Holiday Money

Whilst most people will tell you that credit cards are the way to go, there’s something to be said for having some cash or travellers cheques with you too. As far as cash goes, it’s sometimes handy to take some UK Pounds, Euro’s or both when travelling to Cyprus. Downsides with cash? Travel insurance rarely covers cash if it’s stolen.

It is good to note that you can now use your credit card or cash card from any ATM in Cyprus without a charge, this will depend on your bank or building society and you should check before you leave. If they do not offer a free service the cost to you is around 7% if neither are the currency in your own country (don’t believe those “no commission” signs in some banks etc as some may still charge).

Although many people would tell you that travellers cheques are past their sell-by date, that’s not the case. Their major plus point is that even if they’re lost or stolen, you can still get the money back which is not the case if you were carrying around the same amount in cash, their closest equivalent.

Unlike cash, traveller’s cheques come with a brand and it’s best to stick to the more common ones which are American Express, Mastercard, Visa and Thomas Cook. Normally your bank will issue cheques with one of these brands plus their own. Since there’s no expiry date on the cheques, you should keep any un-cashed cheques for future holidays if they’re in a mainstream currency, which will save you on charges and commissions.

As with cash, it’s useful to have some travellers cheques in either £GB or €Euro. When cashing them in banks, kiosks, hotels etc they usually charge some combination of a per cheque fee and/or a percentage with, of course, a foreign currency conversion charge if the cheques aren’t in their local currency.
If you have some foreign currency left over at the end of your trip many places these days advertise that they will buy it back commission free. That does NOT mean that they won’t be charging you and in fact it usually costs around 3% to 5% to do this. Therefore, if you’re intending to go back to the same country the following year, just keep them safe.

Forms of Payment

Hotels, large shops and restaurants accept credit cards, travellers’ cheques, Euro-cheques and banknotes of major foreign currencies.

V.A.T. Refund

Foreign visitors from countries outside the EU can claim back V.A.T. on goods exported in their hand luggage. Visitors are eligible for a V.A.T. refund if:.
They are not holders of a passport or other form of identification from an EU Member State.
They have not resided in Cyprus for more than 365 days in the two years immediately prior to the date of purchase of the goods.
The total purchased from one store or a chain of stores is more than 171 Euro and less than 17 100 Euro.
The goods are exported in visitors’ hand luggage by the last day of the third month following the month in which the goods were purchased.

In order to claim your V.A.T. refund you will have to:.
Make your purchases from shops that display a tax-free shopping sign and simply ask for your tax-free document.
When leaving Cyprus show your purchases and passport to customs officials and have your tax-free document stamped.
Receive your refund in the method of your choice.

More detailed information can be obtained from the V.A.T. Service of the Customs and Excise Department.

Holiday Budget

The price of products and services in Cyprus varies depending on the season and the location. Below is an indicative list in Euro:
A single bus ticket costs around €1.00
A glass of beer costs between €2.00 and €5.00
A ticket to the cinema costs around €7.00 for adults and €5.00 for children
A ticket to the theatre costs between €17.00 and €25.00
A ticket to a concert or opera can cost between €25.00 and €77.00
Continental breakfast costs between €3.40 and €6.00
Lunch – a fixed menu costs between €10 and €13.50
Dinner at a local tavern (meze, including beer or cold drink) costs around €20.00

Tipping

Since a 10% service charge is levied in hotels and restaurants, tipping is not obligatory but is always welcome and appreciated.