Send Money from the UK to Cyprus

Are you looking to send money from the UK to Cyprus?

Whether you’re sending money to friends and family or for business purposes, you have a lot of service providers to choose from.

So, how do you decide which transfer provider to use?

In this article, I will explain the main ways you can send money from the UK to Cyprus so you can find the cheapest and fastest option for your needs.

What’s the Best Way to Send Money from the UK to Cyprus?

When sending money from the UK to Cyprus, the best method depends on the amount you’re sending and how quickly you need it to arrive.

For smaller amounts, Revolut is the cheapest option. With no transfer fees and competitive exchange rates, you can maximise the value of your money when sending smaller sums to Cyprus.

However, Atlantic Money offers a more cost-effective solution for sending larger amounts. With a fixed fee of £3.00 regardless of the transfer amount and competitive GBP/EUR exchange rates, your recipient would receive more euros if you used Atlantic Money for larger transfers than Revolut. 

Although many choose the security and familiarity of a transfer through their UK banks, they’re usually more expensive and significantly slower than alternative methods, typically taking between 2 and 5 working days.

In contrast, online money transfer services like Remitly and Wise can send money from the UK to Cyprus within minutes to a few hours, making them ideal for urgent transactions.

The cheapest way to send money from the UK to Cyprus depends on how much you’re sending.

Revolut is the cheapest option for smaller amounts, combining an excellent GBP/EUR exchange rate with free transfers, helping to maximise the value of your money. 

Transfers over £1,000 will incur a scaled fee, which could quickly eat into any gain you’d make from the higher exchange rate. 

However, Atlantic Money is a more cost-effective way to send money from the UK to Cyprus than Revolut for larger amounts. 

Atlantic Money charges a £3.00 fixed fee for processing transfers, regardless of how much you send. While this fee might be too big for smaller amounts, it’s more affordable for large transactions for £2,000+, especially compared to Revolut and Wise.

Coupled with the best exchange rate available at the time of writing, you’d receive more euros for your pound using Atlantic Money for large transfers than other providers.

What’s the Fastest Way to Send Money from the UK to Cyprus?

The fastest way to send money from the UK to Cyprus is through an online money transfer service like Atlantic Money.

Atlantic Money offers express transfers for an additional fee or 0.1% of the transfer amount, which could enable the recipient to receive funds in Cyprus instantly. Alternatively, standard transfers are completed in 2 working days.  

Remitly and Wise also offer fast transfers as a standard, with money sent to Cyprus within 2 hours of initiation, which is ideal for emergencies.

Whichever online money transfer service you use to send money from the UK to Cyprus, you should expect the funds to be received in Cyprus by 2 to 3 working days.

Can I Send Money from the UK to Cyprus Online?

There are several ways to send money from the UK to Cyprus online.

1. Online Money Transfer Service: Providers like XE and Currencies Direct offer fast transfers to Cyprus through their website or app. Whilst online money transfer services have competitive exchange rates and transparent fees, some may have transfer limits, restricting how much you can send. 
2. Bank Transfer: You may be able to transfer money directly through your bank’s online banking platform to popular banks in Cyprus likeBank of Cyprus, Hellenic Bank and Alpha Bank Cyprus. Although bank transfers are secure, they’re usually slower and more expensive than online money transfer services.
3. Cash Pick-Up Service: Some providers like Western Union and MoneyGram allow you to send money online for cash pickup at designated locations in Cyprus like Nicosia, Limassol and Strovolos. Useful when the recipient doesn’t have a bank account, cash pick-up services typically have higher fees than online money transfer services.
4. Digital Wallet: You can send money online to Cyprus through digital wallets like PayPal or Skrill by linking your bank account or debit/credit card to your account. Suitable for smaller transactions, digital wallets are usually more expensive and have a lower maximum transfer limit than other methods. 
5. Pre-Paid Debit Card: Providers like Revolut offer pre-paid debit cards that you can load with funds for the recipient in Cyprus to use to make purchases or withdraw from ATMs. This method is fast but may incur fees for card issuance and usage.

