Last Updated on 13/08/2025
For thousands of EU and UK residents living in Cyprus, managing money across borders can be a constant challenge. From high bank fees to slow international transfers, traditional banking often feels outdated in our fast-paced, digital world. That’s where Revolut Cyprus comes in — a fintech solution designed to make your finances as mobile and global as you are.
Since launching in 2015, Revolut has transformed from a simple currency exchange app into a powerful all-in-one financial platform. Whether you’re an expat sending money back home, a digital nomad juggling multiple currencies, or a local looking for smarter budgeting tools, Revolut offers a seamless way to manage your money from the palm of your hand.
In this guide, we’ll cover everything EU and UK residents in Cyprus need to know — from opening your first account to unlocking premium features, navigating local payment systems, avoiding hidden fees, and even making the most of Revolut’s investment options. By the end, you’ll know exactly how to get the most value from this innovative platform while keeping your finances safe and flexible.
Top Revolut Features
Revolut isn’t just another banking app — it’s a fully-fledged financial ecosystem. For EU and UK residents in Cyprus, these features can replace (or at least complement) traditional banks while giving you greater flexibility, transparency, and cost savings.
One of the biggest pain points for expats in Cyprus is the cost and speed of currency exchange. Revolut Cyprus users can hold, exchange, and transfer over 100 currencies at the real-time interbank rate.
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Example for Expats: If you’re paid in GBP but spend in EUR, you can instantly convert pounds to euros without the inflated rates charged by local banks.
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International Transfers: Send money to the UK, mainland Europe, or beyond in minutes — often with zero fees depending on your plan. This is particularly valuable for property owners paying mortgages abroad or parents supporting children studying overseas.
Pro Tip: Set up FX rate alerts to automatically convert when the euro-pound rate hits your target.
Investing & Crypto Trading
While Cyprus has a strong local investment scene, Revolut opens doors to global markets without complicated brokerage accounts.
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Stocks & ETFs: Buy fractional shares in top companies — even with as little as €1 — directly in the app. Perfect for beginners who want to diversify beyond Cyprus’s stock market.
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Cryptocurrencies: Trade Bitcoin, Ethereum, and more with competitive fees, all without opening a separate crypto wallet.
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Gold & Commodities: Hedge against inflation by investing in gold or silver, with easy buy/sell options.
Cyprus Context: Given the country’s ties to shipping, tourism, and real estate, diversifying into tech stocks or crypto can help balance your portfolio.
Budgeting & Analytics
Many expats arrive in Cyprus underestimating living costs, especially with fluctuating exchange rates. Revolut’s built-in budgeting tools give you real-time spending insights:
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Spending Categories: Automatically categorises your expenses (e.g., groceries, dining, travel) and shows weekly/monthly trends.
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Savings Vaults: Create personalised “vaults” with round-up rules, so every purchase helps you save for holidays, property investments, or rainy-day funds.
Example: A UK expat could round up all card transactions to the nearest euro and save towards annual flights back home.
Global Debit Cards
Revolut’s debit cards are designed for a borderless lifestyle:
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Physical & Virtual Cards: Spend worldwide with no FX fees (up to plan limits).
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Family Accounts: Add children aged 6–17 with spending controls and real-time alerts — ideal for expat families who want to teach kids about financial responsibility.
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Cyprus Tip: Many beach cafes, taxis, and local shops accept contactless payments, making Revolut cards both convenient and secure.
Subscription Plans
Revolut offers four tiers — each suited to different lifestyles:
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Standard (Free): Core features and a €1,000 monthly FX allowance.
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Plus: Extra budgeting tools and priority support.
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Premium: Unlimited fee-free FX, travel insurance, and airport lounge access.
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Metal: All Premium benefits plus cashback on card payments and exclusive partner offers.
Choosing in Cyprus: Frequent travellers to the UK or EU may find Premium or Metal pays for itself through saved FX fees and lounge access during flights via Larnaca or Paphos airports.
