Which currency is better to take to Cyprus? Is it worth bringing dollars? These are the most frequently asked questions by people planning a trip here.
Money in Cyprus
Until 2008 the official currency was the Cyprus pound. The Cypriots will tell you the country’s transition to the euro has led to a significant rise in the price of most products and services.
Currently Cyprus uses the Euro, and payments are possible only in Euros, therefore, you must budget in this currency when planning your trip.
If you plan to spend time exclusively in the Republic of Cyprus (in the south of the island), dollars will not be necessary and, as in other countries, you will lose on the exchange rate. But if you want to visit Israel then it’s better to use dollars.
How to exchange money in Cyprus?
Currency can be exchanged in banks, hotels and exchange offices, with the banks offering the most favourable rates. However, the banks are not always located near to your hotel, and their working hours are from 08:30 – 13:30 weekdays.
In the major cities, currency can be exchanged at some 24 hour ATM’s, but pay attention that, unlike Russia, the ATM’s in Cyprus are often located at the banks and not hotels.
The exchange office tends to offer more favourable rates than the hotels. Many of them are located in ‘peripteros’ (ΠΕΡΙΠΤΕΡΟS) – kiosks where you can buy souvenirs, food essentials, newspapers, suntan creams etc.
As a rule, in the exchange offices, the Euro can be exchanged for US dollars, British pounds and Russian roubles. However, the latter is only worth changing in an emergency due to the exchange rate. The hotels offer the least favourable rate, but at least you won’t have to look for a bank or exchange office.
What is better to take to Cyprus: cash or credit card?
You can use credit cards in most of the hotels and souvenir shops in the tourist areas cities in Cyprus, however you may encounter problems using cards to buy cigarettes and phone cards in the peripteros as the owners don’t like to use them since the crisis as, due to the low margin, any profit is eaten up by the bank interest.
If you are planning a trip to the mountains or to one of the festivals, it’s advisable to take cash, since there are no ATM’s in most Cypriot villages, and many taverns and shops do not accept credit cards. In addition, you can often get a good discount when using cash to purchase items.
Just in case
I would like to mention the instant money transfer system, as there may come a time when you don’t have cash and your card is blocked for some reason. You don’t want to be stranded in a foreign country without money. You can use the well known Unistream or Western Union, and your money should arrive within 20 minutes after leaving Russia.
However, bear in mind that, in tourist areas, exchanging an amount over €500 at any one time can be a problem, since these systems are located in the kiosks and they may not have the required amount of cash.
Conclusion
If you want your trip to be financially comfortable and secure, we recommend you take a few credit cards (in case of problem with one of them), and a small amount of cash in Euros. Also, to save on commission, withdraw cash from the ATM’s in Cyprus.
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