The Bank of Cyprus is not going to be the first name that pops to mind when it comes to international money transfer. Nor should it be. This company is only really there for those who own Bank of Cyprus accounts and even then, these people will most likely wish to look elsewhere of they wish to transfer money.
If you head to the Bank of Cyprus account, you will quickly be able to tell that the main focus of the company is not on money transfer. They actually give very little information about the service. You will, however, need to be aware that you need a Bank of Cyprus account to use it (it does not even give this information on the page!)
The main currency dealt with through Bank of Cyprus is Euros. It does offer a few other currencies, but these are kept to the minimum. If you are looking to transfer into some currency outside of the major ones then you should probably look elsewhere. You will only be able to send in pounds if the currency is not offered by the Bank of Cyprus. This will, in turn, lead to rather substantial fees for the recipient which is not going to be ideal.
You can make payments to most overseas banks. They must however accept payments via the JCC, SEPA, or SWIFT system, although to be honest, most banks accept that nowadays.
One of the downsides of working with Bank of Cyprus is the fact that they are a small bank, in comparison to most other British territory banks at least. This means that they do not do a lot in the way of international currency exchange. This means that the fees for the service are rather high. In addition to this, the currency exchange rate is absolutely abysmal. Honestly, you should only really be using Bank of Cyprus as a last resort when it comes to international currency transfer. There are so many other companies out there worth your time and they will not charge you anywhere near as much as Bank of Cyprus want to charge you.
In addition to this, it is actually difficult to make a transfer through Bank of Cyprus. There is no easy online system for you to use. You can only make the transfer over the telephone or in branch. This means that the system is not quick at all. That being said, there are very few people out there who actually hold accounts with Bank of Cyprus, it is mainly businesses and the like. This means that there is absolutely no need for them to put the effort into developing a decent online system.
If you are going to make international money transfers, steer clear of Bank of Cyprus. They are not worth your time, both in terms of ease and the level of fees that you are going to need to pay. Use one of the many online sites out there. Save yourself the headache.
Bank of Cyprus Money Transfer Review
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