Cyprus Travel Information: Cards, cash and banks

If you are travelling to Cyprus over the next few months you should check the latest travel advice from the Foreign and Commonwealth Office before you travel.

The recent banking crisis and economic uncertainty means that if you are going on holiday to Cyprus you will need to be a bit more prepared than you otherwise might have been.

Banks in Cyprus were closed for over a week at the end of March in order to protect them from a run on withdrawals whilst the government negotiated the terms of a bailout with the EU and IMF.

The current advice on the FCO website states the following:

• Banks in Cyprus are now open, but limits have been imposed on withdrawals from Cypriot bank accounts.
• These limits should not apply to withdrawals from UK bank accounts.
• ATMs, debit and credit cards can be used as normal.
• You are only allowed to take 1000 euro in cash out of Cyprus.

A variety of sources have also reported that some businesses in Cyprus, in particular smaller shops, bars and restaurants, are no longer taking debit or credit cards as payment, preferring cash for all transactions.

Because of this risk holiday makers have also been warned to take a variety of payment options with them when they visit Cyprus to ensure that they have the means to pay for things and their holiday is not affected by the financial crisis.

Insolvency: Is your holiday protected?

The current economic uncertainty could lead to a higher risk of insolvency amongst businesses in Cyprus including holiday suppliers such as hotels and car hire companies.

You should check that your holiday will be protected if one of your holiday suppliers were to cease trading.

If your holiday was booked as a package via a UK tour operator, your holiday will be protected by the ATOL scheme. If you have booked a DIY holiday or a holiday direct with an airline you should look for a travel insurance policy which includes cover for Scheduled Airline/End Supplier Failure.

Insurewithease.com includes cover for Airline/End Supplier Failure as standard on all travel insurance policies. Providing travel insurance cover for the insolvency of scheduled airlines, hotels, accommodation providers, rail or coach journeys and more if your holiday is not protected by ATOL or another scheme.

Get a travel insurance quote>>

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