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Useful information about money-related matters while in Cyprus, from the frequency of ATMs, bank operating hours and credit card usage, to cost of living and tipping.
Banks and ATMs
All major banks in Cyprus have ATMs (automatic teller machines) in most towns and in the majority of the large villages. ATMs are open 24/7.
In most cases, and depending on your bank back at home, you will be able to access your regular bank account directly from an ATM. Otherwise you may use your credit card to access cash, but you might be penalised with a hefty charge each time you withdraw money.
Bank Operating Hours
Monday to Thursday: 08:00-14:30
Banks are closed on weekends and public holidays. Some banks in central tourist areas are open in the afternoons specifically to provide services to tourists.
Currency Exchange and Credit Cards
Since Cyprus entered the Euro zone in 2008, the currency in Cyprus is the Euro (€).
Euro notes come in denominations of 5, 10, 20, 50, 100, 200 and 500. One euro is divided into 100 cents.
Coins of 1, 2 and 5 cents are copper-coloured; coins of 10, 20 and 50 cents are gold-coloured; 1 and 2 euro coins are gold-and-silver coloured.
Banks in Cyprus exchange all major currencies in either cash or travellers cheques.
Limited outlets will accept foreign currency so it is better to exchange your money at a bank or at one of the currency exchange offices that operate in most tourist centres.
Credit cards are accepted almost everywhere. You can pay with them at stores, restaurants, supermarkets and petrol stations.
Cost of Living and Some Indicative Prices
The cost of living is relatively low in Cyprus, with prices around 25% lower than in most European countries.
According to the results of the Cypriot government’s Household Budget Survey 2004, average monthly outgoings for a single person were €1,100 Euro, for a couple €1,650 Euro and for a couple with two children, €2,310 Euro. A couple owning their home can live fairly comfortably on a net income of between €10,200 Euro and €11,900 Euro per year (many pensioners live on less).
Food is cheaper than in most European countries and around €425 Euro will feed two adults for a month, including (inexpensive) wine, but excluding luxuries like fillet steak, caviar and imported delicacies. Local wines and spirits are fair value and eating out is affordable, a meal for two averaging €45 Euro.
Prices have gone up slightly since the Cyprus’ EU accession in 2004, and a survey by the Cyprus Consumers’ Association showed that prices had risen on average by 1.6% since then (www.cyprusconsumers.org.cy).
Some indicative prices per person:
- Souvlaki (Cypriot kebab): €5.00 to €8.00
- Fast food meal: €4.00 to €8.00
- Large dinner at traditional tavern: €15.00 to €20.00
- Dinner at international restaurant: €20.00 to €50.00
- Traditional coffee at a traditional coffee shop: €1.00 to €1.50
- Frappe coffee at a modern cafe: €3.00 to €5.00
Tax and Tipping
Cyprus has a 19% value-added tax (VAT), which is automatically added to the cost of more or less all goods and services. This tax and the VAT are not refundable to travellers upon departure.
A 10% service charge is included in restaurant and hotel bills and it is not required to leave a tip. Nevertheless, it is customary to leave a small tip to a waiter if you are happy with the service. Taxi drivers and hotel porters always appreciate a small tip, too.
Bargaining is not customary in Cyprus.