Open Personal Accounts in Cyprus, Without In-Person Visits (Bank of Cyprus)

Today, many wealthy individuals decide to open personal accounts in Cyprus banks. Cypriot bankers have repeatedly proven their reliability and loyalty to domestic clients. Offshore Pro Group offers you the opportunity to open a personal account with the Bank of Cyprus remotely if you meet all the bank’s requirements and submit your properly compiled application documents.

By opening an account in Cyprus, you can get direct access to your funds from anywhere in the world. You will be able to make international payments and cash out your funds at ATMs in any country.

Cyprus is among the most popular international business centers in the world. Thanks to its favorable geographical location and economic and political ties, this country is beneficial for commercial relations with European, Asian, and African counterparts.

Cyprus advantages:

• No minimum requirements for the accounts receivable turnover.
• Expedient fast services. 
• Cyprus banks’ extensive experience with clients from all over the world. 
• Remote access and management of your account in online and mobile banking apps, in most cases – for no extra fees.

Banking with the Bank of Cyprus

The Bank of Cyprus, founded in 1899, has earned the reputation of one of the largest credit institutions on the island. It is both a bank in Cyprus and a leading banking and financial services Group. The bank’s clients can enjoy a wide range of financial services and transactions, including:

• corporate and retail banking
• factoring
• investment services
• mutual funds management
• wealth management
• insurance, including life insurance
• consulting
• brokerage services
• Escrow services.

The holding runs 108 branches in Cyprus, plus some branches and representative offices abroad, including China, Russia, and Ukraine. The Bank of Cyprus is one of the largest and most reputable banks in the country. Some Representative offices require applicants for accounts opening to visit the bank in person. However, most clients can submit documents and undergo the screening remotely. 

According to the ‘Country Awards for Excellence’ by EuroMoney in 2021, it was recognized as the best bank in Cyprus. The title of the Best Sub-Custodian bank has been awarded to the Bank of Cyprus by Global Finance magazine for 8 years in a row. It was also granted the “The Best International Investment and Banking Team – 2020” (by the Capital Finance Investment Magazine), “The Investment Firm of the Year in Cyprus” in 2021 (by Corporate LiveWire), “The Best Private Bank-2020” (by EuroMoney), “The Βest Foreign Exchange Provider in Cyprus for 2020” (by Global Finance magazine), and many other prestigious titles.

The Pandemic has imposed new challenges and prompted the digitalization of the world. Over recent years, the Bank of Cyprus has upgraded its services of electronic and mobile banking. As of July 2021, 88.6% of its customers’ transactions were online. Over 77% of its clients use digital channels on a daily basis. 

Open Personal Accounts with the Bank of Cyprus

Digitalization, automation, and software have become the 3 pillars of the bank’s transformation. Thanks to advanced banking technologies and user-friendly procedures, clients can apply for opening accounts, make payments in a matter of seconds, and keep track of their savings and expenses from the comfort of their homes, wherever they are. The maximum security is guaranteed by the cutting edge digital solutions integrated into internet banking, mobile application, QuickPay interfaces.

Non-resident foreign individuals open savings accounts, sight accounts, fixed deposit accounts, notice accounts, and their varieties, choose any suitable card from the menu of available options.

Current accounts can be opened with or without an overdraft. The quarterly maintenance fee charged by branches varies from €6 to €500, depending on the amount of the overdraft.

Commissions and Charges

You can get more details about the Bank of Cyprus fees and rates by contacting Offshore Pro Group experts at the email address or in chats given at the top of this page.

Please note: the Bank reserves the right to reject any application, to request additional information about the applicant, to withdraw any plan at any time. These reasons are quite convincing of the need for consultation with an experienced expert in opening an account with the Bank of Cyprus. The consultation is your chance to learn about the potential challenges and opportunities for non-residents trying to open accounts.

Customized services from the Bank of Cyprus

Besides its solid capital assets, the Bank of Cyprus is also famous for its top-quality service. The staff speaks English and almost all European languages, as well as Russian and Chinese.

