What Is the Currency in Cyprus?

Cyprus is a beautiful island country located in the Eastern Mediterranean Sea. It is known for its stunning beaches, rich history, and delicious cuisine. If you're planning a trip to Cyprus, it's a good idea to familiarise yourself with the island's currency.

Exchange rates matter for everyone — whether you're holidaying on the island or a buying a property in Cyprus. So let's explore the currency used in Cyprus and provide some helpful tips for travelers, investors, and expats.

The Official Currency of Cyprus

The official currency of Cyprus is the Euro (€). This is the same currency used in many other European countries, such as France, Germany, and Spain. The Euro was adopted as the official currency of Cyprus in 2008, replacing the Cypriot pound. This change was made in order to align with the European Union's economic policies. The switch also makes it easier for tourists to travel between European countries. 

The History of Currency in Cyprus

The history of currency in Cyprus encapsulates a fascinating transition from the Cypriot pound to the Euro. Prior to the adoption of the Euro, the Cypriot pound was the official currency on the island.

The British introduced the currency to Cyprus in 1879. At the time, CYP held exactly the same value as the British pound. The Cypriot pound's first formal exchange rate with its colonial sister currency was £C1 to 180 Turkish piastres.

The island's turbulent past meant that several currencies were used in Cyprus over the years, including the stater, the obol, Roman and Byzantine coins, the gross, the dinar, the cartzi, the para, and the piastre.

From its inception until its eventual replacement in 2008, the Cypriot pound was a symbol of Cyprus' financial autonomy and economic sovereignty. Today, the official currency is the Euro, which makes things easier for European travelers.

Currency in the North of Cyprus

The northern region of Cyprus is a self-declared state located in the northern part of the island of Cyprus. The official currency of this illegally occupied region of Cyprus is the Turkish Lira (₺). This is different from the Euro used in the southern part of the island. It is important for travelers to be aware of this difference when visiting both parts of Cyprus.

The more unstable currency used in northern regions of Cyprus isn't the only reason you should avoid visiting, however.

The northern regions of Cyprus are illegally occupied by Turkey. The political situation can be complex and may pose challenges for travelers.

Due to its unrecognized status, Turkish-occupied areas of Cyprus may face restrictions on international travel, banking, and other services commonly available in recognized countries.

This northern part of Cyprus has fewer direct flight options and limited international recognition, making it less accessible compared to legitimately governed parts of the island.

Finally, you should avoid buying property in the parts of Cyprus illegally occupied by Turkey. The region's real estate laws aren't as stringent as they are in the EU, and buying a home there might be illegal! Find out more about the pitfalls of buying property in these areas here.

Exchanging Currency in Cyprus

If you are traveling to Cyprus, it's best to exchange your currency for Euros before your trip. This can be done at your local bank or currency exchange office. While it's possible to exchange currency at the airport or at banks in Cyprus, the exchange rates may not be as favorable.

Remember: Many businesses in Cyprus only accept cash, so it is a good idea to have some Euros on hand.

Historical Euro Exchange Rates

The exchange rates for the Euro can fluctuate, so keep an eye on them before you travel. You can check the current rates online or at your local bank. Some businesses in Cyprus may charge a fee for using a credit card, so it's always a good idea to have some cash on hand.

At the time of writing this article, £100 GBP was worth around 117 EUR. Of course, the currency markets are notoriously volatile. Wait a few days before you travel to get an idea of how much you'll need during your Cyprus trip. Consider checking historical Euro exchange rates for an idea of the averages over the years.

Using Credit Cards in Cyprus

Credit cards are widely accepted in Cyprus, especially in larger cities and tourist areas. However, it is always a good idea to have some cash on hand for smaller purchases or in case of any issues with your credit card. Remember to notify your bank or credit card company of your travel plans; this will ensure you avoid any issues when using your card in a foreign country.

Tips for Travelers

Exchanging currency in Cyprus? Great news; the process is safe, secure, and exceptionally easy. But before you travel, here are a few tips to remember:

• When exchanging currency, be sure to check the exchange rates and fees to get the best deal.
• Have a mix of cash and credit cards when traveling in Cyprus.
• Be aware of the different currencies used in northern parts of Cyprus and plan accordingly.
• Notify your bank or credit card company of your travel plans to avoid any issues with using your card in a foreign country.
• Find out how to reduce your currency exchange risk.

Happy Spending!

Remember: The official currency in Cyprus is the Euro. Exchange your currency before your trip and have a mix of cash and credit cards when traveling in Cyprus. Using High Street exchange bureaus and supermarkets should make your spending money go further!

By following these tips, you can ensure a smooth and enjoyable trip to this beautiful island country.