The banking system in Cyprus closely follows the British system. Non-Cypriot citizens have the privilege of opening foreign currency and local currency accounts very easily, for the purpose of receiving funds from the UK. You will need a Cyprus bank account to purchase a property, to qualify for residency permits and to purchase a vehicle. Of course, the account can also be used for all normal purposes, such as setting up standing orders to pay utilities.

Cyprus banks commonly offer to issue Visa credit cards against the account and ATMs are widely available throughout the island.  Debit cards are not widely used in shops at present as businesses prefer to receive cheques.