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CYPRUS

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. 
Cyprus

Popular money transfer services that send to
cyprus

  • Rational FX
  • WorldRemit
  • HiFX

Currency Used

In 2008 Cyprus pound (CY£) has been replaced by Euro (€) as the official currency.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 domination.

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 home.  

Send Money Through Cash Pickup

Over 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 banks.

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 Eurozone. 

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 country. 

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 individual’s account.

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.