.
- Societe Generale’s subsidiary Societe Generale Cyprus
American Express Bank Limited, HSBC's subsidiary in Cyprus, and several others
Bank of Cyprus
The Bank of Cyprus is the largest bank in Cyprus and one of the largest banks in Europe. It is also the largest retail bank, private bank, investment bank and life insurance provider on the island. With over half a million customers and assets worth €140 billion ($160 billion), it holds approximately 30% market share in all categories.
The Bank of Cyprus is currently listed as one of Europe's most valuable companies with a market capitalization that exceeds $30 billion USD as at July 2019.
Hellenic Bank is the largest bank in Cyprus with more than 250 branches and more than 600 ATMs. It's also the oldest bank in Cyprus, having been established in 1841. Hellenic Bank is the largest bank in terms of market capitalization and assets, making it one of the strongest financial institutions in Europe.
The banking services offered by Hellenic Bank include savings accounts, loans, mortgages and insurance policies among others. The bank has a representative office located at 1 Stasinou Street, Nicosia 1071 which can be contacted at +357 2564 0000 or [email protected]
Citibank is a large international bank with numerous branches in Cyprus. It's also a member of the Global ATM Alliance, which means that its ATMs are accessible through any other ATM in the world that's part of this alliance. Citibank has a good reputation in Cyprus and anywhere else it operates, and its services are often recommended by people who've used them before.
Here's how to open an account with Citibank:
- Find out if there's a branch near you by searching online or asking friends who live there (or moved there recently).
- Go into the branch office during business hours (usually 9 am until 5 pm) and meet with someone who can help you get started setting up your new business account.
- Fill out paperwork so they know what kind of information they need from your business before opening an account for it; this includes information about yourself as well as about what kind of transactions will be coming through the account (e-commerce sales? payroll deposits?).
Laiki Bank was a Cypriot bank that was established in 1963. It was the second largest bank in Cyprus, with a market share of 15%. Laiki Bank was a member of the European Central Bank and the Bank of Cyprus Group. The group had more than 550 branches and over 1,200 ATMs across Greece, Malta and Romania as well as a subsidiary in London.
Easiest Option: wamo
Although the process of opening a bank account in Cyprus is not difficult, some traditional banks impose strict rules that can make it time-consuming.
If you are a foreigner who wants to establish a business in Cyprus and open a bank account for it, there are ways of doing this that can make the process much simpler.
With wamo, you can open a new online bank account in just a few minutes. It has been offering businesses a complete banking solution—from opening bank accounts to managing day-to-day transactions. If you are looking for a faster, more secure solution to get your business account in Cyprus—try wamo!
Learn more about wamo business bank account in Cyprus.