Sending Large Amounts of Money from the UK to Cyprus

When sending large amounts of money from the UK to Cyprus, you must check for any maximum limits imposed by service providers on the amount you can transfer in a single transaction or within a specific period.

Services like Currencies Direct and OFX don’t have a maximum limit, giving you flexibility in how much you can send. However, Remitly limits the amount you can transfer to Cyprus within 24 hours, 30 days and 180 days, which may make it unsuitable depending on the transfer amount.

It’s also essential to compare transfer fees charged by different service providers. Some, like XE, may offer lower fees for larger transfers or waive fees altogether, while others, like Revolut and Wise, increase their costs in line with the transfer amount. 

Choose a provider with reliable customer support services to assist you throughout the transfer process, as larger transactions may need additional assistance. 

When I signed up for Currencies Direct, OFX, and TorFX, a dedicated account manager quickly contacted me and explained the transfer process and additional steps I needed to take to send a large amount of money to Cyprus. This included additional documents like copies of ID or proof of the source of funds for verification and regulatory compliance.

Can I Set Up Regular Payments from the UK to Cyprus?

You can set up regular payments from the UK to Cyprus in several ways. 

1. Online Money Transfer Service: Providers like TorFX and OFX are user-friendly, with repeat payments easily managed online through websites or apps. Although convenient, you may need have fewer scheduling options than other methods. 
2. Direct Debit: This method allows you to authorise a company or service provider in Cyprus to withdraw funds from your UK bank account regularly to cover bills or subscriptions. Automation ensures bills are paid on time, but you will lack control over each payment’s timing and amount. 
3. Standing Order: Set up through your UK bank, a standing order instructs your bank to send a fixed amount of money to a recipient in Cyprus at regular intervals. Best used for fixed recurring payments like rent or mortgage payments, it may be challenging to make adjustments without cancelling and setting up a new standing order. 
4. Digital Wallet: Platforms like PayPal and Skrill allow you to store funds and set up recurring payments to recipients in Cyprus by linking your UK bank account or debit/credit card. It’s useful for sending smaller amounts to friends and family but may have higher fees and a less favourable exchange rate than other methods. 
5. Cryptocurrency: If you’re familiar with cryptocurrency, you can send funds from your UK wallet to a recipient’s cryptocurrency wallet in Cyprus, bypassing traditional banking systems. Although you may be able to save on transfer fees, exchange rate volatility may affect the value of transfers. 

Sending Money from the UK to Businesses in Cyprus

It’s unusually better to send money from the UK to businesses in Cyprus through an online money transfer service like Revolut than a bank transfer.

Online money transfers have lower transfer fees and stronger GBP/EUR exchange rates, making them more cost-effective.

They’re also considerably faster than bank transfers, with providers like Atlantic Money offering instant transfers. 

However, some online money transfer services may limit how much you can send to Cyprus, making a bank transfer more suitable.

Bank transfers are also secure, reliable and widely accepted, allowing you to send money directly to the business’s bank in Cyprus without 3rd party involvement. 

However you send money from the UK to businesses in Cyprus, it’s essential to comply with any regulatory requirements or restrictions, including anti-money laundering (AML) regulations, know-your-customer (KYC) requirements, and any specific rules related to the business sector or industry.

Depending on your provider, you may be asked to specify the purpose of your payment, provide a copy of your invoice or contract, and the business’s 9-character Arithmos Engraphes (TIN). 

How to Send Money from the UK to Cyprus

You can fund your transfer from the UK to Cyprus in several ways.

1. Bank Transfer: This method is the most widely accepted among service providers. Although transfer fees are generally lower than card payments, bank transfers have a longer processing time, which may be an issue in emergencies. 
2. Debit Card: Funding your transfer from the UK to Cyprus by debit card is convenient for smaller transfers. Transfers are processed quickly, but daily spending limits may apply, restricting how much you can send to Cyprus. 
3. Credit Card: If you need to send money to Cyprus urgently, using a credit card is one of the best methods. You’ll have instant access to funds but could pay higher fees and interest rates than debit cards and bank transfers. You may also incur cash advance fees and interest charges, making it less cost-effective. 
4. Cash: Suitable for individuals who don’t have access to bank accounts, transfers paid for in cash are processed in minutes but are less convenient due to the limited availability of physical locations. You may also incur fees for cash handling and cash deposits. 
5. Digital Wallet: Platforms like PayPal and Skrill are convenient for those who prefer making payments online or want to use multiple payment methods. However, fees are typically higher, and this method has more limited acceptance than bank transfers or cards. 