The Bank offers a variety of investment products and specialized services:

•  Private Banking, 
• Institutional Wealth Management, 
• Global Markets, 
• Brokerage, 
• Asset Management, 
• Investment Banking?
• Custody Services.

The Wealth & Markets Division has the mission to provide specialized investment-related services to Private HNWIs, institutional investors, legal entities. 

The most experienced investment professionals are ready to respond to your concerns, consider your goals, and offer you well-grounded advice or banking services to cater to your needs.

To meet all customer needs, the bank can assign a Personal Banker to you. The Personal Banker is an experienced officer who can advise you on any product or service. This assistance helps you manage your finances and plan your budget in more detail. Easy access to your Personal Banker saves you much time.

International Business Units (IBUs) operate in several Cyprus cities, Russia, Ukraine, China. They provide a comprehensive package of internationally-geared services to foreign businesses and non-resident private persons. 

ANTAMIVI Card Reward Scheme

The scheme rewards you for everyday spending by granting you loyalty points that can be redeemed instantly. About 250 businesses and more than 700 outlets across Cyprus participate. Every 100 points correspond to a €1 reward. All clients are automatically enrolled in the ANTAMIVI Scheme as all cards of Bank of Cyprus participate. There is a user-friendly mobile app for this service. 

Salary accounts with the Bank of Cyprus

If you are an employee, you can open a salary account with the Bank of Cyprus. 

Your  benefits:

• no initial banking charges
• an overdraft of up to three monthly net salaries (maximum of up to €10,000)
• an American Express card with a free one-year membership
• instant SMS notifications on all your transactions
• payments by cheque, first checkbook free of charge
• Direct Visa card with a free first-year subscription (some rules apply)
• Round-the-clock access to your funds via Internet banking.

You can pay by personal checks, make cashless payments at all retail outlets, and cash out at all ATMs in Cyprus – for free. You can pay through a standing order your loans, insurance, rent, and other recurring expenses and utility bills.

Classic Savings accounts with the Bank of Cyprus

You can open classic savings accounts for free at any branch. 

Your  benefits:

• an easy solution to deposit and withdraw money at any time, with no date or balance restrictions, so you’re free to use your money  with no prior notice and at no withdrawal fees
• the access to Internet banking whenever you need to check your balance and make online payments 
• an opportunity to transfer funds from your salary card or any other card to your savings account
• an option to be automatically credited with your salary to pay your bills 
• a bank card to withdraw money from any ATMs in Cyprus.

Classic savings accounts can be opened by individuals, companies, associations, clubs, charities, etc. Good news: your saving account will not have a limited validity period, so you don’t have to worry about the need to renew it.

Classic Fixed-Term Deposit accounts with the Bank of Cyprus

Classic time deposits are among the highly profitable banking products. The interest is set at a fixed rate when opening an account. Regardless of market fluctuations, the rate remains unchanged during the entire deposit period. You will collect the interest upon its expiry.

By choosing this type of account, you will not use your deposit (withdraw or add funds) until the end of the contract. The classical term deposit can be opened for 1, 3, 6, 9, 12, 18, or 24 months. You can get access to the main account and the accumulated interest only at the end of the deposit term.

‘Flexi Fix’ Term Deposit accounts with the Bank of Cyprus

The Flexi Fit deposit is an ideal solution for customers who want to use their funds during the contract term. This bank product allows you to make up to 2 withdrawals during 12 months (the service is available if the deposit is opened for 12 months) or once if you open a 6-month deposit. At one time, you can withdraw no more than 90% of the deposited amount.

No minimum and maximum limits are specified for such deposits. But you can open them only for 6 or 12 months.

‘Monthly’ Fixed Term deposit with the Bank of Cyprus

This type of savings account can be opened for 6, 12, 18 or 24 months. Interest accrues monthly at a fixed rate. The product’s main advantage is that you don’t have to wait until the end of the set term to start using your funds, as all interest payments will accrue to the account you specify. There is no limit for the amount you would like to deposit on such terms.

