Importers and exporters in Cyprus are well served by multi currency online accounts for paying and receiving across borders, while a local Cyprus bank account remains useful for trade services and lending. Wise Business and Revolut Business price foreign payments low, and Bank of Cyprus offers a local euro IBAN with branch and trade support.
Suits Importers and Exporters best
Depends on needs. Wise Business and Revolut Business suit firms paying suppliers and receiving payments abroad at low cost, while a Cyprus bank such as Bank of Cyprus suits those needing trade services, a local euro IBAN, and lending.
Typical monthly fee
EUR 0 to about EUR 30 a month at digital providers, plus traditional bank account fees. As of 1 August 2025.
Non resident position
Possible with full anti money laundering checks. Traditional banks expect economic substance such as a local director or office. Unclear cases, verify with the provider.
Providers that fit
Several. Online providers plus the main Cyprus banks accept this profile.
Fees and features as of 1 August 2025Last reviewed 1 August 2025
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
Importers and exporters in Cyprus move money across borders, often in several currencies, and need to manage foreign exchange costs and timing. Wise Business and Revolut Business hold and convert currencies at low cost and suit firms paying overseas suppliers or receiving foreign payments, while Bank of Cyprus and Eurobank Limited suit firms that need trade services, a local euro IBAN, or lending. Many trading firms use a digital account for currency payments alongside a local bank account. Fees and features below are shown as of 1 August 2025, so confirm current terms with the provider.
What Importers and Exporters in Cyprus need from a business account
Importers and exporters pay suppliers and receive payments abroad, frequently in currencies other than the euro, so currency conversion cost and timing matter a great deal. The features that matter most are multi currency accounts, transparent foreign exchange pricing, and the ability to hold balances in several currencies, alongside any trade finance or guarantees a local bank can provide. A local Cyprus bank account is often kept for a local euro IBAN, branch support, and lending, while a digital provider handles the day to day currency payments. As of 1 August 2025.
W
Wise Business
Holds and converts many currencies at the mid market rate. Issues a non Cyprus IBAN and does not accept cash.
A local Cyprus bank with a euro IBAN, branch support and lending. Onboarding is thorough and fees apply. Verify current terms.
Best for
Trade services and lending
Monthly fee
Quarterly account fee, varies by account; verify with the bank
Compare accounts for Importers and Exporters in Cyprus
These providers accept business customers in Cyprus. Fees and eligibility shown as of 1 August 2025. Confirm current terms with the provider before applying.
Questions about banking for Importers and Exporters in Cyprus
What account suits an importer or exporter in Cyprus?
Many trading firms pair an online account such as Wise Business or Revolut Business for low cost multi currency payments with a local Cyprus bank account such as Bank of Cyprus for trade services, a local euro IBAN, and lending. The right mix depends on your currencies, suppliers, and whether you need trade finance. As of 1 August 2025. Verify with the provider.
How are foreign exchange costs handled on these accounts?
Multi currency providers such as Wise Business convert close to the mid market rate and show the fee separately, while traditional banks fold a margin into the exchange rate. The cheaper option depends on the currencies and amounts you move. Compare the all in cost for your payments. As of 1 August 2025. Verify with the provider.
Can these accounts handle letters of credit or trade finance?
Trade finance instruments such as letters of credit and guarantees are typically provided by traditional banks rather than digital providers. If you need them, a Cyprus bank such as Bank of Cyprus is the usual route, while a digital account can still handle day to day currency payments. As of 1 August 2025. Confirm available services with the bank.
Can a non resident trading company open an account in Cyprus?
It is possible. Traditional banks apply enhanced anti money laundering review and expect economic substance, while digital providers run their own checks and may restrict locally registered Cyprus companies. Acceptance depends on your circumstances, so verify with the provider. As of 1 August 2025.
Fees, features, and eligibility change and vary by region. This page was last reviewed on 1 August 2025. Confirm current terms with the provider before applying.