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Bank of Cyprus review

Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Bank of Cyprus runs a digital-only, easy-access account for teens and students, and the monthly fee is €0, so it costs nothing to hold. It works well for euro spending with IBAN details and quick local payments, and less well for anyone converting money often.

Key facts

Best for
A fee-free easy-access account for teens and students who spend in euro.
Monthly fee
€0↗
Currency conversion fee
3%↗
Currencies
3↗
Local account details
IBAN↗
Transfer fee
SEPA free; SWIFT 15-40 EUR↗
Legal entity
Bank of Cyprus Public Limited Company↗
Headquarters
Cyprus↗
Founded
1899↗
Support channels
Phone, Help-centre↗
Audience
Teens, Students
Pricing model
No monthly fee, Low FX fees
Features
Digital-only
Official website
bankofcyprus.com

Money transfer

Delivery time
Immediate for local electronic payments↗
Payout methods
Bank↗

Savings

Account kind
Easy access↗

Facts checked September 26, 2026, 6 sources

Apps and profiles

Get the app
App Store
Elsewhere
WikidataWikipediaLinkedInXTrustpilotfacebook.com

Pros and cons

Pros

  • The easy access account carries a monthly fee of €0, so keeping it costs nothing.
  • Local electronic payments clear straight away, which suits everyday spending.
  • The bank has been trading since 1899, so it is an established counterparty.

Cons

  • Currency conversion costs 3%, and it sits at position 262 of 312 on that measure.
  • Only 3 currencies are covered, so anyone earning in another currency feels it.
  • Support runs on phone and help centre only, so questions outside those channels have no route.
Bank of Cyprus

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Scored 9.2 / 10 by VaultCue.

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Who it suits

  • Teens and students, the audience the account is aimed at.
  • Euro users who want iban local details and local payments that clear straight away.
  • Anyone comfortable running a digital-only account from an app rather than a counter.

Who should look elsewhere

  • Anyone who needs more than the 3 currencies offered; Skrill and eToro are the two to compare.
  • Anyone who wants counter service rather than a digital-only account; PayPal Colombia is a different route to weigh alongside it.

How Bank of Cyprus compares

Where Bank of Cyprus is available

Available
Cyprus

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

How much does Bank of Cyprus charge to keep the account?+

The easy-access account carries a monthly fee of €0, so there is no standing charge to keep it. Transfer costs are the part to watch: SEPA payments are free, while SWIFT transfers cost more. Payouts go to a bank account.

What does it cost to convert money?+

Currency conversion is charged at 3% on this account, which is the figure to compare across providers, and it sits at position 262 of 312 in the wider comparison. For transfers, SEPA payments are free while SWIFT transfers cost more.

How many currencies can the account hold?+

The account covers 3 currencies, which is a short list for anyone billing in several markets. Local account details come as iban, so euro payments use the standard format. Multi-currency users should check wider lists before opening.

How quickly do payments go through?+

Local electronic payments clear straight away, so everyday spending does not sit waiting. Support runs by phone and help centre for anything that needs checking, and payouts settle to a bank account, the only method listed for receiving money.

Who is the account aimed at?+

The stated audience is teen and student, and the account kind is easy access, which makes it a natural first account for either group. Anyone after a branch relationship will find the digital-only service a limit.

Can the account be opened and run without a branch?+

Yes, the account is digital only, so opening and day to day use run through the app rather than a counter. That suits people comfortable with self-service banking, and the help centre and phone line in phone and help centre cover questions that need a person.

How long has the bank been running?+

Bank of Cyprus has been trading since 1899, which is a long record for an account aimed at teen and student. The legal entity is a public limited company, and the account covers 3 currencies, so check those before relying on it abroad.

How do I get money out of the account?+

Payouts go to a bank account, the only method in bank, so receiving money means a bank transfer rather than cash or a card. Local electronic payments settle straight away, which keeps everyday turnover quick for anyone living in the same market.

Sources

Compiled from 6 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Licence type, Deposit protection.

Bank of Cyprus

Bank of Cyprus

A fee-free easy-access account for teens and students who spend in euro.

9.2/10See alternatives