Online accounts and neobanks in Cyprus

Snapshot

Licensed digital providers such as Revolut Business and Wise Business offer online business accounts for many Cyprus businesses, with lower fees and strong multi currency features. They open faster than traditional banks, but usually issue an IBAN from another European country, rarely handle cash, and some restrict locally registered Cyprus companies. Many Cyprus companies pair a digital account with a local bank account.

Main providers: Revolut Business and Wise Business serve many Cyprus businesses. As of 13 June 2026.
Strengths: Online opening, lower fees, and multi currency holding and conversion.
Limits: Usually a non Cyprus IBAN, little or no cash handling, and limited lending.
Company type note: Some providers restrict locally registered Cyprus companies, so confirm eligibility first.

Fees and features as of 13 June 2026Last reviewed 13 June 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

As of 13 June 2026, licensed digital providers give Cyprus businesses a fast, low cost way to bank online. Revolut Business and Wise Business open accounts online, often within days, and offer strong multi currency holding and conversion, which suits companies that invoice or pay abroad. The trade offs are that they usually issue an IBAN from another European country rather than a local Cyprus IBAN, they rarely handle cash, lending is limited, and some restrict locally registered Cyprus companies. Because some Cyprus government services need a local Cyprus IBAN, many companies use a digital account for day to day payments alongside a local bank account. Confirm eligibility, fees and the IBAN you will receive with the provider.

What online providers offer in Cyprus

Digital providers, often called neobanks, run as licensed electronic money or payment institutions and deliver the account through an app and web dashboard. For a Cyprus business this means online opening, usually within days once documents pass checks, multi currency holding and conversion, cards, and integrations with accounting tools. Revolut Business and Wise Business are the providers most commonly used by Cyprus businesses. As of 13 June 2026.

Where neobanks fit well

Online providers suit businesses that work online, invoice abroad, or want to keep costs low. Wise Business has no monthly fee and converts currencies at a rate based on the mid market rate plus a fee, while Revolut Business offers tiered plans from a free option upward with bundled allowances. Both are far cheaper than a traditional bank for international payments.

The limits to know

A digital provider usually issues an IBAN from another European country, not a local Cyprus IBAN, and some Cyprus government services such as Social Insurance and tax interactions expect a local IBAN. Neobanks rarely accept cash deposits, lending is limited or absent, and some providers restrict locally registered Cyprus companies and may place them on a waitlist. For these reasons many Cyprus companies keep a local bank account for government facing items alongside the digital account.

What to check

Points to confirm before choosing an online provider, as of 13 June 2026. Verify with the provider

Whether the provider accepts your company type, since some restrict locally registered Cyprus companies.
What IBAN you will receive, and whether you also need a local Cyprus IBAN.
The plan fees and the per transfer and per conversion charges that apply.

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 online accounts and neobanks in Cyprus

Which neobanks serve businesses in Cyprus?

Revolut Business and Wise Business are the licensed digital providers most commonly used by Cyprus businesses, both opening online. Some restrict locally registered Cyprus companies, so confirm eligibility with the provider, as of 13 June 2026.

Do Cyprus neobanks give a local IBAN?

Usually not. Digital providers typically issue an IBAN from another European country, which some Cyprus government services do not accept. A local Cyprus bank gives a local euro IBAN. Confirm what IBAN you will receive, as of 13 June 2026.

Can I deposit cash with a Cyprus neobank?

Generally no. Online providers rarely handle cash deposits, so a business that takes cash usually needs a traditional bank account. Verify with the provider, as of 13 June 2026.

Are online business accounts cheaper in Cyprus?

Usually yes for international payments and day to day use. Wise Business has no monthly fee and Revolut Business has a free plan, both with per use charges, while traditional banks charge a monthly fee. Compare the all in cost, as of 13 June 2026.

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.