All members of the European Union use the euro as their official currency. Cyprus is no exception. Since the beginning of 2008, the island state has become part of the Eurozone and has replaced the national Cypriot pound for the euro. It is worth noting that it is about the southern part of the island. Northern Cyprus is a separate unrecognized territory, called the Republic of Turkey and uses not only euro, but also Turkish lira for monetary transactions.
So, the official currency in Cyprus in the southern part of the island is the euro. Cash can be paid in restaurants, shops, hotels and other tourist destinations. Since Cyprus belongs to European countries, bank cards are actively accepted on the island. The most convenient way is to issue a payment card for an international system, for example MasterCard. When used, unlike Visa cards, there is no need to convert between currencies.
Bank cards in Cyprus
Bank cards in Cyprus are accepted in almost all establishments: in hotels, restaurants, cafes, entertainment and shopping centers, and even in some souvenir shops and small shops. However, cash must also be prepared. They will be needed for small purchases, like cigarettes, as well as for sightseeing trips (in the province, cashless payments are rarely taken).
Currency exchange is best done at home, before departure. As a rule, the exchange rate in Cyprus is more expensive, especially with respect to the domestic ruble: from 10 to 20%! Exchange currency in Cyprus is the most profitable in the bank. But be prepared to stand in line: banks work exclusively on weekdays and until the middle of the day (8:00 – 14:00). Also, currency exchange in Cyprus is available in special “periptero” kiosks – official points, or in transport agencies and hotels. The latter do not offer the most favorable conditions.
There are other alternatives. First, the currency exchange can be made at ATMs (24/7 work). However, the commission for withdrawal reaches 5%, and basically ATMs are located on the territory of banks. Secondly, you can find a “change” and buy the currency from hand, but the cost of conversion will be sky-high. Therefore, if possible, buy the euro or dollars before the start of the trip. The current currency exchange rate in Cyprus you will find on any bank Internet resource. And you can calculate the amount necessary for the exchange using online currency calculators.
In the Northern part of Cyprus, the official currency is the Turkish lira, but payment in euros is also available. The situation with the use of funds is not much different from the neighboring one. Currency exchange is carried out as in the south of the island: in official points.
How much money to take to Cyprus?
With cashless settlement everything is clear, but how much cash should I bring with me? “Cash” can be counted, given the prices of food products. Vegetables, fruits and dairy products are inexpensive. The cost of a two-liter bottle of water: from 0.7 to 1.7 euros. A kilogram of meat from the supermarket will require 6-8 euros, fish – 8-9. If you take into account alcohol, then the amount of the check is doubled.
When staying at an all-inclusive hotel, taking into account lunch in a restaurant for two for an average of 30-40 euros, 50-100 euros per day per person will be enough. However, for excursion trips it is better to take additional funds.
In addition, in Cyprus, as in many other European countries, there is a tax refund (tax-free). The buyer can return up to 19% of the value of any product, except for some food and tobacco products. Conditions for obtaining a tax-free voucher: an island guest is not a citizen of a country belonging to the European Union, is in Cyprus as a tourist and will stay here for up to 90 days.
Instant money transfers
Well, if you got into a freelance situation – your card was blocked and the cash is over, then you can use an instant money transfer. You can always ask for help from friends and relatives from Russia. In Cyprus, there are branches of the most popular companies for money transfers, such as Western Union and Money Gram. Cash can be collected after less than half an hour after sending.
Cyprus is well adapted for foreign tourism. Holidaymakers in Cyprus have access to services for currency exchange, as well as cash and virtually universal non-cash payment. The latter is most often used and is the most convenient. However, in order to exclude any “force majeure”, we recommend not to give up cash. For a safe and adequate rest, prepare 2-3 bank cards (to be ready in case of blockage) and a few cash. In this case, there will not be any financial inconvenience!