Money in Cyprus: what currency is found and how much to take with you

Since 2008, the official currency of Cyprus has been the euro, which has replaced the Cypriot pound.

What banknotes are in circulation

On the territory of the Republic of Cyprus, banknotes of seven denominations are used: 5, 10, 20, 50, 100, 200 and 500 euros. In addition, you can pay with coins of 1, 2, 5, 10, 20 and 50 cents, as well as 1 and 2 euros.

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Exchange

All Cypriot banks offer their foreign exchange services and quote the exchange rate every day. You can make an exchange operation in most hotels. To find out detailed information about the exchange rate, you should look at the official pages of the Central Bank of Cyprus.

At the airport, the exchange rate is usually lower, so if you prefer cash, we recommend that you take care of this before traveling or after you "get your bearings".

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Bank cards or cash

Hotels, large shops and restaurants accept credit cards. As a result of the COVID-19 epidemic, this practice has become more widespread in small stores, as the presence of a payment terminal began to significantly affect their profit margins.

The most popular cards are Visa and MasterCard , while American Express and Maestro are less frequently accepted.

When choosing a non-cash payment method, you must be prepared for the fact that an additional bank commission is possible. Therefore, it may be wise to stock up on euros before you travel. Especially since despite the adjustments made by the pandemic, cash payments in Cyprus continue to be welcomed.

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How much money to take with you to Cyprus?

The answer to this question depends on what style of relaxation you prefer. In general, prices in Cyprus are comparable to other popular tourist destinations in Europe. On average, a week of comfortable living in Cyprus for a couple will cost 1200-1500 euros. However, the amount of estimated expenses can be adjusted upward or downward, depending on your financial capabilities and expectations from the holiday.

Here are the estimated costs for some services and entertainment:

• accommodation in a mid-range hotel - from 60 euros per day for two;
• car rental - from 50 euros per day + gasoline costs;
• dinner for two in a mid-range restaurant - 20-40 euros;
• beach equipment rental - 7.50 euros for two sun loungers and an umbrella;
• entrance tickets for sightseeing 2.5-5 euros;
• a trip to the water park "Aphrodite" in Paphos - 31 euros for an adult and 18 euros for a child;
• visiting the show of dancing fountains in Protaras - 23 euros for adults and 15 euros for children.

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Currency in northern Cyprus

The official currency of Northern Cyprus is the Turkish lira.

However, the vast majority of shops and restaurants accept payments by bank transfer, as well as cash in euros, US dollars and British pounds. In this case, most likely, you will receive change in Turkish lira.

You may need the lira to visit state museums and similar institutions, as well as in small towns where residents may prefer the national currency to a foreign one.

In all major cities, there are many exchange offices where you can easily make an exchange transaction. In this case, you may need to present a passport or other document proving your identity.

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