The banking system in Cyprus is based on the British system, and it shares many of the UK's banking practices, services, and management and control practices. The banking system in the nation is governed, watched over, and monitored by the Central Bank of Cyprus. In Cyprus at the moment, there are 14 domestic banks operating, of which 11 are commercial banks and 3 are specialized financial institutions (see below). Additionally, the island is home to about 30 international banking facilities.
The Central Bank of Cyprus has granted permission for international banking units (IBUs) as well as domestic banks to conduct business there. They must, however, deal mainly with non-residents.
Before making a decision, get referrals and as much knowledge as you can about each bank. Banks in Cyprus have recently expanded beyond traditional banking to include services like insurance, leasing, hire purchase finance, investment, and consulting. They also make use of modern technology to provide customers with telephone and online banking services.
All of the English-speaking bank employees in Cyprus are modern, effective, and well-equipped. Commercial banks in Cyprus can conduct transactions in all major currencies and have correspondents in all major cities around the globe. It is important to thoroughly research your options because the majority provide comprehensive services to both personal and business and investment customers.