Cyprus to UK money transfer guide

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Transfer Money from Cyprus to UK

At Regency FX we help you achieve the most from the currency you are converting when you send money from the UK to Cyprus.

As an independent currency specialist, we have lower overheads than the banks enabling us to pass on the savings to you, so you get the most from your money transfers to Cyprus. Because we focus on our clients’ bottom line, you can be sure that our costs are low and, this means, better rates to send money to Cyprus.

We can also discuss and agree on the right time to exchange your money rather than using a bank or online-only system and having to accept the rate they give you on the day.
All money transfers are conducted through safeguarded client accounts.

Let us explain what a ‘safeguarded’ account is and how it benefits our clients. Regency FX keeps your funds in a separate account which blocks access by third parties and keeps your money safe until you are ready to transfer money from the UK to Cyprus.

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Transfer Money from Cyprus to the UK (Clear & Helpful Advice)

There are four simple steps when transferring money from Cyprus to the UK these are: identity check, get an exchange rate, make your payment and finally your money is sent out!


Identity check

Before you can send money from the UAE to the UK, you need to be identified.

There is a legal obligation to verify customers sending money internationally due to global anti-money laundering regulations.

The check only applies to new customers.

Once your set-up, you can skip this step if you are sending money back to the UK on a regular basis.

For British expats, it is usually straightforward. If you still have an address in the UK, it’s even quicker.


Lock in an exchange rate

Once you are set up, a bank or money transfer company will quote you their current exchange rate.

When moving money back to the UK, you are selling Dirhams and buying Pounds.

This is sometimes written as AED/GBP.

The exchange rate moves throughout the day. It’s up to you whether you go ahead at the quote given.

If you are happy to proceed, the bank or money transfer company will lock-in your rate at that time.

Shortly after, you will receive an email confirming all the details of your transaction.


Pay for your money transfer

Banks will require your Dirhams upfront before they will agree an exchange rate.

However, a money transfer company will allow you to lock-in a rate before you send your Dirhams in.

This might be an advantage if you see a favourable rate and want to lock it in before it moves.

On the confirmation transaction, you will be given the bank details of where to send your Dirhams.

This will be to a safeguarded Dirham-denominated client account.


Your Dirhams are converted into Pounds

Once your Dirhams are with your bank or money transfer company, they will convert them into Pounds Sterling at the rate agreed, then send the Pounds to the UK bank account you request.

That's it.

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What are the costs involved?

There are two main costs involved, these are:

  1. Transfer Fees
  2. Exchange Rates

Most people are aware of the transfer fees but not so many people are aware of the exchange rate costs!

Transfer Fees

Most banks charge transfer fees when sending money internationally.

This is what the two main banks in Cyprus charge when sending money aboard:

Bank of Cyprus charge a processing fee of €15 if it is done in a branch or €10 if it is done online.

In addition to this there is also a SWIFT fee of 0.5% with a €20 minimum and €200 maximum.

Hellenic Bank charge a creation fee of 0.15% with a minimum of €20 and a maximum of €250 or 0.10% with €10 minimum and €200 maximum for outgoing payments in a standard personal account.

There are also additional charges if you want your payment to be sent out faster and if you want to amend anything to do with your payment there is also fees.

Some banks will charge two fees one for the sending bank and one for the receiving bank, this is called a correspondent fee.

Cyprus banks tend to charge €12 to €60 for this fee.

There are also fees in the range of €25 to €60 for cancellations and mistakes made.

It is never easy to find these fees as they are buried within the bank's schedules and tariffs.

The easy way to avoid these fees is to avoid using the banks.

Exchange Rates

Exchange rate costs can usually sting quite a lot.

They are never standard as banks and money transfer companies will set their own rates.

Generally, the larger the amount of money being transferred, the better the exchange rate.

Banks tend not to offer competitive rates.

The main banks in Cyprus have an exchange rate margin of around 2%.

With a €100,000 transfer this can cost you €2,000, that is a lot of money to be paying in costs.

Money transfer specialists tend to have better rates especially on larger transfers!

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Comparison between money transfer specialists and banks!

Banks and money transfer companies use the SWIFT payment system to move money internationally.

Banks tend to charge more and take longer for these transfers.

When it comes to larger transfers you may want to consider using a money transfer specialist.

Generally, banks are more expensive and more stressful.

This could be due to the fact that they do not offer much guidance through the process.

Most banks have a kind of do-it-yourself atmosphere, this can be frustrating with this kind of thing especially if you have little or no knowledge in this area.

Banks also have daily limits set in place for how much you can transfer, this can be very annoying if you want to send large amounts of money.

Money transfer companies have lower costs and they are more efficient, they specialise in sending large or frequent amounts of money.

They can also assist you through the process and help you with anything that you need!

Banks do not offer this service.

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What are the limitations with getting money out of Cyprus?

There are no foreign exchange limitations between Cyprus and the UK.

There are issues with getting money out of the country though.

In 2013 there were capital controls with the banking but these limitations were gone by 2015.

British expats have found that it is much easier getting money from the UK to Cyprus than it is the other way around!

This is due to anti-money laundering policies.

Cyprus is seen as a high-risk country as they have a history with Russian money laundering through their country.

For a British expat, if all the necessary checks have been done then there will be no issue with your money being transferred.

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Is Cyprus to the UK money transfers safe?

As there are a lot of British expats in Cyprus the money transfer path is very safe.

However, when looking at money transfer companies you need to ensure that the company is regulated by the FCA (Financial Conduct Authority).

If they are regulated by the FCA then they are required to keep your money in a separate, safeguarded client account away from the company’s funds.

You can check to see if a company is regulated by the FCA by checking the online FCA register.

What is the timeframe for the money transfer?

It usually takes 1 to 3 working days for the money to clear in the desired bank account.

Most of the time waiting is for the banks to clear the funds in the account with all the mandatory checks they have to go through.

Some banks can process this faster than others.

Money transfer specialists can clear your money faster as there is no waiting around!

Who are we?

Regency FX are a UK based independent currency broker, specialising in high volume transfers.

We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.

All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.

Get a free quote today!

The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.

They can often refer to the rates that banks exchange at rather than what is available to you, the customer.

Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.

We can monitor the market on your behalf enabling you to budget more effectively.

As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.

Get a quote and see how we stack up.