Truly free business banking is rare among traditional Cyprus banks, but licensed digital providers offer low cost or no monthly fee accounts. Wise Business has no monthly fee and no minimum balance, and Revolut Business offers a free plan with usage limits. Traditional banks such as Bank of Cyprus and Hellenic Bank usually charge a monthly maintenance fee. Accounts are held in euro.
- No monthly fee option
- Wise Business has no monthly fee, though it charges per transfer and conversion. As of 1 March 2026.
- Free plan option
- Revolut Business offers a free plan with limits on free transfers and currency exchange. As of 1 March 2026.
- Traditional banks
- Bank of Cyprus, Hellenic Bank and peers usually charge a monthly maintenance fee and may set a minimum balance.
- Charged in
- Euro (EUR)
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
What free means for a business account in Cyprus
A business account can be free in more than one way. Some accounts charge no monthly fee but recover costs through transfer and currency charges. Some set no minimum balance, so no cash is tied up. Few accounts are free on every line, so the useful question is which fees you will actually pay given how you bank. As of 1 March 2026, licensed digital providers offer the closest thing to a free account in Cyprus, while traditional banks usually charge a monthly maintenance fee. Confirm current pricing with the provider.
No monthly fee and free plan accounts
Wise Business has no monthly or maintenance fee and lets you hold and convert many currencies, but charges a fee for each transfer and a conversion margin. Wise currently restricts locally registered Cyprus companies and may place them on a waitlist, while a company incorporated elsewhere can be accepted, so confirm eligibility first. Revolut Business offers a free plan with a set allowance of free transfers and currency exchange, with paid plans adding higher allowances. For a company that transfers often, the per use costs on a free plan can add up, so compare them against a paid plan or a flat fee account.
Traditional bank accounts
Traditional Cyprus banks such as Bank of Cyprus, Hellenic Bank, Eurobank Cyprus, Alpha Bank Cyprus and AstroBank generally charge a monthly maintenance fee and may set a minimum balance, so they are rarely free. In return they provide a local euro IBAN that Cyprus government services accept, branch access, cash handling and lending. Confirm the current fee schedule with the bank.
The trade offs of a free account
Three points to weigh before treating an account as free, as of 1 March 2026. Verify with the provider
- A no monthly fee account can cost more than a flat fee account once frequent transfers and conversions are counted.
- A free digital plan usually issues an IBAN from another European country, which some Cyprus government services do not accept, so you may still need a local Cyprus bank account.
- Free plan allowances are capped, so check the per transfer and per conversion charges that apply once the allowance is used.
Compare business accounts available in Cyprus
These providers accept business customers in Cyprus. Fees and eligibility shown as of 1 March 2026. Confirm current terms with the provider before applying.
Compare business accounts →Questions about free business accounts in Cyprus
Is there a completely free business bank account in Cyprus?
Does Wise Business charge a monthly fee in Cyprus?
What does the Revolut Business free plan include?
Do traditional Cyprus banks offer a free account?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 1 March 2026. Confirm current terms with the provider before applying.