Send Money To Cyprus
The third-large island in Mediterranean,
Cyprus shares the southern coast with Turkey and western shore with Syria, it
joined EU in 2004. The country has been serving as the connecting gateway with
Middle East, Africa and Asia. Despite facing number of challenges in the past,
the country has been pushing the envelope to maintain the progress of economic
growth while observing all the positive objectives of the country.
Due to the vital geographical location,
Cyprus bridges the gap between East and West to ease the process of
communication as most of the population of the country speaks English. Over the
years, Cyprus has been making its mark in the international market due to its
rapid growth in industrial and agricultural sector, whereas Cypriots are among
the most prosperous people in the Mediterranean region, with GDP per capita surpassing $26,000 in 2014.
Popular money transfer services that send to
In 2008 Cyprus pound (CY£) has been
replaced by Euro (€) as the official currency. It is worth noting that there
are seven domination in Euro banknotes including: 5, 10, 20, 50, 100, 200 and
500. However they are all distinguish by diversification of different colours
and sizes. Moreover, the bigger size of the note reflects the higher
Whereas, the coins are divided into the
domination of 1, 2, 5, 10 and 50 cents and 1, 2 euros. The design on one side
of the coin is common to all the countries of the Eurozone, however the other
side of the coin reflects the national identity of the respective country.
In 2008 the region earn $1.53 billion form
its major export including goods and services such as citrus fruits, cement,
potatoes, clothing and pharmaceuticals. However, in the same period the country
earn $8.689 billion from the import of goods.
Send Money with Bank Deposit
One of the easiest way to transfer money to
Cyprus is to send the desired amount of cash through bank, which is simple yet
convenient option for sending money to the recipient’s account. While if you
are sending money within the borders of the Eurozone, you are free of restrictions.
As Cyprus has the lowest corporate rate i.e.10%, the lowest among all the
countries in the Eurozone. Due to the lowest tax rate, the country has
attracted millions of investors to invest in the market of Cyprus.
However due to lack of the rules and regulation
in the banking sector, an individual can transfer €5, 000 per month for
families or educational expenses, while the amount of €1 to €2 are restricted for traders. With the gradual
increase in the economic structure of the country, the limit to transfer the
money exceeds to €50,000.
Due to the recent change in events, the
Bank of Cyprus provides services transferring the payments and cash withdrawal
conveniently. Moreover most of the banks are offering mobile banking option
too, which is linked to the account, which allow the user to transfer the cash
from their bank account to the mobile money account by just staying at
Send Money Through Cash Pickup
the years, the recent development in the country has brought new venture in
Cyprus, as people are becoming more aware in calculating the accurate exchange rates
of currency. However, most of the citizens are not satisfied with the currency
exchange rate, the banks has been offering to the public. They believe that
banks does not offer attractive exchange rate and charge substantially high fees on the international transfer.
Whereas, in comparison most of the people
are now opting for the money exchange firms that provides exchange rates that
are much better than those from the banks. One of the main reason to opt for
money exchangers are:
They charge the lowest transfer fee to
enhance the overall experience of the user. Firms like OFX and Currency Fair
has been providing comparatively much better exchange rates than those of the
Moreover, these firms allow users to
experience the comfort by receiving the cash with the blink of an eye. Although
cash receiving policies differ from firm to firm but the services with the
lower pre-transfer charges would serve as beneficial for end users.
However, euro shares the best exchange rate
in Cyprus, as it serves as common currency for the countries who are part of
Money Transfer Regulations
Under the rules and regulation in
transferring the amount, all banks are require to obtain the full
identification from the account holder. Further, the account holder cannot
exceed the limit to €50,000 - €1,000,000 for depositing transfer outside the
According to the new law for transferring
money to Cyprus, the Finance Ministry has raised the limits of payments and
money transfers, now individual can transfer up to €50,000 per month for each
However, as being a member of the EU, the
country imposes the same rules as other members of the union as there are
certain limitations in the export of foreign currency or Euro notes, according
to the authorities individuals cannot exceed the limit to €10,000. To prevent
the money laundering and other criminal activities, the limitation has been
defined by the agreement of the European Union countries.