Currency in Cyprus: What Money to Bring on Your Trip

The official Cyprus currency is the euro (€, EUR). Since joining the Eurozone on January 1, 2008, the country officially phased out the Cypriot pound. This means that when planning your getaway, you don't need to hunt down an exotic local coin – the familiar euros used across the European Union will work perfectly.

Whether you're flying into Larnaca, Limassol, or Paphos, paying for things is exactly the same everywhere. Let's break down everything you need to know about your Cyprus money currency options: what cash to bring, where to find the best exchange rates, whether you should rely on cards, and how to score a Tax Free refund after your shopping spree.

The Official Currency Used in Cyprus

If you're asking yourself, "what currency does Cyprus use?", the answer is simple. The Republic of Cyprus joined the EU in 2004 and transitioned to the single European currency on January 1, 2008. The euro is the standard currency used in Cyprus, specifically across the entire southern (Greek) part of the island, which is where the vast majority of tourists spend their holidays.

You'll find the following in circulation:

Banknotes: €5, €10, €20, €50, €100, €200, and €500

Coins: 1, 2, 5, 10, 20, and 50 cents, as well as €1 and €2 coins

A quick note on the old Cypriot pound. Before 2008, the local money was the Cypriot pound (CYP). If you are hoping to convert this old Cyprus currency to pound sterling or euros today, keep in mind that the final deadline for exchange expired on December 31, 2017. Today, these old notes are just souvenirs. Be extra careful at local markets and small kiosks (periptera): some shady vendors might try to hand you old pounds as change, which are now completely worthless. Always double-check your notes and coins before walking away.

Cash or Card?

Cashless payments are heavily embraced in Cyprus. Visa and Mastercard are accepted virtually everywhere: in hotels, restaurants, supermarkets, pharmacies, at car rental desks, and major tourist attractions. ATMs operate 24/7 in all the main resort towns, including Larnaca, Limassol, Paphos, and Ayia Napa.

However, keeping some euros in cash is still a smart move. You'll definitely need it for tipping waiters and taxi drivers, renting a sunbed on the beach, buying snacks from street vendors, and picking up trinkets at small souvenir shops.

We highly recommend keeping about €50–€100 in cash on hand for small daily expenses, while leaving the bulk of your travel budget safely on your card.

Rent a car in Cyprus with Getmancar in any way that suits you best

Pay online by card or upon pickup on site. No hidden fees, 24/7 support, office in Larnaca

Choose a car

Cyprus Currency Rate and the Best Places to Exchange Money

Just like in the rest of the Eurozone, the Cyprus currency rate fluctuates daily and is set by the European Central Bank. The country’s primary financial institution, the Bank of Cyprus, publishes live exchange rates on its official website. That is exactly where you'll find the most tourist-friendly rates.

Here is a rundown of where you can exchange money, ranked from best to worst:

1. Bank of Cyprus branches — These offer the best exchange rate and the lowest fees. Operating hours are Mon–Thu from 08:00 to 14:30, and Fri from 08:00 to 14:00.
2. Post offices — A very solid backup option with good rates, widely available in most towns.
3. Hotel currency exchanges — Super convenient (as many are open 24/7), but the rates won't be as competitive as at the bank.
4. Souvenir kiosks (periptera) – Only use these as an absolute last resort, as their commission fees are usually sky-high.
5. The Airport — This is the worst option by far. Exchange rates here are notoriously poor, and the fees are maxed out. Only swap money at the airport if you have absolutely no other choice.

If you are traveling with a non-European currency, we highly recommend exchanging your money for euros before leaving home, or simply withdrawing cash from a Bank of Cyprus ATM once you land on the island.

Prices in Cyprus: How Much Money Should You Bring?

Cyprus is a mid-range destination: it is pricier than Turkey, but far more affordable than many Western European hotspots. However, your holiday cash can vanish quickly if you don't budget properly. Dining out at tavernas, beach lounging, and guided tours will eat up the biggest chunk of your funds.

That said, the freedom to explore the island on your own terms is surprisingly budget-friendly. Renting a car with Getmancar is significantly cheaper than constantly paying for taxis. Plus, having your own ride means you can easily drive up to the mountain monasteries, explore the Troodos vineyards, and discover hidden coves whenever you feel like it.

Cars in Cyprus from €25/day →

Explore the island at your own pace with Getmancar – no overpaying for taxis, no timetable restrictions.

Download the app Book a car in Paphos

How to Get Your Tax Free Refund in Cyprus (VAT)

If you are planning to hit the shops, you can actually claim a 19% VAT refund on your purchases through the island's Tax Free (VAT Refund) system. This perk is strictly for tourists who are not EU citizens or residents.

Conditions for getting a refund:

• You must make your purchase at a store displaying a "Shop Tax Free / VAT Refund" sign.
• The total receipt amount from a single store must be at least €50 (you can combine multiple receipts from the same store to hit this amount).
• The buyer must not be an EU citizen or resident.
• The goods must be taken outside of the European Union.

Step-by-step guide to claiming your money:

1. Collect your receipts from Tax Free-labeled stores and ask the cashier to fill out a Tax Free Form (you will need to show your passport).
2. At the airport, before checking in your luggage, locate the "Shop Tax Free / VAT Refund" desk. Show them your completed forms, your passport, and the items you bought.
3. Get your forms stamped by customs – this is a strict, non-negotiable requirement for the payout.
4. Collect your refund in cash at the desk, or have it sent to your credit card (depending on the specific refund operator).

The refund process is a breeze as long as you keep your paperwork organized. It's a genuinely great way to save a nice chunk of money on clothes, electronics, and jewelry.

Cyprus is an incredibly traveler-friendly destination, largely thanks to the euro. You won't face any complicated money exchanges, prices are straightforward, and cards are widely accepted. Just plan ahead, keep a little cash in your pocket for small treats, and you're all set for an amazing trip.