As the digital scenario takes the financial services industry by storm, multiple options have emerged to help turn your business transactions digital, faster. Not least in Cyprus! Cyprus is an island country in the eastern Mediterranean Sea that has been constantly striving to uplift its digital finances experience for businesses, especially thanks to the EU Government’s determination to provide opportunities to global entrepreneurs to grow their business in the country.
As a result of these changes, Cypriot financial institutions have come up with a number of benefits to opening a business account and running a business in the country. These include the ability to manage finances more easily, access to a wider range of international transactions, a wider network of business connections and the convenience of being able to manage finances from anywhere in the world. Businesses can use online financial service apps to make borderless transfers, run multi-currency accounts, get digital debit cards for employees etc.
However, when it comes to finding the best institution for digital financial services in Cyprus, there are a few things to consider. Today, we'll discuss all those factors so that you can make an informed decision when picking a provider for digital financial services in Cyprus that best suits your particular brand of business needs.
What is digital financial services?
While some people may use the terms ‘online financial services’ and ‘digital financial services’ interchangeably, there is a difference between the two. Online financial services refers to the ability to access your financial account and carry out transactions via a computer or mobile device. On the other hand, digital financial services encompasses all aspects of a customer’s journey with a financial institution, from researching products and services to applying for them and managing them after they’ve been opened.
In other words, digital financial services is the umbrella term that includes online financial services, as well as all the other digital channels that financial institutions use to interact with their customers and facilitate services. This can include things like mobile apps, chatbots, digital wallets, and more.
If you are planning to set up a digital account with financial services for your business in Cyprus, a factor you must consider should be the range of digital channels that these providers offer for customer interaction. This would include an online platform, mobile app, chatbots and digital wallets. Ideally the provider should also offer 24/7 customer support so that you can get help whenever you need it.
Which digital financial services options offer business accounts in Cyprus?
There are a number of digital financial services options available for businesses in Cyprus, each with its own set of features and benefits.
Bank of Cyprus: The country’s largest bank offers a number of digital services for businesses, including online banking, mobile banking, and 24/7 customer support. With the Bank of Cyprus, you can open a business bank account as a subscriber, where you need to be their '1bank' customer (or a subscriber).
Laiki Bank: Cyprus’ first electronic bank offers a comprehensive range of digital banking services for businesses, including Advisory Investment Services, Discretionary Management, and Banking services.
Hellenic Bank: The Hellenic Bank is the second largest bank in Cyprus and was established in 1976. With Hellenic Bank, you get online banking services along with benefits like a virtual card, mobile app, and phone banking. If you have all the business documents in place, you can open a bank account within minutes.
Digital Banks and Financial Service Platforms
These financial platforms are usually faster, more agile and offer a broader range of digital capabilities than traditional institutions.
Revolut: Known as a neobank, Revolut offers a business account with a few easy steps. You just need to download the Revolut app, sign up for an account, and verify your identity. One of the best things about Revolut is that it is usually cheaper than other banks and offers a wide range of currencies.
TransferWise: TransferWise is not a bank but a popular payments provider that offers a business account, which is free to open. The platform allows you to move money between 50+ currencies at the real exchange rate. You can also get a multi-currency account, which is a bank account that lets you hold and manage money in multiple currencies.
wamo: wamo is a financial management platform and payments provider – combining the benefits of products like Revolut and Wise. wamo offers a wide range of digital financial services designed to make business finances easier for freelancers, sole traders, small business owners and corporates. Anyone with a legitimate business can open a wamo account in 10 minutes. wamo is especially popular with those business owners who want to open an account as an international entrepreneur in EU (and UK). Some of wamo’s features include access to multiple accounts, virtual and physical Visa debit cards, international transfers in all G10 currencies and excellent, bespoke customer service.
What’s the easiest way to open a business account in Cyprus?
The easiest way to open a business account in Cyprus is through a financial service provider like Revolut, TransferWise and wamo. These platforms typically have fewer requirements, take less time than traditional institutions and are more convenient.
To open a business account with these platforms, you'll usually need to provide some personal information, your business information, like your company name and registration number and some additional basic details that vary from platform to platform. Once you've provided all the required information, you'll be able to open your account and start getting access to financial services online. It’s that easy!
If you are looking for the quickest solution, wamo enables you to open a business account in 10 minutes. There is a subscription package for every type of business – including a free account for sole traders. Regardless of the size of your business, you can open a business account remotely and hit the ground running. In fact, wamo comes with more flexibility than other institutions, that makes it easier for you to open a business account in Cyprus.