International payment systems with the Bank of Cyprus: Visa

Visa is one of the most popular and reliable international payment systems. Visa cards allow their owners to make any payment and transfer in a fast and safe mode. Visa cards give you unrestricted access to your money in almost any country, so you can easily do without cash if you travel with your Visa card.

Ultimate travel cards from the Bank of Cyprus

The Bank of Cyprus offers individuals ultimate travel cards Aegean. Their advantages are as follows:

• for every € 1 spent, the cardholder collects 1 award mile
• upon activation, two (2) coupons are automatically created in the client’s Miles + Bonus account (for a discount of €20 for the next flight)
• the card provides access to more than 1.200 Lounges worldwide (€ 24 / visit to be paid for each visit).
• free Flight Delay Pass service is available for access to 1.200+ privileged lounges in 100+ countries for the cardholder  and four fellow travelers.

VISA credit and debit cards from the Bank of Cyprus

Visa credit cards

The Visa credit card is ideal for customers with regular income. For example, a classic credit card will cost you €10 per year. You can add an extra cardholder at €5 per year.

Gold and Platinum cards are available to high-income customers. The Gold card annual fee is €50 for the principal cardholder and €25 for each additional cardholder. The annual fee for the Platinum card is €90 for the principal holder and €65 for an additional cardholder.

Your key benefits:

• Free travel insurance for your family and you when you pay for the trips by Visa;
• the Student Travel program, involving bonuses and incentives for traveling when the full ticket price is paid by Visa Platinum or Gold cards of their parents;
• worldwide Concierge services for Gold and Platinum cardholders;
• the Priority Pass for access to 600 VIP lounges in 100 cities around the world (the fee per visit is €24). Platinum cardholders can enjoy a free annual membership;
• round-the-clock service at any ATM;
• instant SMS alerts of all transactions made;
• 20-40 day interest-free grace period. 

Credit limits depend directly on your financial situation and borrowing needs, and they are set individually.

Direct Visa

The Direct card is one of the most easy-to-use banking products. It is linked to one of your accounts and gives you direct and secure access to your assets.

With the classic Direct debit card, there is no annual fee for either primary or additional cardholders. The Gold and Platinum cards have a yearly Membership fee of €50 and €90 for prime cardholders and €25 and €65 for additional cardholders, respectively.

Your key benefits:

• points awarded for all daily transactions;
• free travel insurance for you and your relatives;
• the Student Travel Assistance program for your kids;
• free Concierge services for Gold and Platinum cardholders;
• access to 600 VIP lounges under the Priority Pass program (at €24 per person per visit);
• 24-hour service at all ATMs;
• Instant SMS notification of all transactions made.

Special cards from the Bank of Cyprus

Prepaid Visa

Prepaid Visa cards are ideal for customers who want maximum control over their expenses. Under the terms of the card, you can set for yourself the maximum daily spending limit. All funds over the set amount will be inaccessible.

Prepaid Visa is very easy to use and allows holders to plan their budgets more effectively. The annual fee for such a card is €5.

Your key benefits:

• there is no maximum limit for recharging funds;
• you can top up the card at any ATM or online;
• you can choose the card design  (one of the five offered colors);
• cardholders can be from 12 years old;
• points awarded for all daily transactions;
• the card can be used in Cyprus and worldwide;
• round-the-clock servicing at any ATMs;
• instant SMS notification of all transactions made.

Internet Visa card from the Bank of Cyprus

Please note that this card is not available to new clients, but the cards issued in the past are valid.   It is used only for special-purpose online payments. 

Internet Visa card’s key benefits:

• one of the international payment instruments with a dedicated account;
• 24-hour access to your assets through online banking;
• instant SMS notification of all transactions made.

International payment systems with the Bank of Cyprus: MasterCard

MasterCard is one of the most popular payment methods in the world allowing you to manage and use your assets anywhere in the world. You can choose Mastercard credit and debit products.