What Details Do I Need to Send Money from the UK to Cyprus?

To send money from the UK to Cyprus, you’ll need the following details:

1. Recipient’s Details: Ensure you provide the recipient’s full name as it appears on their bank statement and address.
2. Recipient’s Bank Details: If you’re sending money to a bank in Cyprus, you’ll need the recipient’s bank name, branch address, account number, 28-character IBAN and 8-11-character SWIFT/BIC code. 
3. Other Payment Details: If you’re using an alternative money transfer method like a pre-paid debit card or digital wallet, you’ll need the card number, e-mail address or mobile number associated with the recipient’s account. 
4. Tax Information: Depending on the purpose of your transfer and how much you’re sending to Cyprus, you may need to provide the recipient’s tax identification number (TIN). In Cyprus, this is the 9-character Arithmos Engraphes, used for individuals and businesses. 
5. Further Documentation: Your provider may request additional documents for regulatory purposes, including copies of valid government-issued ID like a passport and proof of your address like a utility bill. 

How Much Does it Cost to Send Money from the UK to Cyprus?

Generally, sending money from the UK to Cyprus through online money transfer services like Currencies Direct is cheaper than going through your UK bank. 

Fees vary depending on the provider, but some of the most common types include:

Transfer Fees

Your transfer service provider may charge a fee to cover the cost of sending your money from the UK to Cyprus.

These fees are either fixed or a percentage of the total transfer amount.

Online money transfer service fees are typically between £0 and £5, with costs for bank transfers ranging between £10 and £30+.

Exchange Rate Markup

When you convert your money from pounds to euros, there’s often a markup added to the exchange rate. This markup means you might get a different exchange rate than on finance websites because the service provider takes a little extra.

Online money transfer services usually add an exchange rate markup of 0.5% to 2% above the mid-market rate, whilst bank transfers have a markup of 2% to 4% above the mid-market rate. 

Intermediary Bank Fees

Sometimes, when your money goes through different banks on its way to Cyprus, each bank might charge a fee for handling the transfer, known as intermediary bank fees.

Some online money transfer services absorb intermediary bank fees into their transfer fees, while others may charge an additional £5 to £15.

Intermediary bank fees can range between £10 and £30 per transaction for bank transfers. 

Recipient Fees

The bank or the person receiving the money in Cyprus might also charge a fee to accept an international transfer into their account. 

Recipient fees are less common with online money transfer services, but some banks may charge between £5 to £20, depending on the type of account they hold.

For bank transfers, recipient fees can range between £10 and £30 per transfer. 

Additional Service Fees

Some service providers might charge extra fees for faster transfers or specific payment methods. These are additional service fees on top of the basic transfer fees.

Expedited transfers vary depending on the urgency, ranging between £5 and £20 for online money transfer services or £10 to £50 for bank transfers. 

How Long Does it Take to Send Money from the UK to Cyprus?

It’s usually quicker to send money from the UK to Cyprus through an online money transfer service like Atlantic Money than through a traditional bank transfer. 

The transfer can be fast when you use an online money transfer service like Wise or XE. In many cases, the money can reach Cyprus within a few hours to 2 business days, depending on the service and the processing times of the banks involved.

Some services like Atlantic Money offer instant transfers for an extra fee, while standard transfers may take slightly longer.

In contrast, it typically takes two to five business days for the money to reach Cyprus through a bank transfer.

Banks typically have internal processes and procedures for verifying and processing transfers. These procedures can involve manual checks, especially for international transfers, which add to the transfer time.

Similarly, the money may pass through several intermediary banks before reaching its destination in Cyprus. Each intermediary bank may have its own processing times and procedures, which can contribute to delays.

Frequently Asked Questions