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Bank Accounts

ridata2001
IF anyone has recently opened a bank account, can you please let me know which documents they were asked for etc, and which bank it was with...  BOC, Hellenic etc..



Thanks

Steve.

See also

Banking and finance in CyprusRevolut AccountPrudential pension in UKUK bank Account Moving To CyprusBanking Enquiry
Toon
BoC are a nightmare I would recommend  -Hellenic   .... Passports. alien registration documents or proof of application proof of address rental or property purchase proof of source of funds..
ridata2001
Thanks Toon,

Also need to know from someone that's done it recently, but not yet a resident etc...

Ie: Arranged it from the Uk, before moving across and getting the ball rolling..

Steve.
Toon
Unless  you can open a BoC account in uk . Not possible you have to be here in person....
ridata2001
Kinda thought so.....



Cheers Toon.
Toon
I would suggest you open a Revolut or better still a Starling account whilst you are still in UK whilst you still have a UK address as its easy to load with sterling and convert exchange instantly with euros at the best possible rates ..Cards are accepted everywhere just look at the ATM cash withdrawals .. that will keep you going until such time as you sort local bank account... The banks will.also ask you to define and prove  your transaction levels and frequency and also sources ie pension wages Investments
Toon
If you do arrange Hellenic and or revolut the process of bank transfers is very very easy both ways all done online or mobile banking even for house purchase transfers ...



Good luck
ridata2001
Thanks, will get onto it...



Steve.
Toon

@ridata2001 make sure you provide upto date bank statements that can prove and backup the financial requirements for the residency application whichever route is taken

ridata2001
Got that thanks Toon, just another hurdle too jump...:)  Gettin used too it now....



Steve.
MacGeorge8035
@ridata2001, I contacted Hellenic bank a few days ago about opening a bank account here is their response.


Thank you for your email and for your interest in opening an account at Hellenic Bank.

Regarding your request, we would like to inform you that in order to open an account with Hellenic Bank your presence at any of our branches is required. You can visit any of our branches in Cyprus and the required documents are the following:
1. A valid passport.
2. Proof of your permanent address (utility bill).
3. Proof of Income (Payslip/Tax or Social Insurance certificate).
Further documents may be requested by the branch.

If you require a debit card you can apply for it at the branch and it will be available for collection 2 working days later.

I have also taken Toon’s advice and opened a Starling account which gives me a sterling and a euro account, it makes currency exchange really easy.

Hope this helps.
Toon
Just a note.. keep your uk bank accounts if you can ...once they are gone they are gone it's extremely difficult or impossible to get one once you you are legally resident here.



I closed my accounts here as I no longer needed them once a got my permanent residency . Revolut all the way for me .. but had i been able to get a Starling account that would have been the choice ... Better atm cash withdrawal levels..  but having said that we've been fine with what Revolut offers..
MacGeorge8035

@Toon, I have opened a Starling account just last week I now have both a Euro Account and a Sterling account with Starling. They give you the Interbank exchange rate when moving money between the two. The transfer takes a few seconds to do. It was really easy to open the account, they even gave me an overdraft facility.

Toon
A good move.....
ridata2001

@ridata2001, I contacted Hellenic bank a few days ago about opening a bank account here is their response.



Thanks for that, Still collating all the information currently,  Would like too know, for the Temp Res, if i have to go through the same for the wife, IE: does she need a bank account as well, or will she just count as my dependant, as long as i have the funds too cover us both...
Toon
Joint account cover that
Toon
But be careful of laws here if one should pass away .. accounts do get frozen
ridata2001
@Toon

I have no intention of keeping large amounts in a Bank, i only intend getting one, as they kinda force you too with res requirements, i would make use of the cards you advised etc..



Steve.
Toon
Good planning keep deposits low enough for what you need although you will need to deposit at least €15k ... Not sure how long it needs to remain on deposit under pink slip rules.. probably best to check that out
Toon
With both Revolut and Starling be sure to keep records of the initial sources of funding as these will be requested periodically. Also if and when transferring large sums for specific purposes be aware that Hellenic seem to operate  alarms in  funds hitting their accounts in excess of €10k...
Finhub Cyprus

Hi ridata, 

The banks still want to make money, I would advise you to inform them at the beginning of the process that you want to transfer money here. They will open the account easier for you. 

Having a Service provider to introduce you to the bank really counts in Cyprus. Check the article below is the whole procedure:


[link moderated]

Toon
With respect banks make too much money and give little back ...their profits are going nowhere but up .and with more and more branch closures and shedding jobs in favour of using cashback functionality in shopping outlets only means less person to person service .. and tighter grip on your own cash...



What benefit is a service provider giving that you cannot do yourself .. other than relieving a little stress and at what cost to the applicant .
MacGeorge8035

@Toon, it appears to me the banks seem to want make life as difficult as possible. Alarms for a 10k transfer. I need to transfer 15k just to meet the residency requirements, I want to buy a car, pay a deposit on a rental, pay the first months rent and have some spending money.

Toon
It the law throughout Europe George..anti money laundering ... As long as you inform the bank of choice of your intentions and deposits to be expected and sources can be proved then all is good
Toon
By sources I dont mean producing a statement I mean the actual sources of the build up of amassed funds...
MacGeorge8035
So savings and pension pot.
Toon
Yes anything that proves the original sources of savings and Investments.. even if you have to prove a number of years building them up
ridata2001
Always wound me up, having too provide information too organisations, that are more likely larger crooks than we're likely oo meet in our lifetimes...  Real anti-establishement me..  :)
Toon
no matter what you think its what is required of everyone.. am not disagreeing with the criminality element i think that is probably right from my point of view.



It is what it is .. refuse at your own risk ..
Stevie T
@Toon

Would you recommend Hellenic to pay my holiday home bills etc?

Steve
Toon
You can do all of those via Revolut (It's what I use here) or starling or indeed any bank on line through JCC smart app

AEC for electric
Water to municipality
Cyta
Toon
Hellenic is in my opinion the better more efficient bank and when I used them their mobile app was superb...
TERI ALLERTON
@Toon yes agree. I bank with the Polis branch and their Relationship Manager Yiannis was very helpful online and in branch. I emailed, explained I needed to transfer €17K euro for our application and bonds and wanted to know what they required for money laundering purposes. I supplied payslips to confirm source of funds and bank statements showing the transfer to my savings account. I asked them to confirm all was in order before I transferred funds and they emailed me within 2 days to say yes, all ok and to proceed with the transfer. I did, and never heard anything more.
I wanted to change my account into a joint account so when we came over for our immigration appointment, I emailed the bank to ask if I needed to make an appointment as needed them to sign, stamp and date three months statements for immigration. They said just come early as you can after we open. So we visited the bank and took the documents requested (payslips, bank statements, and utility bills, I took a UK and a Cyprus elec bill as not sure what they wanted) joint account was opened in half hour, certified statements collected and debit cards collected from bank two days later! Service was excellent!
Toon
Very much the same as as our experience of Hellenic in both the PeyiA branch and our main branch in Tomb Of The Kings.
Not with any local bank as we've found we do not need them now.

Always best to keep all your local expense documents ie bills statements for at least 5 years as that point you must apply for permanent residency
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MacGeorge8035
All

Spoke to Hellenic bank last week after being given a contact by Mel Osborne. Here is the list of documents they asked for.

Moreover, please provide us the appointment email from immigration office for the temporary residency, the rental agreement, Bank statements (UK Account for the last six months), proof of income, P60, passports, national insurance numbers, utility bill, amount to be transferred for a year.

They also confirmed that online bank statements are fine as long as the bank letterhead is on them and all the account details are present.

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