How to Open a Bank of Cyprus Account

Bank of Cyprus – the leader in the market of banking services of Cyprus.

The Bank of Cyprus has been operating since 1899, with more than 250 branches and several subsidiaries. Today, it accumulates most of the country’s banking capital. In 2009, he was awarded an independent ISO 9001:2008 certificate, which confirms compliance with international requirements and gives him the right to serve corporate clients, including non-residents.

By opening an account at this bank, you will be able to conduct international financial transactions and manage money from anywhere in the world. Corporate clients are provided with a personal manager. It is possible to receive and send payments in any currency, as well as to carry out salary projects.

The cost of servicing the corporate account depends on the amount of the deposit. For example, for accounts from 10 to 100 thousand euros is 35 euros per quarter, for accounts from 100 thousand to 1 million euros – 200 euros per quarter.

About the bank

Bank of Cyprus, the oldest bank on the island, was founded in 1899.

The Unit currently has 588 banking units and a total of 11,962 staff worldwide. The Group is the leading Cypriot institution in the area of financial services, has a strong presence in Greece and is active in the United Kingdom, Australia, Romania, and the Channel Islands.

The Bank of Cyprus has offices in Romania, Ukraine, Canada, and China.

As of 2019, the rating of the bank, according to Standard & Poor’s, B+ (B+ – the solvency of the issuer is considered satisfactory, the sign «+» – the prospect of improvement).

Account Type

Personal, corporate, trading, deposit, investment (Private banking).

Bank visit

There are different account opening processes:

• is possible with departure to Cyprus in the bank;
• through the bank’s (Cyprus lawyer).

Different procedures have different objectives, time frames and costs.

Account opening date

From 1 to 2 months.

Account management

Internet banking with DigiPass encoder. There is a mobile version.

Card products

Bank offers its customers cards – VISA, MasterCard and American Express.

Other banking products

Letters of credit, deposit guarantees – 1%-2%, escrow accounts. Real estate mortgage, UBS investment products, Forex trading accounts, various investment products, Private Banking services.

Necessary documents for opening an account

Since 2 November 2018, when opening an account in Cyprus, there is a requirement for the presence of a substance (office and employees in the territory of Cyprus).

During the course of the payment, bank employees can request any documents,  basically their list is limited to the following:

1. Original corporate documents, certified apostille. 2. Design of banking forms and business plan.
2. Originals of foreign and civil passports of the beneficiary and attorney of the company, who has the right to sign the bank.
3. Certificate from the bank (bank reference) on the beneficiary and trustee of the company, who has the right to sign in the bank.

Operating time and payment speed

Standard payment is made on the same day or the next. Operating day in the bank until 13.00.

Bank’s official website: www.bankofcyprus.com