Switching business account in Cyprus

Snapshot

Cyprus has no automated business account switching service, so moving a business account is a manual process. You open the new account, move standing orders and direct debits, update customers, suppliers and payment processors with the new details, redirect incoming payments, and keep the old account open during the transition before closing it. Allow time, since opening the new account involves the usual checks.

Automated switch service: No automated business switching service in Cyprus. The move is manual. As of 20 August 2025.
Main steps: Open the new account, move payments, update payers and payees, then close the old account.
Watch the IBAN: If the new account has a different IBAN, every standing order, direct debit and payer must be updated.
Keep both open: Run both accounts in parallel until incoming and outgoing payments have moved across.

Fees and features as of 20 August 2025Last reviewed 20 August 2025

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

As of 20 August 2025, there is no automated switching service for business accounts in Cyprus, so the move is manual and needs planning. Start by opening the new account and completing its checks, which can take days at a digital provider or several weeks at a traditional bank. Then list every standing order, direct debit and recurring payment, recreate them on the new account, and update customers, suppliers and payment processors with the new IBAN. Redirect incoming payments, keep both accounts open in parallel until everything has moved, then settle and close the old account. If you switch from a digital provider to a local bank or the reverse, note that the IBAN and its country may change, which affects who you must update.

How switching works in Cyprus

Unlike some markets that offer an automated current account switch service, Cyprus has no such service for business accounts, so switching is a manual process you manage yourself. The work is in moving recurring payments and updating everyone who pays you or whom you pay, because the new account usually has a different IBAN. Planning the move and running both accounts in parallel for a period avoids missed payments. As of 20 August 2025.

Before you move

Open the new account first and complete its checks, since you should not close the old account until the new one is fully working. List every standing order, direct debit, recurring card payment and incoming payment on the old account, so nothing is missed. Note your old and new IBANs, since these drive the updates.

Making the move

Recreate standing orders and direct debits on the new account, and update customers, suppliers, payroll, tax and Social Insurance details, and any payment processors with the new IBAN. Redirect incoming payments to the new account. Keep the old account open and funded until every regular payment has moved across, then reconcile and close it. Confirm any closing requirements or fees with the old bank.

What to check before switching

Points to confirm before switching in Cyprus, as of 20 August 2025. Verify with the provider

Whether the new account gives a local Cyprus IBAN, if you need one for government services.
That all recurring payments and payers have been updated before you close the old account.
Any notice period, final fees, or minimum balance rules on the account you are closing.

Compare business accounts available in Cyprus

These providers accept business customers in Cyprus. Fees and eligibility shown as of 20 August 2025. Confirm current terms with the provider before applying.

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Questions about switching a business account in Cyprus

Is there an automated account switch service in Cyprus?

No. Cyprus has no automated switching service for business accounts, so the move is manual. You open the new account, move recurring payments, update payers and payees, then close the old account. Verify the process with each provider, as of 20 August 2025.

How do I switch a business account in Cyprus?

Open the new account and complete its checks, list and recreate standing orders and direct debits, update customers, suppliers and payment details with the new IBAN, redirect incoming payments, run both accounts in parallel, then close the old account. Confirm closing requirements with the old bank, as of 20 August 2025.

Will my IBAN change when I switch in Cyprus?

Usually yes. A new account has a different IBAN, and switching between a local bank and a digital provider can also change the IBAN country. Every standing order, direct debit and payer must be updated to the new IBAN, as of 20 August 2025.

How long does switching take in Cyprus?

Mostly it depends on opening the new account, which can take days at a digital provider or several weeks at a traditional bank, plus the time to move recurring payments. Keep both accounts open until the move is complete. Verify timelines with the provider, as of 20 August 2025.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 20 August 2025. Confirm current terms with the provider before applying.