Revolut is a popular alternative to traditional banking in Cyprus, with app-based banking and separate options for personal customers, self-employed users and businesses. Withdrawals, currency exchange, transfers and other services have their own allowances and charges.
With Revolut, you get an account you control from your phone. The app is easy to use, settings are quick to change, and transactions update in real time. You can get paid, send money, shop, withdraw cash, and exchange currencies without going to a branch.
Revolut features:
Personal and Business accounts
Physical and virtual cards
Euro and international transfers
Currency exchange
Apple Pay and Google Pay
ATM withdrawals
Overview
What Is Revolut?
Revolut is a bank that provides online payment services. In Cyprus, its banking services are provided by Revolut Bank UAB, a Lithuanian bank. There is no Revolut branch network in Cyprus, so onboarding, account instructions, statements, security notices, and customer support are handled digitally.
The app updates as transactions happen, lets you track transfers, and gives you direct control over things such as card security and account settings. You can freeze a card, review suspicious activity, download statements, and receive security alerts without waiting for a branch or call centre. Instructions and approvals you give through the app are treated as formal banking instructions, rather than requests that still need to be processed elsewhere.
Using Revolut in Cyprus
Revolut says around 450,000 people in Cyprus use the app. You can have your salary paid in, make SEPA transfers and Direct Debits, and use the account for everyday card spending. Your euro account will normally have an LT IBAN, but it still works within SEPA.
If most of your money arrives by transfer, Revolut is a great option for everyday banking. Cash is the bigger limitation: Revolut does not currently accept cash deposits in Cyprus, and it does not offer personal loans, credit cards, or overdrafts to Cyprus residents.
Instant Access Savings also has Cyprus-specific requirements. You need to be resident and tax resident in Cyprus and provide a local tax number. For travel and international payments, you can exchange currencies in the app and see the rate and Revolut fee before confirming a transfer.
Revolut covers everyday card payments, transfers and currency exchange, along with savings, investments, budgeting tools and services for businesses. You can also share an account with another adult, manage a Kids & Teens account, organise money with Pockets, or use Revolut Business for team spending and customer payments.
Accounts
Revolut has a Personal account for everyday spending, transfers, cash withdrawals and currency exchange. It also has separate accounts for two adults sharing money, children aged 6-17, self-employed work, eligible companies and interest-paying savings.
Available accounts include:
Personal Account
Joint Account
Kids & Teens Account
Revolut Pro
Revolut Business
Instant Access Savings
To open a Joint account, both people need verified Personal accounts, must live in the same country, and belong to the same Revolut entity. Revolut Pro is for self-employed work and is managed through your Personal account, while Revolut Business is a separate service for eligible companies and teams. Instant Access Savings is available in EUR and USD, with interest added daily.
Cards and Mobile Payments
Revolut gives you a physical card for everyday spending and cash withdrawals, plus virtual cards you can use online. There are two types of virtual card: reusable cards with fixed details and single-use cards that generate new details after an eligible purchase.
Card options include:
Physical cards for purchases and ATM withdrawals
Reusable virtual cards for online payments
Single-use virtual cards for one-off online purchases
Apple Pay and Google Pay with eligible cards and devices
Card freezing through the app
Card controls and transaction history
Single-use cards are handy for one-off online purchases where the merchant does not need to charge the card again. Avoid them for subscriptions, hotel bookings and car-rental deposits, since those merchants may need the original card details later. They also cannot be used at ATMs or added to Apple Pay or Google Pay, so use a physical or reusable virtual card instead.
Transfers and Money Requests
Payments can go straight to another Revolut user, to a bank account, or in some cases to a supported card number. For personal payments, you can also create a link instead of sending someone your bank details.
Transfer options include:
Instant payments between Revolut users
Euro SEPA bank transfers
Supported international bank transfers
Euro SEPA Direct Debits
Scheduled payments
Personal links for sending or requesting money
Transfers to supported non-Revolut card numbers
Revolut-to-Revolut payments and SEPA euro transfers are free on Personal Standard. Other routes can cost extra, including some international transfers and payments sent to a card number, with the Revolut fee shown before you confirm.
Payment links also have time limits. Someone has seven days to accept money you send through a link and ten days to complete a payment request before it expires.
Currency Exchange and Cash Withdrawals
Revolut lets you hold money in supported currencies and exchange it in the app before you spend. If you use your card in another currency without exchanging first, Revolut can convert the payment as you make it.
Currency and cash features include:
Balances in multiple supported currencies
Currency exchange in the app
Automatic conversion for card payments
Card spending abroad
ATM cash withdrawals
Exchange and withdrawal allowances based on your plan
On Standard, Revolut does not charge an ATM withdrawal fee for the first five withdrawals or €200 per rolling month, whichever comes first. The ATM provider can still add its own charge.
