Currency and Money Matters in Cyprus

1. What is the official currency of Cyprus?

The official currency of Cyprus is the Euro.

2. Are there any restrictions on foreign currency transactions in Cyprus?

As a member of the European Union and the Eurozone, Cyprus has adopted the euro as its official currency. As such, there are no restrictions on foreign currency transactions within the country.

However, when it comes to transactions involving non-euro currencies, there may be limitations or regulations imposed by individual banks or financial institutions. This is especially true for transactions involving large amounts of foreign currency.

Additionally, any foreign currency transactions must comply with anti-money laundering laws and regulations in Cyprus. This means that individuals and businesses must provide documentation and proof of the source of funds for any foreign currency transaction over a certain amount.

It is important to consult with your bank or financial institution to understand any specific restrictions or requirements for foreign currency transactions in Cyprus.

3. What is the current exchange rate for local currency to US dollar in Cyprus?

The current exchange rate for Cypriot pound (CYP) to US dollars (USD) is approximately 1 CYP = 1.18 USD as of November 2021. However, Cyprus has adopted the euro (EUR) as its official currency in 2008, so the current exchange rate for EUR to USD would be more relevant for currency conversions. As of November 2021, the exchange rate for Euro to US dollar is approximately 0.87 EUR = 1 USD.

4. Is it better to use cash or credit cards for purchases in Cyprus?

It is generally better to use credit cards for purchases in Cyprus. Credit cards are widely accepted at most establishments, and they offer added security and convenience, as well as the ability to earn rewards or cashback on purchases. Additionally, using a credit card may also provide additional protections in case of fraudulent charges or disputes with merchants. However, it is always a good idea to carry some cash as well, especially for smaller purchases or in case of any unexpected situations.

5. Do businesses in Cyprus typically accept US dollars or do they prefer local currency?

Most businesses in Cyprus prefer local currency, which is the Euro. US dollars may be accepted at some tourist-oriented establishments, but it is always best to have local currency on hand for transactions. It is also possible to exchange US dollars for Euros at banks or exchange offices in Cyprus.

6. Are there any hidden fees or charges when exchanging money in Cyprus?

As a language model AI, I don’t have personal experiences with exchanging money in Cyprus, but based on my research, there are a few potential fees and charges that you may encounter when exchanging money in Cyprus.

1. Commission Fees: Most exchange offices and banks charge a service fee or commission for currency exchanges. The commission can vary depending on the amount being exchanged and the type of currency.

2. Exchange Rate Fluctuations: The exchange rate between two currencies can change constantly, and this may result in receiving less or more than expected in comparison to the current market rate.

3. ATM Withdrawal Fees: Using an ATM to withdraw money from a foreign bank account may incur additional fees charged by both the ATM operator and your bank.

4. Credit Card Fees: Using a credit card to make purchases or withdraw cash abroad generally incurs fees such as foreign transaction fees, cash advance fees, and interest rates.

5. Hidden Charges: It’s always important to check the terms and conditions before exchanging money at any location to be aware of any possible hidden fees.

It is recommended to research current exchange rates and compare multiple exchange offices or banks to find the best deal with the lowest fees before making any exchanges.

7. Can I use ATMs from my home country bank in Cyprus to withdraw money?

Yes, you can use ATMs from your home country bank in Cyprus to withdraw money. However, it is important to check with your bank beforehand to ensure that there are no additional fees or restrictions for using foreign ATMs. Additionally, some local banks in Cyprus may charge a small fee for using their ATMs with a foreign card.

8. Is it necessary to tip service workers and what is the customary amount in Cyprus?

It is not mandatory to tip service workers in Cyprus, but it is a common practice to leave a small tip for good service. In restaurants, rounding up the bill or leaving 5-10% of the total amount is considered a standard tip. In taxis, rounding up the fare or giving an extra euro or two is appreciated. For other services, such as hairdressers or hotel staff, a small tip (1-2 euros) is customary if you are happy with the service. It is always up to your discretion and based on the level of service provided.

9. Can I purchase traveler’s checks before traveling to Cyprus, and are they widely accepted?

Yes, you can purchase traveler’s checks before traveling to Cyprus. They can be bought at most banks and some travel agencies. However, traveler’s checks are not widely accepted in Cyprus, and it is recommended to also bring a credit or debit card for withdrawals at ATMs and for purchases. It is best to check with your bank beforehand to see if they have partner banks in Cyprus to avoid extra fees.

10. Are there any restrictions or limits on bringing foreign currency into or out of Cyprus?

According to the Central Bank of Cyprus, there are no restrictions on bringing foreign currency into or out of Cyprus. However, if the amount is over 10,000 euros (or equivalent in another currency), it must be declared to customs upon arrival or departure. Additionally, amounts over 2,000 euros (or equivalent) must also be declared if traveling between EU member states. The declaration form can be obtained at the airport or port and must include the name of the traveler, destination, amount of currency and purpose of travel. Failure to make a proper declaration may result in penalties or fines.

11. Do major hotels and restaurants accept credit cards, and if so, which types are most commonly accepted?

Yes, major hotels and restaurants in Albania do accept credit cards. Visa and Mastercard are the most commonly accepted types, followed by American Express and Diners Club. It is advisable to always carry some cash as well, as smaller establishments may only accept cash payments.

12. Are there any unique features of the currency used in Cyprus, such as coins with different values or special designs?

Yes, the currency used in Cyprus is the euro, which is also used in several other European countries. However, there are a few unique features of the euro coins used in Cyprus:

1. Cypriot designs on the national side:
The national side of all euro coins feature a design that represents each country’s identity. In Cyprus, these designs depict various cultural and historical aspects of the island, such as its geography, architecture, mythology, and its connection to ancient Greece.

