Money and Currency

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MONEY AND CURRENCY

Currency

The currency of the Republic used to be the Cyprus pound – CY£. As from 1st January 2008 the Cyprus pound has been replaced by the Euro as the legal tender money of Cyprus at the irrevocable fixed exchange rate € 1 = CY£ 0,585274. There are seven denominations in Euro banknotes: 5, 10, 20, 50, 100, 200 and 500 euro. Each note, comes in different colours and sizes, the higher the denomination, the bigger the size. One euro is equivalent to 100 cents. There are eight euro coins: 1, 2, 5, 10, 20 and 50 cents, €1 and €2 coins respectively. The designs on one side of the coins are common to all the countries of the euro area, while the other side reflects national identities. All euro coins can be used in all euro area countries, irrespective of their national side.

Currency Exchange

It is very easy to find currency exchange outlets in Cyprus, in all the Banks, in every Hotel and many of the Shops, especially in Tourist Areas also offer this. However, it is advisable if you are arriving on holiday to bring sufficient euros with you, just in case you arrive on a Bank Holiday or a long Holiday weekend such as Easter, when it may be more difficult to get currency exchanged. You can then exchange the rest of your currency as and when needed throughout your holiday. All Banks operating in Cyprus offer foreign currency exchange services and quote the exchange rates of the Euro against all major foreign currencies daily. More detailed information concerning exchange rates can be obtained from the Central Bank Of Cyprus – www.centralbank.gov.cy

Forms of Payment

Hotels, large shops and restaurants accept major Debit / Credit Cards, Travellers Cheques, Euro cheques and banknotes of major foreign currencies.

V.A.T. Refund

Foreign visitors from countries outside the EU are eligible to claim back V.A.T. on goods exported in their hand luggage. Eligible stores will display Global Blue Tax Free Shopping signage in the window. When paying for your purchases ask the shop staff for a Tax Free Form. Before you check in for your flight, go to the Customs desk and present your completed Tax Free Form, passport, receipts/invoices and purchases to get a stamp on your form. Make sure the goods are sealed and unused. Please allow enough time for the refund process. Go to a Refund office displaying the Global Blue logo and present your stamped and completed Forms to receive the refund in cash or credit card.

Mail your stamped completed Forms to the relevant Processing Centre to receive your refund on your credit card

NB: The refund you receive is the VAT minus Global Blue’s service fee.

Visitors are eligible for a V.A.T. refund if: They are not holders of a passport or other form of identification from an EU Member State. If you have a permanent residence in a non-EU country. Minimum purchase amount 50.00 EURO (Food purchases are not refundable). More detailed information can be obtained from the V.A.T. service of the Customs and Excise Department at www.mof.gov.cy

Holiday Budget

The price of goods and services in Cyprus varies depending on the season and the location. Below is an indicative list in Euro:

A single bus ticket costs from €1.50
A glass of beer costs between €2.25 and €4.00
A ticket to the cinema costs around €8.00 for adults and €6.00 for children
A carton of Local Wine costs between €1.85 and €2.50
Continental or English breakfast costs between €3.50 and €6.00
Lunch – on average a main course costs between €6.00 and €10.00
Dinner – on average at a local tavern costs around €10.00 per person

Tipping

Almost all restaurant bills will include a 10% service charge and you are not at all obliged to leave anything extra however, if you feel you would like to leave something extra, a minimum of 2 or 3 Euros is a nice gesture.