The country is considered one of the easiest places to live in the globe, thanks to its friendly people, easy tax policy and capital laws, and fast visa approval process. It is not surprising that the nation is one of the best destinations amongst tourists for setting up fintech companies, studying, sightseeing, and easy business incorporation. It has a cosmopolitan culture, with many of its population from various European countries. People visit the country for numerous reasons such as to attend business meetings, gain employment, study, medical treatment, etc. As an international student studying in the country, you need to open a bank account to access domestic and international banking services. The financial system of the nation has advanced a lot over the years, which makes it quite easy for people and companies looking for innovative services to directly benefit from them. The commonest financial operations are linked to several transactions; thus, one needs to have a bank account to be able to transfer money here.
Type of bank account
The process of opening an account is currently one that is uncomplicated and accomplished in a short amount of time. Throughout its growth, the financial system in Cyprus has been subjected to a great deal of evolution. The procedure of opening a new account takes very little time and is quite straightforward for both individuals and businesses. Many banks in Cyprus provide their customers with access to a wide range of services. A personal bank account is a typical form of account that can be started by any person within or outside the territory in person, or by a local firm employing that person. The person opening the account must be at least 18 years old. There are also employment accounts, but to take advantage of the lower fees and commissions associated with them, employers are the only ones who can open them.
Necessary documents to submit
When you have all the supporting documents, opening a student account here is quite easy and takes at most two weeks to complete. The following are the required documents needed to open an account:
- A copy of Passport or identity card
- Proof of address e.g a local utility bill
- Admission letter
- Application form
- Purpose of use, etc.
Note that some banks can ask for additional documents depending on the type of bank. All documents should be in English as it is generally taken to be the medium of communication here.
Some popular banks in the country
There are several banks within the territory. They include Hellenic Bank, Bank of Cyprus, and Alpha Bank, all of which provide the entire gamut of banking services here.
Alpha
It offers excellent online banking, with an interactive website and a good ATM network as well as several branches across the country. One may access a variety of services through online applications on its website.
Bank of Cyprus
It provides savings and current accounts while offering services such as multi-currency accounts, loans, insurance, and financial advice. One may apply for debit cards after opening an account, as well as credit cards. Its online banking facility is also good.
Eurobank
Opening an account here can be a bit complicated as they tend to focus on corporate and wealth management in large ticket sizes. It also provides all types of cards and general bank services.
Hellenic
Known to be a full-service bank, it is a popular choice for students, youth foreigners, and small businesses. It renders all banking services required, operates in English, and has various branches and ATMs across the country.
Other banks one can check out include the following: SGBC, Usbbank, RCB, Astro Bank, the National Bank of Greece, Ancoria Bank, ABLV, Barclays, Banque SBA, PrivatBank, and Mondial Private Bank.