Cyprus Local Currency: What You Need to Know

The Euro is the official currency of Cyprus, and it's widely accepted in the country. You can exchange your money for Euros at a bank or currency exchange office.

As of 2023, the Euro is divided into 100 cents, with coins ranging from 1 cent to 2 Euros, and banknotes ranging from 5 Euros to 200 Euros.

You can withdraw Euros from ATMs using your debit or credit card, and many businesses accept major credit cards like Visa and Mastercard.

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The currency in Cyprus is the euro, divided into 100 cents. You'll see the symbol € used to show prices.

Euro banknotes come in denominations of 5, 10, 20, 50, 100, 200, and 500. However, the 200 and 500 EUR notes are seldom used.

You can find Euro banknotes and coins in various denominations, including 1 and 2 euro coins. Cents come in coins of 1, 2, 5, 10, 20, and 50.

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ATMs are commonly found in banks, supermarkets, and hotels in Cyprus. In larger towns and tourist areas, you'll never be far from a cashpoint.

To get the best deal when spending on card or withdrawing money in Cyprus, use the Wise travel money card to avoid sneaky exchange rate markups and excessive fees.

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In Cyprus, the Euro is the main currency used, replacing the Cyprus pound in 2008. You'll see the symbol € used to show prices.

The Euro is divided into 100 cents, and you'll find Euro banknotes in denominations of 5, 10, 20, 50, 100, 200, and 500. Although the 200 and 500 EUR notes are seldom used.

Each Euro banknote has its own unique design, but the 200 and 500 EUR notes are not as common. It's always a good idea to have some cash on hand when traveling to Paphos.

You can find Euro coins in denominations of 1, 2, 5, 10, 20, and 50 cents.

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The Cypriot pound was decimalised in 1955, dividing the pound into 1,000 parts, each called a mil.

The mil system was never adopted in the UK, but was used in several British colonies, including Hong Kong and the British Mandate of Palestine. This may have influenced the decision to use a similar system in Cyprus.

In 1983, the Cypriot pound was further decimalised to 100 cents to the pound, replacing the mil system. The smallest coin still in circulation at the time, the 5 mil coin, was renamed to 1/2c and eventually abolished.

Pound banknotes and coins had legal tender status until 31 January 2008, after which the euro became the official currency of Cyprus.

The Cypriot pound was decimalised in 1955, using the "pound and mil" system, where 1,000 mils made up one pound.

This system was never adopted in the UK, but it was used in several British colonies, including Hong Kong and the British Mandate of Palestine.

The Cypriot pound was divided into 1,000 mils, with the 5 mil coin being colloquially known as a piastre, and the 50 mil coin as a shilling.

The subdivision was later changed to 100 cents to the pound on October 3, 1983.

Mil-denominated coins are no longer legal tender, and the smallest coin still in circulation at the time of the change was the 5 mils coin.

This was renamed as 1/2c, but soon was abolished.

Owner-operated businesses often rounded down the net amount to be paid to the nearest multiple of 5c.

The Euro Changeover in Cyprus was a significant event, replacing the Cypriot pound with the euro as the official currency on 1 January 2008.

The exchange rate was fixed at £C 0.585274 = €1, which is a crucial detail to remember if you're doing any currency conversions.

Pound banknotes and coins continued to be accepted for cash payments until 31 January 2008, giving people a smooth transition to the new currency.

Cypriot pounds were convertible free of charge at Cypriot credit institutions until 30 June 2008, allowing people to exchange their currency without incurring any fees.

Cypriot pound coins, however, had a slightly longer conversion period, with the Central Bank of Cyprus accepting them until 31 December 2009.

Banknotes, on the other hand, were convertible until 31 December 2017, giving people plenty of time to exchange them for euros.

In Cyprus, the currency is the euro, divided into 100 cents. You can find Euro banknotes in various denominations, including 5, 10, 20, 50, 100, 200, and 500 euros.

The Central Bank of Cyprus issued its first paper money in 1964, and introduced £10 notes in 1977. Notes for 250 mils ceased production in 1982, shortly before the cent was introduced.

To get the best deal when spending on card or withdrawing money in Cyprus, consider using a travel money card to avoid sneaky exchange rate markups and excessive fees.

Euro banknotes are available in various denominations, including 5, 10, 20, 50, 100, 200, and 500 euros. However, the 200 and 500 EUR notes are seldom used.

It's always a good idea to have some local currency in cash for shopping at the local market or paying taxi drivers. You can exchange some money at a bank or currency exchange office before or upon arrival.

Having some cash on hand can also come in handy in case of an emergency. It's best to bring enough local currency for your first days and exchange the rest once settled to benefit from better local exchange rates.

In popular areas and major cities, businesses and restaurants often accept cards and other payment methods. However, it's best to keep some cash for places off the beaten path where cards might not be as widely accepted.

To be prepared, consider the following payment methods:

In Cyprus, ATMs are commonly found in banks, supermarkets, and hotels. You'll never be far from a cashpoint in the larger towns and tourist areas.

Having some cash on hand is always a good idea, especially since many businesses in major cities and tourist areas, like Paphos, accept the Euro as their main currency. This way, you can avoid any potential issues with mobile payments.

To get the best deal when spending on card or withdrawing money, consider using the Wise travel money card to avoid sneaky exchange rate markups and excessive fees.

The history of banknotes in Cyprus is quite fascinating. In 1914, the government issued emergency notes in denominations of 10/–, £1, and £5. Regular type notes were introduced in 1917.

One of the most interesting facts about banknotes in Cyprus is that they were initially only issued in denominations above 10/–. However, this changed in 1920 when notes for 5/– and 10/–, and £1 and £10 were introduced.

The Central Bank of Cyprus was established in 1963 and began issuing paper money in 1964. They introduced £10 notes in 1977, which was a significant milestone in the country's banking history.

A notable series of banknotes was introduced between 1955 and 1960, featuring Queen Elizabeth II on the obverse side. This series included notes for 250 mils, 500 mils, £1, and £5.

Here's a brief overview of the 1997 series of banknotes:

These banknotes were an important part of Cyprus's financial system, and it's interesting to note that they were eventually replaced by the euro.

You can easily exchange your currency for the Cypriot pound, also known as the Cyprus pound, at banks and currency exchange offices.

The Cypriot pound is subdivided into 100 subunits called mils.

Banks in Cyprus offer a range of services, including currency exchange, and are usually open Monday to Friday from 8:30 AM to 1:30 PM.

ATMs are widely available in Cyprus, especially in tourist areas, and can be used to withdraw cash using your debit or credit card.

Credit cards are widely accepted in Cyprus, especially in tourist areas, and can be used to pay for goods and services.

Many shops and restaurants in Cyprus accept euros, the official currency of the European Union, as well as the Cypriot pound.

Tourist areas in Cyprus often have currency exchange offices that are open late, making it easier to exchange your money.

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