Money in Cyprus

Cyprus joined the euro on 1 January 2008, replacing the Cyprus pound, so most visitors from the eurozone need no currency exchange at all. This page gathers what Visit Cyprus publishes about paying, tipping, tax and cash limits. We do not list prices: they vary by season and place, and any list goes out of date. For what to see and do, start with the Cyprus travel guide.

The currency

• The euro: official currency since 1 January 2008, according to Visit Cyprus.
• Banknotes and coins: there are seven banknote denominations, from 5 to 500, and eight coins, from the smallest cent coin to the two-euro coin.
• Exchange: all banks offer foreign currency exchange and quote daily rates, and you can also exchange at hotels. Visit Cyprus points to the Central Bank of Cyprus for more detailed exchange-rate information.

Paying by card or cash

• Cards: Visit Cyprus says major credit cards are widely accepted, especially in major towns and tourist areas, with Visa and MasterCard the most accepted.
• Contactless: widely used and available at nearly all point-of-sale terminals.
• Where cards work: hotels, shops, restaurants and some taxi companies accept credit cards.
• Fees: using a credit card overseas often incurs a fee, and Visit Cyprus cites an average of 3 per cent for most cards. Some cards marketed to travellers have no overseas fees.
• Lost cards: contact JCC Payment Systems, which runs a 24-hour service, and your bank.

Carry some cash for small purchases and for places that may not accept cards, and check with the places you plan to use.

Tipping

Visit Cyprus says tipping is at the customer's discretion and appreciated by hotel and catering employees. It adds that taxi drivers, porters, hairdressers and similar staff always appreciate a small tip.

VAT and tax-free shopping

Visit Cyprus gives the standard VAT rate as 19 per cent, and says displayed retail prices for goods that carry VAT should include it. It lists a reduced 9 per cent rate for taxi and tour or suburban bus travel, restaurant services and food catering (alcoholic drinks such as wine and beer are charged at 19 per cent), and hotel accommodation. A 5 per cent rate applies to urban and rural bus travel, camping sites, books and newspapers, hair salon services, confectionery and entry to theatres, cinemas and sports events.

Visitors from outside the EU can claim VAT back on goods exported in hand luggage if they meet all of these conditions:

• They do not hold an EU country passport or other form of identification.
• They have not resided in Cyprus or any other EU member state for more than 365 days in the two years before the purchase.
• The goods are worth over €50 per person.
• The goods leave the EU in luggage by the last day of the third month after the month of purchase.

The process has three steps: shop where there is a tax-free sign and ask for your tax-free document, show your purchases and passport to customs when you leave and have the document stamped, then take your refund by your chosen method. For further information, Visit Cyprus lists the VAT Service, Global Blue and Planet Tax Free as contacts.

Carrying cash across the border

Visit Cyprus says there are no restrictions on importing or exporting cash or gold when travelling from or to another EU member state, but that under Cyprus law travellers arriving from or leaving for another EU member state or a third country carrying €10,000 or more, in any currency, in cash or gold, must declare it at customs.

For practical planning, see Cyprus health and safety and Cyprus public holidays and opening hours.