Best way to send money to Cyprus | finder.com

How to send money to Cyprus

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To send money to friends or family on the Mediterranean island of Cyprus, you might think you have to go through a complicated ordeal. In reality, sending money from the United States to Cyprus doesn’t have to be expensive and complex. When you compare the transfer fees and exchange rates of the options available, you can get the most euro for your dollar.

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Compare money transfer services to Cyprus

Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Cyprus with our money transfer partners.

I want to send

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Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 3 - 5 days USD 0.00 0.875 EUR 4,373 Transfer up to $500,000 with no minimums and no fees. Go to site Show details
USD 1 1 - 2 days USD 7.00 0.875 EUR
4,369
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 1 Within an hour USD 3.99 0.873 EUR 4,363 Use promo code FINDER to send your first transfer with no fee.
Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.
Go to site Show details
GBP 5,000 1 - 2 days USD 0.00 0.872 EUR 4,362 Minimum transfer: $5,000. For larger transfers, take advantage of no transaction fees and no maximum send limits. Go to site Show details
USD 1 1 day USD 8.00 0.862 EUR 4,304 Easily transfer cash to more than 350,000 locations around the world. Go to site Show details

Compare up to 4 providers

Banks vs. money transfer companies

While you’ll be tempted to visit your bank for a wire transfer to Cyprus, a reputable money transfer service can typically offer better exchange rates, lower fees and faster delivery — often without you having to leave your home. Banks don’t often publish exchange rates, but you can sometimes find the rate you’ll receive by logging in to your online bank account.

Case study: Nick sends money to Cyprus

Nick is on vacation in the US for six weeks when he gets a call from his sister in Cyprus. Her car has broken down and she needs urgent money to pay for repairs, so she asks Nick to send her $1,000 as soon as possible. Nick compares the cost and features between his bank and an specialist transfer service.

Big-name transfer providerIndependent transfer provider
Exchange rate1 USD = .867 euro1 USD = .874 euro
Transfer fee$40$15
Transfer speeda few hoursIn minutes
Transfer optionsCredit cardBank deposit
Total ALL received 867.08 euro874.00 euro

As you can see, the independent transfer provider has a better rate and offers less fees. Nick’s sister can quickly access her money and get her car fixed.

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How to compare transfer companies when transferring money to Cyprus

By comparing a few elements of your transfer, you can ensure that you get the cheapest deal for your needs.

  • Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
  • Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
  • Payment and delivery options. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
  • Transfer speeds. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
  • Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
  • Flexible transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
  • Customer support. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.

Foreign exchange rates explained

The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. The euro’s exchange rate is flexible, which means it can change from moment to moment.
Currency exchange rate for Cyprus
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Steps to send money to Cyprus

  1. Register for an account with a provider, supplying your name, address, contact details, proof of ID and information about your selected payment method.
  2. Supply your recipient’s name, contact information and bank account details as required.
  3. Enter the amount of your transfer and complete the transaction.
  4. Keep track of any receipt you receive so you can monitor the progress of your transfer.
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What are the ways that I can send money to Cyprus

  • Bank transfers. Many major US banks will allow you to send money to Cyprus.
  • Money transfer providers. Providers like Ria and WorldRemit can help you quickly and easily transfer your money online.
  • Providers with cash pickup. Western Union and MoneyGram allow you to send funds for cash pickup at agent locations.
  • PayPal. Electronic payment giant PayPal allows you to send money from the US to Cyprus.
  • Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.

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Emergency cash transfers in Cyprus

You might need to send an emergency cash transfer to Cyprus — for example, your family in Cyprus needs money for medical bills. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.

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Tips for picking up cash in Cyprus

Whether picking up funds in Kryenia, or anywhere else around the world, take a few simple safety precautions to prevent yourself becoming a target for thieves.

  • Call ahead. Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
  • Bring a friend. Carrying money when alone can be dangerous. Ask a friend to come along.
  • Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
  • Keep your cash hidden. Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.

How safe is a money transfer?

When you use a reputable provider, your funds are safely tracked until in the hands of your recipient. There are federal protections in place that require banks, credit unions and money transfer companies to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.
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