Cyprus Spending Money: Card or Cash?

Going to Cyprus on holiday? Find out all you need to know about spending money on holiday in Cyprus. Should you use cards or cash? What’s the best way to pay to pay the least?

This year in Cyprus we found ourselves spending differently to normal. We use to take a specialist credit card and UK sterling, which we changed to Euros when needed over there, as the rates were better on the Protaras strip than any exchange in the UK. This time we came back with more cash.

Our article Holiday spending money: Card or cash gives you all the information you need on the different ways to maximise the value of your holiday spending money.

Many countries like Cyprus, and cities like New York and Las Vegas have their own ‘best practices’. So lets look at spending money in Cyprus.

Cash in Cyprus

The currency in Cyprus is the Euro.

Cash pros and cons

There’s plenty of reasons you may prefer to use cash for your holiday spending money, here are some pros and cons.

Budgeting and Control: Using cash can help you stick to a budget. When you have a certain amount of physical money, you can actually see how much you have left, which can make it easier to manage and control your spending on holiday.

Avoiding Debt: Using only cash means you avoid the temptation of spending what you can’t really afford by putting things on the credit card, having to deal with credit card bills later.

Avoiding Fees: If you only have a credit or debit card that charges foreign transaction fees, then you’ll pay hefty additional fees. Using cash avoids this waste of money. (Holiday Spending Money: Card or Cash?)

Security: There is no risk of electronic fraud or identity theft when you pay by cash. Some people are extra cautious on holiday. With cash, there’s no risk of someone stealing personal information from a card. Equally though, if cash gets lost then it’s untraceable, irreplaceable and gone for good.

If your card goes missing you can put a stop on it immediately and fraudulent transactions will (maybe after a bit of toing and froing) be refunded.

Discounts and deals: It’s often easier to get a discount paying cash for things like water skiing on the beach.

Small Businesses: In some places, cash might be the only accepted form of payment – the chap selling watermelons on the roadside is not going to have a card machine!

Equally a few places in Cyprus now only accept card payment, some with a sneaky ‘card fee’

There’s no right or wrong, the preference for using cash or cards varies from person to person, most of us use a combination of both. For getting the best value for your spending money there are some rules to follow.

Where is the best place to exchange sterling into Euros in the UK?

My go to place is always this MoneySavingExpert page – they have all the current updated deals. For us our local CurrencyExchange usually gives the best deal – when you preorder (It’s not a faff though you can preorder for immediate pickup)

Depending on where you are staying though, taking sterling is an option as exchange rates can be better out there, and you wont be left with Euros to change back at a much lower exchange rate.

Can you withdraw from ATMs in Cyprus?

You can use cashpoints in Cyprus, make sure you follow this advice to avoid paying huge fees for the privilige.

Make sure you are using a debit card that has no fees. Full details in this holiday spending money card or cash article. Never withdraw cash on a credit card – it will cost you loads.

When using a foreign ATM, you may be asked if you want your cash in local currency or pounds. Always choose local currency to avoid any ridiculous exchange rate margins and get the best rates for your cash abroad.

The blue stand alone ATMS always charge a fixed withdrawl fee, so if you need to use a stand alone ATM then draw out as much as you need once, rather than making a few visits.

There are no withdrawl fees at Bank cashpoints. So use these if you can.

Can you take pounds and change to Euros in Cyprus?

Absolutely. If you are staying in the main holiday resorts, we have always found that changing sterling into Euros in Cyprus gives better rates than in the UK.

Is cash widely accepted in Cyprus?

Cash is widely accepted in Cyprus.

When is it good to have cash handy?

It’s great to have cash in Cyprus, whether it’s for fresh watermelon from a guy with a truck on the side of the road, or for one of the many treat stalls – Loukoumades (honey balls) or freshly grilled buttered sweetcorn.

Paying with cash for watersports sometimes gets you a better price too.

Credit and debit cards in Cyprus

Card pros and cons

There’s plenty of reasons you may prefer to use a debit or credit card for your holiday spending money, here are some pros and cons.

Convenience: Using cards is simply more convenient than carrying large amounts of cash. Cards are easy to carry, or ready in your apple / google wallet and transactions can be quickly completed with a simple swipe or tap.

Security: Cards offer a level of security that cash cannot. If your card is lost or stolen, most banks offer fraud protection, and the card can be easily replaced. But, if cash is lost, it’s often impossible to recover.

Rewards and Benefits: Credit cards often come with rewards programs, cashback offers, or benefits. Whilst there’s no Avios earning credit card with no transaction fees, you can earn Virgin points or cashback with your holiday spending.

Record Keeping: Card transactions leave a digital trail, providing a great way to track your holiday spending. And it’s great to look back at your credit card bill and be reminded of the memories.

Emergency Situations: Carrying cards provides a sense of security in case of emergencies. Knowing that if unexpected expenses arise during the holiday, and you have access to credit, gives peace of mind.

Prepaid Cards: Prepaid cards for holiday spending are an easy option for holiday spending, if you don’t have or don’t want to use a credit card. Decide on your budget, load up the card and you are ready to go.

The preference for using cards for holiday spending often revolves around the advantages of convenience, security and ease.

Which credit card is best to use on holiday in Cyprus?

The Barclaycard Rewards card is a handy way to spend money abroad without racking up big fees. You can:

• Get 0.25% cashback
• Avoid foreign transaction fees
• Access protection on purchases over £100

The Halifax Clarity Credit Card Mastercard is similar without the cashback:

• No foreign transaction fees
• Make ATM withdrawals free of charge
• Get protection for purchases over £100 under Section 75

We also like the Virgin Atlantic credit card. Fee free in (most of) Europe AND you earn Virgin Points.

Which debit card is best to use on holiday in Cyprus?

According to online travel card reviews, Chase offers flexible options for travellers to spend money abroad. Chase’s travel debit card offers:

• No foreign transaction fees on holiday
• 1% cashback
• Fee-free ATM withdrawals abroad

Or any card that does not charge foreign transaction fees. We like Starling – the app is so easy to use.

When is it best to pay by card?

If you are getting benefits like cashback or you need Section 75 protection on purchases over £100.

Paying by card is just easier than faffing about with Euro notes and coins. Most places in Cyprus accept contactless or Apple / Google pay.

What other ways can I pay in Cyprus?

As well as cash or debit or credit cards, you can use a reloadable card like Revolut or Post office or travel agents cards for your Cyprus spending money.

Cyprus Holiday spending: FAQs

Do you use cash or card in Cyprus? Tell us your experiences in the comments – let’s all learn from each other.

A few more articles you may enjoy

• 5 mind tricks to boost your holiday money (and happiness)
• How to get return flights to Europe for £1
• How much holiday spending money do you need?
• Holiday Spending Money: Card or Cash?
• Summer Hols British Airways Club Europe return to Cyprus for £50

Spend Smarter, Travel Smarter and Visit Cyprus Smarter.

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