Banking and moving money to Cyprus

Opening an account

Many people start with an online account in the first days, then open an account at a local bank for rent and salary. A Cypriot IBAN starts with CY.

• Documents usually requested: passport, residence document, proof of address and proof of income.
• The bank must check you ("know your customer") under anti-money-laundering law.
• Large banks: Bank of Cyprus, Eurobank (formerly Hellenic Bank), Alpha Bank Cyprus, National Bank of Greece (Cyprus). Online options: Revolut, Wise.
• Before opening, you can check that the bank is in the Central Bank of Cyprus register.

Source: Central Bank of Cyprus: register of banks

Moving money from Israel without surprises

• Prepare proof of where the money comes from: a flat sale, savings, inheritance or salaries. Banks in both countries must check it.
• Use a bank or a licensed transfer service. In Cyprus: the Central Bank register. In Israel: the Bank of Israel.
• For a large transfer, tell the receiving bank in advance and send the documents. That prevents a freeze during the check.

Source: Central Bank of Cyprus: register of banks · Israel Money Laundering Prohibition Authority · Bank of Israel