Learn everything about Cyprus currency, banking, and financial systems. Understand the Euro in the south, the Turkish Lira in North Cyprus, and how expats manage money.
Introduction: Understanding Cyprus Currency
One of the most common questions from expats and travelers is: What is the Cyprus currency? The answer depends on which part of the island you are in. Since Cyprus is divided between the Republic of Cyprus in the south and the Turkish Republic of Northern Cyprus (TRNC) in the north, different currencies are used:
- South Cyprus (Republic of Cyprus): Official currency is the Euro (EUR).
- North Cyprus (TRNC): Official currency is the Turkish Lira (TRY), but Euros, British Pounds, and US Dollars are also widely accepted.
Cyprus Currency in Daily Life
- In South Cyprus, the Euro is the only official currency, making it easy for EU citizens and international travelers.
- In North Cyprus, while the Turkish Lira is the official currency, many businesses — especially in real estate, tourism, and education — quote prices in Euros, Pounds, or Dollars to provide stability.
👉 For expats, this dual-currency environment can actually be convenient, offering flexibility in financial planning.
Banking in Cyprus
Both parts of Cyprus have modern banking systems, though they operate separately.
South Cyprus Banking:
- Integrated with the European Union financial system.
- SEPA transfers available within the Eurozone.
- International credit and debit cards widely accepted.
North Cyprus Banking:
- Banks operate independently of the EU system.
- Accounts can be opened in multiple currencies (TRY, EUR, GBP, USD).
- Online banking services are improving, with English-speaking staff in most banks.
Currency Exchange & ATMs
- Exchange Offices: Found in all major towns and tourist areas. Rates are usually competitive.
- ATMs: Widely available in both North and South Cyprus. In the north, ATMs dispense Turkish Lira, but many also allow withdrawals in Euros or Pounds.
- Credit Cards: Accepted in most hotels, restaurants, and shops. Smaller local businesses may prefer cash.
Financial Tips for Expats in North Cyprus
If you’re moving to or investing in North Cyprus, here are some financial insights:
- Multi-Currency Lifestyle – It’s common to use both Turkish Lira and Euros in daily life.
- Property & Investments – Real estate transactions are often priced in Euros or Pounds.
- Cost of Living – While salaries and wages are usually paid in Lira, many expats manage savings in Euros for stability.
- Bank Accounts – Expats can open local bank accounts with proof of residence and identification.
Final Thoughts
Understanding the Cyprus currency is key to managing your finances effectively as a traveler, resident, or investor. While the south operates strictly on the Euro, North Cyprus provides flexibility with the Turkish Lira alongside Euros, Pounds, and Dollars. This unique financial environment can be advantageous for expats and investors alike. northcyprusinvesting.com, Investra.io