The Bank of Cyprus is the country’s leading financial and banking service in Cyprus. It offers a range of products and services such as finance, banking, investment banking, wealth management, factoring, general and life insurance, etc. It has more than 100 branches operating in Cyprus, the UK, and Romania. There are also representative branches in Ukraine, Russia, and China.
As the leading financial institution, foreign and local investors should know how to transfer money from the Bank of Cyprus. Fortunately, it is as easy to complete such transactions as with any other bank. This option allows you to transfer funds of any currency to a receiving bank account in Cyprus or abroad.
Why Transfer Money from the Bank of Cyprus?
There are various possible reasons why funds must be transferred to other accounts in Cyprus or abroad. Moving money from the Bank of Cyprus may be for the following reasons:
- Buy property abroad
- Compensate overseas employees
- Pay for suppliers
- Repatriate funds
Foreign workers and investors in Cyprus need to transfer money without worries or high fees safely. It is for the continuance of business and employment.
Fortunately, Cyprus has eased its restrictions on transferring funds to improve investments and the free flow of capital. Businesses and individuals can now send and receive funds with no limits.
Under new policies, Cypriots may transfer up to €20,000 from the bank of Cyprus to an overseas account each month, and traveling business owners may take up to €10,000 per trip abroad.
What are the Means to Transfer Money from the Bank of Cyprus?
There are several methods to transfer money from the Bank of Cyprus to other local bank accounts abroad. The Bank of Cyprus has a mobile banking app and website that you can use to conduct money transfers, payments, and other banking transactions.
You can create a template for payment and fund transfers to quicken the process in the future. The account details of the sender and the receiver will be saved through the online banking platform so that you do not need to re-enter them in the future.
You can also explore money transfer specialists, online e-wallet options, and the Single Euro Payments Area or SEPA.
The SEPA money transfer from the Bank of Cyprus is essentially the safest, cheapest, and quickest method for sending money to any country in the European Union.
What are the Requirements for SEPA Payments and Money Transfer from the Bank of Cyprus?
To use SEPA as the method of transferring money from the Bank of Cyprus, you need to comply with the requirements for payment. You can ensure the success of your every transfer by observing the following requirements:
- The value date of the payment should be a different day, and it should be submitted before the cut-off time
- The receiving account should be in a country of the European Economic Area and is participating in the SEPA
- The transaction should include the receiver’s valid IBAN
- The currency should be in Euro
- The fees should indicate “Shared”
What Should You Know on How to Transfer Money from the Bank of Cyprus Through SEPA?
When using the Single Euro Payments Area to transfer money from the Bank of Cyprus account, you must understand that the transfer will have reduced charges if it follows the relevant requirements. It may also be sent through SWIFT, but it will have standard charges.
The bank will contact you through your verified telephone number or the secure message system in case of any issues with the transaction or if they need more information to process the money transfer from the Bank of Cyprus.
Ensure that you have provided the necessary exchange rates for the currency of the transactions to avoid cancellation and success of your money transfer. You may also gain more information about transferring funds from Bank of Cyprus or other local banks by reading the Terms of Conditions and the Supplementary Agreement Between Bank of Cyprus Public Limited Company and customers per the EU Payment Services Directive.
What are the steps to Transfer Money from the Bank of Cyprus to the UK?
Once you understand how money transfer from the Bank of Cyprus works, it becomes an easy task to complete. Here are the general steps to follow when moving funds from Cyprus to other accounts in the UK.
Step 1: Identification
Sending money internationally will require new users or customers to complete identity checks and verification. This is following the global anti-money laundering policies. Some documents that will be asked to present include company ID, National ID, Driver’s license, or Passport for foreigners.
Step 2: Securing the Exchange Rate
After the identity check, you can look at the current exchange rate for your payment. You have the option to send Euro to Pound if sending money to the UK. Generally, it should be Euro to Euro for member countries.
The bank or the money transfer representative will quote the latest rate for your chosen currency. If the rate is not suitable, you are not obligated to accept it. But if the rate is acceptable for you, you can go ahead with your transfer. There will be no transaction without your authority.
Step 3: Sending Euros
If you are using the bank transfer method, you must have upfront funds in your account for the money transfer to progress. Otherwise, you will need to secure an exchange rate for your Euros to transfer money using a specialist.
You will be asked to provide the details of the receiver’s bank account, such as the account name, account number, bank name and address, verified address of the receiver, contact number, and other necessary information.
Whether you use money transfer from the Bank of Cyprus or through a money transfer specialist, you will receive confirmation through email or a secure message on your mobile number.
Your bank will automatically convert the Euros into the currency of your choice for the locked-in exchange rate and send it to the receiving bank. The beneficiary of your transfer money from the Bank of Cyprus may claim the funds in their local currency.
There are several ways how to transfer money from the Bank of Cyprus, but the safest, quickest, and cheapest way is to use the bank transfer system. Cyprus has become more lenient on moving funds to and from the country, thus it has become easier for businesses and foreign individuals to send and receive money from the EU member countries as well as other countries abroad.