Security & Regulation
Trust is non-negotiable when it comes to financial services, and Revolut Cyprus operates under some of the most stringent regulations in Europe. Whether you’re depositing your salary, investing in stocks, or sending money internationally, Revolut’s security framework ensures your funds and data are protected at every step.
Licensed & Regulated Across Multiple Jurisdictions
Revolut is authorised and supervised by:
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Financial Conduct Authority (FCA), UK – Oversees Revolut’s UK operations, ensuring compliance with strict consumer protection laws.
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Bank of Lithuania – Grants Revolut its European banking licence, enabling it to operate across the EEA, including Cyprus.
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Deposit Protection: Eligible accounts may be covered by the European Deposit Guarantee Scheme (EDGS) up to €100,000, giving peace of mind for significant balances.
Cyprus Relevance: This regulatory setup means that even if Revolut is headquartered outside Cyprus, your funds are safeguarded under EU-wide protections.
Advanced Security Features
Revolut invests heavily in digital security to prevent fraud and unauthorised access:
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Two-Factor Authentication (2FA) for logins and transactions.
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Biometric ID (fingerprint or facial recognition) for mobile access.
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Real-Time Fraud Alerts — instant notifications of suspicious activity.
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Instant Card Freeze/Unfreeze in the app, allowing you to block a lost card within seconds.
Tip for Cyprus Users: Enable location-based security so your card works only in your current country — reducing the risk of fraud when travelling or shopping online.
Compliance & Anti-Money Laundering (AML)
Revolut complies with international Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. This ensures that all users are verified and transactions are monitored for suspicious activity.
For Cyprus residents, this means your account is held to the same compliance standards as any major European bank, but with the added convenience of a fully digital onboarding process.
Account Opening Requirements
Opening a Revolut Cyprus account is fast, fully digital, and typically takes less than 10 minutes — no branch visits, no paper forms. Whether you’re an EU/UK expat or a Cypriot local looking for a smarter banking alternative, the process is straightforward.
Eligibility Criteria
To open a Revolut account in Cyprus, you must:
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Be 18 years or older.
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Reside in a supported country (Cyprus, any EEA country, or the UK).
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Have access to a smartphone (iOS or Android) with internet connection.
Note: Non-EU/UK citizens can still apply if they have legal residency in a supported country, along with a valid local tax ID.
Documents You’ll Need
Revolut requires identity verification to comply with EU and UK banking regulations. Prepare:
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Valid government-issued ID (passport or national ID card).
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Proof of address (recent utility bill, rental agreement, or bank statement — dated within the last 3 months).
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Selfie or short video verification to confirm your identity.
Step-by-Step Sign-Up Process
Step 1: Download the Revolut app from the App Store (iOS) or Google Play (Android).
Step 2: Enter your phone number and create a secure passcode.
Step 3: Provide personal details (name, date of birth, email, residential address).
Step 4: Upload your ID and proof of address via the in-app photo upload tool.
Step 5: Complete the selfie/video verification.
Step 6: Select your subscription plan (Standard, Plus, Premium, or Metal). You can start with the free plan and upgrade later.
Step 7: Add funds to your account via bank transfer, debit/credit card, or Apple Pay/Google Pay.
Cyprus Tip:
If you plan to receive your salary into Revolut, ask your employer for SEPA payment details. Revolut provides you with a unique EUR IBAN that works like a local EU bank account — perfect for direct deposits in Cyprus.
Using Revolut in Cyprus
Whether you’re living in Cyprus long-term, visiting for business, or just enjoying the island’s sunny lifestyle, Revolut Cyprus offers a frictionless way to pay, transfer, and manage your money. Its integration with local and EU payment networks means you can handle both domestic and international transactions with ease.
Supported Currencies & Local Payments
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Primary Currency: Revolut fully supports the euro (EUR) as Cyprus’s official currency.
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Multi-Currency: Hold and exchange over 140 currencies including GBP, USD, and JPY — useful for expats or those with business abroad.
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Local Transfers: Free SEPA EUR transfers within Cyprus and across the EU, typically arriving the same day.