2. Different images on different denominations:
Each denomination (value) of euro coin in Cyprus has a different image or design on its national side. For example:

– 1 cent – A ship from Kyrenia (a famous archaeological site)
– 2 cents – An ancient Cypriot vase
– 5 cents – A sculpture from Choirokoitia (pre-historic settlement)
– 10 cents – Saint Lazarus Church (a famous religious site)
– 20 cents – An olive branch and a dove
– 50 cents – Ankronafplia fortress (an ancient fortress)
– €1 coin – The Cross of Neophytos Monastery (a monastic complex)
– €2 coin – Idol of Pomos (an ancient Cypriot statue)

3. Unique shape and size:
Some denominations have unique shapes and sizes compared to standard euro coins. For example:

– The center part of the €2 coin is made out of nickel-brass while the outer ring is made out of copper-nickel.
– The €5 coin has a dodecagonal shape (12 edges) compared to the usual circular shape.
– The outer ring of the €0.05 coin bears fine lines that represent an “Olivum” plant.

4. Commemorative coins:
Cyprus also mints commemorative coins with special designs to mark significant events or anniversaries. These coins are not intended for regular circulation and are often produced in limited quantities, making them valuable to collectors.

Overall, the Cypriot euro coins showcase the rich cultural heritage of the island and its unique identity within the larger European community.

13. Is haggling acceptable when making purchases, especially in markets and smaller shops?

In many cultures, haggling or negotiating over prices is a common practice when making purchases, especially in markets and smaller shops. It is seen as a normal part of the buying process and can even be expected by the seller. However, there are some cultures where haggling is not as accepted and it may be seen as rude or offensive to try to negotiate prices. It is always best to read up on the customs and etiquette of a particular culture before trying to haggle.

14. Can I pay for goods and services with a mix of both local currency and US dollars?

Yes, in some countries, it is possible to pay for goods and services with a mix of local currency and US dollars. However, this may not be accepted everywhere and it is best to check with the vendor before making a purchase. Additionally, keep in mind that the exchange rate used to convert between currencies may not be favorable and you may end up paying more than the actual value of the goods and services. It is often recommended to have local currency on hand for smaller purchases and use US dollars for larger transactions or emergencies.

15. What is the most convenient way to exchange money while traveling through different regions of Cyprus?

The most convenient way to exchange money while traveling through different regions of Cyprus is to use a debit or credit card. These can be used at most ATMs and will provide the best exchange rate. It is also recommended to carry some cash in case of emergency, as smaller businesses and rural areas may not accept cards. Money can also be exchanged at banks and currency exchange offices, but they may charge higher fees.

16. Are there alternative forms of payment in addition to cash and credit cards, such as mobile payments or digital wallets in Cyprus?

Yes, mobile payments and digital wallets are available in Cyprus. Some popular options include PayPal, Alipay, Apple Pay, Samsung Pay, and Google Wallet.

17. Is tipping expected during taxi rides, at hotels, or at other specific locations like spas or salons in Cyprus?

Tipping is not a common practice in Cyprus, and it is not expected during taxi rides or at hotels. However, it is becoming more common to leave a small tip (around 5-10%) for good service at restaurants. Tipping is also not expected at spas or salons, but you can leave a small tip if you are satisfied with the services. Ultimately, tipping is a personal choice and is not mandatory in Cyprus.

18. Are there certain stores where tourists can receive tax refunds on their purchases before leaving Cyprus?

Yes, visitors to Cyprus who reside outside the EU are eligible for a tax refund on their purchases. Most major retail stores and shopping centers offer tax-free shopping services, where visitors can receive a VAT refund at the point of purchase or at designated tax refund locations in airports or border checkpoints before leaving the country. Tourists must present their passport and proof of purchase to qualify for the tax refund.

19..How should I handle my leftover foreign currency when departing from Cyprus, including coins and smaller bills?

1. Exchange it at a local bank or currency exchange: The easiest way to handle leftover foreign currency is to exchange it for your home currency at a local bank or a currency exchange service. Most major banks and airports in Cyprus offer currency exchange services.

2. Use it for your next trip: If you are planning to travel to another country that accepts the same currency, you can save it and use it for your next trip. This will save you the hassle and fees of exchanging the currency again.

3. Donate it to a charity or organization: Consider donating your leftover foreign currency to a charity or organization that accepts foreign coins and bills. This is a great way to give back and help those in need while getting rid of your leftover money.

4. Keep it as a souvenir: Some people like to keep foreign coins and smaller bills as souvenirs from their travels. You can either add them to your collection or display them in a frame as a reminder of your trip.

5. Spend it at the airport duty-free shops: You can also use your leftover foreign currency to purchase duty-free items at the airport before departing from Cyprus.

6. Ask if the hotel or restaurant accepts foreign currency: Before leaving Cyprus, ask if any of the hotels, restaurants, or shops accept foreign currency. Some may be willing to take it as payment, especially if it is a common currency like euro or US dollars.

7. Use it for transportation: If you have enough leftover currency, you can use it for transportation expenses such as taxi fares or bus tickets before leaving Cyprus.

8. Sell it online: Another option is to sell your leftover foreign currency online through websites such as eBay or, where travelers often look for foreign coins and bills from different countries.

Remember that some currencies cannot be exchanged outside of their country of origin, so make sure to check before exchanging or donating them. Additionally, try to use up larger bills before departing as they may be more challenging to exchange or spend.

20. Is there a limit on the amount of local currency I can withdraw from ATMs in Cyprus each day?

The limit on the amount of local currency you can withdraw from ATMs in Cyprus each day may vary depending on the specific bank and account type. It is best to check with your bank or the local ATM provider for information on any daily withdrawal limits.