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Valérie BANCAL
Head of International Desk Benelux, Greece, Turkey

Support by the
Crédit Agricole group

Last updated: august 2021

The International Desk provides the Crédit Agricole Group’s clients in Cyprus by relying on local banking relations which a network of offices based in the main towns on the island.

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Means of payment

With Cyprus

Company cheque

Bank cheque

SWIFT and SEPA transfer

Bill of exchange

Promissory note

Documentary remittance

Documentary credit

Usage

Common

Weak / None

Common

Common

Weak / None

Common

Common

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Advice from the
international desk

General Information

Caught between East and West, Cyprus has long since been considered an attractive business platform. Although the internal market is small, the island has been able to attract interested foreign investors, not only due to its geographic location, but also due to its low taxes and its English-speaking workforce, English being the language of business.

Furthermore, Cyprus is obliged to import a lot of goods to cope with the internal demands made on usually it by tourism, a sector that is key to the economy. From this point of view, the impact of the health crisis should have significant repercussions. Its main suppliers are European. France is in 10th place.

Payment Methods & Banking Details

Swift and SEPA transfers are the most common payment methods. To secure your transactions it is recommended to have a stand-by letter of credit, a bank guarantee or an insurance credit available. Even if the SBLC and the bank guarantee remain the most used, it is also possible to use documentary credit, particularly when starting a new business relationship.

Within the current context, it is also advised to attempt to obtain a payment in advance or, at least, a deposit payment on account.

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