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Card Payments: Pay in shops, restaurants, or online with interbank exchange rates, avoiding the mark-ups often applied by local banks.
ATM Withdrawals
Revolut users in Cyprus can withdraw cash at most ATMs that display the Visa or Mastercard logo.
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Fee-Free Allowance: Withdraw up to your plan’s monthly limit (e.g., €200 on Standard, €400 on Plus) with no fees.
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Tip: Always choose to be charged in EUR at the ATM to avoid Dynamic Currency Conversion (DCC) fees.
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Coverage: ATMs are widely available in cities and tourist areas, but rural regions may have fewer options.
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Business & Freelancer Use
Revolut is also a valuable tool for entrepreneurs and freelancers in Cyprus:
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Business Accounts: Hold multiple currencies, send international invoices, and integrate with accounting software like Xero or QuickBooks.
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API Access: Automate payment flows with tools like Zapier — useful for e-commerce sellers or remote service providers.
Everyday Cyprus Use Cases
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Expats: Receive pensions or salaries in GBP, convert to EUR instantly, and pay local bills without extra bank fees.
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Students: Budget effectively for tuition, rent, and living expenses while avoiding unnecessary currency conversion costs.
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Tourists: Load the app with your home currency and spend across the island without worrying about high exchange rates.
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Pro Tip:
Enable spending notifications so you get an instant alert (in euros) for every transaction — great for tracking your budget in real time, especially during the high-cost summer months.
Fees & Limits
One of the main reasons people switch to Revolut Cyprus is its transparent and competitive fee structure. You know exactly what you’ll pay — and often, it’s far less than what traditional Cypriot banks charge for currency exchange or international transfers.
Below is an overview of the core limits and charges for each plan:
| Plan | FX Fees | ATM Withdrawals | Transfer Fees |
|---|---|---|---|
| Standard | Free up to €1,000/mo; 0.5% after | €200/mo free; 2% thereafter | €0.99–€3.99 per transfer* |
| Plus | Free up to €2,000/mo; 0.5% after | €400/mo free; 2% thereafter | Included up to €10,000/mo |
| Premium | Unlimited free FX | €600/mo free; 2% thereafter | Unlimited free |
| Metal | Unlimited free FX + Cashback | €800/mo free; 2% thereafter | Unlimited free |
* Transfer fees vary by destination and intermediary banks.
How These Fees Apply in Cyprus
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Currency Exchange: If you regularly send GBP home or receive foreign income, you’ll want to stay within your FX allowance to avoid the 0.5% fee.
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ATM Withdrawals: In tourist-heavy areas like Ayia Napa or Limassol, ATMs may try to apply extra conversion charges — always select “Charge in EUR” to avoid them.
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Transfers: Sending money to EU accounts (including Cypriot banks) via SEPA is free on most plans. Transfers outside the EU may incur intermediary fees beyond Revolut’s control.
Choosing the Right Plan in Cyprus
- Standard: Best for light users who primarily spend in EUR and rarely withdraw cash.
- Plus: Ideal for expats managing moderate monthly transfers or who need enhanced support.
- Premium: Perfect for frequent travellers to the UK/EU with higher withdrawal needs and unlimited FX.
- Metal: Suited to heavy users, high-spenders, and those who value perks like cashback and airport lounge access at Larnaca or Paphos.
Pro Tip:
If you often exceed your ATM allowance, consider using Revolut’s card in local shops and supermarkets where card acceptance is widespread — it’s more cost-effective than withdrawing cash.
Pros & Cons of Using Revolut in Cyprus
While Revolut is a powerful tool for EU and UK residents in Cyprus, no financial platform is perfect. Here’s a balanced view of its strengths and potential drawbacks so you can decide whether it fits your needs.
Pros ✅
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Low-Cost Currency Exchange: Access interbank rates and avoid inflated bank fees when sending or spending abroad.
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Fast SEPA Transfers: Send and receive euros within Cyprus and the EU often in the same business day.
