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Money and Currency

Money and Currency

Currency

As from 1st January 2008 the Euro became the legal tender money of Cyprus.

  • There are seven denominations in Euro banknotes: 5, 10, 20, 50, 100, 200 and 500 euro. They all have different colour and size, the higher the denomination, the bigger the size.
  • One euro is divided into 100 cent.
  • There are eight euro coins: 1, 2, 5, 10, 20 and 50 cent, €1 and €2.

The designs on one side of the coins are common to all the countries of the Euro Zone, while the other side reflects national identities. All Euro coins can be used in all euro area countries, irrespective of their national side.

 

 

Currency Exchange

All banks operating in Cyprus offer foreign currency exchange services and quote the exchange rates of the Euro against all major foreign currencies daily. Foreign currency can also be exchanged at hotels. More detailed information concerning exchange rates can be obtained from the Central Bank of Cyprus . You can also use the currency converter .

Forms of Payment

Hotels, large shops and restaurants accept most credit cards, travellers' cheques, Eurocheques and banknotes of major foreign currencies.

V.A.T. Refund

Foreign visitors from countries outside the EU can claim back V.A.T. on goods exported in their hand luggage. Visitors are eligible for a V.A.T. refund if:

  • They are not holders of a passport or other form of identification from an EU Member State.
  • The total purchased from one store or a chain of stores is more than 171 Euro and less than 17 100 Euro.

More detailed information can be obtained from the V.A.T. Service of the Customs and Excise Department.

Holiday Budget

The price of products and services in Cyprus varies depending on the season and the location. Below is an indicative list in Euro:

  • A single bus ticket costs around € 1
  • A glass of beer costs between € 3.50 and € 5
  • A ticket to the theatre costs between € 17 and € 25
  • Lunch – a fixed menu costs between € 10 and € 13.50
  • Dinner at a local tavern (meze, including beer or cold drink) costs around € 20 per person.

Tipping

Since a 10% service charge is levied in hotels and restaurants, tipping is not obligatory but is always welcome and appreciated.