Currency in Cyprus: Your Complete Guide - 2024

Before you head to Cyprus, learn about:

• Using a card in Cyprus

• Can you use GBP in Cyprus?

• How to buy euros before your trip

• How to buy currency when you get to Cyprus

• What euro notes and coins look like

What currency is it used in Cyprus?

Cyprus is one of the 19 countries in which the euro is the official currency, having  joined the Eurozone on 1 January 2008..

The currency symbol used is EUR, and you’ll also commonly see the symbol € to mean the same thing.

Can you use GBP in Cyprus?

You can’t usually use British pounds in Cyprus, just as euro coins and notes aren’t accepted at your local supermarket here.

That said, as tourism is such a huge industry in Cyprus, you may come across individual merchants and stores which will take your GBP from you. In this case be aware that you’re likely to face poor rates and high fees, which means you spend more in the end.

Instead, convert pounds to euros for your holiday, either before you leave, or once you arrive. This guide covers your best options - plus some handy tips to make your money go further overseas.

Using a card in Cyprus

We’ll start with one of the most convenient - and often cheapest - ways to spend in Cyprus: a travel money card.

Get a travel money card before you leave home, and add money in GBP. You’ll then be able to convert to euros before you travel - or just leave your money in pounds and let the card switch to EUR when you pay for things overseas. There are many great UK providers of travel money cards which are usually pretty cheap to get and use, and may also offer better exchange rates compared to banks.

Here are a couple of popular travel debit cards you could take to Cyprus, to give an idea of their features:

Cons:

• Service fees apply depending on how you use your account

• No cash pay in or out option

• No branch network for face to face service

  Read here a complete Wise review

Cons:

• You’ll need to pay a monthly fee to access the full range of features

• Fair usage fees apply once you exhaust your account plan limits

• Out of hours and exotic currency fees apply

Read here a complete Revolut review

Learn more about how the Revolut debit card can help you

Is it cheaper to convert currency in the UK or Cyprus?

How much you pay overall for your travel money will depend on the exchange rate and fees you can find at the time you come to convert pounds to euros. There’s no best way to do this - so whether you’re in the UK still, or have travelled to Cyprus already, the key is to shop around. Both at home and in Cyprus, you’ll find providers which offer very good rates and low fees - and others which are not such good value.

Compare your options at home and close to wherever you plan to stay in Cyprus, to see which works best for you. If you’re looking for low fees, good rates and convenient conversions, it’s a good idea to consider a travel card from a service like Wise or Revolut, which can convert your pounds instantly when you want to withdraw or spend in euros, with low or no fees.

When you shop around, bear in mind that airports and hotels usually have pretty poor rates and high overall costs. If you’re converting currency on arrival you’re usually best off using a city centre exchange or banks, or making an ATM withdrawal.

To find the best place to buy euros, you can read our guide here.

Buying euros before your trip

Here are a few popular options if you’re planning on getting your EUR before you go on holiday.

Using a travel card

Travel money cards are convenient, safe, and often some of the cheapest ways to get euros for travel. Providers like Wise and Revolut let you open an account online or through an app and give access to the mid-market rate, with low or no fees, depending on the provider and card type you pick. That’s pretty unusual, as most providers tack extra fees onto the rates used to convert your pounds to EUR, which pushes up costs. There are still some fees to pay with travel cards - but they’re usually more transparent than you’ll find with physical currency exchange options, and can be much cheaper too.

Online

There are several popular currency exchange options in the UK which let you order online to click and collect - or even get your money delivered right to your door. Buying your holiday cash online in advance means you lock in the live rate, which may also be better than you’d get if you make an instant exchange with a money changer. You’ll also be able to compare the GBP-EUR rates online easily before you confirm your transaction.

Home or Office Delivery

Travelex has handy options for Brits buying holiday money which include collection at a Travelex store, or home delivery. Here are some key points about the service:

• Order for home or office delivery, or in store collection

• Cash for collection can be ready in just a few hours

• Home delivery can be next day if you order Monday - Thursday before 3pm

• Delivery is free if you exchange more than 600 GBP; fees apply otherwise

• You’ll need to be home to collect your cash, and may be asked for ID

• Exchange rates are likely to include a markup - which is a fee

Money Changers

Your local highstreet may still have some physical money exchange stores, which let you get your euros immediately - you just hand over your cash in pounds. It’s a convenient option if you’re in a hurry, but bear in mind that they’ll usually add a markup to the exchange rate used to convert your pounds to euros, and commission fees may apply - plus you could end up paying extra charges, such as a cash advance fee if you use a credit card card.

