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Currency in South Cyprus
Since January 2008 the official currency in Cyprus is Euro.
Cyprus Pound Brief History
The Cyprus Pound was introduced in 1879. At that time it
was equal in value to the Pound Sterling until the independence
of Cyprus in 1960. Subsequently it was divided into 20 Shillings.
However, unlike Sterling, the Shilling was divided into nine
Piastres (Kurus in Turkish). In 1955 Cyprus
decimalized, with 1000 mils to the pound. This was in 1983
converted as Cyprus Pound was divided into 100 cents which
remains until now. Mil-denominated coins are no longer legal
tender. There were coins of 1, 2, 5, 10, 20 and 50 cents and
paper notes of 1, 5, 10 and 20 pounds. New notes were issued
in 1997. In January 2008 Cyprus accepted Euro as the official currency.
Cash
Having cash is always a fail-safe way to carry money around
from one country to another. It is also the least safe method.
In the South apart from Euro you can pay with UK
Pounds or US dollars. In most of the tourist centres
these hard currencies are widely accepted or easily exchanged.
Local exchange rates are favourable, and airport or seaport
exchange offices are open for all arrivals.
Travellers Cheques
Without restrictions you may import traveller’s cheques,
but cash amounts in excess of USD$1000 equivalent should be
declared on entry if you intend to re-export a significant
quantity of it. Euro cheques
and traveller’s cheques are accepted by all banks and
some shops and restaurants. The cheques can be exchanged with
subject to fees. It is worth noting that Thomas Cook
traveller’s cheques can be exchanged commission-free
at any branch of the Bank of Cyprus. A low crime rate means
that people come to Cyprus with their national currency rather
than traveller’s cheques.
Credit Cards
Credit cards are widely used in stores, restaurants, supermarkets
and petrol stations. Usually the card symbol is displayed
in the shop-window or at reception. Plastic is extremely useful
as cash dispensers are located throughout Cyprus. Screen instructions
are given in English on request. Remember to memorize a PIN
number before departure.
Visitors holding any of the following international credit
cards may contact the appropriate bank for the withdrawal
of cash.
- Visa Card: Bank of Cyprus,
Cyprus Popular Bank, Hellenic Bank, Lombard Natwest Bank
and the National Bank of Greece
- Dinners Club, Carte Blanche: Bank of Cyprus
- MasterCard–EuroCard: Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank, Lombard
Natwest Bank and the National Bank of Greece
- American Express: Alpha Bank
and Laiki Bank
ATMs
Automated teller machines (ATMs) are popular among Cypriot
people as well as tourists. They are generally a convenient
way to withdraw cash at any time. Most banks now allow you
to access your regular bank account directly, though in some
cases you may have to use your credit line to access cash.
Transferring money to your credit card before you leave is
a good solution. Bear in mind, however, that your bank may
levy a hefty charge each time you withdraw money from an ATM.
These are found in most towns and larger villages across South
Cyprus.
International Transfers
The transfers are possible from your home bank to any of
Cyprus’ major banks if you need to access your funds.
Although the method is reliable, it is usually slow and takes
a week or more. Using private financial agencies, such as
Western Union is usually the best bet, since you can often
get your transferred money the same day.
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