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Multi-Currency Holding: Keep balances in GBP, EUR, USD, and 100+ other currencies in one app.
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Travel-Friendly: No FX fees up to plan limits; Premium and Metal include travel insurance and airport lounge access.
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User-Friendly App: Intuitive interface with instant spending notifications and advanced budgeting tools.
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Wide Card Acceptance: Revolut Visa/Mastercard is accepted almost everywhere in Cyprus, from supermarkets to beach bars.
Cons ⚠️
- ATM Withdrawal Limits: Free cash withdrawals are capped monthly, and excess incurs a 2% fee.
- Weekend FX Markup: Currency exchanges made over weekends incur a small markup (0.5%–2%).
- No Physical Branches: Support is online-only, which may not suit those who prefer face-to-face banking.
- Dependent on Internet Access: The app requires a stable connection for most transactions, which can be an issue in rural areas.
Bottom Line:
For most expats, travellers, and globally-minded Cypriots, the pros significantly outweigh the cons — especially if you optimise your plan and transaction timing.
Frequently Asked Questions about Revolut in Cyprus
Yes. Revolut works seamlessly in Cyprus for both residents and visitors. You can pay in EUR anywhere Visa or Mastercard is accepted, withdraw cash at ATMs, and make free SEPA transfers to Cypriot bank accounts.
While Revolut does not issue a Cypriot IBAN, it provides a European IBAN (usually Lithuanian) that works across the SEPA network. This IBAN can receive local and international EUR payments, including from Cypriot employers or clients.
Most everyday transactions in EUR are free, but charges can apply if you exceed your monthly FX or ATM withdrawal limit. Currency exchanges at weekends also carry a small markup (0.5%–2%).
Yes, as long as you are legally resident in Cyprus (or another supported EEA country) and can provide proof of address along with a valid government-issued ID.
Yes. Revolut is regulated by the UK Financial Conduct Authority (FCA) and the Bank of Lithuania, and follows EU-wide banking regulations. Your eligible deposits are protected by the European Deposit Guarantee Scheme up to €100,000.
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Standard: Best for light users spending mainly in EUR.
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Premium or Metal: Recommended for frequent travellers or those with high FX and ATM usage, as the unlimited fee-free exchange and higher withdrawal limits offer better value.
Yes. You can withdraw from any ATM displaying the Visa or Mastercard logo, up to your plan’s free monthly allowance. Always select “Charge in EUR” to avoid extra fees.
Conclusion & Next Steps
Whether you’re an EU/UK expat, a digital nomad, or a local resident, Revolut Cyprus offers a modern, cost-effective way to manage your money without the headaches of traditional banking. From fee-free currency exchanges and fast SEPA transfers to powerful budgeting tools and investment options, Revolut puts global finance in your pocket.
The key to maximising its value lies in choosing the right plan, timing your currency exchanges, and using features like Vaults, rate alerts, and open banking integrations. With the right setup, you can save money, simplify your finances, and enjoy complete control over your spending — whether you’re sipping coffee in Nicosia, managing property in Paphos, or catching a flight from Larnaca.
Ready to Get Started?
Skip the paperwork, avoid the queues, and open your Revolut Cyprus account in minutes. Download the app, verify your identity, and start enjoying smarter, cheaper, and faster banking today.
About Keynote Assets Ltd
Keynote Assets Ltd helps European clients purchase and manage property in Cyprus. We coordinate financing, legal support, and long-term management to maximize your investment.
Why Choose Us?
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European Expertise: Tailored solutions for clients across the EU and the UK.
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Personalized Service: Property options matched to your budget and goals.
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Comprehensive Support: From initial consultation to closing and ongoing management.
How It Works
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Consultation Call – We assess your needs, budget, and timeline.
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Property Selection – You receive curated property options.
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Site Visit – Visit shortlisted properties in Cyprus.
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Finalize Purchase – We handle contracts, payments, and compliance.
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Ongoing Management – We take care of rentals, maintenance, and returns.
