Cyprus banks reopen!!!
Dear Clients and Associates,
As from today all credit institutions in Cyprus will reopen. Below you will find the measures imposed by the Central Bank of Cyprus on bank transactions. The measures will be effective for 4 days.
The maximum cash amount will not exceed €300 per day per person at each credit institution. If the amount is not withdrawn in one day it will be added onto the next day’s amount if the amount is withdrawn at a bank till. If it is withdrawn at an ATM it will not be added onto the next day’s amount.
1. The cashing of cheques is prohibited.
2. The transfer of money abroad without cash will be permitted only in the following cases:
- Payment for professional activity within the usual business activity up to €5,000 without restriction.
- Payment for professional activity within the usual business activity for amounts between €5,001 to €200,000 subject to Commission approval as well as for amounts exceeding €200,000.
- Payment of salaries of employees after presenting the necessary documents.
- Cost of living and tuition fees for students abroad. This will also be subject to Commission approval.
- Payments and money transfers by credit or prepaid cards up to €5,000 per month per person per credit institution.
3. The breaking of fix term deposits before the maturity date unless the money will be used to repay the loan within the same institution.
4. For fix term deposits which are expiring- €5,000 or 10% of the total amount is transferred to a depositor’s account of his choice and the remaining amount is converted into new promissory note with a maturity of 1 month.
5. The transfer of euro banknotes or foreign currency abroad per person per trip.
6. If any financial transaction, payment or transfer is not completed before the commencement of the measures then it is subject to the restrictive measures.
7. The banks are prohibited from performing cashless payments or money transfers that aim to circumvent the restrictive measures.
8. The measures apply to all cases regardless of the currency.Other payments to be approved in advance by the Commission. Please do not hesitate to contact us should you have any queries. We will keep you updated with any new developments.
Please do not hesitate to contact us should you have any queries. We will keep you updated with any new developments.