Open your MasterCard Credit with the Bank of Cyprus

The Bank of Cyprus offers the following  MasterCard products:

1. Classic MasterCard credit card – available for an annual fee of €20 for the principal holder and €20 for each additional holder;

2. Gold MasterCard credit card – for an annual Membership fee of €50 for a principal holder and €25 for an additional holder.

Your key benefits:

• points awarded for all daily transactions;
• free travel insurance when the tickets are paid by Gold cards;
• round-the-clock servicing at any ATMs;
• 20-40 day interest-free grace period
• instant SMS-notification of all transactions made
• contactless technology
• can be added to your digital products.

MasterCard Debit with the Bank of Cyprus

A MasterCard debit card is for your capital accumulation and use. You can access your assets almost everywhere.

The annual Membership fee for classic MasterCard debit cards is €5 for both principal and supplementary cardholders.

If you open a Gold card, the membership fee is €50 for the primary cardholder and €25 for the additional cardholder.

Your key benefits:

• points awarded for all daily transactions
• free travel insurance when the tickets are paid by Gold cards
• round-the-clock servicing at any ATMs
• instant SMS-notification of all transactions made
• contactless technology
• can be added to your digital products/

Mastercard Blue with the Bank of Cyprus

Blue MasterCard is a card with a credit limit. It enables its holders to carry out any bank transactions both in Cyprus and abroad. The annual maintenance fee for this product is €15.

Your key benefits:

• points awarded for all daily transactions
• free travel insurance when the tickets are paid by Gold cards
• 20-40 day interest-free grace period
• the credit limit is customer-specific, set with consideration of the financial status and needs of the client
• the credit is payable in monthly equal installments
• round-the-clock service at any ATMs
• contactless technology
• can be added to your digital products.

Internet banking with the Bank of Cyprus

With the Bank of Cyprus, you can make transfers and other operations online, as well as track all the movements of funds remotely at any time for free.

Safety with the Bank of Cyprus

To guarantee your personal data privacy and protect your funds from fraudsters, you can use the SMS Digipass & Digipass App. This is a special solution that generates “One Time Passwords” (OTP) for verifying the authenticity of each electronic banking transaction. 

Digipass is an easy-to-use option available anytime for users of the internet or mobile banking. When you decide to enable this tool in mobile banking, all you need is your mobile phone to which you will receive SMS with instant passwords,  or an App (Application) installed on your tablet. For internet banking users, there is a special Setting option in the menu. Besides, there is also the enhanced security solution: management of Trusted Devices through internet banking. In addition, you can set your daily Digipass transaction limits when required.

The procedure of personal account opening with the Bank of Cyprus

In order to open a personal account with the Bank of Cyprus, there is no need to visit Cyprus in person. To start the procedure, please contact us by e-mail info@offshore-pro.info.

Our service fee for assistance in opening a personal account with the Bank of Cyprus starts from 2000 EUR. This is the minimum amount, and the actual total fee will depend on the amount of paperwork and the nature of specific issues with which we will need to help you. 

To open an account, you will need to compile the following documents:

• Completed, printed, and signed copies of the bank account opening form
• A notarized copy of your passport (pages with photo and signature)
• Proof of address– a utility bill not older than 3 months by the time of submission of your registration package (notarized)
• A Letter of recommendation from an official financial institution or law firm in the EU
• The proof of legal source of funds: a tax declaration or a payroll reference signed by your employer.

Please note: All documents must be translated into English and notarized.

A questionnaire will be filled out based on the information you provide. The latter requires you to read it, sign it, and send it to our e-mail address. After that, the whole package of documents, including the questionnaire, will be submitted to the bank’s representatives for consideration.

All the submitted papers will be considered by the bank according to its Policies and Procedures.

After the account is activated, you will receive all passwords and access to the internet and mobile banking. You can receive the ready-made cards by courier delivery.

For more information on opening a personal account in Cyprus with the Bank of Cyprus, please contact us.