Pockets and Money Management
Pockets let you separate money for things such as rent, bills or a holiday without opening another bank account. Revolut also has tools for tracking spending, splitting incoming money automatically and viewing supported accounts you hold elsewhere.
Money-management features include:
Personal Pockets
Group Pockets
One-off and recurring Pocket transfers
Spare-change round-ups
Income Sorter
Spending and income analytics
Linked external accounts
Income Sorter can recognise a regular payment and automatically send set amounts to places such as Pockets, Joint Accounts or Savings. You can also link a supported personal or savings account in your own name to see the balance in Revolut and make transfers from it.
Savings, Investments and Rewards
Revolut Cyprus has Instant Access Savings, Flexible Cash Funds, investment and crypto services, and RevPoints. Instant Access Savings is a bank deposit, while Flexible Cash Funds invest in money market funds and are available in EUR, GBP and USD.
Available options include:
Instant Access Savings
Flexible Cash Funds
Stocks and other investments
Crypto services
RevPoints
Eligible deposits held with Revolut Bank UAB are protected up to €100,000 per depositor under Lithuania’s deposit insurance scheme. The limit applies across your covered deposits with Revolut Bank UAB, not separately to each account. RevPoints can be used for airline miles, Stays, gift cards, and selected Revolut Pay discounts, but they cannot be converted into cash.
Business Accounts and Team Spending
Revolut Business gives companies more control over who can access company money and how it is spent. You can issue cards to employees, set individual limits, assign different permissions, and require approval before certain payments go through.
Business features include:
Multi-currency accounts
Physical and virtual team cards
Card spending limits
Team roles and permissions
Payment approvals
Local and international transfers
Scheduled and bulk payments
Expense management
Accounting integrations
Admins can decide what each team member can see and do, rather than giving everyone the same level of access. Expense tools also let employees submit receipts and transaction details for company spending, while supported accounting integrations can reduce the amount of manual reconciliation.
Accepting Customer Payments
With a Revolut Business Merchant account, you can take card payments online or in person and have the money settled into your Business account. Online options range from simple payment links and invoices to checkout integrations for an ecommerce site.
Payment options include:
Invoices
Payment Links
Revolut Pay
Website checkout
Ecommerce plugins
Payment Gateway API
Tap to Pay on iPhone
Revolut Terminal
Revolut Lite Terminal
Payment Links and invoices work for remote payments without a full ecommerce setup. For in-person sales, you can use Tap to Pay on iPhone or a Revolut payment terminal.
Card Security and Payment Disputes
If a card payment looks wrong, you can open the transaction in the Revolut app and report the problem from there. Merchant disputes and suspected fraud are handled separately, so an incorrect charge or missing refund does not follow the same process as a payment you do not recognise.
Available options include:
Report an unrecognised card payment
Raise a card-payment dispute
Track a dispute in the app
Replace a compromised card
Set a SEPA Instant transfer limit
If you report a card payment as fraudulent, Revolut terminates the affected card after you submit the claim. You can also set a maximum amount for SEPA Instant transfers, either per transaction or per day.
Fees
Revolut Cyprus Fees
Revolut does not charge one flat banking fee. Personal plans have a monthly price, starting with the free Standard plan, and each plan comes with its own limits for things such as ATM withdrawals and currency exchange. If you stay within those limits, many everyday transactions will come at no cost, but if you go over them, usage fees start to apply.
Paid personal plans increase some of those allowances and remove or reduce certain exchange fees in return for a monthly subscription. If you withdraw more cash, exchange larger amounts or use Revolut abroad regularly, the difference between plans is more noticeable. Business accounts use the same general idea of a monthly plan with included allowances, but the limits and transaction charges are different.
If your banking is mostly digital, Revolut gives you salary payments, cards, transfers, currency exchange, and savings through the app. Cash is the obvious weak point, and traditional bank extras such as physical documents and phone support are limited.
Pros
You can have your salary paid into Revolut and use the account for regular SEPA payments and transfers.
You can hold, exchange and spend multiple currencies, with weekday exchange included up to your plan allowance.
Instant Access Savings are available in EUR and USD, with interest calculated and paid daily.
Eligible deposits with Revolut Bank UAB are protected up to €100,000 under Lithuania’s deposit insurance scheme.
Support, transfer tracking, fraud reports and card-payment disputes can all be handled through the app.
You can link supported bank accounts you hold elsewhere and view or transfer money from them through Revolut.
SEPA Instant transfers should reach eligible euro accounts within a few minutes; regular SEPA transfers can take up to two business days.
Revolut Business includes transfers, currency exchange, team cards, spending controls and customer-payment tools.
Cons
Revolut sets an annual limit on how much you can add through bank transfers, card top-ups and other deposit methods, and you cannot view or change that limit yourself.
Revolut Business does not accept self-employed customers as an eligible business type in Cyprus.
Card top-ups can cost extra when you use a commercial card or one issued outside the EEA or UK.
