Hellenic Bank Cyprus
Introduction
In terms of advancements in modern banking, Hellenic Bank has been one of the pivotal banks in Cyprus. Its commitment to changing the banking sector and its modern banking style provides its customers with the latest technologies to secure their finances. For many reasons, whether you are a resident, business person, or student, Hellenic Bank in Cyprus can be a reliable option for handling all your banking needs. Today, we will discuss those reasons so you can make informed decisions before choosing a bank in Cyprus.
Types of Accounts
Hellenic Bank allows you to choose from various account types depending on your requirements and needs. You will need to know what services each type of account offers to choose the right one. Let’s learn about them.
For Residents
Basic Account
- Monthly charges are as low as €1.50 per month
- It lets you withdraw Euro from any ATM free of charge
- The basic account is free for vulnerable residents
Current Account
- It lets you open an account in Euro or any other foreign currency
- Allows you overdraft limit with or without collateral
- Perfect for self-employed individuals over the age of 18
Joint Account
- It gives you the option to have multiple account beneficiaries
- Option to choose between Basic, Current, Fixed Deposit, or Notice Account
- Each beneficiary gets their debit card
Fixed Deposit Account
- Perfect for saving money (in Euro or any foreign currency)
- Choose between a fixed deposit period of 3, 6, 12, or up to 18 months
- Offers competitive interest rates based on maturity
Notice Account
- You can withdraw up to €2000 per month without notice
- Allows you to make unlimited deposits to your account
- Multiple beneficiaries can open a joint notice account
For Businesses
- Allows you to make any payment, such as payroll, suppliers, utilities, etc.
- It provides you the convenience of having multiple currencies
- E-statements can be easily acquired when needed
For Students
My Account 18-25
- No account maintenance fees are required
- It lets you withdraw Euros an unlimited number of times for free at any ATM
- It comes with all the benefits of the Ocean debit card
Youth Club Account
- Exclusive account for teenagers between 13-17 years of age
- It comes with a free Purple debit card with transaction limits
- Unlimited transactions via Savings Account/Payment Account
Winners Team Account
- Children up to 13 years old can open this account
- Offers promising interest rates on saving for your child’s future
- Parents get to enjoy free life insurance through Hellenic Life
How to Open an Account in Hellenic Bank Cyprus
For Residents
Choose the Right Type of Account: Hellenic Bank provides several account types for residents. Analyze which is the correct option for you before visiting a branch. You can go through the brief description we provided above.
Get Required Documents: To open an account with Hellenic Bank, you’ll have to provide specific documents to the Bank based on your account type. Your Passport/Cyprus ID, Payslip, and Proof of residence will be required, among other documents.
Visit a Branch: After analyzing your options and organizing all the necessary documents, visit your closest Hellenic Bank branch to submit them. The bank representatives will guide you through the rest of the submission process.
For Businesses
Gather the Required Documents: To open a business account, you must provide documents about yourself and your business to the Bank. You will need to submit:
- Original corporate documents of the business, including apostille
- Original passports of the owner, beneficiaries, directors, and managers of the company
- Original identity cards of the owner, beneficiaries, directors, and managers of the business
- Confirmation of addresses associated with the company
- Bank recommendation for every member of the business
Visit a branch: After organizing all the necessary documents, the company director or attorney should visit one of the Hellenic Bank branches to submit them. The bank representatives there will guide you through the rest of the account opening process.
For Students
Bring Your Required Documents: To open a student account, you will need to:
- Submit your identification documents to the Bank
- Provide proof of enrollment or a student ID to prove that you are a student
Visit a Branch: After organizing all the necessary documents, visit your closest Hellenic Bank branch to submit them. The bank representatives will guide you through the rest of the submission process.
Online Banking Services
Keeping up with modern practices, Hellenic Bank offers Hellenic Net Banking to its customers as well. From making transactions through your phone to paying installments, you now have the option to carry out all your banking needs in the comfort of your home.
Benefits
- Easy Card Management: You can effortlessly manage all your cards from the app or website
- Secure Online Transactions: Create a separate virtual card for safer online transactions.
- Interest and IBAN Certificates: Interest and IBAN Certificates can be downloaded at any time
- Fixed Term Deposit: Fixed term Deposits can be set up or modified through the app or website
Requirements
- You need to have an account with the Hellenic Bank
- Have a registered phone number linked to your account (If you don’t, register it by calling their Customer Contact Center)
- You need to own a Hellenic Bank Debit Card or Credit Card / Hellenic
- Bank Account Number / Hellenic Bank CIF Number
How to Register
1. Register Online: Go to Hellenic Bank’s website and click the Register for Online Banking option. You must provide your account details and personal information to create an online account.
