What are the digital banking options for businesses in Cyprus?

8 months ago   •   5 min read

By İlayda Birol

As the digital scenario takes the banking 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 banking experience for businesses, especially thanks to the EU Government’s determination to  provide opportunities to non-residents and global entrepreneurs to grow their business in the country.

As a result of these changes, Cyprian banks have come up with a number of benefits to opening a business banking 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 bank from anywhere in the world. Businesses can use online banking to make borderless transfers, run multi-currency accounts, get digital cards for employees etc.

However, when it comes to finding the best bank for digital banking 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 bank for digital banking in Cyprus that best suits your particular brand of business needs.

How to register a company and open a bank account in Cyprus
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What is digital banking?

While some people may use the terms ‘online banking’ and ‘digital banking’ interchangeably, there is a difference between the two. Online banking refers to the ability to access your bank account and carry out transactions via a computer or mobile device. On the other hand, digital banking 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 banking is the umbrella term that includes online banking, as well as all the other digital channels that banks 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 digital banking for your business in Cyprus, a factor you must consider should be the range of digital channels that these banks offer for customer interaction. This would include an online platform, mobile app, chatbots and digital wallets. Ideally the bank should also offer 24/7 customer support so that you can get help whenever you need it.

Which digital banking options offer business accounts in Cyprus?

There are a number of digital banking options available for businesses in Cyprus, each with its own set of features and benefits.

Traditional Banks

Bank of Cyprus: The country’s largest bank offers a number of digital banking 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.

The fastest ways to open a business account in Cyprus
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Digital Banks and Financial Service Platforms

These financial platforms are usually faster, more agile and offer a broader range of digital capabilities than traditional banks.

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.

Wise vs wamo: which is better?
Review our blog to compare business account options. Compare Wise and wamo business accounts to help you decide which is best for your business.

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 banking services designed to make business banking 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 a non-resident of the 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.

Note that, wamo isn’t a regular bank, it is an EMD agent of Railsbank and regulated by the Bank of Lithuania and the Financial Conduct Authority (FCA).

What’s the easiest way to open a business account in Cyprus?

The easiest way to open a business bank account in Cyprus is through a banking service provider like Revolut, TransferWise and wamo. These platforms typically have fewer requirements, take less time than traditional banks and are more convenient.

To open a business bank 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 banking online. It’s that easy!

If you are looking for the quickest solution, wamo enables you to open a business bank 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 banks, that makes it easier for you to open a bank account in Cyprus.


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