You cannot deposit cash into Revolut in Cyprus.
Instant Access Savings require you to live and be tax resident in Cyprus and provide a local tax number.
Statements and confirmations are electronic only, with no hard-copy bank documents.
Standard includes only five ATM withdrawals or €200 per rolling month without a Revolut fee.
Most customers use in-app chat for support. In-app support calls are reserved for Ultra customers.
Accounts
Revolut Standard Personal Account Cyprus
Standard is Revolut’s free personal plan. You can use it for everyday euro payments, transfers, card spending and cash withdrawals, and exchange currencies in the app when you need to.
It can be your main account if you do most of your banking digitally, or a second account for travel and online spending. Money in the current account is held as a deposit with Revolut Bank UAB and does not earn interest.
Business Basic is Revolut’s entry paid plan for companies. It includes currency accounts, transfers, team cards, and tools for accepting customer payments, with access through the Revolut Business app and web platform.
There are no Revolut branches or cash-deposit services in Cyprus. If your business takes cash, you will need another way to deposit it before transferring the money to Revolut.
Instant Access Savings is an interest-paying deposit account for eligible Revolut customers in Cyprus. You can open it in EUR or USD without a minimum deposit, add or withdraw money through the app, and interest is calculated and paid daily.
To open one, you need to live and be tax resident in Cyprus, have a local tax identification number, and already be a Revolut Bank UAB customer. The interest rate varies by currency and Revolut plan.
Revolut Instant Access Savings Features
Revolut Instant Access Savings Features
Feature
Instant Access Savings details
Customer
Cyprus resident and tax resident with local TIN
Product
Separate savings deposit
Currencies
EUR, USD
Minimum deposit
None
Interest
Variable, calculated and paid daily
Standard EUR interest
1.18% p.a. gross
Maximum EUR balance
€5 million
Deposit protection
Combined €100,000 limit with other eligible Revolut deposits
Opening Revolut in Cyprus starts in the app. You choose the account, complete the identity checks, then set up the payment details and card you want to use.
1
Choose the right account.
Use Personal for your own spending and payments. If you receive money from clients or work for yourself, Revolut Pro may be more appropriate. Companies can open Revolut Business instead.
2
Apply through the Revolut app.
Enter your real residence and personal details, then complete the identity checks. Personal customers normally need to be at least 18. Revolut may also ask about your work and where the money entering the account comes from. Business applications can require company, ownership, address, and trading documents.
3
Find your payment details.
Once the account is open, your EUR account details appear in the app. Use the IBAN shown there for euro transfers. For other currencies, check the local or SWIFT details Revolut provides before giving payment instructions to the sender.
4
Set up your card and regular payments.
You can create a virtual card or order a physical one. Eligible cards can also be added to Apple Pay or Google Pay. For euro SEPA Direct Debits, use the EUR account details shown in the app.
5
Test the payments you plan to rely on.
Before moving over your salary, regular bills or important customer payments, check that the other party can use the account details you have been given. At an ATM, look for any operator fee before confirming the withdrawal, and check the final amount before completing a currency exchange.
Once those basics are in place, you can start using Revolut for your regular payments, transfers and card spending.
Revolut vs a Local Bank in Cyprus
Revolut and Cyprus banks can both handle salary payments, cards, transfers and Direct Debits. The bigger differences are around cash, borrowing, branches, documents, and where your deposits are protected.
Revolut vs a Local Bank in Cyprus
Revolut vs a Local Bank in Cyprus
Factor
Revolut
Local Cyprus bank
EUR IBAN
LT IBAN for EEA euro transfers
CY IBAN
Cash deposits
Not available in Cyprus
Cash deposits at branches or selected deposit ATMs
Branches
No Cyprus branch network
Branches or banking centres in Cyprus
ATM withdrawals
Use compatible ATMs; plan allowances and ATM-owner fees can apply
Own ATM network, with bank fees applying to some other ATMs
Loans and credit
No personal loans, credit cards or overdrafts in Cyprus
Mortgages, personal loans, credit cards and overdrafts available at major banks
Statements
Electronic statements and certificates only; no hard-copy documents
Paper statements and branch-issued documents available
Support
In-app chat and in-app calls for Ultra customers
Phone support and in-person help through branches
Deposit protection
Up to €100,000 across eligible deposits with Revolut Bank UAB under Lithuania’s scheme
Up to €100,000 per depositor per bank under the Cyprus DGS
Revolut has no cash-deposit service or personal credit products in Cyprus. By comparison, major Cyprus banks work with cash through branches and deposit machines and provide products such as mortgages, overdrafts and credit cards.
The protection limit is €100,000 on both sides, but it comes from different schemes. Eligible Revolut Bank UAB deposits fall under Lithuania’s deposit insurance scheme, while covered deposits at Cyprus banks fall under the Cyprus Deposit Guarantee Scheme.