Changing Money in Cyprus: How to Save More of Your Holiday Funds

Posted in Money Matters on September 25th, 2018

Changing money in Cyprus because everything on the island is designed to make it a great place for tourists. This means that you can find banks, shops, and ATMs everywhere. There are fewer places for this in small villages, but even there you won’t be left stranded. The trickier part is to find the best Euro exchange rate in Cyprus. You’ll need to research and compare your options carefully to save as much of your holiday money as possible.

How to Get the Best Deals When Changing Money in Cyprus: 5 Tips

  1. Exchange currency while in your country

Sometimes the best way to save your money is to avoid Cyprus currency exchange altogether. However, to know whether this is the case, you should research exchange rates beforehand.

Start with learning the rates at your local banks and compare them to the Bank of Cyprus exchange rates. Bear in mind that these numbers change daily, so you should monitor them for a while. This will allow you to get some idea of how the flow goes. You’ll be able to use your observations to understand when the deal is truly good.

However, you should bear in mind that the Cyprus currency rate varies greatly throughout the island. Changing money in Cyprus is easy because you can do this in nearly every other shop. And you won’t be able to find those rates online.

Therefore, if the difference in exchange rates between your local options and the Bank of Cyprus isn’t that big, consider taking a chance. You’ll be able to find good rates right on the island. Most likely, they will be better than your local ones.

  1. Research online currency exchange brokers

There is a way to avoid changing money in Cyprus and using local banks at the same time. Consider using online currency brokers instead. Quite often, they offer much better rates than banks and shops.

The only issue with buying currency through online brokers is that not all national currencies can be traded like that. However, if yours doesn’t have any restrictions, you won’t have any problems. The currency used in Cyprus is Euro, and buying it is always easy.

If you choose to use currency brokers to avoid changing money in Cyprus, be sure to check if they are regulated. A good broker should offer top-quality service, low rates, and 24/7 customer support. Check not only their rates and credentials but also reviews of the broker you find on the Web. If there are none, you should be wary.

  1. Never use currency exchange at the airport (and other tourist hotspots)

If you are changing money in Cyprus and want to not get ripped off on transaction fees and rates, avoid the airport. This is where the worst exchange rates are and where you can face a very high service fee.

It will be best to buy a bit of Euro while you are still at home, even if you prefer to exchange the bulk of your holiday spending money on the island. This way, you’ll have some cash in case you need to buy something at the airport.

The situation is the same with all the tourist hotspots. The Cyprus currency exchange network is mainly concentrated in popular tourist cities, like Paphos and Limassol. However, within those areas, there are shops and banks located right near some very popular attractions. Those are bound to have the poorest exchange rates. Sometimes you can get a good rate near Cyprus hotels. But usually it’s best to ‘shop around’ for the best deals. You can do this while enjoying the sights of the city.

  1. Use ATMs wisely

You may not bother with changing money in Cyprus at all if you use your debit or credit card. Those are accepted nearly everywhere, except for small villages. If you plan to stick to cities that are the center of tourism, you will only need a bit of cash to shop at markets or pay cabs. Even that you can withdraw through a bank or an ATM.

However, it’s essential to find out from your bank or credit card company how much this will cost you exactly. The currency exchange rates you get when ‘converting’ your money through an ATM are usually very good. But the majority of banks take a big transaction fee when you use them on foreign soil. To see if the rate is really good, use the Bank of Cyprus currency converter. This will give you some idea of what you’ll get through regular currency exchange channels.

You might be able to avoid this by using a specialized card for travelers. Ask your bank if they offer something like this or research options available in your country online.

  1. Use Cyprus currency exchange services in shops

Shops are where you should be able to find the best rates when changing money in Cyprus. They are very welcoming and rather safe. Cyprus hotels, on the other hand, usually have bad offers, so take a walk if you want to have more holiday money.

Be careful when exchanging money in shops (and anywhere else because frauds can get anywhere) and check your banknotes. Counterfeits are an issue everywhere, especially in high-transient tourist destinations. Therefore, you need to check every banknote to ensure it’s genuine. This is how you can determine if a Euro is fake.

Changing Money in Cyprus: Conclusion

You can exchange currency in Cyprus with ease regardless of where you stay. If you want to save as much money as possible, you’ll have to research and compare rates before your trip. However, you aren’t likely to find some miraculous deals because exchange rates are usually very similar in most places. The only exceptions are airports, hotels, and main tourist attractions. Rates there are usually worse.