What Money Do They Use in Cyprus?
Since January 1st, 2008, Cyprus has adopted the Euro as its official currency. In practice, many merchants take a wide variety of foreign currency. The Cyprus Pound was gradually phased out over the following few years. Northern Cyprus still uses the New Turkish Lira as its official currency. You can check the conversion rates using one of these currency converters. While Northern Cyprus will continue to officially use the Turkish lira, in practice its merchants and hoteliers have been accepting a wide variety of foreign currency for years, and this will continue.
Starting January 1st, 2008, the Euro will be used in all transactions in Cyprus. Have old Cyprus pounds sitting in a drawer? Now is the best time to convert them.
The permanent conversion rate for one Cyprus pound into Euros is 0,585274 to one Euro.
The best way to pay in Cyprus is by cash.
However, Credit and debit cards are widely accepted in Cyprus, especially in larger cities and tourist areas. Visa and MasterCard are the most commonly accepted.
It’s always good to have at least 100 euros handy on you, because sometimes “the card machine won’t be working”…
However, before you travel it’s always worth checking what your bank will charge you for using your card abroad
There is a great service now available that can solve all your travel money problems.
This is Wise and it’s widely used in Europe by millions of people.
So, the best thing you can do is to setup an account with Wise and use their prepaid card when you travel abroad.
It’s very safe and they have by far the BEST RATES FOR EXCHANGING TRAVEL MONEY.
Tipping in Cyprus
Tipping is customary in Cyprus, but not mandatory. It’s common to leave a 10% tip at restaurants, rounded up to the nearest Euro. For other services, such as taxis and hotel staff, a small tip of 1-2 Euros is appreciated but not required.
Tipping etiquette for various services (restaurants, hotels, taxis, etc.)
- Restaurants: 10% of the bill, rounded up to the nearest Euro
- Taxis: Round up the fare to the nearest Euro or add a small tip if the driver was particularly helpful
- Hotel staff: 1-2 Euros for housekeeping and bellhops, depending on the level of service
- Spa and salon services: 10% of the bill
Banknotes and coins used in Cyprus
The Euro is divided into 100 cents, and the coins available are 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 Euro coins. Banknotes come in denominations of 5, 10, 20, 50, 100, 200, and 500 Euros. However, it’s worth noting that many businesses may not accept 200 and 500 Euro notes due to the risk of counterfeiting and lack of change.
Exchanging Money in Cyprus
Currency exchange at airports and banks While you can exchange money at the airport upon arrival, the rates are typically less favourable due to convenience fees. Instead, consider exchanging a small amount for immediate needs and then visit a local bank or exchange bureau for better rates.
Using local exchange bureaus Currency exchange bureaus can be found in most cities and tourist areas in Cyprus. Make sure to compare rates among different bureaus and be aware of any hidden fees or commissions before making an exchange.
Tips for getting the best exchange rates
- Monitor exchange rates before your trip to identify favorable times for exchanging money.
- Avoid exchanging money at hotels or airports, where rates are typically less competitive.
- Some exchange bureaus may offer better rates for higher amounts, so consider exchanging larger sums at once.
- Always ask for a receipt to ensure transparency and avoid disputes.
ATMs and cash withdrawals ATMs are widely available in Cyprus, making cash withdrawals easy and convenient. Most ATMs accept international cards, but it’s essential to check with your bank about fees and withdrawal limits before your trip. Keep in mind that some ATMs may charge an additional fee for international transactions.
Contactless payments and mobile wallets
Contactless payments and mobile wallets, such as Apple Pay and Google Pay, are becoming increasingly popular in Cyprus. Many businesses, especially in urban areas, now accept these payment methods. Be sure to check compatibility with your mobile wallet and the local payment systems before relying on this option.
Understanding currency and money matters in Cyprus is crucial for a seamless travel experience. By following the tips and guidelines outlined in this guide, you can confidently manage your finances while exploring this beautiful island. Plan ahead, stay informed, and enjoy your trip to Cyprus!