Currency, Foreign Exchange & Credit Cards in Paphos, Cyprus
Villas for rent in Paphos from Paphos Villas offer terrific value for money. You can pay for both your villa hire in Paphos and your Cyprus car hire in Euros before you go, avoiding expensive currency exchange fees.
Currency in Cyprus
On 1 January 2008, the Euro replaced the Cypriot Pounds (CYP). The exchange rate of the British pound against the Euro is gradually rising, and it pays to watch the exchange rates in the UK and buy your Euros before you fly off to your holiday villa in Paphos.
Foreign Exchange in Cyprus and the UK
As a general rule, you will always get a better exchange rate if you buy your Euros in the UK before your Paphos villa holiday. Check rates online, as sometimes the banks or the Post Office offer better rates that currency exchange firms. You can also order Euros over the Internet and have them delivered free of charge to your UK address.
The same applies to buying currency at the airport, either at your UK departure airport or at Paphos Airport. Generally, rates are not good, and you should never buy Euros with your credit card. Buying any currency on a credit card counts as a cash advance, which attracts a higher interest rate than purchases. So, any savings you make on the exchange rate will be wiped out by your credit card charges. If you buy currency on your credit card at Paphos airport, you'll pay in Euros, so you'll get charged an unfavourable exchange rate AND a charge for using your card abroad.
You can take Eurocheques or traveller's cheques to Cyprus and exchange them at either an exchange bureau around Paphos town or any bank in Cyprus. During the summer, banks tend to be open morning and late afternoons in Paphos but out of season, it's best to go in the mornings from your Paphos rental villa.
Credit Cards and ATMs in Cyprus
You can use your credit card or debit card to withdraw cash from an ATM in Cyprus, but most credit card companies will charge you to do so, and then charge a higher rate of interest on that cash amount. You can avoid these withdrawal charges, but not the foreign use charge, by using a debit card with the Visa or Mastercard symbol.
If you want to avoid these charges and stay within a budget, you can buy pre-loaded cards that work like a credit card, but you pre-load with only the amount of money you want to spend. They are available in Euros, which have no exchange fees, and global cards for any currency, which do attract exchange fees.
Most shops and restaurants in Paphos will accept credit cards, but if you venture further out in your Cyprus hire car (booked through Paphos Villas), small business owners will welcome payment in cash. Generally, you should ask for a mixture of note values when you buy your Euros; you can keep larger value notes in a secure place in your Paphos holiday villa rather than carry them around everyday. Some of our family villas for rent in Paphos have safety deposit boxes - ask us for details.