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Cyprus 4 Travel: Banks and Exchange Facilities |
South Cyprus
Changing currency within Cyprus is relatively easy and in most places can be done without being charged a commission. You will however be charged approximately CY£2 per transaction for travellers cheques.
Banks in the South of Cyprus are open 8.30am - 12.30pm, Monday to Friday. In the Winter, banks also open on Monday between 3.15pm to 4.45pm. Although in many of the more tourist populated areas banks do open in the afternoon, Tuesday to Friday at 4 - 6pm in the Summer months and 3.15 - 4.45pm all other times of the year (Oct to Apr).
On Arrival in Cyprus it is possible to use the banking and exchange facilities in the arrival lounges, which are open for all flights. However Airport Cash Machines in Cyprus do tend to break down without warning so it is recommended to bring some Cypriot currency with you. Credit and Debit cards are also a useful form of payment.
It is possible to do International money transfers to any of Cyprus’ major banks, however this will take about a week to process. A slightly more expensive, but quicker option are telegraphic transfers. Private financial agencies such as Western Union as probably the best way to transfer your money internationally as you will generally receive the money the same day.
North Cyprus
Banks in North Cyprus have a bad reputation. You will not find a Bank in Ercan Airport and the others are only open between 8.30am and Noon, Monday toFriday. Numerous banks in North Cyprus have failed within the last few years.
A much easier way to change your currency would be to use a money exchange house. These offer good rates for foreign cash and travellers cheques and are open 8.30am - 1pm and 2 - 5pm (6pm in the Summer) Monday to Friday, and 8.30am to 1pm on Saturday. You shouldn’t be charged commission.
British Pound Sterling is widely use in North Cyprus, some places will even take coins. When you purchase articles in Pound Sterling you will be given change in YTL. However, do not attempt to pay in US Dollars as this may cause a little hostility. Credit and Debit cards are also a useful form of payment.
Useful Bank Contact Details:
Bank of Cyprus www.bankofcyprus.com
Central Bank Of Cyprus www.centralbank.gov.cy
Exchange Rates:
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