SWIFT/BIC codes in Cyprus

Bank SWIFT codes for Cyprus

In Cyprus we have 205 SWIFT/BIC codes, spread over 155 banks. A BIC tells every bank in the chain which institution should receive an international payment.

Each bank has its own page with the head office code and, where available, codes for branches and departments. Below the list we explain how codes from Cyprus are built, how to send money to Cyprus without overpaying and how to check a code before you pay.

Sending money to Cyprus for less

What you pay for a payment to Cyprus has several parts – not only the fee you see. You pay the transfer fee, possibly fees from correspondent banks and, above all, the margin on the exchange rate when currencies differ.

That exchange rate margin is often the largest part of the cost. An easy check: put the offered rate against the mid-market rate and look at the difference.

For many routes, a transfer service turns out to be less expensive than a bank, mainly because of the rate. On GoldexPay we compare what recipients in Cyprus receive with different services, which makes the cheapest option easy to spot.

Paying in EUR: what conversion costs you

The local currency of Cyprus is the Euro (EUR). A payment in a foreign currency is exchanged into EUR before it reaches the account – and the bank that does it picks the rate.

Which bank converts the money makes a difference: every bank has its own margin. Often it is cheaper to send EUR straight away via a transfer service with a good rate so the receiving bank does not need to convert again. Exchange rates change during the day.

The largest SWIFT network in Cyprus: National Bank of Greece (Cyprus) LTD.

In our data, National Bank of Greece (Cyprus) LTD. holds the largest number of SWIFT/BIC codes of all banks in Cyprus. The head office uses ETHNCY2NXXX, which is the code to use when no branch is specified.

Practice differs in whether they register branch codes – a high count is not a measure of size. If not the recipient asks for a branch, ETHNCY2NXXX is fine for a payment to National Bank of Greece (Cyprus) LTD..

How long does a transfer to Cyprus take?

How quickly money reaches Cyprus depends on several factors: the currency, how many intermediary banks are involved, cut-off times and time zones. Public holidays in Cyprus or in the sending country add a day or more to the journey.

A growing number of banks are connected to SWIFT gpi. Every gpi transfer carries a unique transaction reference, the UETR that banks can use to see where the money is. Save the payment confirmation until the recipient confirms.

Incoming international payments in Cyprus

When you are waiting for money from abroad in Cyprus, send the payer all details at once. Give them the account holder’s name, your account number or IBAN, the BIC of your bank and your address, which some banks require.

Your bank’s code appears in the list on this page but always compare it with your own bank details. It helps to add your bank’s name and city as well because some forms have separate fields for it.

The amount you receive is often less than what was sent. Correspondent banks can take a fee and your own bank may charge for processing, and if the money is converted, an exchange rate margin applies. For business payments, state who bears the costs.

Check the code before you pay

The best place to find the right code remains a document from the bank itself. When the code you were given does not match the code listed here, stop and ask – contact the recipient or their bank.

We gather bank codes from publicly available data and check them regularly. Institutions reorganise, close branches and retire codes. For any payment of any size, confirm the BIC with the recipient. GoldexPay is not a bank.

Scammers often use fake invoices with new bank details. Always confirm changed details through a separate channel.

Cyprus and the SEPA area

Since Cyprus is part of SEPA, a euro transfer to an account in Cyprus usually only needs an IBAN. Many banks do not require the BIC in that case.

A SWIFT code still come into play for payments in other currencies. Instant payments in euros have become increasingly supported within SEPA, though not every bank offers them for every account. Costs stay low provided everything stays in euros – conversion is what costs money.

Recognising a SWIFT code from Cyprus

Each SWIFT/BIC code has 8 or 11 characters, always in the same order. The first four letters identify the bank, the fifth and sixth characters are the country code and characters seven and eight give the location.

For banks in Cyprus, letters five and six show the ISO country code of Cyprus – that is the quickest way to spot one. When those two letters point to another country, you are looking at a bank in another country.

If the last three are XXX, it means the main office, and the 8-character version leads to the same place. In most cases the head office code is what you need unless the recipient asks for a specific branch.