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Opening an Account in Bank of Cyprus

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About Bank of Cyprus

Bank of Cyprus is a Cypriot bank operating since 1899. Today, it is a large holding company with 588 branches. Most of Cyprus’s banking capital is concentrated in this institution. In total, around 12,000 employees provide banking services not only on the island but also in Ukraine, Austria, China, Russia, the United Kingdom, and the Channel Islands. Since 2012, the bank’s shares have been listed on the Athens and Cyprus Stock Exchanges.

Bank of Cyprus offers a wide range of services, including:

  • factoring;
  • insurance;
  • brokerage services;
  • corporate finance management, etc.

Major global companies prefer to open an account in Bank of Cyprus, noting the group’s stable development and the quality of services provided. This is confirmed by the ISO 9001:2008 quality certificate, which guarantees that the services comply with all international norms and standards.

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Steps

01

Document Preparation

It is necessary to prepare the company’s statutory documents, taking into account the requirements for issuance dates and certification form, the personal documents of company participants, and complete the bank’s forms. Proper form completion and information presentation play an important role.

02

Application Submission

After preparing all the documents, they must be submitted to the bank. During the review process, the bank may send additional questions and document requests. These must be answered correctly and on time.

03

Verification

Verification must be completed by visiting a bank branch.

04

Access and Account Details

Upon successful account opening, the bank assigns account details to the company and provides access to the account. To fully activate the account, a minimum deposit may need to be promptly made, from which an account opening fee (if applicable) may be deducted.

Opening an Account in Bank of Cyprus: Terms of Cooperation

If you plan to approach Bank of Cyprus, you may open one of the following types of accounts:

  • personal;
  • trading;
  • deposit;
  • corporate;
  • investment or Private Banking.

Bank of Cyprus offers several cooperation formats:

  • Opening an account by visiting the bank in Cyprus.
  • Applicant identification in Kyiv, Moscow, and other bank representative offices.
  • Registration through a Cypriot lawyer-introducer of the bank.

Before opening an account in Bank of Cyprus, you must define the purpose and then clarify the timeline and cost of the service. The standard procedure involves a meeting with a bank representative. Opening an account takes from 1 to 3 months. Additionally:

  • there is Russian-speaking staff;
  • online banking is available via the DigiPass device, including a mobile version.

Each client is assigned a “Personal Banker” to ensure high-quality service.

Sample Fees

Bank of Cyprus offers favorable rates for opening and maintaining accounts. Main charges:

  • account opening — free of charge;
  • annual maintenance — from €600, regardless of the number of accounts;
  • transaction fees — from €10.

The bank issues debit cards under MasterCard, American Express, and Visa standards.

Other Banking Products

If a corporate client approaches Bank of Cyprus, opening an account or issuing cards are not the only available services. Popular options include letters of credit, guarantees secured by deposits at 1–2%, escrow accounts, and checkbooks. Regular clients are also offered mortgage loans for real estate purchases, trading accounts for Forex, and various investment products. Clients may also open fixed-term deposits for periods from 1 to 24 months, with the interest rate depending on the product and term chosen.

Payroll services are also available for corporate clients. In such cases, the bank can take over the automation of salary payments — you only need to provide payroll data.

What Is Needed to Open an Account in Bank of Cyprus

To smoothly and quickly open an account in Bank of Cyprus, you will need:

  • Original corporate documents of the company with an apostille.
  • National and international passports for each founder, as well as other documents the bank may request. For example: office lease agreement, shareholders’ bank statements, partner contracts.

Additionally, you need to complete the bank’s forms according to its rules. To avoid difficulties, open your Bank of Cyprus account with the support of Incluence Limited specialists. Our experts are ready to guide your company through every stage of opening an account in the Cypriot bank.

Free initial consultation on legal issues, related to the daily activities of the business

Additional services

Frequently Asked Questions:

<p id="">To open an account in Bank of Cyprus, you must complete and submit the bank’s KYC and AML forms, the company’s statutory documents, and the personal documents of directors and beneficiaries. The bank may additionally request contracts with partners and other information. For successful account opening, key persons must undergo verification.
<p id="">An account in Bank of Cyprus can only be opened by visiting the bank in person.
<p id="">To open an account in Bank of Cyprus, you must submit copies of personal documents for each director and shareholder, along with the statutory documents package. The bank may also request copies of contracts with partners, the company’s structure, and other documents.
<p id="">The timeframe depends on the specifics of the company and the speed of responses to the bank’s queries. Generally, account opening takes about 2 months.

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info@incluence.net

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