Cyprus is one of the island countries located in the Mediterranean Sea. It is considered to be among the most beautiful places in the world, with tourist attraction sites, archaic/historic buildings and fancy hotels.

Several reasons why people go to Cyprus include study, business, affordable cost of living, low tax rate and most importantly to experience their rich culture. In this blog post, we will give you an insight into how you can bank as an international student in Cyprus.

How to Open an International Student Bank Account in Cyprus

• Research and choose a bank that aligns with your needs.
• Get all the necessary documents.
• Once all required documents are ready, visit the bank or schedule an appointment.
• Once you arrive at the bank, ask for an application form, fill it and submit the documents.
• The bank staff will verify your documents and get other required information.
• You will be asked to make an initial deposit before the bank begins to process your request.
• Within a few days or a couple of weeks, depending on the bank you choose, your account will be set for use.
• Once your account gets activated, you will receive your account number and other details.

What are the Documents Needed to Open an Account as an International Student in Cyprus?

• A completed account opening form from the Cypriot bank of your choice. 
• A valid international passport.
• An admission letter from your school.
• An official student identity card.
• Reference from a bank in your home country showing your credit score.
• Proof of address (residence permit certificate, utility bills, etc.)
• Information clarifying why you need the account.
• Some banks will inquire about a note or evidence of your sources of income and expenses.
• If you are a student from a non-Euro country, you may be required to present an Alien Registration Card or equivalent document. etc.

OhentPay is a mobile app that lets you send and receive money internationally swiftly and at the best rates.  With Ohentpay, you can send and receive money to over 190 countries, and exchange over 40 currencies. So you can send or receive support from loved ones back home without delay. 

The Best Banks for International Students in Cyprus

Here are some Cypriot banks that can help you kickstart your financial life as an international student in Cyprus.

Alpha Bank.

Alpha Bank is one of the banks available for international students in Cyprus. Alpha offers various individual banking products like Alpha Youth Pack, Alpha Startup, Alpha Welcome Pack, International account, etc.

The student account in Alpha Bank allows you to enjoy benefits that support your student life needs. Some of their benefits include; 

• Discounts for students aged 18-28.
• Free standing orders upon opening the account.
• Free issuance of a debit card.
• High interest rate.
• Free registration at the Alpha SecureCode Service.

To open an international student account with Alpha Bank, start here.

Hellenic Bank.

Hellenic Bank is another Cypriot bank that is open to international students in Cyprus. The package that is mostly available for international students is a Basic account.

Hellenic Bank also offers swift banking services through the Hellenic Bank mobile app. With their app, you can easily send money to contacts saved on your smartphone through Contact Pay, you can also track your savings and account from anywhere, Biometric Identification is included for transactions as an extra security feature to protect you from theft.

To open an international student account with Hellenic Bank, start here.

Astro Bank.

Astro Bank serves the needs of Businesses, Legal Entities and Individuals (including residents, expats, immigrants and international students)

To open an individual account with Astro Bank, you need to pay an opening fee of €100, make an initial deposit of €1500 and pay a quarterly account service fee of €35.

However, the advantages of having an Astro account are that you get to access payments in over 40 currencies and it offers full financial service options including insurance, investments, deposits, loans, and maintenance of small and medium-scale businesses.

To open an international student account with Astro Bank, start here.

İş Bank.

İş Bank is most common for international students in Northern Cyprus Universities. 

When you get enrolled in any university within Northern Cyprus, you can apply for a student certificate. With your student certificate, dormitory certificate, residence certificate and an initial deposit, you can open a student account at İş Bank.

Once your bank account is verified, you will be given a debit card and 15 days later, you will get a credit card. A student account in İş bank can be opened in Euro, dollars or Turkish lira. However, transactions are usually carried out in Turkish lira, so you have to convert all currencies to lira before making any transactions.

To open an international student account with İş Bank, start here.

Wrapping Up

Opening an international student account in Cyprus can be tedious, but when you carefully follow the steps highlighted in this post, you can get your account approved and activated in no time. 

However, it is important for you to do your own personal research on Cypriot banks and their services, in order for you to accurately pick the one that suits your financial needs as an international student.

If you're an international student looking for the best bank account in different countries, you should go through our blog for more.

If you’d like to send money anywhere in the world from Cyprus and you prefer fast transfers at great rates, we recommend the OhentPay money transfer service. Create an account to get started here.

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