The How To Guide
You've decided Cyprus is definitely on your must-see list for your summer holiday, but now you're scratching your head as to what currency you'll need when you sip away a Brandy Sour in the amazing Cyprus sunshine! Well here it is, Northern Cyprus uses the Turkish Lira and the Republic of Cyprus uses the Euro. I've put together all the information you need to master the Cypriot currency!
Cyprus adopted the Euro as its national currency on 1st January 2008, when they replaced the Cypriot Pound. The fixed exchange rate as it stands is 1Euro=0.585274 Cypriot Pounds. If you have any spare cash jingling about from your previous Cyprus holiday, do not despair. Cypriot banknotes can be exchanged at the Central Bank of Cyprus until 31 December 2017. But I'm afraid you're too late to exchange coins.
Now, we all know the exchange rates haven't been as favourable as they were in the past. Some people ask whether Cyprus Currency has got worse since Cyprus adopted the Euro. Well, the weak pound has meant UK holiday makers haven't been getting the same bang for their buck, as so to speak. A holiday in any Euro zone has made things more expensive for the UK holiday maker
but it is improving slowly. It also helps to get a decent exchange rate on your hard earned cash, without commissions and hidden charges before you set off into the sun.
I've embedded a currency widget below this paragraph, so you can do your on the spot conversions for your Cypriot currency. Please keep in mind that these rates will change on a frequent basis so you'll need to check again when its time for your visit!
You'll find that banks in Cyprus will exchange all major currencies either in cash or travellers cheques. Most major shops and hotels in Northern and Republic of Cyprus will accept all major credit cards and travellers cheques. Euro notes come in denominations of 5, 10, 20, 100, 200 and 500. There are also Euro coins of 1, 2, 5, 10, 20 and 50 cents plus 1 and 2 Euro coins.
In Northern and Republic of Cyprus there is a 15% tax added to most services, this is known as the VAT. With regards to the 15% VAT and purchases, you can claim this back when you see the tax free shopping sign.
A 10% tipping rate is generally expected if it is not already added to your restaurant bill, so to keep your waiting staff on side, make sure you slip them some extra cash at the end of your meal!
So there's the scoop on Cypriot currency, you should now be totally ready to have an amazing time on your holiday in the beautiful Cyprus. Remember to play it safe and double check all the exchange rates before you leave, so you know you're not getting hammered by any foreign exchange vendor. Or even better, sort out your foreign exchange before you go. With the right preparation you will be having a blast in Cyprus in NO time!