Cyprus, Nicosia

How can Russians open a bank account in the Republic of Cyprus?

Updated: 2 months ago

To apply for a residence permit, you must have an account opened in one of the Cypriot banks. Previously, none had any problems with opening an account and transferring money. Now the situation has changed. In March-April 2022, the banks in Cyprus stopped opening bank accounts for Russians, and it became almost impossible to transfer money from the Russian Federation. The banks started opening them only for those with residence permits, but one cannot apply for a residence permit without a bank account.

Банки Республики Кипр

Today, the situation has changed a bit, and an opportunity to transfer funds from the Russian Federation appeared again. The only thing is that in Russia, you must choose a bank that works with the SWIFT system and have all the supporting documents for the transfer - in this case, your money will get into the account of a Cypriot bank.

There is one more option - for small amounts: you can bring cash to Cyprus, be sure to declare it, and put it in a bank account. With large amounts, for example, for purchasing property, it is better to use the third option: transfer the funds into cryptocurrency and thus have access to them in Cyprus.

As for opening bank accounts, two banks are now available for Russians - Hellenic Bank and Bank of Cyprus.

The list of banks working with SWIFT transfers is actual as of 06/22/2022.

Banks with a fixed transfer commission:

  • Bank Saint Petersburg: 60 USD
  • United Capital: 50 USD
  • Primsotsbank: 55 USD

Banks with a commission depending on the transfer amount:

  • Averse: 0.125% (30 USD - ∞)
  • Bank Intesa: 0.2% (30 - 300 USD)
  • Metkombank (Kamensk-Uralsky): 0.2% (30 - 200 USD)
  • CentroCredit: 0.3% (1200 - 7200 rubles)
  • Bank of China: 0.3% (20 - 200 USD)
  • Renaissance Credit: 0.3% (10 - 100 USD)
  • Tauride Bank: 0.5% (3000 RUB - ∞)
  • State: 0.5% (50 - 250 USD)
  • All-Russian Regional Development Bank: 0.6% (30 - 100 USD)
  • Vanguard: 1% (25 - 200 USD)
  • Expobank: 1% (150 usd - 1000 USD)
  • Gazprombank: 1% (1000 - 15000 rubles)
  • UniCredit Bank: 1% (25 - 250 USD)
  • Overexposure: 1% (30 - 200 USD)
  • Ural Bank for Reconstruction and Development: 1% (20 - 200 USD)
  • Home Credit Bank: 1% (25 - 250 USD)
  • Russian Standard: 1% (50 - 1000 USD)
  • VUZ-Bank: 1% (20 - 200 USD)
  • Asia-Pacific Bank: 1% (25 - 250 USD)
  • Loko-Bank: 1% (20 - 200 USD)
  • Union: 1% (30 - 250 USD)
  • Bank Finservice: 1% (50 - 250 USD)
  • Left Bank: 1% (60 - 300 USD)
  • International Financial Club: 1% (60 - 200 USD)
  • SDM-Bank: 1% 50 usd - 250 USD)
  • Ak Bars: 1.2% (25 - 250 USD)
  • BCS Bank: 1.5% (50 - 200 USD). Commission for GBP, CHF, and CNY currencies depends on the service package.
  • Bank Zenith: 1.5% (35 USD - 250 USD)
  • Metallinvestbank: 1.5% (100 - 300 USD)
  • Uralsib: 0.7% (35 - 200 USD)
  • Raiffeisenbank: 2% (60 - 200 USD)
  • OTP Bank: 2% (20 - 250 USD), via app 0.5% (max 200 USD)
  • Credit Europe Bank: 3% (230 USD)
  • MTS Bank: 3% (50 - 350 USD)
  • Surgutneftegazbank: 5% (3000 - 16500 rubles).

It is impossible to transfer currency through the banks under sanctions:

Alfa-Bank, VTB, MKB, Novikombank, Otkritie, PSB, RossiyaBank, RSHB, Sberbank, Sovcombank.

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