Financial support of the trip is one of the main issues that have to be addressed at the preparatory stage. For tourists who are planning to visit Cyprus, this information is especially relevant due to the lack of territorial integrity of the island. To be able to pay in cafes, restaurants and shops, you need to know which currency in Cyprus is in use. This will allow you to plan your budget and optimize your spending.
History of the Cyprus currency
The island's territory is divided into northern and southern parts. Each of them belongs to a different state and uses its own currency.
The local currency of Northern Cyprus is the Turkish lira, as this sector is under Turkish protectorate. This fact does not affect the rest of tourists, since you can pay here in dollars, euros, and pounds sterling.
Since 1879, the Cypriot pound (banknotes) and shilling (coins) have been in circulation in the southern part of the island. The cost of one pound was equal to 1 pound sterling. This was the currency of Cyprus before the introduction of the euro.
The bills themselves deserve special attention: the inscriptions on them were made in Turkish, English and Greek. It was these states that fought for the right to rule the Cypriot territory until the end of hostilities.
In 1973, Northern Cyprus began to use the Turkish lira, which remains the main currency of the sector today.
Today the national currency of Cyprus (southern part of the island) is the euro. In 2004, this region entered the Eurozone. The new currency was launched on January 1, 2008. The deadline for withdrawing the pound from use ended in December 2021. Cypriots stopped using old-style coins back in 2009.
You can calculate:
- euro banknotes of 5, 10, 20, 50 euros;
- coins of 1 and 2 euros;
- euro cents in denominations of 1, 2, 5, 10, 20, 50 cents.
Please note that Turkish Cypriot Lira is only accepted in the northern part of the island.
Banks and currency exchange offices
As in all other states of the European Union, in the southern part of the island, all payment transactions are carried out in the euro currency. You can also pay for checks with a bank card, which are accepted in most of the settlements.
For travel, MasterCard is suitable. This will save you from paying additional fees when converting dollars into euros, as is the case if you pay with a Visa card.
You can easily find a currency exchange in Larnaca, Paphos or Ayia Napa. Exchange offices are located everywhere: in some places even on the beach, not to mention hotels, post offices, shops and shopping centers.
You can exchange currency directly at banks and at many ATMs, which work here around the clock. But in the latter case, you need to be prepared for a commission, which sometimes can reach 4-5% of the amount.
Greek Cyprus
After the Cypriot pound went out of circulation and the European currency was introduced, it became much easier to organize a trip to Greek Cyprus. It is enough just to take with you the required amount for expenses in euros, stock up on a bank card and enjoy your vacation.
Local banks usually work only in the morning, but in resort areas, the opening hours are extended until the evening. Banking institutions and some exchange offices may ask for a passport for the operation.
So that the currency in Cyprus does not become a headache for tourists, you should not exchange money with suspicious persons, and when receiving Euro banknotes, you need to make sure of their authenticity. On the island, counterfeit bills of 100 and 200 euros were seen in use. In any case, it is recommended to keep receipts for the performed operation.
Turkish Cyprus
Going to the northern regions, you should remember that in this part the currency of Cyprus is the Turkish lira, in parallel with which dollars and euros go. It makes no sense to take rubles with you: they simply will not be accepted. It is better to immediately calculate how much you will need for a vacation and prepare it in dollar or euro equivalent.
Plastic cards are also accepted in North Cyprus. Cash can be withdrawn from them at any ATM. The commission for such a service can be up to $ 1.50.
Banks are open only until lunchtime. Exchange offices most often close at 18.00, in some places you can find round-the-clock.
Cyprus banknotes in this part of it are also best verified for authenticity.
VAT payment and tax-free refund features
When shopping in stores, you need to pay attention to whether they have an international value added tax refund system. In the northern part of the island, this function was taken over by Global Blue Cyprus, Global Refund Cyprus and Euro Refund Cyprus.
Foreigners who are on holiday who are not EU citizens can use the system that provides for a VAT refund. You can return up to 19% of the cost of the purchased goods and only if you arrived on the island for up to 90 days.
Refunds can only be made in the currency provided by the Cyprus monetary system. At the store, you need to take a voucher, in which you enter information about the purchase, attach a receipt to it and present it at the refund point. You can find such counters at the airport.
Certain foods, tobacco products and services may not be subject to the return policy.
Exchange rate
It is best to stock up on euro banknotes at home. Firstly, it will eliminate the need to deal with exchange transactions on vacation. Secondly, changing rubles for euros in Cyprus may not be a very profitable operation. If you nevertheless decide to buy euros on the spot, reliable information about the exchange rates can be obtained on the Eurobank Cyprus website or on any other RuNet resources, up to online calculators:
- calculator888.ru - the database is updated daily from the website of the Central Bank of the Russian Federation, and the archive contains data on exchange rates up to 1993.
- calc.ru - monitors the indicators of the currency exchange of the Central Bank of Russia and the European Bank.
- online calculator on Rambler - here you can find out not only the current exchange rate of any currency in the world, but also choose the best one, as well as find out the forecast for the next week.
Knowing the rates for the purchase of foreign currency will allow you to calculate how much money to take with you to Cyprus for a week.
To help a tourist
Answers to the most pressing questions can help you travel:
- What currency is the best to go to Cyprus with and how much money do you need? Since South Cyprus belongs to the eurozone, experienced tourists recommend traveling with euros, which are best taken in cash or on a bank card. In any city on the island, you can easily exchange dollars for European money, but, as practice shows, this procedure will cost more than if it is done at home. But whether dollars are accepted in Cyprus depends on which part of it the trip is planned to.
What budget you need for your vacation also depends on which part of the island you choose. In Turkish territory, in an all inclusive hotel, relatively little cash can be taken. If you want to buy food, then, for example, a kilogram of fish in a chain supermarket will cost 7-8 euros, meat - 5-7 euros. In Greek territory, prices can be higher, especially during high season.
Lunch in a small restaurant will cost about 30-40 euros, if you add alcohol, you can double the check. On average, you need to count on 60-100 euros per day. Additional funds will be needed for excursions and souvenirs.
- Whether it is possible to pay in dollars in Cyprus depends on which part of the island the trip is planned to.If to the south, then it is better to stock up on euros, if to the north, then yes - you can pay for goods and services in American currency without any restrictions.
- Is it better to take cash or a bank card? Almost everywhere on the island you can pay with a card, from a souvenir shop to a hotel and a shopping center.
But it is better to have cash with you in case you need to buy cigarettes or a card for a payphone. Sellers of such goods are not too willing to accept bank cards, since they have to pay the bank a service fee. It will not hurt to have cash with you when paying for excursions, if you decide to go, for example, to the mountains or to a local village. In Cyprus, it is not accepted to pay with a Sberbank card or any other financial institution in provincial cities.
Outcomes
Until the beginning of 2008, the currency of Southern Cyprus was the Cypriot pound. The accession to the euro zone was marked by the introduction of the euro into circulation, which today continues to be the main currency of this part of the island.
The northern part of Cyprus is under Turkish protectorate, so Turkish lira is used here, as well as dollars or euros. Going to Cyprus, it is better to take care of the local currency in advance, which can be taken in cash or on a bank card.
