In Cyprus, the legal tender money used before 2008 was the Cyprus pound (CY£). As from 1st of January 2008, the pound has been replaced by the Euro (EU €) as the national currency, with a fixed exchange rate of € 1 = CY£ 0,585274. Seven denominations exist in Euro banknotes, namely 5, 10, 20, 50, 100, 200 and 500 euros. Eight euro coins also exist, namely 1, 2, 5, 10, 20 and 50 cent as well as the 1 and 2 euro coins. Euro currency can be used in all the countries of the Euro area, regardless of the national side they have.
It is important to mention that all the banks in Cyprus are able to provide foreign currency exchange services. Such services can also be provided by hotels. Additionally, the exchange rates of all major international currencies are offered by all banks in Cyprus.
The most important methods of payment include:
Indicative holiday budget
- Credit card (mostly accepted by hotels, large and medium-size shops, restaurants and many other enterprises)
- Traveler's Cheques
- Banknotes of the most prominent overseas currencies
Depending on the location and the season, the prices of services and products in Cyprus vary. However, someone intending to visit the island can have a look at the following list of some of the key products, with an indicative amount of money to be spent:
Single bus ticket
Glass of wine or beer
Concert or opera ticket
Between €1.5 to €4.5
Approximately €3.50 to €5
Approximately €7 per adult and €5 per kid
Between €17 and €25
Between €25 and €77
Between €3.40 and €6
Regarding Lunch and Dinner meals, the prices vary depending on the type of restaurant to be visited. Visitors can have meals at places with considerably low prices (around €6) while at the same time they can also have dinner or lunch at places where the prices are relatively high (around €20).
In Cyprus, there is a 10% charge of the product or service in hotels and restaurants and thus tipping is not compulsory. However, everyone is always welcome to provide tips, something that will undoubtedly be appreciated.
Currency against euro is performed in all banks in the world, since Euro is the official currency of the European Union. Also, banks in Cyprus offer foreign exchange services and provide daily exchange rates against all foreign currencies.