Bank

You’ll find most local bank branches in the UK don’t let you walk in to exchange currency instantly, but some like Barclays and Lloyds do still let you order online through their website, and either collect in your branch or have your euros delivered to home. Check the rates and fees. As travel money services aren’t a key service for most banks now, it’s not necessarily going to be the best value option out there.

Airport

If you’re desperate to carry euros cash with you to Cyprus, you might be tempted to make an exchange at the airport. The bad news is that while currency exchange desks at airports are convenient they’re also usually expensive.

Often if you’ll need cash instantly, the cheaper option is to get money out of an ATM once you arrive in Cyprus. This will usually get you a better exchange rate, although you’ll still want to look at the foreign transaction fee applied by your bank to check if it's your best option.

How to exchange currency in Cyprus

Cyprus is a huge tourist destination, so there are plenty of ways to convert your pounds to euros on arrival if you’d prefer. Both standalone currency exchange services and banks are options - but it’s worth comparing the rates and shopping around before you commit.

Bear in mind you’ll need clean and undamaged GBP notes, and you may be charged extra fees if you want to pay with card for your EUR travel money.

More about the currency used in Cyprus

Let’s get more familiar with euros - the currency used in Cyprus.

Denominations of euros

Notes

Euro notes  are in circulation in the 19 Eurozone countries, including Cyprus.

Euro notes denominations are as follows:

•  €5

•  €10

•  €20

•  €50

•  €100

•  €200

•  €500

In most cases you’re unlikely to come across the very high value notes, but notes up to €50 are commonly used and widely accepted.

Coins

Each euro is split into 100 cents. The euro coins in circulation in Cyprus are:

• 1 cent

• 2 cent

• 5 cent

• 10 cent

• 20 cent

• 50 cent

•  €1

•  €2

Travel money tips for Cyprus

Getting a better deal on your travel money will mean you can do more when you’re in Cyprus. Here are a few extra tips:

• Get a travel money card before you leave - providers like Wise or Revolut let you change currency using the mid-market rate and low fees, for cheap and convenient spending in Cyprus

• Carry different payment options, just in case - don’t get stuck if a merchant can’t accept a particular card, or insists on cash. Taking a couple of cards on different networks and holding a small amount of cash is a good plan

• Don’t change your money at the airport or your hotel - customers here tend not to look very closely at the costs, which means you may get stuck with bad rates and high overall fees

• Always pay in EUR, even if you’re offered the chance to pay in pounds - if you pay in GBP the merchant sets the exchange rate, rather than your bank or card. That pretty much always means higher overall costs

• Read your card fee schedule carefully - in particular look out for international ATM fees which may be applied each time you make a withdrawal. In this case it’s better to take out fewer, larger amounts

• Don’t use a credit card at the ATM - cash advance fees, foreign transaction fees, and immediate interest make this a very expensive option

• Don’t carry too much cash - tourists are frequently victims of opportunist theft

How much does a trip to Cyprus cost?

How much your holiday in Cyprus will cost can vary wildly depending on your plans. Draw up your own budget to make sure you know what to expect. Here are a few common costs to give an idea of how much a trip to Cyprus might cost.

Visa cost: No visa usually required for trips for up to 90 days

Transport in Cyprus: Local transport tickets are around 1.5 EUR each way

Taxi: Around 5 EUR to start, then about 2.4 EUR per mile

Car hire: Cheapest compact cars are likely to start from 15 EUR - 30 EUR per day

Room at a hotel: Very varied both by location and season - shopping around is essential

Dinner at a mid- range restaurant: 60 EUR for 2 people

Track GBP-EUR exchange rate

Use the Exiap rate tracker to keep on top of the live mid-market exchange rate for euros.

You can then compare the mid-market rate to the one you’re offered by different currency exchange services so you can check you’re getting good value when you need currency exchange.