2. Download Mobile App: Hellenic Bank also has a mobile app that allows you to access your account from anywhere. Download it from the App Store or Google Play Store and log in using your online banking details.
3. Enjoy the Features: Once logged in, you can view your account status and balance, transfer money to other accounts, pay bills, create and modify deposits with terms, you can use secure fingerprint and facial recognition on the app, and more.
Loans and Mortgages
Loan Services are an essential aspect to consider when choosing a bank. You never know when you need a loan or for which purposes. Thankfully, Hellenic Bank in Cyprus offers many loan options for residents and businesses.
For Residents
Housing Loans
Hellenic Bank grants competitive interest rates on housing loans for residents. You can choose between fixed-rate mortgage loans or adjustable rates, depending on your preference. Options include:
Home Loan
- The Bank provides financing for primary residence
- Option to choose a fixed interest rate between 3/5/10 years
- You get a grace period of up to 2 years
Green Home Loan
- Interest rates are lower on housing loans
- Financing for grade A energy efficient primary residence by the Bank
- Option to choose a fixed interest rate between 3/5/10 years
Home Equipment Financing
- This service is only available to Hellenic Bank housing loan customers
- You can use this loan to buy new home equipment
- Financing will be done through a financial leasing agreement
Real Estate Loan
- You can use this loan to purchase a plot
- It can be used to buy real estate for investment or buy-to-let
- To finance the renovation of your property
Car Loans
Hellenic Bank also offers car loans with convenient payment terms and competitive interest rates. You can choose from:
Car Financing
- Hellenic Bank provides financing solutions for both new and used cars
- Fixed or variable interest rates, starting from 5.35%
- No initial bank charges or prepayment fees are required
Green Car Financing
- Financing for both new or used electric and hybrid cars
- Lower interest rates compared to other car loans
- Repayment period of up to 7 years
Personal Loans
You can acquire Personal Loans for various purposes. You can cover personal expenses, pay off debts, transfer a loan from another bank, or even purchase goods using this loan. Your options are:
Consumer Loan
- You can obtain a loan without any personal guarantees or collateral
- Loans backed with mortgage will be granted a more extended repayment period
- The loan amount and interest rates will vary on collateral, starting from 5.36%
Green Loan
- You can purchase energy-efficient services or goods with lower interest rates.
- Loan tenor up to 7 years for unsecured loans and up to 10 years for secured loans
- Loan amounts of up to €30,000 for unsecured loans
For Businesses
Hellenic Bank offers custom financial aid to companies that want to grow. Consulting with a bank representative can help understand the eligibility of different business loans; however, here are the options:
Professional Loan
- You get the option for both secured or unsecured loan
- The loan amount and interest will vary depending on the collateral
- The Bank will grant loans backed with mortgages with a more extended repayment period
- You will be offered a grace period during the construction phase of up to 2 years
- You get the option of a fixed interest rate
Business Green Loan
- You can use it to finance sustainable vehicles for your business
- It can be used to purchase renewable energy production services such as solar power, wind power, geothermal, and biomass energy
- Can be granted for green building projects and carbon emission reduction
- You get to enjoy a fixed interest rate for the initial two years of the loan
- You get a repayment period of up to 12 years
How to Apply for a Loan
To apply for a loan, you must provide information concerning your income level, employment details/business documents, and intended purpose for borrowing. Specific documents will be needed depending on the type of loan. However, the basic procedure includes:
- Use their Loan Calculator on the website to determine your what your monthly installments are likely to be.
- Fill out the eligibility form with all the required information and documents.
- Submit all the required documents to a Hellenic Bank branch.
- The Bank will update you after they have finished their assessment.
- You can schedule an appointment at any branch of Hellenic Bank to discuss the loan options and anything else you wish to clarify.
Conclusion
From savings to loans, Hellenic Bank in Cyprus provides reliable solutions to all its customers’ needs. The Bank’s customer-oriented policy makes it a trusted option for many. Both residents and business owners enjoy various services tailored to their specific needs. If you want to open an account with Hellenic Bank, review the account types mentioned above and choose the one that fits your needs. For more information on banking in Cyprus, check out our blog!