Cyprus is a leading banking center, welcoming both residents and international clients thanks to its strong financial system, global accessibility and professionals in the field.
Opening a Personal Bank Account in Cyprus is a simple process and being prepared with the right documents will ensure a smooth experience. This guide will walk you through each step, outline the required documents and explain what to expect, so you can confidently open your Personal Bank Account in Cyprus.
What is the definition of a Bank Account?
A Bank Account is a secure way to save your money with a financial institution. With it, you can deposit money, withdraw money and manage your cash as needed. You can use a bank account for daily transactions, like purchases, saving extra money and transfers, either online or in person.
What is a Personal Bank Account?
A Personal Account is a type of bank account that allows you to manage your own money easily. There are two main types of personal accounts. These are Current Accounts and Savings Accounts. Both help the account holder look after their money, check their account balance and plan how to spend it.
Current Accounts enable you to deposit, withdraw and transfer money. These accounts work well for everyday tasks, such as bill payments or shopping. Savings Accounts earn you interest on your savings. Also, Personal Accounts allow you to move money fast through online and mobile banking. Both are useful for managing finances efficiently and can help you maximise your financial goals.
Who is eligible to open a Personal Bank Account?
To open a Personal Bank Account in Cyprus, you must meet some basic eligibility requirements that the banks ask for. You must be at least 17 or older and have a valid ID, such as a passport or any other form of identification, along with proof of address. Ensure that all your documents are ready and accurate to avoid delays and make it easier to open your account. The most important thing although is that you have to be an individual and not a business or a legal entity. For those you have to open a Business Bank Account.
What are the steps for opening a Personal Bank Account in Cyprus?
1. Choose a Bank
When selecting a bank, consider the following factors:
- Types of accounts offered: Banks in Cyprus provide a range of account types, including Current, Savings and Fixed Term Deposit Accounts, each designed to meet different financial needs.
- Minimum deposit requirements and fees: Compare the minimum deposit amounts, monthly maintenance fees and transaction charges, as these can vary significantly between banks.
- Range of services: Look at the availability of online and mobile banking, ATM access, international money transfers and customer support in your preferred language.
- Ease of account opening: Some banks offer streamlined online application processes or remote verification, while others may require an in-person visit in a Banking Centre.
By comparing these factors, you can select a bank that aligns with your personal financial goals and offers the convenience, security and features you need. Once you’ve made your choice, you can proceed with the application process.
2. Choose the type of Bank Account
Once you have settled on a banking institution, you need to consider what type of bank account you are interested in. Sort out your financial goals, such as everyday expenses or savings and choose the type of account that suits your needs.
- Current Account: A Current Account gives you instant access to your money and helps you manage your everyday finances.
- Joint Account: A Joint Account is shared between two or more individuals which can be either a Current or Savings accounts. The joint account holders have equal rights to the account.
- Savings Account: This type of account is designed to save your money and earn interest at the same time. It is suitable for long-term and short-term savings goals and it includes Fixed Term Deposits and Children’s Savings Accounts.
3. Prepare Required Documents
The typical required documents include:
- Signed application form (provided by the bank)
- Valid passport or Cypriot ID card (some banks may request notarised copies)
- Recent utility bill (not older than 6 months) showing your name and current address
- Proof of income and source of funds, such as tax returns, payroll slips, or other financial records, to demonstrate the origin of your funds
- Tax identification number or tax declaration (if applicable)
- Any additional documents the bank may request, such as statements showing the source and value of your wealth or assets
Important notes:
- Some banks may require you to visit a Banking Centre or have an online video call for identity verification.
- Preparing these documents in advance will help you avoid delays and ensure your account opening process proceeds smoothly.
- If you are already a customer of the bank with an updated KYC, you might not need to resubmit any identification documents.
4. Submit Your Application
To submit your application for a Personal Bank Account in Cyprus, follow these steps:
- Complete the Application Form: Obtain and complete the bank’s application form, ensuring all required fields are accurately filled out. Most banks provide the application form in-branch, on their website, or via their mobile app.
- Submit Documents: Attach all required supporting documents, as mentioned above. Many banks now allow you to upload these documents electronically through their online platform or mobile app.
- Identity Verification: Depending on the bank, you may need to verify your identity by visiting a Banking Centre in person or, through an online process. For example, some banks ask you to scan your ID/passport and take a live selfie via their app, while others may require a video call or a scheduled in-person appointment to complete verification.
- Submit the Application: Once all information and documents are provided, you can formally submit your application. The bank will review your submission for completeness and compliance with their internal policies and regulatory requirements. At Ancoria Bank, with the myAncoria app, you can submit your application instantly and track its status directly within the app.
- Original Documents: Even if you apply online, you may be asked to present original documents in person at a later stage.
