Sending Money Home? Bank of Cyprus Now Handles Payments in Indian Rupees

Rules and fees change, so always confirm with the official office before you go.

If you send money to family in India or pay bills back home, there's a new option on the island. Bank of Cyprus has started offering transactions directly in Indian Rupees (INR) for both individual and business customers.

Until now, money moving between Cyprus and India typically had to pass through another currency along the way. With INR now among the bank's supported currencies, payments can be made in rupees from the start, which the bank says makes cross-border transfers simpler, more direct and more cost-effective.

What it means for Indians in Cyprus

• Sending money home: the bank has said the service is also meant for Indian nationals working in Cyprus who send remittances to India.
• Paying in rupees: invoices and other payments that are priced in INR can be settled in INR, instead of converting through a third currency first.
• Business links: companies that trade with India, have partners there or operate in the Indian market can now pay and get paid in rupees.

More India plans on the way

Bank of Cyprus is also seeking approval from the Reserve Bank of India to open a Representative Office in India. The bank describes the move as part of a wider push into the Indian market and a step towards stronger trade and investment ties between Cyprus and India.

Before you send

The announcement doesn't mention exchange rates or charges. If you're thinking of switching how you send money home, ask your Bank of Cyprus branch for the rate and fees on an INR transfer and compare them with the service you use now.

Source