Best Way to Take Money to Cyprus: Cards or Cash?

Posted in Money Matters on October 8th, 2018

The best way to take money to Cyprus is via a prepaid card. Taking cash also has its benefits, but cards are ultimately the safest option. As the sole currency of Cyprus is Euro, you should look into exchange rates in advance. This will help you understand whether you should exchange your money in your home country or upon arrival.

Best Way to Take Money to Cyprus: Prepaid Cards Vs. Cash Vs. Debit Cards

Prepaid Cards: Pros and Cons

Plastic cards, be they debit or credit, are the better option by default. The main reason for this is their higher security. Even if you have good traveler’s insurance, in case of robbery recovering your cash will be nearly impossible. If your card gets stolen, you can block it with a single phone call. It’s also protected by a PIN and your bank’s innate security measures.

The main advantage of a prepaid card is that you decide how much money goes into it. While there is an option to transfer more from your main bank account, you don’t have to do this. This means that the risk that you overspend is very small. As a popular holiday destination, Cyprus offers many opportunities to spend your money. If you want to protect yourself from the temptation, a prepaid card is the best option.

The feature that allows adding more money to it will cover you in case of an emergency. The majority of Cyprus hotels and resorts are located near banks or shops with ATMs, so withdrawing the money will be easy.

Prepaid Card Pros:

  • Easy to use

  • Secure

  • Gives you a chance to set a spending limit

Prepaid Card Cons:

  • ATM fees might be high

Cash: Pros and Cons

Cash is not the best way to take money to Cyprus, but you should take it anyway. You’ll need some spending cash on you in case of an emergency or to pay for small stuff before you get to an ATM. However, it’s more important to have a small stash that will help you if your card is stolen or lost. Waiting for a money transfer in this case will be most inconvenient, so this stash is your security net.

Cyprus hotels and luxury resorts have safes, so you can store this important cash there for added security. If this service is unavailable, take a travel safe with you or at least store the money separately from your other valuables.

Cash Pros:

  • You can use it anywhere and anytime

  • No extra fees for withdrawal

Cash Cons:

  • Not secure

  • The risk increases with the amount of cash you carry

  • Nearly impossible to recover if stolen

Credit Card: Pros and Cons

The only reason why a credit card isn’t the best way to take money to Cyprus is that it can let you slip into debt. Cyprus is a fantastic holiday destination with a variety of shops, adventures, and luxury services that can cost quite a bit. When you are feeling relaxed and uninhibited, it’s easy to lose track of your spending.

If this isn’t an issue for you, a credit card is as good a way to bring money to Cyprus as a prepaid card.

Credit Card Pros:

  • Security

  • Ease of use

Credit Card Cons:

  • You might overspend

  • High transaction fees

ATMs in Cyprus: How Safe Are They to Use?

ATMs in Cyprus are as safe to use as they are in any popular tourist hotspot. The crime rate on the island is very low overall, so you are safer here by default. However, you should exercise caution anyway and choose ATMs observed by street security cameras.

You can find ATMs in banks and many shops, including those in small villages. Therefore, you won’t have any issues using the best way to bring money to Cyprus. However, it’s best to steer away from ATMs located in swipe-to-open lobbies. These are sometimes targeted by card skimmers on the outside.

Note that Cyprus ATMs might have a problem with cards that have a PIN over four symbols long. Change your PIN before traveling to the island and notify your bank about the trip. This will protect you from the bank considering your transactions abroad a suspicious activity and blocking the card.

Transaction and ATM fees vary, so shop around for the best prepaid or credit card to use abroad. You should also look into your bank’s currency exchange rates to be aware how much converting the money into Euros will cost you during withdrawal.

Prepaid cards might be the best way to bring money to Cyprus, but they aren’t the only way. The majority of island’s businesses can accommodate various payment types.