- Application Review: The bank will evaluate your application and may request additional information or clarification if needed. If all requirements are met, your account will be approved and activated, often after an initial deposit.
5. Account Verification and Approval
Here’s what to expect:
- Bank’s assessment: After you submit your application and documents, the bank conducts compliance checks, including Know Your Customer (KYC) and Anti-Money Laundering (AML) assessments. You may be asked for additional information or supporting documents at this stage, especially regarding your source of funds and wealth.
- Approval and Activation: Once your information passes the bank’s internal checks and regulatory requirements, your account may be approved or rejected. If approved you will then receive your International Bank Account Number (IBAN), online banking credentials and, if requested, your debit or credit card.
- Initial Deposit: Some banks may require an initial deposit to activate the account. The account becomes fully operational once this deposit is made.
Disclaimer: The application to open an account is subject to the approval of the Bank.
What are the fees for opening a Personal Bank Account?
When opening a Personal Bank Account, the fees and structure can vary depending on the bank, the account type and the method of opening.
Here are the main points to consider:
General Practices:
- Branch vs. Online Opening: Many banks may charge a one-time fee for accounts opened in person at a branch, while accounts opened online or through a mobile app are often free of such charges.
- Account Type Differences: Current Accounts, Savings Accounts and Fixed Term Deposit Accounts can have different fee structures. Some banks waive opening fees for savings and deposit accounts, while others may apply a nominal charge for Current Accounts.
- Additional Charges: Beyond the initial opening fee, banks may also apply maintenance and transaction fees, or charges for extra services like overdrafts or international transfers.
Concerning Ancoria Bank:
- Opening a Current Account at a Banking Centre may involve a one-time fee, while opening the same account through myAncoria is free of such charges.
- Savings and Fixed Term Deposit Accounts do not have opening fees, regardless of the channel used.
- Maintenance and service fees may apply after account opening, depending on account usage and selected services.
Account, maintenance and service fees may change at any time. For more information, you can view Ancoria Bank’s Table of Commission and Charges here.
Is a minimum deposit required for opening a Personal Bank Account?
A minimum deposit is not always required to open a Personal Bank Account in Cyprus. The requirement depends on the bank and the specific account type. Some banks allow you to open a current or basic account without any initial deposit, while others may ask for a minimum deposit, especially for Savings or Fixed Term Deposit Accounts.
For example, Ancoria Bank does not require a minimum deposit for its Current or General Savings Accounts, but a minimum deposit for Children’s Savings Accounts or Fixed Term Deposit Accounts applies.
Can you open a Personal Bank Account online without visiting a Banking Centre?
Yes, you can open a Personal Bank Account online in Cyprus without visiting a branch. Many banks now offer full digital on boarding, allowing you to complete the application remotely by submitting scanned identification documents, proof of address and other required information through their website or mobile app.
At Ancoria Bank you can open your first Current Account through the myAncoria app on your mobile phone or tablet. All you have to do is download the application and follow the steps. You will need to have the relevant, aforementioned documents available and during the process you will have to take an in-app selfie video and fill the necessary information requested. The documents are signed electronically through sophisticated and secure electronic signatures. Once the bank approves your application, you will receive your debit card by mail and your credentials to the online banking electronically.
What are the benefits of opening a Personal Bank Account at Ancoria Bank?
Opening a Personal Bank Account at Ancoria Bank offers a range of benefits designed for modern banking convenience and security:
- Digital-First Experience: Open and manage your account entirely online through the myAncoria app, including document signing and account activation, no Banking Centre visit required for most services.
- Instant Access and Convenience: Enjoy immediate access to your funds, easy budgeting tools and real-time notifications for transactions. Debit cards are issued for payments and ATM withdrawals.
- Comprehensive Account Options: Choose from Current Accounts for daily spending, Savings Accounts for future goals and Fixed Term Deposit Accounts for long-term growth, all with competitive interest rates.
- Innovative Digital Services: Use gesture controls in the app (e.g., flip to hide balances, shake to log out), easily report lost cards and apply for digital loans.
- Security: Benefit from robust security features and advanced digital identification.
- Flexible Savings Tools: Schedule automatic transfers to Savings Accounts.
- Remote Financial Management: Perform payments, transfers and account management from anywhere, 24/7, with strong security and user-friendly interfaces.
At Ancoria Bank, we’re passionate about making your banking experience as smooth and secure as possible. Our commitment to digital innovation means you can manage your finances effortlessly, anytime, anywhere, while knowing your money is protected by advanced security measures.
Whether you’re looking after your personal finances or steering your business forward, we’re here for you with a full range of products designed to fit your needs. Our team takes pride in offering a truly personalized service, so you’ll always have the support and guidance you deserve.
With Ancoria Bank, you’re not just choosing a bank, you’re choosing a financial partner who understands your goals and is dedicated to helping you achieve them, every step of the way.
