Cyprus business accounts are held in euro, but multi currency needs are common among the island's international companies. Licensed digital providers such as Wise Business and Revolut Business let you hold and convert many currencies at low cost. Traditional banks such as Bank of Cyprus and Hellenic Bank offer foreign currency accounts, but conversion costs are usually higher.
- Base currency
- Euro (EUR), used in Cyprus since 2008 and inside the SEPA area.
- Multi currency via
- Wise Business and Revolut Business hold and convert many currencies. As of 13 June 2026.
- Conversion cost
- Lower at digital providers using a mid market based rate plus a fee. Traditional banks usually cost more.
- IBAN note
- A digital provider often issues an IBAN from another European country, not a local Cyprus IBAN.
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
How multi currency works for Cyprus businesses
Cyprus uses the euro and sits inside the SEPA area, so euro payments across the European Economic Area are straightforward. Many Cyprus companies trade internationally, so they also need to receive, hold and convert other currencies such as the US dollar and pound sterling. There are two broad ways to do this. A licensed digital provider holds balances in many currencies and converts on demand, while a traditional bank can open separate foreign currency accounts. As of 13 June 2026.
Digital providers
Wise Business lets you hold many currencies in one account and convert at a rate based on the mid market rate plus a stated fee, and it can provide local account details in several currencies for receiving payments. Revolut Business holds multiple currencies and includes a free currency exchange allowance on its plans, with a fee once the allowance is used. These providers usually issue an IBAN from another European country rather than a local Cyprus IBAN, so check whether you need a local IBAN for government facing payments.
Traditional banks
Bank of Cyprus, Hellenic Bank and peers can open foreign currency accounts alongside a euro account, which keeps everything with one local bank and a local IBAN. Conversion margins at traditional banks are usually wider than at digital providers, so compare the all in cost if you convert often. Confirm current pricing with the bank.
What to weigh
Points to compare before choosing where to hold foreign currency, as of 13 June 2026. Verify with the provider
- The conversion cost, comparing the rate used and any fee against the mid market rate.
- Whether you can receive each currency with local account details, which can cut incoming fees.
- Whether you need a local Cyprus IBAN, since digital providers often issue an IBAN from another country.
Compare business accounts available in Cyprus
These providers accept business customers in Cyprus. Fees and eligibility shown as of 13 June 2026. Confirm current terms with the provider before applying.
Compare business accounts →Questions about multi currency accounts in Cyprus
Can a Cyprus business hold foreign currencies?
Which is cheaper for currency conversion in Cyprus?
Do multi currency accounts give a local Cyprus IBAN?
What currency are Cyprus business accounts in?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 13 June 2026. Confirm current terms with the provider before applying.