Cyprus is a nice interesting country to visit and to start a new life there. Therefore, some foreigners will decide to move to this country to take a new job or to perform a new business here. This means that there will be many things to consider along with the move.
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One of the important things is to get information related to how to open a bank account in Cyprus. Since it is necessary to get a savings account with the local bank rather than keep using the bank account from your country.
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However, some foreigners and expatriates find problems when trying to get information related to opening a bank account in Cyprus. Since there is not much information provided for this country.
That’s why this information is valuable, and an overview of opening a new savings account in Cyprus will be needed. To help those who move to the country and plan to open a new bank account, the following information will give you a complete overview.
Requirements and Steps to Open a Bank Account in Cyprus
If you want to open a bank account in Cyprus, you have to check the requirements first. Each bank might have different terms and conditions. However, it will be a typical requirement for locals and expatriates. It will ask you to prepare the following documents.
• You have to prepare a valid ID card to inform your data. For residents, you can show your local ID. While for expatriates, you can use your passport.
• Another document to provide for locals is the tax code. This will apply to expatriates too. In case you don’t have the data, then you can your working place to provide it.
• Residents will need to show their proof of employment for additional. While a foreigner shall give their VISA for additional evidence.
• Other than the mentioned document, the certain bank will request additional documentation. Such as proof of address, birth certificate, etc. Therefore, to avoid incomplete documents before applying for the bank account, it is recommended to check with the bank first. So that you can prepare accordingly and get a fast process of opening the bank account.
Once all the documentation above is ready, the next important step is to apply for the new bank account in the selected bank. For your information, most banks in Cyprus only accept offline applications to open a bank account. Therefore, you have to spare your time to come to the local bank and start processing your new account. For a detailed overview of these steps, the following paragraphs will help you to figure them out.
Directly come to the bank office and ask the bank officer to help you apply for a new bank account. Usually, the bank officer will give you some forms to fill in then. Fill all the forms with your valid information such as listed in your supporting documents. This will help the bank officer to easily validate your data in the form.
After that, you can pass the form to the bank officer and passed the original documentation for validation. This may require some time, so you have to wait until data verification is finished and your bank account is processed.
Once your bank account is ready, you will require to put in a deposit so that you can activate your account. Along with this deposit, you will receive a bank book and ATM card. Once the deposit is printed in your bank book, then your new bank account will be able to use directly.
Selecting Suitable Bank in Cyprus
Except that the information regarding the requirement and the step of opening a bank account in Cyprus, another issue is to select a suitable bank. This country will have several banks to choose from. However, a new person in the country might not be knowing which bank is the most suitable one to select.
Therefore, it is better to find some information that can support you in performing this selection. Such as the following lists which will help you to get the best banks in Cyprus.
• Get an overview of an international bank in the country that can accept foreigners as their customers. So that you wouldn’t be rejected and be able to process your new bank account immediately.
• Make sure to select a trusted bank with a wealthy financial condition. So that you wouldn’t risk your saving in this bank.
• Choose a bank that offers some services according to your needs. Such as a bank with an online banking service, or a bank that can accept saving accounts in USD.
Through the information provided above, now you will be ready to open your new bank account with a local bank in Cyprus. So that in the future, you will be free to perform any financial transaction in this country.
Either to receive your new payroll from your new company or to receive payment from your business customer, everything can have done through your local bank account. So that no more worry of any needs on financial activities in the country.
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