What banks are in Cyprus?
Communication Team
Communication Team

July 28, 2022

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What banks are in Cyprus?

Thinking of starting a business in Cyprus, you’ll need a business bank account.

Opening an business bank account with a traditional bank in Cyprus

For those who like to stick to the tried and tested - despite it usually taking a bit longer and requiring an often substantial amount of paperwork - we’ve chosen the largest, most popular banks to give you an idea of what traditional banks offer businesses in Cyprus. Some people prefer traditional banks because they have a longer history, fall under familiar regulations and are seen by some as being more ‘respectable’ when conducting business. Let’s take a look at 3 of them:

Alpha Bank Cyprus Ltd

This is the second largest Greek bank. It offers a business account for professionals and small businesses as well business banking for medium to large businesses.

Highlight features for business banking include:

green solutions for small business Alpha payroll Sectoral programmes

See more at the Alpha Bank website

Hellenic Bank

Offers ‘more than just traditional banking’ with tailored accounts and loans for businesses of all sizes. A business bank account can be opened locally or from abroad.

Highlight features for business banking include:

an overdraft limit multi-currencies available SMS banking

Astrobank

Has a modern business appeal with an emphasis on SMEs.

Highlight features for business banking include:

SME business loans for any purpose relationship managers with specific expertise in SMEs biodegradable cards.

Other banks like the Bank of Cyprus, Eurobank Cyprus and the National Bank of Greece (Cyprus) tend to focus more on wholesale and corporate banking. Small businesses are probably best looking for banking solutions that appeal directly to them.

Over the last few years traditional banks have, in the main, attempted to make business bank account opening easier - as it was notoriously difficult in the past. Some of the banks mentioned above quote a waiting time of about two weeks. You will need to check each bank for a list of document requirements.

The easier way: Online solutions for opening a business account in Cyprus

The fact is it's become much easier to take your business banking account needs online. With challenger banks in Cyprus like Revolut and alternative banking and financial management providers like wamo, wittix, and 3s money - it’s possible to get a business account in days and hours, if not minutes.

The advantage of these alternatives is that they are digital-first offerings with flexibility and ease built in.

wamo - Wise - Wittix - 3s Money - Revolut

wamo

If you’re looking for a full-suite business account in 10 minutes and great customer service forever, try wamo. An account can be opened fast with basic personal and business details and an ID. No credit check needed. wamo offers limitless cards and accounts, EU and GB IBANs and a smooth, easy app and desktop experience. Choose between sole trader and company accounts with the starter plan for sole traders being free.

Revolut

Revolut is geared for borderless payments and making business banking across the globe and on the move. Choose between a business bank account and a company account. Revolut offer multiple currencies (150+), automated accounting tool integration and multiple accounts among many other features. A good choice if you do international business and want an officially registered bank that’s wholly digital.

Wittix

Wittix offers a business account with SWIFT payments, unlimited cards and multi-currency conversions. This is a financial management platform and a good choice for those who want a simple solution for managing their finances.

3s Money

3s money is a payments platform that was initially created to make international business payments easier. Make and take payments in over 190 countries worldwide without the hassle involved when trying to do the same through traditional and challenger banks. You can quickly check your eligibility on the 3s money website.

The business banking account you choose for starting your business in Cyprus will depend on the type of business you have and the features you most appreciate from a business account. At wamo we believe that everyone should have a fair chance at accessing a business account to make their business vision a reality. If you’re a non-resident wanting to know how to open a business account in Cyprus, this article might be helpful too.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner

wamo.io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. PayrNet holds an amount equivalent to the money in the wamo current accounts in a safeguarding account which gives the customers protection against insolvency. We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 922901) for the issuing of electronic money. wamo is an EMD agent of PayrNet.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner